The memecoin market is abuzz with action as PEPE, SHIB, and FLOKI ride the wave, following Bitcoin’s powerful surge past the $65,000 mark!
➢ BITCOIN BREAKS OUT:
According to CoinGecko, Bitcoin (BTC) soared from $63,680 to hit a high of $65,743 before stabilizing at $65,328. Now that Bitcoin is up more than 23% from its monthly low, it looks like it could hit its all-time high of $73,737.
➢ WHAT’S DRIVING BITCOIN’S RISE? The recent 50 basis point interest rate cut by the Federal Reserve is a big driver, with 66% of Polymarket traders betting that Bitcoin will reach new heights this year. The Fear Greed Index is in “greed” territory at 61, reflecting growing investor appetite. On top of this, spot Bitcoin ETFs are attracting huge inflows, surpassing $600 million over the past four days, indicating strong institutional interest. Bitcoin balances on exchanges have dropped to 2.34 million, showing that more holders are moving coins into self-custody.
➢ MEMECOINS TAKE OFF!
Memecoins are stealing the spotlight, with market cap soaring 16.5% to $54.9 billion. PEPE led the rally, rising 16.7% to $0.0000104, reclaiming early August levels. SHIB and FLOKI were not far behind, posting gains of 16.3% and 15.4% respectively. It's clear: as Bitcoin shines, it drags memecoins with it.
The Bitcoin rally is injecting new energy into the cryptocurrency market, and memecoins are feeling the pressure! Will they continue to fly high or is this just the beginning of an even bigger surge?
Stay tuned!💀
