Meme Coin Prices Soar as Crypto Market Turns Bullish – Is Crypto All-Stars Set to Explode?
Meme Coins Rally as Spot Trading Volumes Pass $7B
Meme coins are on a tear right now.
PEPE has jumped 14% in the past seven days, while WIF has experienced a 21% boost.
However, the real star has been POPCAT.
This cat-themed coin has rocketed 40% to hit $0.929.
Even the OGs like DOGE and SHIB are up 3% and 7%, yet this contrasts with the DOGS token, which is down 2%.
All of this bullishness has pushed the meme coin market’s total value to $45.7 billion.
Daily trading volumes have also passed $7 billion.
But there’s more to the positivity than just these numbers.
At yesterday’s Token2049 conference, big names like Joe McCann and Ansem praised meme coins as serious portfolio players.
They see these coins as a new form of digital art, claiming they offer some of the best risk-reward ratios available today.
Their comments have prompted even more enthusiasm from investors.
Fed Rate Cut Prompts Buying Frenzy in the Crypto Market
The broader crypto market has gone full bull mode this week.
And we can thank the Fed for that.
They’ve slashed interest rates by 0.5% – the first rate cut in four years.
Unsurprisingly, this has gone down well with the crypto community.
Bitcoin is up 9% in the past week, now hovering around the $63,500 level.
Ethereum has broken past $2,500, while the total crypto market cap has ballooned to $2.2 trillion.
Even crypto stocks like Coinbase and MicroStrategy are seeing gains.
Liquidations have also exploded, jumping to $155 million in the past 24 hours.
Most of that (around $105 million) was bears getting squeezed.
As we head into Q4 2024, many investors believe the bullishness is just getting started, since it was around this time last year that Bitcoin began to rally.
Throw in the upcoming U.S. election, which will likely inject even more volatility into the market, and it could be an exciting few months ahead.
