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Illustration by Mitchell Preffer for Decrypt.
Seven days after the long-awaited halving event, Bitcoin’s movements have been unremarkable this week. But one category of cryptocurrency, meme coins, emerged victorious.
Bonk has made the biggest gains over the past week, according to CoinGecko data. Solana-based tokens rose 58%.
One of the reasons for the rise in Dogcoin is that the Bonk DAO approved a proposal to burn over 278 billion Bonk tokens. This appears to be an optimistic move as it makes the token scarcer.
Elsewhere, another popular meme token, Pepe, rose significantly, posting a 36% gain this week. When one meme starts becoming popular, other memes on the market tend to do the same.
Pepe, which operates on Ethereum, has experienced significant price fluctuations since Coinbase International, the global branch of the largest US cryptocurrency exchange, announced the listing of Pepe perpetual contracts.
Other meme coins that have soared include Floki, which has surged more than 20% in a week.
Aside from the meme, Hedera, a blockchain-like distributed ledger, also surged on news that digital asset exchange Archax would use it to offer BlackRock’s ICS U.S. Treasury Money Market Fund. As a result, the Hedera token is up 32% compared to last week and its current price is $0.1086, making it one of the winners of the week.
The price of Bitcoin reached $62,991 after barely rising for a week. The lackluster price action came amid a flurry of cash from the newly approved Bitcoin exchange-traded fund.
These outflows were likely triggered by an Aafederal economic report showing the U.S. economy grew slower than expected in the first quarter, which is likely to whet investors’ appetite for risky cryptocurrencies.
Meanwhile, big news broke that Ethereum software giant Consensys had filed a lawsuit against the Securities and Exchange Commission for allegedly planning to designate Ethereum as a security. The second-largest cryptocurrency is up 2% in seven days and is currently trading at $3,120.
Edited by Ryan Ozawa.
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