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This week in Coins: Bitcoin stumbles but Meme Coins come out on top, once again
Illustration by Mitchell Preffer for Decrypt.
Bitcoin’s movements have been unremarkable this week, swinging weakly seven days after the long-awaited one halving event, but one category of cryptocurrencies emerged as the winner: meme coins.
Over the past week, Good made the biggest gains, according to CoinGecko data. THE SolanaThe token-based token is up 58%.
The reason for the increase in dog coin is partly due to the Bonk DAO approving a proposal to burn over 278 billion Bonk tokens, seen as a bullish move because it makes the tokens more scarce.
Somewhere else, Pepper, another popular meme token, has grown significantly: it posted gains of 36% this week. When one meme starts to pump, others in the market tend to as well.
Pepe, which runs on Ethereum, has seen major price action since Coinbase International, the global subsidiary of the largest US cryptocurrency exchange, announced the listing of Pepe perpetual contracts.
Other meme coins that have soared include Flokiwhich jumped more than 20% over the course of the week.
Memes aside, Ivya distributed ledger similar to a blockchain, has also grown dramatically news that digital asset exchange Archax would use it to offer BlackRock’s ICS US Treasury money market fund (MMF). As a result, the Hedera token has increased by 32% over the past week and is now priced at $0.1086, making it one of the winners of the week.
THE price of Bitcoin it stands at $62,991 after barely moving during the week. The slow price action was accompanied by a surge in liquidity just approved Bitcoin exchange-traded funds.
These outflows were likely triggered by the Aafederal economic report indicated that the U.S. economy grew slower than expected in the first quarter, likely spooking investors with an appetite for the risky cryptocurrency.
Meanwhile, big news broke that Ethereum software giant Consensys had filed a lawsuit against the Securities and Exchange Commission for allegedly planning to designate Ethereum as security. The second-largest cryptocurrency is up 2% in seven days and is now trading for $3,120.
By Ryan Ozawa.