The cryptocurrency market posted huge gains this week, with many assets hitting double-digit figures. Bitcoin (BTC), altcoins and memecoins jumped following positive market sentiment, with the top crypto asset reclaiming $68,000. Due to their volatility and hype around certain assets, meme currencies have seen a broader rise.
DOGE leads to the return of the Meme coin
Dogecoin led the rise among the top 10 meme coins by market cap, showing previous signs of upside. This week, the community’s popular asset gained 22.9% inflows to trade at $0.14, a number shy of its previous highs. Despite this, DOGE bulls are maintaining the market momentum, leading the meme front.
The recent activity has reignited talks about the token breaking the $1 mark, but it is still a stretch given the bearish factors in the space. The asset is up 6.2% in the past 24 hours, doubling previous gains. Mog Coin ranks next with inflows of 21% in the last seven days. Its price is trading at $0.0000020, recording a growth of 6% over the past day.
BRETT followed with a 20% jump this week and is maintaining a bullish rally with a 7% inflow today. Overall, most tokens are in the green, recording short-term gains similar to the meme frenzy seen in Q1 2024. With Bitcoin reaching an all-time high following the approval of spot ETFs in the US, the The meme currencies scene, and achieved significant gains.
Will you hold on?
While this meme coin resurgence is good for the market, users are wondering if it will hold up in the long term. These tokens are known for their volatility, which experiences huge fluctuations following market developments. On the one hand, cryptocurrency enthusiasts point to interest rate cuts to attract flows into the asset. Low interest rates will push money into risky assets, where tokens are recording huge numbers.
The other side of the coin is seen A correction in the price of Bitcoin and other lower meme coin prices will impact the adoption of meme coins in general. Global macroeconomic factors such asRules and regulations in various jurisdictions will also impact the adoption of meme coins.