The cryptocurrency market has experienced a new uptrend since last week after Bitcoin‘s halving was finished. This surge in demand indicated that Bitcoin might have formed a local minimum at $60,000, causing its price to rise to $67,000.
In addition, data from Santiment indicates that Bitcoin investors holding between 1,000 and 10,000 coins have increased their holdings by approximately 266,000 coins since early 2024. This increase represents around 1.24% of the total Bitcoin supply. With fear of missing out (FOMO) growing in the crypto market, these investors now possess nearly a quarter (25.16%) of all circulating Bitcoin, increasing the likelihood of further price increases.
Large-scale Bitcoin investors, holding between 1,000 and 10,000 coins, have purchased an additional 266,000 coins of Bitcoin since the beginning of 2024. This represents approximately 1.24% of the total Bitcoin supply. The public’s fear of missing out on potential gains is also evident in the current market trend.
— Santiment (@santimentfeed) April 24, 2024
According to current statistics, the Memecoin market is currently outperforming others following the Bitcoin halving event. Notable coins like Bonk, Dogwifhat (WIF), Floki, and Pepe Coin (PEPE) have experienced double-digit percentage growth as of today.
1) Dogecoin (DOGE)
Dogecoin (DOGE) started out as a fun and lighthearted take on cryptocurrencies in 2013, based on the popular “Doge” meme with the Shiba Inu breed as its symbol. What began as a joke has since blossomed into a significant digital currency, backed by an enthusiastic community.
The DOGE price has been moving back and forth between two trendlines in its daily chart for around two months, indicating a sideways trend. At present, the memecoin is priced at $0.161, reflecting an equal struggle between buyers and sellers, resulting in a neutral candle with no clear direction.
Dogecoin’s market value is now $23.26 billion, with a significant increase in trading activity totaling $1.234 billion over the past day.
If the price of DOGE breaks out above the triangle pattern it’s currently trading in, this could be a sign that the uptrend is set to continue. This upward movement might push the price up towards the $0.206 mark, and potentially even reach $0.22 next.
2) Dogwifhat (WIF)
A meme crypto called Dogwifhat (WIF) exists on the Solana blockchain, featuring an adorable Shiba Inu wearing a pink knitted hat as its symbol. With a market value of over $3.46 billion, this asset ranks among the top 40 largest cryptocurrencies.
The recent low point for corrections in WIF price occurred at the $2 mark, coinciding with Bitcoin’s halving event. Since then, the coin has experienced a significant rebound, resulting in a 82.75% increase and recovering over half of its lost value during the previous market downturn.
The WIF price experienced a significant increase of 17% in a single day, causing it to surge past its downward trendline and reach a current value of $3.52. If this upward trend continues, memecoin investors could potentially push the price even higher, with potential targets at $4.3 and $4.85.
3) BONK
In simple terms, BONK, the cryptocurrency built on the Solana platform and known for its meme status, has experienced a significant increase in value over the past week. This surge came after a rebound from the support level at $0.0000132. As a result, the price of BONK has risen to $0.0000276, marking an impressive gain of 114%.
The addition of BONK to Revolut’s trading platform has recently boosted its price. This move broadens BONK’s reach to more possible investors, enhancing visibility and sparking greater demand.
$BONK is now available on @revolutapp
Starting April 29th, users from the EU and eligible countries can begin trading on our app, as well as participating in our new Learning and Earning program. #TradeAndLearnWithUs
— Bonk! (@bonk_inu) April 23, 2024
According to CoinMarketCap, the current market capitalization of BONK is $1.08 billion, and the volume of trades in the past 24 hours was $703.2 million.
If the positive price trend continues for BONK, it may break through the previous resistance level of $0.00003, allowing buyers to take charge and potentially push the price up towards $0.000036 and even further to $0.0000428.
Key Takeaway
Market excitement for the post-halving event remains strong among cryptocurrency investors, as large-scale buyers or “whales” have been actively amassing Bitcoin and Ethereum. Meanwhile, meme coins have taken center stage during the recent market upturn on Friday, demonstrating their potential to ignite significant price surges in response to favorable market conditions.
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2024-04-24 16:38