Memecoins
The lure of Bitcoin miners that boosts Memecoins is already starting to wane
(Bloomberg) — The respite brought by the debut of memecoins on the Bitcoin blockchain, which helped soften the financial blow from a recent software update suffered by crypto miners, already appears to be fading.
Just as the April 19 “halving” halved the number of tokens allocated to miners to validate transactions, transaction fees on the network surged as users rushed to mint the first time. speculative coins on Bitcoin. The process is enabled by the Rune protocol, through which users can create their own fungible tokens. Data from Dune Analytics shows that the total number of rune transactions fell to around 45,700 on Monday, after peaking above 750,000 on April 23.
The runes are similar to the popular Shiba Inu tokens on the Ethereum blockchain. Proponents are betting that one day Runes can be used as a utility token for Bitcoin-based decentralized finance, a type of financial applications built on blockchains without any intermediaries. However, with the development of Bitcoin DeFi still early, runes have so far only proven popular as tokens without any utility or, as everyone knows them, as memecoins.
“Runes is kind of capitalizing on two big themes right now, one is memecoins and the other is innovation on Bitcoin,” said Brian Rudick, senior strategist at the investment firm in GSR digital assets.
Since the protocol’s launch, Runes has generated 2,169 Bitcoins, or approximately $137 million in fees, according to data compiled by Dune Analytics user cryptokoryo. The share of Runes-related transactions peaked on April 23, where it accounted for 81% of all Bitcoin transactions.
The Rune protocol is the brainchild of developer Casey Rodarmor, who also created another mechanism, Bitcoin Ordinals, which allows users to create non-fungible tokens on Bitcoin. Like Runes, the Ordinals frenzy has also turned into a revenue windfall for Bitcoin miners, as well as so-called BRC-20 tokens – an earlier version of fungible tokens on Bitcoin that is more expensive than Runes. The increase in revenue is particularly valuable for Bitcoin miners, as a key indicator indicates that Bitcoin mining profitability is near an all-time low.
“Miners are excited about the increase in transactions on the Bitcoin blockchain,” said Dan Held, general partner at Bitcoin venture capital firm Ametric. “Because Bitcoin block space is limited, so as transactions increase – whether it’s Runes, BRC-20 or whatever – the only way to be included in the block as it’s becoming more and more crowded is paying more fees, which means miners are paid more.
Shares of Marathon Digital Holding Inc. and Riot Platforms Inc., two of the largest publicly traded mining companies, were both down about 3% on Monday. Bitcoin was down slightly and trading near a one-week low of around $63,000.
Read: Memecoins Mania caused Bitcoin fees to skyrocket during the “halving”
Some in the Bitcoin community have argued that building different things, whether Runes, Ordinals, or BRC-20, would crowd out regular transactions with high fees, especially most of these tokens have no real use. But not just Runes, many projects are now focusing on introducing DeFi into Bitcoin, in which Runes can eventually become the utility tokens of many DeFi projects, just like UNI tokens for the decentralized exchange Uniswap.
The total value of cryptocurrencies sent to the Ethereum blockchain is around $55 billion, according to tracker DefiLlama. The market value of DOG•GO•TO•THE•MOON, one of the most popular memecoins using runes today, is around $382 million, according to the Magic Eden marketplace.
“For the most part, the acceptance has been much greater than ever,” Rudick said. “The opportunity space is immense. »
–With the help of Sidhartha Shukla.
©2024 Bloomberg LP
Memecoins
Memecoins dominate major derivatives in terms of open interest | Flash News Detail
Disclaimer
Disclaimer: Blockchain.news provides content for informational purposes only. Under no circumstances shall blockchain.news be liable for any direct, indirect, incidental or consequential damages arising out of the use of, or inability to use, the information provided. This includes, but is not limited to, any loss or damage resulting from decisions made based on the content. Readers should conduct their own research and consult professionals before making any financial decisions.
Memecoins
Have a profitable August with Shiba Inu and Mpeppe (MPEPE) Don’t miss the winnings
August offers investors a unique opportunity to capitalize on the potential gains offered by Shiba Inu (SHIB) and Mpeppe (MPEPE)These two memecoins take advantage of the viral nature of internet memes and popular culture, attracting a diverse and enthusiastic audience. In this article, we’ll look at why Shiba Inu (SHIB) and Mpeppe (MPEPE) are poised for gains this month and why you shouldn’t miss out on the potential profits.
The viral power of memecoins
Memecoins have the inherent ability to leverage the viral nature of internet memes and popular culture references. This can lead to rapid spread of the cryptocurrency’s brand and message across various online platforms, potentially appealing to a broader and more diverse audience. Shiba Inu (SHIB) and Mpeppe (MPEPE) are great examples of how this viral potential can translate into substantial community growth and market presence.
Shiba Inu: riding the wave of popularity
Shiba Inu (SHIB) has established itself as a major player in the memecoin space. With its cute canine mascot and strong community support, Shiba Inu (SHIB) has gained a significant following. The coin’s ecosystem continues to grow, with projects like ShibaSwap adding to its utility and appeal. Investors are optimistic about Shiba Inu’s future, expecting it to ride the wave of popularity that has kept it in the spotlight.
Ecosystem expansion
THE Shiba Inu (SHIB) The Shiba Inu (SHIB) ecosystem is constantly expanding, offering new features and utilities that enhance its value proposition. Projects like ShibaSwap provide users with opportunities to stake and earn rewards, making Shiba Inu (SHIB) more than just a meme currency. This expansion helps solidify its market position and attract a wider audience.
Balancing humor and professionalism
Mpeppe (MPEPE) offers a unique and light-hearted approach to the serious world of digital assets, balancing humor and professionalism. Inspired by internet memes and the dynamic energy of football fans, Mpeppe (MPEPE) is quickly gaining traction in the crypto community.
Mpeppe (MPEPE) offers an opportunity to reach a younger demographic and tap into the viral nature of internet culture. By balancing humor and professionalism, Mpeppe (MPEPE) appeals to a wide audience, from casual meme enthusiasts to serious investors. This strategy is similar to the one that made Shiba Inu (SHIB) so successful, but with a modern twist.
Expanding Reach and Adoption
Mpeppe’s (MPEPE) ability to leverage internet culture means it has the potential to rapidly expand its reach and adoption. The memecoin’s branding and community-driven approach make it accessible and appealing, much like Shiba Inu (SHIB) in its early days.
Why August is the month to invest
As the cryptocurrency market experiences a surge in interest, August presents a great opportunity to invest in promising assets like Shiba Inu (SHIB) and Mpeppe (MPEPE) Both coins are well positioned to capitalize on the growing interest in memecoins, driven by their unique appeal and active communities.
Conclusion: Don’t miss the benefits
Shiba Inu (SHIB) and Mpeppe (MPEPE) are poised for a profitable August, leveraging their viral potential and strong community support to attract a diverse audience. With the cryptocurrency market in full swing, now is the perfect time to consider investing in these promising memecoins. Just as Shiba Inu (SHIB) captivated the crypto world with its unique appeal, Mpeppe (MPEPE) is poised to make its mark. Don’t miss out on the potential gains these innovative digital assets have to offer.
For more information on the Mpeppe presale (MPEPE):
Visit Mpeppe (MPEPE)
Join us and become a member of the community:
Memecoins
Solana down 8% as its coins Dogwifhat, Billy and Neiro fall further
Solana, the fifth-largest crypto asset by market cap, has fallen 8% in the past 24 hours, according to CoinGeckolike his Meme Coin Market Prices of some coins, which can be notoriously volatile, have fallen by as much as 43% in the past day.
As the cryptocurrency market bleeds with Bitcoin (Bitcoin) down 2.7% and Ethereum (ETH) 4.2%, Solana (GROUND) was the hardest hit among the top 10 cryptocurrencies, falling 8.2% to $168 on the day, according to data from CoinGecko. Along with this, meme coin Solana suffered huge losses.
The biggest loser in the last 24 hours is the bigger of the two Black (NEIRO) on Solana which fell nearly 44% to $0.01821. These tokens were launched after the owner of Kabosuthe Shiba Inu that inspired the Doge meme, announced that she had adopted a new dog named Neiro. Interestingly, her rival on the network launched an hour beforealso called Black (NEIRO), is up 75.2%. It appears that the Solana Neiro Civil War is far from being decided.
Other big losers include: Pump.fun’s Favorites Billy (BOWL), down 26.4%, and Michi (MICHI), which fell 24.5%. Over the past 24 hours, both tokens have flipped their market caps multiple times, but dog token Billy is currently in the lead with $94 million, about $3 million ahead of Michi.
Dog with hat (Wireless), the largest meme coin on Solana, was also hit, dropping 12.4%. Bonk (BONK), the second-largest Solana meme coin, fell 9.1%. In fact, among the top 50 Solana meme coins by market cap, only four tokens are in the green, with Zoomer (ZOOM IN) leading the pack with 41.1%.
Meme coins are notoriously high-risk assets and tend to post disproportionate losses when the broader market experiences a downturn.
Brain (BRAIN), Michi (MICHI), Mini (MINI), Shark cat (SC), and many others, for example, have suffered greater losses in the last 24 hours than any of the top 100 cryptocurrencies by market capitalization.
In the world of meme coins, when it rains, it rains.
Edited by Stacy Elliott.
Memecoins
Trader Says Bitcoin’s Path to $100,000 Is ‘Currently Programmed’, Updates Outlook on Memecoin That’s Up Over 18,000% YTD
A widely followed analyst and trader expresses bullish sentiment on Bitcoin (Bitcoin) while offering his take on the memecoin built on Solana (GROUND) blockchain ecosystem.
Starting with Bitcoin, the analyst known by the pseudonym Altcoin Sherpa tell His 219,000 followers on social media platform X say Bitcoin is on the verge of hitting a six-figure price.
“There will be bumps along the way, but Bitcoin’s path to $100,000 is on schedule. Don’t get rattled or lost along the way.”
Source: Altcoin Sherpa/X
At the time of writing, Bitcoin is trading at $66,236.
According to For the widely followed trader, Bitcoin enjoys strong support between $63,800 and $65,000, where the 25, 55, 89 and 200 exponential moving averages (EMAs) on the daily chart have clustered.
Source: Altcoin Sherpa/X
Next up is the Solana-based memecoin Popcat (POPCAT). The pseudonymous trader and analyst said that among the cat memecoin family, POPCAT is one of the “best” in the long run.
Altcoin Sherpa, however, says POPCAT looks bearish on the short-term four-hour time frame and needs to climb above a range low between $0.694 and $0.724 to avoid falling further.
Source: Altcoin Sherpa/X
POPCAT was trading at $0.00379 on January 5th and is now at $0.704, a gain of approximately 18,475%.
Altcoin Sherpa also offers his take on dogwifhat (Wireless), Solana-based Memecoin. According to For the pseudonymous analyst, WIF “still looks pretty good for now” on the four-hour chart with the “best” support area sitting around $2.10.
“The average would probably be $2.30 to $2.10 if I were you and I was swing trading this one.”
Source: Altcoin Sherpa/X
WIF is trading at $2.27 at the time of writing.
Don’t miss a thing – Subscribe to receive email alerts directly to your inbox
Check Price action
follow us on X, Facebook And Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3
-
News7 months ago
More Crypto AI Alliances Emerge Following $7.5 Billion Token Merger — TradingView News
-
Videos7 months ago
Money is broke!! The truth about our financial system!
-
News7 months ago
Over 1 million new tokens launched since April
-
Altcoins7 months ago
Render vs. Theta; Which DePIN Altcoin to buy in May
-
NFTs7 months ago
Surprisingly, Bored Apes is now laying off employees as the NFT market disintegrates
-
Memecoins7 months ago
ChatGPT Analytics That Will Work Better in 2024
-
Videos7 months ago
Fantom: Potential FTM Price and BIG Updates – The Latest!!
-
Altcoins7 months ago
Altcoin Investments to create millionaires in 2024
-
Videos7 months ago
Recession soon?? What this means for you and your wallet!!
-
Videos7 months ago
Crypto News: ETH ETFs, Pro-Crypto Politics, UNI, DOGE & MORE!
-
NFTs7 months ago
Trump endorses Bible line – after selling shoes, NFTs and more
-
Memecoins7 months ago
When memecoins reign supreme in the ecosystem!