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$Current Situation in the Market: Memecoin Rise Continues at Full Speed!
#Pepe (PEPE) became the leader in terms of earnings, with an increase of over 22% in the past day, according to CoinGecko data. Pepe hasn't seen much price movement in the past week, but it's still up over 8% in the last 30 days. In the past day, Solana-based #Bonk (BONK) rose over 18%; According to CoinGecko, its current price is $0.00002479. Meanwhile, Dogwifhat (WIF) and FLOKI made notable gains, rising 14% and 12% respectively, making them the other two top gainers in the 24-hour period.
Long-running memecoins #Dogecoin (DOGE) and #Shiba Inu (SHIB) added to the memecoin frenzy on Thursday, posting 24-hour gains of nearly 9%.
The boom in Memecoins comes at a time when the broader crypto market is in decline. This week, Bitcoin, Ethereum and other major cryptocurrencies suffered a major decline after investors cashed out of popular spot Bitcoin exchange-traded funds (ETFs) and US inflation turned out to be higher than expected. Bitcoin is currently trading at $59,000 after falling nearly 8% in seven days. It is currently well below March's all-time high of around $74,000 per coin.
The Memecoin market is risky. New cryptocurrencies disappear almost as quickly as they appear, giving investors huge gains or inflicting crushing losses.
The Fed chose to keep its key interest rate steady as the central bank's focus on fighting inflation increased pain in the crypto market. In his typically cautious tone, Fed Chairman Jerome Powell told reporters that the fight to get inflation down to 2% was difficult. Meanwhile, Powell added that he thought “the next policy rate move is unlikely to be an increase.” “I would say that's very unlikely,” he said, but cautioned that “it will probably take us longer to gain confidence.”
Eddy Lazzarin, CTO of venture capital firm Andreessen Horowitz, described it last week as a “risky casino” that is “damaging” for the crypto world.
