Bitcoin tapped its former all-time high earlier in the week only to correct immediately after and soar again. Meanwhile, meme coins like Shiba Inu are having the time of their life.
The market continues going up only. The total capitalization is fast approaching the coveted $3 trillion, currently sitting at around $2.72T, adding around $300 billion in the past seven days alone. This comes on the back of major gains across the entire sector, so let’s dive right into it.
Starting with Bitcoin – what a week! We saw it all – BTC tapping its former all-time high of around $69,000 earlier on Tuesday. But while everyone was celebrating, the bears had a different idea. The market crashed immediately, sending BTC below $60K in mere hours after it had tapped its former all-time high.
Havoc was wrecked. Altcoins plunged 20%, 30%, and even 40% here and there. Liquidations reached a whopping $1 billion – a number that we hadn’t seen in years. But once the dust was settled, the market resumed its upward trajectory.
And one specific subset of cryptocurrency absolutely exploded.
Meme coins. The most polarizing topic in the industry. Meme coins like Dogecoin (up 37.1%), Shiba Inu (up 173.4%), Floki (up 273%), Dogwifhat (up 116%) – all of them are soaring in value. But it’s not just dog-themed coins – PEPE, for instance, also exploded by over 33% in the past week.