Bitcoin Back Above $67.000 As Meme Coin Frenzy Pushes SOL and AVAX Higher
The meme coin frenzy continues to increase day by day, and with the acceleration of crypto markets, memecoins are taking flight. With the influence of the meme coin frenzy , Solana (SOL) network activity is increasing and with this effect, SOL continues to grow rapidly. SOL rose above $200 for the first time since November 2021, while AVAX rose above $60 for the first time since May 7, 2022. Bitcoin (BTC), which fell below $65,000 yesterday, rose back above $67,000 today.
Bitcoin (BTC) Daily Chart
Bitcoin is currently trading at $67,456. Even though Bitcoin fell sharply after breaking the all-time high record as selling pressure increased, it gives signs of recovery and reveals the desire to move higher. I think Bitcoin's recent decline is a positive sign and if it manages to stay above $65K, it may bpunce to a new ATH soon.
Solana (SOL) Daily Chart
Solana (SOL) is currently trading at $196. SOL continues the bullish trend it started since November 10, 2023. Especially since February 24, 2024, it has accelerated its rise and increased by almost 100%. Additionally, SOL market cap exceeded $87 billion. SOL hit a new ATH at $268 on November 8, 2021, and dropped to $7 in December 2022. Reaching up to $200 again is truly a tremendous success. The meme coin frenzy has a big impact on this. And SOL is signaling that it will move higher and I think it will hit a new ATH in the coming months.
Avalanche (AVAX) Daily Chart
Avalanche (AVAX) broke above $60 for the first time since May 7, 2022 and is currently trading at $61.9. AVAX is showing positive signals and seems determined to move higher.
There has been a rivalry between SOL and AVAX for years, and with the rise of the Meme coin craze, interest in SOL has increased. And AVAX, which is in great competition with SOL, did not remain unresponsive to SOL's bullish move and started to rise. And it looks like as SOL rises, so will AVAX. Currently, AVAX seems to follow SOL, but if you remember, when SocialFi was popular, AVAX exploded with the StarsArena platform, and SOL quickly followed this development, and the SOL price rose rapidly with the rise of AVAX.
Also, a very interesting event took place in the crypto market today. Solana Meme Slerf, the developer announced that it lost all pre-sale funds.
Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop.
Mint authority is already revoked so I can not mint them.
There is nothing I can do to fix this.
Slerf, a sloth-themed meme coin on the Solana network, raised $10 million in presales. However, the developer behind the Slerf lost all the funds received after accidentally sending the tokens to a burn address or an address not controlled by anyone.
The interesting part is that this went viral on X and some called the move a marketing gimmick. What happened did not stop some from buying and trading. And SLERF began trading on Solana-based exchanges, and despite what happened, its price rose to $1.25. This alone clearly reveals how much the meme coin frenzy has increased.
Even though selling pressures have increased and declines have occurred in the crypto market lately, many investors still trust cryptos and do not sell and hold their assets, which prevents further declines. I think that when the selling pressures ease, many cryptocurrencies with a solid infrastructure, especially Bitcoin and SOL, will move even higher, so I do not sell and continue to hold my assets.
Thank you for reading
@rtonline
This is not investment advice,I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.
Posted Using InLeo Alpha