Sophia JenniferAs Bitcoin nudges closer to its peak value, the world of meme coins is experiencing a surge, with significant gains marking their progress in the last 24 hours. Amidst a bullish crypto market driving Bitcoin towards the $65,000 mark, nearly touching its peak with only a 6% gap, meme-based cryptocurrencies such as PepeCoin, Dogecoin, and BONK are riding the bullish wave, showcasing impressive gains within the same timeframe.
Let’s take a look at the memeland latest and touch base with BTC that keeps pushing the market up.
MEMEs rule the world
Among the meme-centric digital assets ranking in the top 100 by market cap, the amphibian-inspired PEPE coin is at the forefront, witnessing a 35.6% increase in the last day and an astonishing 421.8% in the previous week. The jump sees PEPE price moon to $0.000001140 on Gate.io. This surge has catapulted it to the 44th position in terms of market capitalization, as per the latest figures from CoinGecko.
Hot on its heels are several canine-themed cryptocurrencies, including the Solana-based BONK coin, which saw a 30% increase, Shiba Inu (SHIB) with a 17.4% rise, and the pioneer meme coin, Dogecoin (DOGE), which enjoyed an 18.9% uplift. FLOKI, another member of the dog pack, reported a 10.5% gain over the last 24 hours. These gains resulted in FLOKI price reaching $0.0000332. Additionally, the Solana-based Dogwifhat (WIF) coin, although experiencing a modest 3.2% daily increase, has impressively surged by 389.7% over the past week.
Meme coins, rooted in internet humor and topical events, are often characterized by their speculative nature and lack of practical use. They are known for their volatility, which can lead to dramatic price swings, both upward and downward, more so than seen with established cryptocurrencies such as Bitcoin and Ethereum.
Moreover, many of these meme-based assets, particularly those with smaller market caps, face liquidity challenges. This makes it difficult for investors to cash in on their gains, as they might find it challenging to sell their holdings at peak values. Their reliance on internet culture and ephemeral trends also means many meme coins may quickly fade from popularity, though stalwarts like Dogecoin have demonstrated resilience over time.
Dogecoin, which began as a humorous critique of the cryptocurrency phenomenon in 2013, has gradually carved out a niche for itself. It has introduced functionalities such as payment options and, more recently, “Doginals” – Ordinals inscriptions that allow for the minting of unique, NFT-like assets on its blockchain, showcasing an evolving utility beyond its original jest.
Meantime in Bitcoin price land
As of the latest update, Bitcoin’s valuation stands at $65,037.24. This marks a 6% increase from yesterday and an impressive 27% rise over the last week, as per the latest figures from CoinGecko. Achieving another 6% increase would bring Bitcoin on par with its highest value ever recorded.
Today, Bitcoin has witnessed a trading volume of $27 billion, surpassing its entire previous day’s activity. This trend underscores a shift away from weekend trading among investors in the world’s premier and most established digital currency.
Interestingly, when considering different currencies for valuing Bitcoin, it has already surpassed its historical peak in several of them.
On the day Bitcoin reached its highest U.S. dollar value in 2021, it was trading at €59,716.82 in Europe. As of now, 1 BTC is valued at €59,901.25. Over the weekend, Bitcoin also reached new highs in other major currencies around the globe, including the Chinese Yuan, Japanese Yen, British Pound Sterling, and the Indian Rupee.
The variance in achieving all-time highs across different currencies but not in USD is attributed to fluctuating exchange rates. For instance, in November 2021, 1 Euro was equivalent to approximately $1.16, whereas it currently stands at about $1.08, indicating an increase in the purchasing power of the U.S. dollar relative to other currencies since 2021.
Research by blockchain analytics company Kaiko points out that the peak USD value of Bitcoin varies across platforms, with OkCoin recording the highest. It is generally agreed that a rise above $69,000 would signal a new unprecedented high in Bitcoin’s market value.
With less than a month to go, the interest in Bitcoin options set to expire on March 29 is on a significant uptrend. CoinGlass reports a 10% increase in open interest for Bitcoin in the last day, now exceeding $30 billion.
Open interest in Bitcoin refers to the total value of all futures contracts that are open and not yet settled. As Bitcoin edges closer to its fourth halving event, which historically has led to price surges, the amount of capital in options contracts due to expire on March 29 is at an all-time high. These options contracts are strategic tools for traders speculating on future price movements.
Currently, there’s an investment of $775 million in open long contracts on the renowned derivatives exchange Deribit, wagering that Bitcoin will reach $70,000 by month’s end. And meme coins will most likely follow suit.
