The crypto market is brimming with positive projections as altcoins lead the surge with staggering numbers.
The Bitcoin price ascent has pushed altcoins to reach new highs. Leading altcoins, including Dogecoin, Shiba Inu, and Ethereum, are up 11.83%, 3.95%, and 1.28%, respectively.
In a new twist of events, meme coins have shown a remarkable price ascent as of late. With major crypto tokens surging ahead, meme coins have also shown renewed user interest driven by community sentiment.
Per the data shared by crypto analyst Borovik, PEPE has soared a whopping $385% this week. The surge is followed by WIF and $BONK, which are up by 385% and 112%, respectively.
Also Read: Top 5 Trending Meme Coins To Watch In 2024
Altcoins Surge: What’s Happening
The crypto Twitter is basking in the bull run glory as major altcoins are marking their way up in their price trajectories. The increased capital inflow in the Bitcoin ETFs has forced the price of Bitcoin to touch a new ATH of $64K. Similarly, major altcoins, including Ethereum, Shiba Inu, and Dogecoin, are also welcoming a surge in their prices.
Ethereum is up 1.28%, followed by Shib and Doge, which are up 11.83% and 3.95%, respectively. Dogecoin in particular has crossed its 20 billion-dollar market cap, breaching its previously established levels.
However, one of the most refreshing developments is witnessing the rise of meme coins. Born out of sheer jest, $PEPE, $WIF, $FLOKI, and $BONK are leading the current market surge.
According to CoinMarketCap, $PEPE is up 362% this week, followed by $WIF and $FLOKi at 329% and 307%, respectively. Solana’s $BONK is also surging ahead, trading at $0.00003199, up 168% in the last seven days.
Also Read: Coinbase’s Base Welcomes Meme Coin Season: Assets Rise Upto 7-Million
The altcoin surge has closely been linked to the ascending prices of Bitcoin. The correlation was recently outlined by Dogecoin’s founder, Billy Markus. Markus shared how Bitcoin’s price ascent usually triggers other altcoins to follow suit, leading to a market surge trail.
Strong market and community sentiment have also largely triggered the price ascent of meme coins.
Several crypto analysts have been noted pushing the meme coin rally up a notch on X. Analysts have been driving the meme coin surge by suggesting how such coins can be lucrative investment options for others to explore.