The recent surge in cryptocurrency prices has been spectacular, and memecoins like Pepe have also performed quite well. The Memecoin featuring the frog design was able to grow its value by more than 1,000% in a matter of weeks.
The digital currency market has been quite positive in recent months, and there has been a lot of action in the space for a while. While the rise has slowed down recently, Bitcoin remains the largest cryptocurrency by market capitalization. In mid-March, it reached a new all-time high of $73,738.
PEPE is on the rise
A notable surge in memecoins was also witnessed; the PEPE coin emerged as one of the top performers. The price of the memecoin with the frog theme peaked in early February at about $0.00000087. By mid-March, it had reached a new ATH of $0.00001078. This is an almost 1,139% gain from the low at the start of February.
Shortly after its creation, in May 2023, the currency had its first notable surge, sending its price to a record high of $0.000003 at that time. But in the latter part of the previous year, a protracted bear market ensued, lasting until the end of February 2024. March of the current year was now easily surpassing the peak of 2023.
Rally is out of breath
But lately, the excitement has subsided once more. As of 09 April 2024, the market capitalization of the third-largest memecoin in the world is estimated to be around $3.11 billion, and its price is approximately $0.000007401. The issue now is whether Pepe can sustain the upswing or if the longer-term trend will reverse itself. Given the extreme volatility that characterizes the cryptocurrency market in particular, a more significant correction may occur sooner than some investors would anticipate.
Ethereum price to cross $4,000 as market depth reaches multi-year high
Ethereum’s quick peak of $4K looks to have propelled market depths to multi-year highs, in a thrilling plot twist.
In a captivating development, although the price of Ethereum (ETH) has moved more slowly than that of Bitcoin (BTC) and many other cryptocurrencies, a fascinating phenomena seems to have sparked significant confidence about the second-largest token in the world by market capitalization. A recent article claims that the Ethereum token appears to have seen significant improvements in liquidity on worldwide controlled exchanges.
This brought ETH to the notice of a large number of people, highlighting the fact that ETH tokens are now more readily available for trading on exchanges and pointing to increased activity and interest in the token within the exchange ecosystem.
ETH’s liquidity: diving deep
Meanwhile, ETH’s increased liquidity signaled rising confidence and market engagement among traders and investors, despite the token’s comparatively sluggish price motion. This may strengthen the token’s long-term viability and market presence and give Ethereum a more optimistic outlook in light of the impending BTC halving.
The amount of buy and sell orders across exchanges is gauged by the 2% market depth, which has significantly expanded from a year-end low of $255 million in October to an astounding $400 million at this time.
These changes point to the return of market makers, who give liquidity to enable trade. It also implies that traders are gaining from better market circumstances since there are more chances to purchase and sell ETH.
BTC and ETH OI hits ATH
Conversely, open demand for both Bitcoin and Ethereum perpetual futures contracts has increased to previously unheard-of USD levels. From the beginning of the year, there has been a consistent increase in the trading of perpetual contracts, which peaked in early March and then surpassed earlier record highs.
This strengthened the token’s optimistic view by highlighting the traders’ and investors’ increased interest in the assets on the cryptocurrency market.
Bitcoin Meme Coin PUPS Hits All-Time High, NFT Sales Soar Ahead of Halving
The value of PUPS, a meme coin project running on the Bitcoin network, has surged. Over the last seven days, there has been a 1,075% increase in its price.
According to statistics, PUPS is now trading at $45.40. Its new all-time high of $47.44, set during the early Asian trading session, is just below this level.
Sales of PUMP NFT soar with a 6,948% increase
The PUPS activity spike also includes its BRC-20 NFT collection. The last seven days have seen a 6,948% surge in sales.
In addition, the data indicates that PUPS BRC-20 NFTs ranked second in terms of sales volume during the previous week, with $18.4 million generated from 3,232 transactions involving 1,161 customers. This exceeds NodeMonkes’ revenue results, which showed a mere 108.61% growth to $11.72 million.
A startling floor price of 61,799 sats, or about 0.46 BTC or $32,655, for PUPS NFTs is revealed by UniSat.
Surprisingly, the only group with more sales over the same period as PUPS is “Uncategorized Ordinals,” who brought in an astounding $48.15 million. On the Bitcoin blockchain, various digital assets that aren’t a part of established collections are referred to as “Uncategorized Ordinals.”
A broader tendency may be seen in PUPS’s success. The amount of NFT sales on the Bitcoin blockchain over the last seven days has exceeded that of Ethereum and Solana. This is noteworthy because NFTs are often connected with ETH and Solana.
Ethereum’s seven-day NFT sales volume is $9.38 million, while Solana’s is $3.94 million. In comparison, Bitcoin accumulated a staggering $20.97 million.
This outstanding performance inside the PUPS ecosystem occurs at the same time as Runes, the much-awaited debut. Runes is a brand-new fungible token standard on the Bitcoin network developed by Casey Rodarmor, a Bitcoin developer and the man behind Ordinals. After the impending Bitcoin halving, runes are expected to make their mainnet debut.
Read more: ETHERFI CONTINUES TO LEAD THE LIQUID RESTAKING MARKET.