TL;DR
- Meme coins like Bonk Inu, dogwifhфat, and others are seeing significant price increases, while the leaders Dogecoin and Shiba Inu show more modest gains.
- Analysts predict a possible further rally for the asset class following the recent Bitcoin halving, which has historically led to market surges.
Meme Coins in the Spotlight
Meme coins have shined brightly in the crypto world during this bull market, experiencing significant price surges over the past few months. Today, April 24th, continues this trend with most meme coins seeing gains.
The top assets in this category, such as Bonk Inu (BONK), dogwifhat (WIF), Cat in a Dogs World (MEW), and Book of Meme (COME), saw significant price increases every day. Specifically, BONK rose by 27%, WIF went up by 17%, MEW surged by 23%, and COME experienced a gain of 12%.
Pepe, represented by the symbol PEPE, ranks third among meme coins with a market capitalization size. It experienced a surge of approximately 15%. On the other hand, Floki Inu or FLOKI has also seen significant growth, with around a 14% increase.
Among the largest assets in the group, Dogecoin (DOGE) and Shiba Inu (SHIB), have experienced more modest gains recently. Elon Musk’s preferred token rose by 2% every day, whereas Shiba Inu showed minimal price changes within the last 24 hours.
The meme coin market is now worth more than $58.5 billion in total value, which is a 4% rise from its April 23rd assessment.
Expectations of a Further Rally
Some experts believe that SHIB, DOGE, WIF, and other meme coins might undergo a significant price surge in the coming days or weeks. A potential reason for this possibility is the recent Bitcoin halving, which occurred last week.
The occurrence that reduced miners’ block rewards on the blockchain by half has typically signaled a significant revival of the entire cryptocurrency market in the past.
“Take Dogecoin for instance, its value was barely a penny during the last halving in 2020. In contrast, within a year it surged to nearly 70 cents.”
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2024-04-24 10:44