TL;DR
- The meme coin sector has seen a significant downturn, with its market cap shrinking by around 5% in the past 24 hours.
Despite the downturn, the upcoming Bitcoin halving may trigger a rally, offering a potential rebound for meme coins due to their volatility and tendency to follow BTC’s price trends.
The Meme Coin Sector Flashes Red
In recent times, the cryptocurrency market has experienced a significant downturn. For instance, Bitcoin (BTC) momentarily plunged to around $60,000, and Ethereum (ETH) dropped beneath the $3,000 mark.
The situation in the meme coin sector is even more adverse, with its market cap losing around 5% in the past 24 hours and currently equaling around $47 billion. The leading assets of that type – Dogecoin (DOGE) and Shiba Inu (SHIB) are down 27% and 22% on a weekly scale, respectively. Dogwifhat (WIF), Pepe (PEPE), Floki Inu (FLOKI), Bonk Inu (BONK), and many others have also tumbled by double digits.
In contrast to the significant declines experienced by most cryptocurrencies over the past week, the meme coins built on the Solana platform, specifically Slerf (SLERF) and Cat in a Dogs World (MEW), have shown relatively small drops.
Recently, the cryptocurrency in question experienced a 100% price surge daily, pushing its market value past the $500 million threshold momentarily. This upward trend started not long after OKX, a prominent crypto exchange, enabled trading services for it using MyEtherWallet (MEW).
Is Another Bull Run in the Cards?
Although the meme coin market may currently be showing downward trends, it’s important for traders to remember its inherent volatility. This sector could potentially bounce back with renewed energy in the upcoming weeks.
A significant resurrection could be driven by one crucial factor: the upcoming Bitcoin halving. This event takes place when miners receive half the amount of Bitcoin as reward for verifying transactions on the blockchain, starting from tomorrow (April 19).
In the past few years, Bitcoin’s value has been cut in half multiple times, only to be followed by significant bull markets. Many experts believe this pattern will repeat itself in the near future. Consequently, various altcoins and meme coins may experience a surge in value as they tend to mimic Bitcoin’s price trend.
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2024-04-18 12:52