The year 2024 is ending with exciting fluctuations in the world of cryptocurrency, exemplified by the rise of a memecoin named MIRA. In just one day, MIRA surged from zero to a market capitalization of 80 million USD. This is the result of efforts to raise funds for the rare brain cancer research of little Mira, the daughter of Siqi Chen. Although the value of this coin has dropped 80% immediately after peaking, over 1 million USD has been successfully donated to the Hankinson research lab at the University of Colorado.
MIRA was created on the Pump.fun platform and quickly gained attention when a user bought and gifted half of the supply to Chen. This event triggered a wave of excitement and significant trading within the community, highlighting the potential positive impact of memecoins alongside the usual skeptical views.
At the same time, the altcoin market is witnessing strong signs of recovery. A famous cryptocurrency trader, Daan Crypto Trades, stated that the market capitalization of altcoins needs to increase by about 16% more to enter the exciting "altcoin season". Currently, the TOTAL3 index (the market capitalization of all cryptocurrencies excluding Bitcoin and Ether) is at 962.78 billion USD, having increased by about 91.45% since the beginning of the year. However, market fluctuations still exist and are expected to continue as long as the market capitalization has not exceeded the threshold of 1.1 trillion USD.
Some analysts believe that the current cryptocurrency market has become more volatile due to shifts in short-term trading strategies. At the same time, the growth of altcoins is also prompting many traders to consider switching their strategy from Bitcoin to altcoins, hoping to find a better risk-reward ratio in the current context.
