On April 19, 2024, a significant moment occurred in the crypto world: the fourth Bitcoin Halving. This is when the reward for mining new Bitcoin blocks was lowered from 6.25 to 3.125 Bitcoins. Consequently, the pace at which fresh Bitcoins entered circulation decreased.
In simpler terms, although some view this recent growth as a strong sign of optimism, Bitcoin and Ethereum, the top cryptocurrencies, have only seen slight increases over the past two days, with prices at around $65,000 for Bitcoin and $3,163 for Ethereum.
On Sundays, there was a significant increase in investment towards meme coins, resulting in double-digit percentage gains for leading assets such as Shiba Inu (SHIB), Pepe Coin (PEPE), Floki, and Bonk. According to CoinMarketCap, the combined market value of these top Meme Tokens reached $53.85 billion, marking an 8.86% growth in a single day. Could this be the beginning of a meme coin craze?
1) Shiba Inu (SHIB)
Shiba Inu (SHIB) started as a humorous digital currency, modeled after Dogecoin, but has since blossomed into a broader network. Its unique appeal comes from an engaged fanbase and the creation of their own decentralized trading platform, named ShibaSwap.
For about seven weeks, the value of the asset has been gradually decreasing, forming a falling wedge pattern on the daily chart. The price drop reached a minimum of $0.0000183 for SHIB. However, there was an unexpected reversal right before the Bitcoin halving event, causing the price to bounce back immediately.
Over the past three days, the price of Shiba Inu has risen significantly from $0.00002 to its current value of $0.000027, representing a notable increase of approximately 30%. The market capitalization has followed suit, reaching a sizeable $15.9 billion. Meanwhile, the 24-hour trading volume hovers around $1.39 billion.
The SHIB price has surged recently, indicating a bullish breakthrough from its wedge pattern. This could mean that the downward correction trend is coming to an end.
2) Floki
The Floki cryptocurrency initiative derives its name and inspiration from Elon Musk’s beloved Shiba Inu dog named Floki. This project sets itself apart in the crypto world by placing significant emphasis on practical applications. Key aspects of this focus include the development of the FlokiFi protocol, which delivers decentralized financial (DeFi) services, and a gaming platform where players can earn NFTs through play.
During the period before the Bitcoin halving, the Floki coin proved its resilience by staying above the $0.000127 mark. After the Bitcoin halving event was over, the FLOKI price bounced back with a 40% increase from that support level and is now trading at $0.000175.
With a market capitalization of $1.68 billion and a 24-hour trading volume of $353 million, this memecoin is currently in the spotlight. Should the bullish trend continue, the FLOKI price may shatter the Flag pattern’s resistance level, signaling an uninterrupted uptrend.
3) Bonk
BONK is a community-driven memecoin on the Solana blockchain, designed to integrate into Solana’s decentralized applications (DApps). The coin was initially distributed widely through an airdrop aimed at revitalizing the Solana ecosystem, specifically targeting NFT projects, artists, and DeFi users.
In the midst of a resurgence in investment attention towards memecoins, the price of BONK bounced back from its support level of $0.00001335 on Friday. This bullish surge caused the coin’s value to jump by 62%, now trading at $0.000021. Additionally, the market capitalization of Bonk has grown to an impressive $13.94 Billion.
Examining the daily graph reveals that the recent surge in price has surpassed the trendline of resistance in the falling wedge pattern, indicating a potential advantage for buyers looking to push prices even higher. Following this breakout, BONK’s price could potentially rise further and confront the subsequent resistance levels at $0.000029, $0.0000366, and $0.0000428.
Key Takeaway
This weekend, the cryptocurrency market is holding steady despite Bitcoin’s highly anticipated halving event. Some digital assets have seen a slight increase in value, but the significant growth predicted based on historical trends has yet to materialize. Notably, meme coins are currently experiencing a strong surge in buying power, creating fresh opportunities for traders to go long.
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2024-04-21 15:22