Bitcoin edged closer to $64,000 early Monday morning in Asia ahead of a busy U.S. data week, with the Federal Reserve releasing its FOMC meeting minutes and key economic data from August tracking economic growth. BTC gained 3% in the past 24 hours, fueling a broader market rally that saw major coins like ETH and DOGE rise as much as 4%. Frog-themed PEPE gained 14%.
The U.S. Bureau of Labor Statistics (BLS) will release the September unadjusted annual CPI rate, September annual PPI rate, and initial jobless claims for the week ending October 5.
Asian shares edged higher on Monday, with the tech-heavy Hang Seng up 3% and South Korea's KOSPI up 1%. The People's Bank of China, the country's central bank, has announced a number of stimulus measures in the past two weeks, boosting sentiment in the region. China is expected to announce more stimulus measures at a press conference on Tuesday morning local time.
Bittensor’s TAO led the gains among mid-cap tokens (with a market cap below $5 billion) with a 14% increase in social sentiment and growth among artificial intelligence (AI) tokens over the past week. Overall, the category on CoinGecko is up 7.5%, with AI tokens like NEAR and Internet Computer (ICP) also performing well.
Memecoin surged higher over the weekend as social sentiment and riskier trader behavior increased. Talks and posts about a “memecoin supercycle” predicting that memes will lead the next crypto bull market trended on social app X.
Popcat (POPCAT) on Solana and Mog (MOG) on Ethereum have surged more than 18% in the past 24 hours, while cat in a dogs world (MEW) is up 14%.
Smaller tokens like GIGA are up 33%, SPX6900 (inspired by the US S&P500 index) is up 78% and Fwog is up over 32%.
Cat themed memecoins continue to lead dog themed memecoins and remain the preferred choice for riskier memecoin bets.
Interest in memecoin comes amid low market volatility in more serious crypto areas like layer 2 or storage and negative sentiment surrounding venture-backed tokens – increasingly seen as overpriced and a bad bet for retail traders.
A market participant named Kaiwen0x analyzed the memecoin supercycle, noting that they are pessimistic about memecoin if Donald Trump wins the 2024 election because it could bring regulatory clarity to the United States, causing “capital to move to utility tokens.”
