Memecoins
BRETT jumps 12% to become the most profitable meme currency
Brett, the largest meme coin on the base blockchain, surged more than 12% on Monday as positive sentiment spread across crypto and stock markets.
At the time of writing, Brett (BRETT) was still up 11.7%, trading at $0.1395, according to data from crypto.news. During the same period, the meme coin, inspired by a character from the comic strip “Boy’s Club,” recorded a daily trading volume of $50.7 million.
BRETT 24 Hour Price Chart | Source: crypto.news
BRETT has now become the 71st largest cryptocurrency, with a market cap exceeding $1.38 trillion. Despite this increase, BRETT remains down 27.8% from its all-time high of $0.1939.
The rise in BRETT follows a rise in Bitcoin (Bitcoin), the largest crypto asset by market cap, which rose 3.1% over the past day to hit $69,471 on Monday. This came after Republican candidate Donald Trump revealed his plans to make Bitcoin a national strategic asset if elected in November.
Bitcoin’s 24-hour lows and highs were recorded at $67,320 and $69,842, respectively.
The meme coin sector also saw minor gains, rising nearly 3.4% over the past 24 hours as its market cap reached $55.5 billion.
Bitcoin’s performance often influences the broader cryptocurrency market, including memes. When Bitcoin performs well, it typically builds investor confidence and interest in altcoins, creating a positive feedback loop that drives prices higher.
Brett’s rally has also been buoyed by the continued success of the Base blockchain ecosystem. Launched in 2023 by Coinbase, Base has accumulated more than $1.727 billion in DeFi assets, making it the 6th largest chain in the sector, surpassing popular networks like Cardano (ADA), Avalanche (AVAX), and Polygon (MATICS).
Additionally, Brett and other altcoins benefited from a rally in the US stock market, indicating risk-on sentiment among investors. The Dow Jones Industrial Average rose more than 650 points, while the S&P 500 and Nasdaq 100 gained more than 55 and 175 basis points, respectively.
Over the past 24 hours, Brett has shown a notable uptrend, as reflected on its price chart. The price has steadily climbed from around $0.123 to around $0.140, indicating a strong bullish move.
From a technical perspective, Brett has formed a morning star pattern, a well-known reversal signal. Historically, the token has seen double-digit gains when this pattern appears. For example, on July 12, the formation of this pattern led to a 40% increase in the token’s price.
However, it is possible that this bounce is a dead cat bounce, where an asset experiences a brief uptrend before resuming its downtrend.