As Bitcoin surges to $65,000, memecoins continue to steal the spotlight from Bitcoin with substantial value increases in the current upward trend, reminiscent of the previous bull market.
While Bitcoin has experienced a significant surge today, reaching up to $65,000, memecoins are continuing their rally. The top four memecoins – DOGE, SHIB, PEPE, and BONK – which dominate 85% of the $51 billion memecoin market, have attracted attention with over 20% value increases in the last 24 hours.
While this situation may be seen as an investment opportunity, the highly volatile nature of this market indicates that purchases at current levels may carry substantial risks. Memecoins, known for rapid ascents, have also witnessed rapid declines in the past, leading to significant losses. Nevertheless, despite the risks, the demand for the memecoin market seems to remain high based on current price movements.
PEPE Records Nearly 400% Gain in the Last Week
PEPE, a memecoin that joined the market last year, has rapidly risen to become one of the largest assets in the memecoin market within a short period. After peaking at $0.0000046 in May last year, PEPE, unable to surpass the $0.0000016 range after a rapid decline, surged by up to 388% last week. PEPE reached a new record today, climbing to $0.0000075.
While the cryptocurrency has experienced a slight decline in the past hour, falling below $0.000007, it remains the highest gainer among major memecoins and the top 100 cryptocurrencies, with a 35% increase in the last 24 hours.
BONK Follows PEPE’s Lead
BONK, a memecoin based on Solana and a competitor to PEPE on the Ethereum network, reached a market capitalization of over $2.1 billion today, with a value increase of over 30%.
BONK started trading on major centralized exchanges in June last year but initially recorded relatively low-volume transactions. The cryptocurrency gained attention in November last year with a 5000% increase. After peaking at $0.000035 last year, BONK experienced a 70% retracement below $0.00001 until last week when it began rising rapidly alongside the rest of the market.
Surging by over 200% since last week, BONK reached $0.000036 today, setting a new record, and later retraced to $0.000032.
Shiba Inu (SHIB) Shows 150% Increase
SHIB, the second-largest cryptocurrency in the memecoin market after DOGE, has joined the recent rally among memecoins since last week.
SHIB gained attention in 2021 during the bull market with nearly a 1000% increase within a short period, establishing a significant community. However, SHIB lost all its gains in the following months. Since June 2022, after a prolonged period of consolidation, SHIB has surged again by nearly 150% since last week, reaching $0.0000279 today, its highest price since April 2022. However, SHIB is still approximately 250% away from its historical peak.
Dogecoin (DOGE) Grows by 45%
Dogecoin, dominating 45% of the memecoin market with a market capitalization of $23.2 billion, has significantly risen in the last week based on its market size.
DOGE, trading horizontally in a broad range for about 1.5 years, occasionally experienced jumps but failed to maintain its gains and continued its band movement. Most of these rises were driven by developments and rumors related to Elon Musk. However, with Musk recently withdrawing from the crypto market, DOGE’s price movements have become more organic. Starting the buying spree last week, DOGE almost doubled its value and reached $0.17 today. Inspiring other memecoins, DOGE is currently trading at its highest level since April 2022, still 330% away from its peak in the 2021 bull market at $0.74.
Other notable assets in the memecoin market since last week, showing gains of over 300%, include WIF and FLOKI. However, these altcoins are currently trading sideways today.
source: tr.investing.com / prepared by Melisa Beğiç