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As the meme coins rise with staggering margins, analysts predict that the market has already discounted the effects of Bitcoin halving.
Observers note that liquidity has moved from Bitcoin directly into meme coins, skipping a few steps in the current “weird” bull market.
Memecoins Total Market Cap Rose Over $70 Billion
The recently launched meme coins, such as Solana-based ‘dogwifhat’ (WIF) and Book of Meme (BOME), and older meme coins, drove meme coin total capitalization to $70 Billion on April 1.
Crypto industry analysts are calling this bull market cycle the “weirdest” ever as Bitcoin saw a premature all-time high and a massive rush into meme coins. In the past, bull runs saw liquidity flow into Bitcoin before moving into large-cap coins like Ethereum, and finally moving down the chain.
Dogwifhat (WIF)
Dogwifhat (WIF) has surpassed its biggest competitors, and a few days ago, was the third most valuable meme coin by market capitalization. Over the last week, its value has grown by 90% against the dollar, and it now ranks 31st among all cryptocurrencies.
Dogwifhat (WIF) draws inspiration from the popular Dogwifhat meme, which showcases a Shiba Inu donning a unique hat. WIF’s goal is to introduce entertainment and community values to the world of cryptocurrency using the Solana blockchain. Despite Dogecoin’s groundwork, WIF’s appeal lies in the simplicity and universal appeal of adorable pets in amusing scenarios.
Book of Meme (BOME)
The latest meme coin to skyrocket in value is the Book of Meme (BOME), which has seen a value increase of over 1400%, surpassing the likes of $SHIB and many other well-known meme coins.
There has been a lot of hype around this meme coin in recent days, but interest in the meme and its value growth is now dwindling. According to cryptocurrency experts, $BOME has reached its peak, so if you didn’t invest in it earlier, it might be too late now.
DEGEN
The recently launched Base-native token DEGEN is also one that the investors are talking about. This crypto currency has skyrocketed by a staggering 2,800% over the past month.
The Market Has Already Discounted Bitcoin Halving?
Ethereum educator Anthony Sassano echoed the sentiment, saying that after a decade in crypto, this is, by far, the weirdest bull market crypto has ever had. According to Sassano, the retail sector cannot be considered significant until the entire market experiences growth simultaneously.
Technical analyst Moustache highlighted on April 1 that BTC had reclaimed a key Fibonacci ratio level seen in previous cycles, but this time it was before the halving.
Another factor adding to the weirdness of this market cycle is that Bitcoin has reached an all-time high before the halving, which is just 18 days away now, due on April 20. This is very uncommon as per the last records of halving. However, this supports the suspicion that the market has already discounted the bitcoin halving event.
Summary
Meme coins, including Dogwifhat (WIF) and Book of Meme (BOME), have driven meme coin total capitalization to $70 Billion. Dogwifhat (WIF) was ranked as the third most valuable meme coin by market capitalization, while Book of Meme (BOME) has seen a value increase of over 1400%. It is somewhat expected that the pre-halving pullback is over now.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of monetary loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
