Memecoin Outperform Bitcoin Post-Halving
Memecoin Outperform Bitcoin Post-Halving
Bitcoin saw an increase of approximately +4.5% following the fourth halving. Some memecoins exhibited superior price performance compared to Bitcoin during the same period.
Measured from the time of Bitcoin halving (April 20, 2024), around 9 AM WIB, the price of Bonk (BONK) memecoin had risen +46% from US$0.0000145 to US$0.0000212. However, looking at the month prior, BONK still experienced a price decline of -14%.
Another memecoin on the Solana network, Popcat (POPCAT), also recorded a significant increase of +92% from US$0.150 to US$0.288. The price of POPCAT at the time of writing this article (April 22, 2024) was even higher than a month ago.
In contrast, the largest market capitalization memecoin on the Solana network, dogwifhat (WIF), only showed a +5% increase since the fourth halving.
Outside the Solana network, memecoins on the Ethereum network such as Floki Inu (FLOKI) also outperformed Bitcoin's price performance after the fourth halving, with an increase of +28.5% from US$0.000136 to US$0.000175. Pepecoin (PEPE) also recorded a similar price increase, up +27.5% from US$0.00000502 to US$0.00000640.
Memecoin Price Increases Haven't Reached ATH Yet
Despite these increases, none of the mentioned memecoins have managed to surpass their previous ATH prices. This might also be because overall, the crypto market has not shown strong enough bullish momentum post-halving. However, it's important to note that the halving occurred just two days ago (April 22, 2024), so the market still needs time to respond.
Overall, the market capitalization of memecoins based on CoinGecko data at the time of writing this article (April 22, 2024) is US$57 billion, down -16% from the all-time high in the range of US$68 billion.
Conclusion
the post-halving period has witnessed both Bitcoin and various memecoins experiencing notable price fluctuations. While Bitcoin saw a modest increase of approximately +4.5%, certain memecoins demonstrated remarkable price outperformance during the same timeframe.
For instance, Bonk (BONK) and Popcat (POPCAT) memecoins showcased substantial gains, with BONK rising +46% and POPCAT surging +92% measured from the time of Bitcoin halving. Conversely, the largest market capitalization memecoin on the Solana network, dogwifhat (WIF), showed a more conservative increase of +5%.
The observation by prominent memecoin analyst, Ansem, suggests that WIF is currently undergoing a price consolidation phase, reminiscent of its past movements from lower to higher price ranges.
Furthermore, memecoins such as Floki Inu (FLOKI) and Pepecoin (PEPE) on the Ethereum network also outperformed Bitcoin post-halving, with notable price increases.
However, it's worth noting that despite these gains, none of the mentioned memecoins have managed to surpass their previous all-time high (ATH) prices. This could be attributed to the overall lack of strong bullish momentum in the crypto market post-halving.
With the halving occurring just two days before the time of writing, the market may require additional time to fully respond to the event. As depicted by CoinGecko data, the overall market capitalization of memecoins stands at US$57 billion, representing a decrease of -16% from its previous ATH in the range of US$68 billion.
In summary, while memecoins have showcased impressive price performance relative to Bitcoin post-halving, the market still awaits further developments to determine the long-term trajectory of these assets.
*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
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