Meme Coins Skyrocket While Bitcoin Consolidates Post-Halving
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.
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Other notable performers include Ethereum-based FLOKI, which soared nearly 26% to $0.00018, and Shiba Inu (SHIB), climbing 24% to over $0.000028.
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 Vipkhoone.
