Bitcoin price continues to reach new heights, recently climbing to $65,555. The 2024 peak has been updated. The steadily increasing price over the past few days has triggered massive rallies in altcoins. In particular, some meme coins have seen their volumes increase by thousands of times, with prices rising up to fourfold. So, what’s the current situation?
Rising Altcoins
BTC is rapidly increasing as if there’s no tomorrow, and meme coins are doing what’s expected of them during this hype period. PEPE, Floki, Bonk are trending these days, with some experiencing price increases of over 400%. According to data shared by Santiment, these three relatively new meme coins saw a 3000% increase in volume last week.
While some memecoins have reached their all-time high, if the excitement around the BTC price continues, we are likely to see even bigger peaks. BONK, launched by the Solana community to compensate for losses, experienced a 190% price increase last week and found buyers close to its peak of $0.0000345.
Floki also saw an increase of more than 350% over the week. While DOGE rose by 90%, Shiba Coin increased by 175%. If it weren’t for so many new and hyped meme coins, these two leading altcoins could have seen even greater increases. Investors are turning to relatively new meme coins with the assumption that they have much more potential for profit.
PEPE Coin
Ethereum-based Pepe surged over 370% last week. The rapidly increasing volume, along with the soaring price, reflects extreme demand. Investors are buying with the assumption that the BTC rally spilling over to meme coins will lead to even more exaggerated price movements.
The price of PEPE Coin reached up to $0.0000076 and had increased by nearly 60% at the time of writing. It has already surpassed its all-time high price and is confidently moving towards erasing another zero. Pepe’s market value doubled in two days, from $1.5 billion to $3 billion. The volume at the time of writing was even higher than the market value, reaching $3.4 billion.
In addition to all this, we should not forget that meme coins, while experiencing rapid increases, can also see equally swift pullbacks.
