This week, the crypto market cap broke records as it soared to $3.82 trillion. The valuation jump is driven from Bitcoin moving past $123,000, Ethereum to $3000 and XRP hitting $3. Following the top coins in bull run, memecoin have also begun to rally with high weekly gains.
This rally is primarily by institutional investments, as compared to retail investors. SharpLink and Metaplanet were some of the firms that bought heavily in the quantity of $140 million in BTC and ETH.
Along with that regulation of stablecoins and overall market sentiment rose positively. Volume increased by 29% at $150.62 billion, and the Crypto Fear and Greed Index touched 70, indicating “Greed”.
Memecoins leads in weekly performance
Bitcoin is making headlines with its rally, but memecoins are the week’s biggest winners. They’re rising on speculation, innovation, and increasing demand for high-risk, high-return assets.
MemeCore (M) increased by 190% this week after it deployed a Layer-1 blockchain that is solely dedicated to meme tokens. Its Proof of Meme consensus algorithm incentivizes on-chain activity and social interaction, and it is one of the most controversial tokens. The project’s innovative approach drew in retail and smart money.
Pengu (PENGU) went up 90% because it truly went viral as a meme on the social media sites. It was very community and low market cap, so Pengu was an investor favourite to invest in memecoins once again.
According to Glassnode, the number of active addresses interacting with the token has surged, showing that it’s the highest level in nearly a month.
MOG Coin (MOG) rose 79% evading a long stretch of level prices. Technical indicators including a golden cross and triangle breakout, as well as revived interest in cat-themed tokens, propelled MOG to its six-month high.
Story IP (IP) rose by 38% on the back of strong growth in its network. In a matter of two weeks, over 2,700 new contracts were made and active accounts grew, indicating that users are utilizing the platform more. The breakout above $4.38 added additional strength to the rally.
JasmyCoin (JASMY) surged 35% following more than 53% of the supply being soaked up by whale wallets as exchange balances hit a one-year low. The looming Junction testnet and Chainlink integration fueled speculation of more growth in Jasmy’s data and AI play.
On-chain statistics reveal that the JASMY price has greater room for upside during the current crypto bull cycle. Statistics reveal that exchange supplies of JASMY have dropped to an all-time low since April 2022.
With Bitcoin taking the lead, memecoins are on their own wave, suggesting that a larger altcoin rally could have already begun.
Also Read: Bitcoin Hits $123K, ADA and DOGE Rallies over 20% in a Week
