Illustration by Mitchell Preffer for Decrypt.
Bitcoin continued to rally this week – driving meme coins higher in the process.
According to CoinGecko, the largest cryptocurrency by market cap is currently trading at $44,021 per coin. That's an increase of less than 1% in the last 24 hours. But over the week it is up 13.4%.
Experts told Decrypt that the rally was mainly due to the hype surrounding the supposed imminent approval of the long-awaited spot product Bitcoin Exchange Traded Fund (ETF).
Some analysts say this could lead to a flood of capital into crypto markets as traditional investors could gain access to digital assets.
As usual, the rise of Bitcoin led to a rise in altcoins. But this week’s winners – just like last week – were meme coins.
Digital coins and tokens based on internet memes and jokes continued to rise in price before falling again. Pepe, Dogecoin and Shiba Inu were all winners this week.
They've now cooled their rally: Pepe is down about 2% – but still up over 40% this week.
And Dogecoin, the 10th largest digital asset, is trading at $0.10, up 3% in 24 hours. Gains of over 20% were achieved within seven days.
Shiba Inu is up over 2% after rising 21% last week.
However, one meme coin continues to explode: Solana-based Bonk. The dog-themed meme coin is now at $0.0000128 – a 7-day increase of 188% and up 635% in the last 30 days.
The renewed hype surrounding Solana, the blockchain behind SOL, has led to a surge in investments in projects running on its network.
Edited by Ryan Ozawa.
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