The crypto market recorded huge gains this week, with several assets hitting double-digit figures. Bitcoin (BTC), altcoins, and meme coins jumped following positive market sentiments, and the top crypto asset reclaimed $68,000. Due to their volatility and buzz around certain assets, meme coins saw a wider rally.
DOGE Lead Meme Coin Resurgence
Dogecoin led the rally among the top 10 meme coins by market capitalization, showing signs of previous upticks. This week, the community’s popular asset gained 22.9% inflows to trade at $0.14, a figure shy of its previous highs. Despite this, DOGE bulls maintain market momentum, leading the meme coin front.
Recent activity has reignited talks of the token breaking the $1 mark, but it is still a stretch considering bearish factors in the space. The asset is up 6.2% in the last 24 hours, doubling down on previous gains. Mog Coin ranks next with 21% inflows in the last seven days. Its price trades at $0.0000020, recording a 6% growth over the last day.
BRETT followed with a 20% jump this week and maintains a bullish uptick with a 7% inflow today. Generally, most meme tokens are in the green zone, recording short-term gains similar to the meme coin frenzy seen in Q1 2024. As Bitcoin hit an all-time high after the approval of spot ETFs in the United States, meme coins sparked into the scene, notching over-the-top gains.
Will It Sustain?
While this meme coin resurgence is good for the market, users wonder if it would hold long term. These tokens are known for their volatility, which has huge swings following market developments. On the one hand, meme coin enthusiasts point to interest rate cuts to attract flows to the assets. Reduced policy rates will drive funds to risky assets, with meme tokens recording huge numbers.
The other side of the coin opines that the correction in Bitcoin’s price and other top crypto assets’ plunging prices of meme coins will affect general meme coin adoption. Global macroeconomic factors like inflation and regulations in diverse jurisdictions will also affect meme coin adoption.
