$FLOKI Memecoin craze disrupts Bitcoin bullish cycle. Crypto industry analysts are calling the current Bitcoin halving cycle the “weirdest” bull market on record, after Bitcoin hit an all-time high and a massive rush on memecoins
“This bull market has been weird,” Chainlink community liaison Zach Rynes, aka ‘ChainLinkGod,’ wrote in a post to his followers on April 1. Historically, bull runs would see liquidity flowing into Bitcoin before moving into Ethereum and other high-cap coins, and finally moving down the chain. However, Rynes noted that the market was “skipping a few steps that we have seen in previous cycles,” with flows going directly from BTC to memecoins, which is “a bit unusual.”
The total value of the Memecoin market increased to $70 billion on April 1. This was mainly due to pumps in newly launched tokens such as Solana-based ‘dogwifhat’ (WIF) and Book of Meme (BOME), as well as older memecoins such as Pepe (PEPE) and Bonk (BONK). Coinbase layer-2 network Base has also become a hotbed of memecoin speculation. The recently launched Base-specific token DEGEN is a notable example, with a 2,800 percent increase in the past month.
Memecoin is an unofficial token distributed to the community on the decentralized social network Farcaster. It is also worth noting that market fundamentals do not play much of a role at the moment. This strange bull market stands out as one of the most diverse periods cryptocurrency has ever experienced
Exciting developments are taking place in the crypto world during this period and it can be a very interesting process for investors. 🚀
