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Meme coins have been highlighted by Santiment as emblematic of the speculative asset growth dominating the crypto sector in 2024.
The resurgence of Bitcoin (BTC) to $70,000 has propelled meme coins to higher values, establishing them as the most lucrative category among altcoins. Santiment tweeted that despite their perceived lack of utility and the crypto community’s disapproval, meme coins have shown significant growth in the past week.
Meme Coins Take Center Stage in Altcoin Market
Santiment has illuminated speculative asset growth within the meme coin sphere as a prominent narrative in the 2024 crypto landscape, challenging assumptions that pumps directed at projects with limited development represent warning signs. The significant surges in value have often been interpreted as indications that the respective cryptocurrencies are approaching their zenith.
Nevertheless, Santiment suggests that the surge in market capitalization of meme coins like Dogecoin (DOGE), Maga (TRUMP), ArbDoge AI (AIDOGE), SPX6900 (SPX), and others might not necessarily signal the end of their rallies, especially with the Bitcoin halving looming approximately eight days away.
The Bitcoin halving, known for historically bullish implications, typically propels BTC’s value upwards, exerting a gravitational pull on the broader crypto market. This mechanism diminishes Bitcoin’s inflation rate by halving the number of BTC generated daily, accomplished by reducing miners’ block rewards by 50%.
Over the past few weeks, BTC has exhibited volatility, achieving a fresh all-time high before experiencing subsequent declines as the market braces for the halving event. Notably, the asset has recently surged, climbing 2% from below $68,000 to above $70,000 in the last 24 hours and marking a 6% increase over the past seven days.
CoinMarketCap data reveals that DOGE, TRUMP, AIDOGE, and SPX have also experienced substantial rallies, with gains of 9%, 36%, 31%, and 70% respectively over the past week.
Major Altcoins Lagging Behind
On the contrary, major altcoins are lagging behind, with some showing minimal gains or even losses in recent days. Ether (ETH) has only risen by 6% over the past seven days, with a 24-hour increase of 1.7%. Solana (SOL) has experienced a decline of over 7% in the last week. Cardano (ADA) has mostly traded sideways, edging up by 2% since yesterday, while Avalanche (AVAX) has shown minimal gains and slight losses.
Nevertheless, there is optimism among analysts that major altcoins may stage a comeback in the coming months, particularly after the Bitcoin halving event.
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