In a rather surprising turn of events, meme coins have taken the spotlight in the cryptocurrency world this week, overshadowing the more established players like Bitcoin. Dogwifhat (WIF) has led the charge with mindblowing gains, soaring by almost 400% in the past seven days. This surge has placed it close to $1.7, making it one of the hottest assets in the market currently.
While Dogecoin, the OG meme coin, experienced a 70% surge this week and reentered the top 10 biggest digital assets by market cap, its main rival – Shiba Inu – outperformed it with an impressive 130% weekly surge. These gains have reignited interest in meme coins, with investors flocking to capitalize on the hype surrounding these assets.
Aside from Dogecoin and Shiba Inu, other meme coins have also seen substantial gains. PEPE has surged by 240%, reaching a multi-month peak, while FLOKI has returned to the top 100 alts with a 270% weekly surge. BONK, on the other hand, has jumped by 100% within the same timeframe. These lesser-known meme coins have garnered attention for their explosive growth in a relatively short period.
In stark contrast to the meme coin frenzy, Bitcoin has experienced a stall in its price momentum, hovering just below the $62,000 mark. Despite a 19% weekly surge, the primary cryptocurrency has been unable to surpass this crucial level. The past month saw Bitcoin achieving its biggest monthly gain in history, reaching $64,000 before retracing back to $62,000. However, recent days have seen a minor retracement, signaling a potential cooling off period for the digital asset.
The entire cryptocurrency market has witnessed significant gains in the past seven days, with a total market cap increase of $120 billion since last Sunday. This surge has been fueled by renewed interest in altcoins and meme coins, as investors seek to capitalize on the growing trend. Bitcoin’s dominance over the market has also declined by over 1% recently, highlighting the shifting dynamics within the crypto space.
Overall, while Bitcoin remains a dominant force in the market, the rise of meme coins and altcoins underscores the ever-changing nature of the cryptocurrency landscape. As investors navigate through these volatile markets, it is essential to stay informed and exercise caution when trading or investing in these assets. The future of cryptocurrency remains uncertain, but one thing is clear – the allure of meme coins and alternative assets is stronger than ever before.