The fourth Bitcoin Halving, which lowers the reward for mining new blocks from 6.25 to 3.125 BTC and so slows the rate at which new bitcoins are put into circulation, marked a significant turning point for the cryptocurrency industry.
While this development is seen as very bullish confirmation, major digital assets Bitcoin and Ethereum have seen a slight uptrend over the past two days, currently trading at $65,000 and $3,163 respectively.
However, Sunday saw significant inflows into the memecoin sector, driving double-digit gains in major assets such as Shiba Inu (SHIB), Pepecoin (PEPE), Floki, and Bonk. According to Coinmarketcap, the top meme token had a market capitalization of $53.85, up 8.86% intraday. Is this the beginning of meme coin euphoria?
1) Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency that originally emerged as a meme coin but has since evolved into a broader ecosystem. Inspired by Dogecoin, Shiba Inu stands out for its vibrant community and the development of its own decentralized exchange, ShibaSwap.
The asset has witnessed a steady correction for over six weeks as a descending wedge pattern developed on the daily chart. The drop caused SHIB price to drop to a low of $0.0000183, but it quickly reverted amid expectations for the Bitcoin halving.
Over the past three days, Shiba Inu price has risen 30% from $0.00002 to its current trading price of $0.000027. The market capitalization also increased to $15.9 billion, but it remained at $1.39 billion in 24-hour trading.
With the recent rally, SHIB price shows a bullish breakout from the wedge pattern, marking the end of a correction trend.
2) Floki
Floki is a cryptocurrency project inspired by Elon Musk’s famous Shiba Inu named Floki. The project is characterized by its focus on utility in the crypto space, and includes major initiatives such as the FlokiFi protocol, which provides decentralized finance (DeFi) solutions, and a play-to-earn NFT gaming platform. Masu.
During the last consolidation, Floki coin showed persistence above the $0.000127 level. After the completion of the Bitcoin halving, FLOKI price recovered 40% from the above support and reached the current trading price of $0.000175.
This meme coin’s market cap is currently $1.68 billion, while its 24-hour trading volume is $353 million. If the bullish momentum continues, FLOKI price could break through the upper bound of the flag pattern, indicating a continuation of the general uptrend.
3) Bonk
BONK is a community-run meme coin on the Solana blockchain, designed to integrate with Solana’s decentralized applications (DApps). The coin was initially widely distributed through airdrops aimed at boosting the Solana ecosystem, specifically targeting NFT projects, artists, and DeFi users.
BONK price rebounded from support at $0.00001335 on Friday amid renewed interest in a recovery in the memecoin sector. The bullish rebound has increased the coin’s value by 62% and currently stands at $0.000021, while Bonk’s market cap has reached $13.94 billion.
Daily chart analysis shows that the recent rally has broken through the resistance trend line of the descending wedge pattern, giving buyers an advantage on the upside. A post-breakout recovery could strengthen BONK price and challenge the upside resistance at $0.000029, followed by $0.0000366 and $0.0000428.
Key Points
Despite the completion of the long-awaited Bitcoin halving, the cryptocurrency market has been trading relatively stably this weekend. Major digital assets have increased slightly, but historical records suggest that expected growth is still undetermined. The memecoin sector is currently gaining aggressive bullish momentum, providing traders with new long opportunities.
- Top 5 cities in Africa where real estate is most expensive in 2024 - May 3, 2024
- Top 5 menu options for London Series 2024 - May 3, 2024
- Top 5 Stunning Destinations Worldwide Affected by Overtourism - May 3, 2024
