Memecoins
BONK, WIF, PEPE and others increase in double digits
TL;DR
- Meme coins like Bonk Inu, dogwifhфat and others are seeing significant price increases, while leaders Dogecoin and Shiba Inu are posting more modest gains.
- Analysts are predicting a possible new rally for the asset class after Bitcoin’s recent halving, which has historically led to market rallies.
Meme coins in the spotlight
Meme coins have been crypto rock stars during this bull cycle, with many seeing substantial price increases over the past few months. Today (April 24) is another green day for the majority of the kingdom.
Top such assets including Solana-based Bonk Inu (BONK), dogwifhat (WIF), Cat in a Dogs World (MEW), and BOOK OF MEME (COME) saw daily price increases of 27%, 17%, 23%, and 12%, respectively.
Pepe (PEPE) – the third largest coin by market capitalization – has surged 15%, while Floki Inu (FLOKI) is up around 14%.
The largest assets in the cohort – Dogecoin (DOGE) and Shiba Inu (SHIB) – are lagging behind with much more modest increases. Elon Musk’s favorite token is up 2% daily, while its rival has seen little to no price movement over the past 24 hours.
The total market capitalization of the meme coin industry currently stands at over $58.5 billion, an increase of 4% from the figure seen on April 23.
Expectations of a new rally
Some analysts have recently predicted that SHIB, DOGE, WIF and many other meme coins could see an even bigger rise in the near future. One factor suggesting that such a scenario might be possible is the Bitcoin halving, which took place last week.
The event, following which miners’ rewards for validating blocks on the blockchain were halved, was historically the precursor to a major resurgence of the entire cryptocurrency market.
For example, DOGE was worth less than a penny at the time of the previous halving in 2020, while a year later its value rose to almost $0.70.