Bitcoin recently surged to a new all-time high of $93k, leaving investors anticipating the next rally, possibly past $100k. However, as BTC continues to soar, a new trend involving Bitcoin-based meme coins is emerging. These niche tokens have attracted heightened speculation, driven by the excitement around Bitcoin's rise.
Bitcoin Memecoins
Bitcoin's rally to $93,000 ignited fresh excitement across the crypto market. Memecoins tied to Bitcoin, including PUPS, DOG•GO•TO•THE•MOON, and BILLION•DOLLAR•CAT, are capturing the attention of traders as a high-risk, high-reward alternative, Coindesk reported.
According to CoinGecko data, some of these tokens have posted impressive gains over the past 24 hours, with smaller tokens like CYPHER•GENESIS (CYPHER) rising by 50%. The surge in interest for Bitcoin-based meme coins coincides with a significant shift in the underlying infrastructure.
The Runes protocol, a platform for creating fungible tokens directly on Bitcoin, has reportedly overtaken BRC-20 in market capitalization. Launched in early 2024, Runes utilizes Bitcoin's Unspent Transaction Outputs (UTXOs) model, enabling the creation of fungible tokens without congesting the network.
Unlike BRC-20, Runes aligns more closely with Bitcoin's native transaction structure, potentially reducing the buildup of UTXOs. Despite the recent excitement, on-chain data shows no immediate increase in usage metrics for Runes.
A New Bet on Bitcoin
Memecoins have become a speculative asset class during periods of low volatility in more established crypto sectors. With Bitcoin reaching new peaks, traders are shifting to meme coins to gain exposure to the broader Bitcoin ecosystem without directly investing in BTC.
The trend reflects previous surges in meme tokens on other networks like Ethereum and Solana, where tokens experienced significant rallies following gains in their respective parent networks.
The crypto market recently experienced an unprecedented surge, with Bitcoin hitting an all-time high of $93,495. One factor contributing to this growth is Donald Trump’s victory in the just-concluded US elections.
The market also benefited from retail and institutional investors' growing adoption of spot Bitcoin ETFs. Following the rally, industryexperts are now predicting prices between $80,000 and $100,000 or more. The analysts base their forecasts on Bitcoin ETFs, institutional inflows, and market dynamics.
This article was written by Jared Kirui at www.financemagnates.com.
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