Meme Coins Skyrocket While Bitcoin Consolidates Post-Halving

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In Brief

  • Meme coins have seen significant price surges following the Bitcoin halving event.
  • Bitcoin shows modest gains post-halving, with expectations of long-term growth.
  • Runes, a new Bitcoin token standard, sparks interest but has modest trading volumes.

In the cryptocurrency market, the latest halving event has surprisingly not put Bitcoin in the spotlight. Instead, meme coins, particularly those with canine themes, have surged dramatically over the weekend.

Following the halving late Friday, which reduced miner rewards by 50%, Bitcoin has seen modest gains. However, meme coins like BONK and FLOKI have experienced remarkable price increases.

Meme Coins on the Rise

The Solana-based meme coin BONK led the rally with an impressive 46% increase, reaching a price of $0.000022. This marks a significant recovery for BONK, which saw a substantial drop earlier in April.

Other notable performers include Ethereum-based FLOKI, which soared nearly 26% to $0.00018, and Shiba Inu (SHIB), climbing 24% to over $0.000028.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Meme Coins Skyrocket While Bitcoin Consolidates Post-Halving
BONK, FLOKI, SHIB Price Performance. Source: TradingView

These gains contrast with Bitcoin’s relatively stable post-halving performance, which has seen only a 1.5% increase to just below $65,000. This subdued movement follows a record high of $73,805 set in March, driven by the anticipation and launch of spot Bitcoin exchange-traded funds (ETFs).

Historically, Bitcoin’s most substantial gains have materialized months after halving events, suggesting potential future growth.

“The 2024 halving will showcase Bitcoin’s resilience and the market’s maturity, with less volatility observed due to institutional involvement and the ETF introduction. Predictions for the next halving include a potential for less pronounced short-term price fluctuations, but a significant long-term price appreciation, likely surpassing all-time highs,” Hao Yang, Head of Financial Products at Bybit, told BeInCrypto.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

Meme Coins Skyrocket While Bitcoin Consolidates Post-Halving
Bitcoin Price Performance Post-Halving. Source: Glassnode

Amid these dynamics, the cryptocurrency community is also buzzing about Runes, a new Bitcoin fungible token standard. The first few blocks post-halving witnessed millions in spending by users eager to mint tokens using this innovative protocol.

Top crypto platforms | April 2024

This article is sourced from the internet: Meme Coins Skyrocket While Bitcoin Consolidates Post-Halving

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