Meme Coins Thrive as Bitcoin Surpasses $70,000

Meme coins including DOGE, TRUMP, AIDOGE and SPX, surged in value after Bitcoin recovered above $70,000.

Soon after the release of the US Consumer Price Index (CPI) statistics for the month of March, Bitcoin plummeted below $67,000, losing its important support level.

This occurred because inflation was higher than anticipated. However, a few hours later, Bitcoin quickly recovered and surpassed $70,000 as investors eagerly anticipated the upcoming halving that would take place the following week.

Meme Coins Celebration Continues

Meme coins were the ones that benefited the most from the Bitcoin price recovery, even though it was beneficial to the cryptocurrency markets as a whole. Santiment, a source of on-chain data, has provided some insights that indicate a redistribution of earnings among traders.

These insights indicate that Bitcoin’s recovery beyond the $70,000 level has corresponded with sustained advances for meme coins.

In the past few days, meme coins have outperformed other categories of alternative cryptocurrencies, despite the fact that there are varying viewpoints regarding their function within the bitcoin industry.

The rise in the value of speculative assets is a trend that has defined the year 2024. In the past, huge price increases in projects that have made only little progress in their development have been known to serve as a warning indicator that the bitcoin market is getting closer and closer to reaching its peak.

However, the recent rise in market capitalization in cryptocurrencies like DOGE, TRUMP, AIDOGE, and SPX may not necessarily signal the end of the rise. This is especially true considering that the Bitcoin halving event, which has traditionally been connected with a bullish mood, will take place in just nine days.

The value of PUPS, a meme coin project that was constructed on the Bitcoin blockchain has undergone a stunning spike in value, with its price jumping by an amazing 1,075% over the course of the past seven days.

CoinGecko’s information indicates that the current price of PUPS is $45.40, marginally below its recent all-time high of $47.44. In addition to the price increase, the BRC-20 NFT collection of PUPS has seen a stunning 6,948% increase in sales over the same seven-day period.

This indicates that the increased activity surrounding PUPS is not exclusive to the price increase.Additionally, according to the figures, PUPS BRC-20 NFTs have won second place in terms of sales volume over the course of the last week.

They have accumulated a total of $18.4 million from 3,232 transactions, which included 1,161 buyers. This accomplishment surpasses the performance of NodeMonkes, which documented revenues of $11.72 million, by a relatively small growth of 108.61%.

The success of PUPS exemplifies a broader market trend. The sales volume of non-fungible tokens (NFTs) on the Bitcoin blockchain has overtaken that of Ethereum and Solana, two platforms that have long been identified with NFT activity. This has occurred over the course of the past seven days.