đ #MEMECOINS OUTPERFORM $BTC, $ETH, AND $SOL AS TRADERS ROTATE HOLDINGS đ
On Tuesday, the $53 billion meme coin sector saw a spectacular rise of over 12%, with notable tokens like pepe (PEPE) and dogwifhat (WIF) surging by 22% and 25% respectively, according to CoinGecko data.
đ Market Dynamics and Performance đ
This surge in meme coins comes as Bitcoin (BTC) recovered to a one-month high of $65,000 before slightly retreating to $63,000. This robust performance indicates that traders are taking profits from higher market cap assets like BTC and Ethereum (ETH) and diversifying into more speculative meme coins.
Pepe (PEPE): +22%
Dogwifhat (WIF): +25%
The CoinDesk 20 Index (CD20), which measures the performance of large-cap tokens, is up by 2.3% over the past 36 hours.
đŹ New Political Meme Coins Surge đŹ
Several meme coins based on American politics have emerged following the news of the assassination attempt on presidential candidate Donald Trump at a rally in Pennsylvania. Notably, America Coin (USA) and Super Trump (STRUMP) have soared by 204% and 43% respectively since the incident.
America Coin (USA): +204%
Super Trump (STRUMP): +43%
The shooting incident, which occurred less than 36 hours ago, has significantly impacted market sentiment, leading to increased volatility and trading activity.
đ Trading Patterns and Liquidity Insights đ
Meme coins historically perform well during periods when BTC and ETH are rangebound near local highs, and poorly during wider market downturns. For example, Dogwifhat (WIF) experienced a 60% rise in May while BTC traded between $66,000 and $69,000. However, WIF lost 60% of its value in the subsequent 30 days as BTC fell by 21%.
Do you hodl any meme coins?
If yes, let me know which ones in the comments!
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