Meme coin madness returns after Bitcoin halving concludes

Source Fxstreet
Apr 21, 2024 05:00
  • Meme coins are on a tear, with some posting double-digit gains despite characteristic weekend lull.
  • BONK, FLOKI, PEPE, SHIB are sector’s top gainers while DOGE tries to catch up after Dogecoin Day.
  • Solana’s Bonk Inu and Myro are top chain performers after SOL price’s 6% gains.

As Bitcoiners and cryptocurrency enthusiasts continue to celebrate the fourth Bitcoin (BTC) halving, capital overflows are channeling into meme coins, causing key sector players to rally.

Also Read: DOGE, SHIB, PEPE, WIF soar as meme coins prove to be a global shelling point for speculative liquidity

Meme coins go parabolic after Bitcoin halving

Following a successful BTC halving on April 20 and the subsequent Dogecoin Day celebrations, meme coins are posting remarkable gains. This is unorthodox considering the normal weekend lull where retail takes the back seat.

Bonk Inu (BONK) is the biggest gainer, boasting up to 35% in gains followed by Floki Inu (FLOKI) with a 19% surge. Pepe (PEPE) and Shiba Inu (SHIB) are up 14% and 17% respectively. Meanwhile, Myro (MYRO) has soared 17% while Dogecoin (DOGE), which is ideally the Bitcoin of meme coins, struggles with 4% gains over the day.

BONK/USDT 1-day chart, FLOKI/USDT 1-day chart, PEPE/USDT 1-day chart, SHIB/USDT 1-day chart, MYRO/USDT 1-day chart, DOGE/USDT 1-day chart

The surge in meme coins is ascribed to the sector players being viewed as highly speculative investments. Their prices are often driven more by hype and speculation rather than underlying fundamentals. The increased excitement around the cryptocurrency market following the Bitcoin halving has amplified this speculative behavior, leading to rapid price movements in meme coins.

Amid the meme coin madness, it is impossible to ignore the surge in Solana blockchain’s meme projects, BONK and MYRO, with the chain remarked for its transaction activity and the highlight of its network performance.

Solana has gained popularity as a high-performance blockchain network offering fast transaction speeds and low fees compared to some other networks like Ethereum. This popularity has also extended to meme coins built on the Solana network, as investors are drawn to the network's efficiency and scalability.

At the time of writing, Solana price is trading for $149.86, a 6% value surge in the last 24 hours.

With meme coins proving to be a global shelling point for speculative liquidity, their accessibility remains one of the sector’s greatest strengths, which explains community engagement. The sector’s market capitalization has soared 10% to almost $54 billion.

Meanwhile, investors must keep in mind that the meme coin market is also very volatile, which explains the frequent undervaluation despite strong communities for individual projects in the sector.  Cautious optimism is therefore key as these speculative assets walk the thin line between prosperity and uncertainty.

Also Read: Meme coin madness likely to return as Bitcoin price quashes April dip

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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