Meme Coins Take the Spotlight with Massive Gains
This week, while Bitcoin has experienced a slight stall and even dipped below $62,000, meme coins have stolen the spotlight with astonishing gains. The total crypto market cap has seen a slight decline on a daily scale, but over the past seven days, it has increased by more than $100 billion.
The Rise of Meme Coins
The bull market appears to be back on track, and assets that were less popular last year are now gaining significant traction with substantial gains. One such example is Dogecoin (DOGE), which is known as the original meme coin. DOGE has surged by 70% this week, reclaiming its position among the top 10 digital assets by market cap as its price reached nearly $0.14.
However, DOGE’s main rival, Shiba Inu (SHIB), has outperformed it with an impressive weekly surge of 130%. The reasons behind this rise can be explored further.
In addition to DOGE and SHIB, other meme coins such as BONK have also experienced a 100% jump within the same timeframe. However, all these gains pale in comparison to PEPE, FLOKI, and especially WIF.
PEPE has soared by 240% and currently sits at a multi-month high. FLOKI has returned to the top 100 altcoins with a remarkable weekly surge of 270%. Meanwhile, WIF continues to hit frequent all-time highs. In fact, WIF has skyrocketed by almost 400% in the past seven days and is now trading close to $1.7.
The entire crypto market has witnessed impressive gains over the past week, as shown in the graph below. It’s no surprise that the total market cap has increased by $120 billion since last Sunday.
Bitcoin’s Slip Below $62K
Bitcoin, the primary cryptocurrency, ended February with its largest monthly gain in history. It surged from $42,000 to $64,000 before retracing back to $62,000.
During its intra-monthly peak, Bitcoin came within $5,000 of its previous all-time high. In just this past week, it experienced a significant surge from $51,000 to reach that aforementioned high.
However, Bitcoin has encountered a slight stall in recent days and has been unable to surpass the $62,000 mark. Over the past 24 hours, it has experienced a minor retracement and is now trading just below that level.
With a 19% weekly surge, Bitcoin’s market cap now exceeds $1.2 trillion, positioning it among the top 10 largest financial assets by that metric. However, its dominance over altcoins has declined by over 1% recently and currently stands at less than 50% on CoinGecko.
Hot Take: Meme Coins Steal the Show
Meme coins have taken center stage this week with their mind-boggling gains. While Bitcoin has experienced a slight setback, meme coins like DOGE and SHIB have surged to reclaim their positions among the top digital assets. Additionally, PEPE, FLOKI, and WIF have witnessed remarkable gains that have dwarfed other meme coins.
The overall crypto market has seen impressive growth as well. Despite a small decline on a daily scale, the total market cap has soared by over $100 billion in just one week.
As the bull market gains momentum and assets that were once overlooked gain popularity again, it will be interesting to see how meme coins continue to perform and whether Bitcoin can break through the $62,000 resistance level. Keep a close eye on these developments as the crypto market continues to evolve.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.