Memecoins
This week in coins: Bitcoin is boring but the bizarre antics of meme coins continue
Illustration by Mitchell Preffer for Decrypt.
Most cryptocurrencies are down this week, as shown by the price of Bitcoin and other major coins and tokens struggled to gain traction for another depressing week.
Bitcoin it is now trading for $61,275, according to CoinGecko, a decline of more than 3% in seven days.
For a market known for its rollercoaster volatility, things are… well, boring. This is the verdict of analyst and founder of Capriole Investments Charles Edwards, who She said on Twitter Thursday that the lack of movement for the major cryptocurrency is part of the normal cycle.
The largest digital asset, which exploded in value following the historic approval of US Exchange Traded Funds (ETFs) on stock exchanges, has struggled to gain traction after falling below its 2021 record high of $69,044 a year. beginning of April.
The ETF’s fading fears that the Federal Reserve won’t cut interest rates halted the currency’s seemingly unstoppable rise.
Things could improve, though: for three days this week, the money flowed in Bitcoin-based TradFi products.
It may take a while for Bitcoin to hit its all-time high again. A Friday report from CoinShares She said that, in the end, everything will depend on what the American central bank does.
The meme coin craze continued, as developers he continued to do strange and wacky things to get your assets noticed, but the more established cryptocurrencies that made big gains last week still suffered, the frothy activity ultimately not lifting the needle. Solana-based Goodfor example, it fell nearly 15%, trading for $0.00002342.
Dogwifhat, which also works with Solana, has fallen more than 7% in seven days. It is now priced at $3.12.
Finally, Dogemoneta– Elon Musk’s favorite cryptocurrency and the 10th largest cryptocurrency by market capitalization – enters the weekend down more than 10% at $0.145. But it’s not all bad news: the original meme coin looks set to reward long-term holders approaches a “golden cross”.
Somewhere else, Ethereum, the second largest cryptocurrency, struggled more than other major cryptocurrencies, losing nearly 7% over the course of the week. It is now priced at $2,927.
The asset has been gradually declining following a high-profile lawsuit by software company Consensys presumed that the SEC was deliberately trying to make things difficult for those operating in the Ethereum sphere.
By Ryan Ozawa.