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The Bitcoin price crash has certainly brought back the Memecoin frenzy April decline
Following Bitcoin's price recovery over $67,000 on Thursday, top meme currencies by market capitalization are soaring.
The Shiba Inu has been the most successful breed thus yet, although DOGE , $SHIB , $WIF , $PEPE , FLOKI , and BONK are also on the upswing.
If Bitcoin's market cap increases by 5% and the price breaks $69,000, the meme coin frenzy might start all over again.
The price of Bitcoin (BTC) is a good indicator for meme currencies, as opposed to tokens with a cat theme. Investors are using the tight link between BTC and meme currencies, such as Shiba Inu (SHIB) and Dogecoin (DOGE), to predict a surge in the value of these coins.
Mycoins see a surge in value
Due to their high degree of connection with the price of Bitcoin, meme currencies, particularly those with big market caps, are seeing a rise. The value of Shiba Inu (SHIB) has increased by over 8%, while Dogecoin (DOGE) has risen by 6%. On a daily basis, the prices of Bonk Inu (BONK), Dogwifhat (WIF), and Pepe (PEPE) are up around 4% as well.
Among the meme coins ranked by market capitalization, WIF has surpassed PEPE to the number three spot. Meme coins have a market worth of $60.83 billion, representing increases of up to 5%.
After Bitcoin's price turned support at $67,000, meme currencies began to surge. More purchase orders would be encouraged if Bitcoin's price decisively moved over $69,000. Capital overflows often rotate into meme currencies, which would trigger the predicted meme coin crazy. If $69,000 were to turn into support, it would mean that people are starting to feel more positive.
Meme coins are particularly vulnerable to fluctuations in market value because to the high fair market capitalizations of the tokens in this sector. "Significant price surges can be triggered by an abrupt increase in investment."
Communities characterized by strong participation are most often seen in meme currencies. Demand and excitement are stoked by heightened activity.
