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Week Ahead: Meme coins surge as BTC rally continues

source-logo  fxstreet.com 05 March 2024 02:34, UTC

The last few weeks have been nothing short of shocking, with meme coins taking over the 2024 bull run. Here are the year-to-date returns of some popular meme coins.

  • Dogwifhat (WIF): 6,843%
  • Pepe (PEPE): 348%
  • Turbo (TURBO): 190%
  • Bonk (BONK): 134%
  • Shiba Inu (SHIB): 110%
  • Dogecoin (DOGE): 73%
  • Wen (WEN): 72%

Dogwifhat (WIF) has soared 6,843% in the last 63 days. It is unlikely to stop here without a major crash in Bitcoin price. Additionally, speculation in the community is that spot trading on WIF could be listed on tier-1 exchanges.

Meme coins might seem like they’ve rallied a lot, but they’re nowhere close to forming a top yet. As an example, between March 2020 and May 2021, Dogecoin price rallied 65,122% in just 420 days.

Bitcoin price sits comfortably above key levels

Bitcoin price ended the previous week after a 22% increase. This development marks a 310% rally from the bottom of $15,479. Furthermore, the recent move seems to be a step in cementing BTC’s position above $60,000. With nearly 10% away from the all-time high of $69,138, investors are waiting with bated breath for BTC to overcome the current ATH and set up a new one.


BTC/USDT 1-week chart

With Federal Chairman Jerome Powell’s testimony on Wednesday and Thursday, volatility in Bitcoin price could pick up.

Ethereum Dencun upgrade is all the hype

With the most-awaited Dencun upgrade set to go live on March 13, Ethereum price shot up 57% in the last four weeks and currenlty trades at $3,464. ETH could see further gains in the near future, especially with the DeFi hype gathering steam due to Uniswap’s fee switch proposal that went live on Friday.

ETH/USDT 1-week chart

ETH/USDT 1-week chart

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