Over the weekend, Bitcoin fluctuated and fell as low as $64,500, sparking fear among investors.
While Bitcoin's Decline Ended, Memecoins Increased
However, Singapore-based QCP Capital noted in a Telegram post that BTC quickly rebounded above $67,000, indicating that the heavy selling had dissipated and a willingness among investors to “buy the dip”.
Recent economic data from the United States highlighting persistent inflation has fueled expectations of higher interest rates and a strengthening dollar, conditions that typically present challenges for risky assets such as cryptocurrencies.
As BTC navigated these dynamics, the memecoin sector gained attention over the weekend, with a significant 11% increase in market cap to over $55 billion, according to CoinGecko data.
Notable movements in this space included SHIB, up 10.8%, as well as DogWifHat (WIF), up 30%, and CORGIAI, a new player, up 8.5%.
In parallel with the Memecoin craze, tokens associated with the underlying chains of these assets have also witnessed upward movements. The value of Solana (SOL) increased by 10.8% to $205, while the price of Avalanche (AVAX) increased by 15% to $61.
*This is not investment advice.
