In the past month, the crypto market has witnessed an extraordinary bull run, catapulting investors into realms of millionaire or billionaire status. Bitcoin, standing at $66K, and Ethereum, at $3.7K, have experienced growth rates ranging from 30% to 50%. However, the true stars of this surge lie within Memecoins, with growth rates soaring from 100% to 500%, offering even more substantial profits than their traditional counterparts.
Top Memecoins in the Bull Run
Dogecoin (DOGE): Leading the pack with the largest market cap among meme coins, Dogecoin has surged by an impressive 131.5% within a month, currently trading at $0.1825.
Shiba Inu (SHIB): Launched in August 2020, Shiba Inu boasts a market cap of around $24 billion, experiencing a remarkable 300% growth in just a month, with a trading value of approximately $0.00003943.
Pepe Coin (PEPE): Inspired by the beloved internet meme "Feels Good Man" frog, Pepe Coin saw a staggering surge of over 700% in the last month, with a market cap of around $3 billion and a trading value of $0.000007326.
Bitcoin Halving and Whale Purchases Drive Memecoin Market Value Surge
The recent surge in Memecoins is attributed to various factors, including the Bitcoin Halving Event in April and significant purchases of SHIB tokens by crypto whales. Notably, a whale's acquisition of 75.9 billion Shiba Inu tokens valued at $893,000 significantly contributed to the overall rise in Memecoin values. Additionally, Dogecoin's surge is linked to observed recurring falling wedge patterns over different time frames, hinting at potential future price increases.
Analysts Predict Continued Rise in Meme Coins as PEPE Futures Settlement Drives Price Surge
Experts predict a continued upward trajectory for Memecoins, with trends suggesting a sustained rise in prices. PEPE experienced significant future contract liquidations, driving prices up further in the last 30 days. Investors might consider diversifying their portfolios to include these meme tokens, although thorough research and careful risk assessment are essential due to the volatile nature of the crypto market.