DOGE is one of the less impressive performers among meme coins, having only surged by 70% over the week.
While Bitcoin’s price has paused and even dipped slightly below $62,000, meme coins have been making headlines this week with remarkable gains, particularly led by Dogwifhat (WIF). Although the total crypto market cap has slightly decreased over the day, it has surged by over $100 billion in the last seven days.
Meme Coin Madness: Bull Market Resurgence
The bull market appears to be back on track, with less popular assets from last year gaining significant traction and experiencing massive gains. Leading this charge are the largest meme coins.
Dogecoin (DOGE), the original meme coin, surged by 70% this week, reclaiming its position among the top 10 digital assets by market cap with a price nearing $0.14.
However, DOGE’s main competitor, Shiba Inu, outperformed it with an impressive weekly surge of 130%. The reasons behind this rise can be explored further.
BONK also saw a notable jump of 100% within the same timeframe. Yet, all three meme coins were overshadowed by the staggering performances of PEPE, FLOKI, and particularly WIF.
PEPE soared by 240%, reaching a multi-month peak, while FLOKI returned to the top 100 altcoins with a 270% weekly surge. WIF, on the other hand, continued to achieve frequent all-time highs, skyrocketing by almost 400% in the past seven days and now trading close to $1.7.
The entire crypto market witnessed impressive gains over the past week, as evidenced by the graph below. Consequently, the total market cap surged by $120 billion since last Sunday.
Cryptocurrency Market Overview. Source: Quantify Crypto
Bitcoin’s Record Monthly Gain
In February, the primary cryptocurrency marked its largest monthly gain in history, skyrocketing from $42,000 to $64,000 before retracing back to $62,000.
During its intra-monthly peak, the asset was just $5,000 away from its previous all-time high. The past week alone witnessed a massive surge, propelling it from $51,000 to the aforementioned high.
However, Bitcoin has recently experienced a slight stall, struggling to surpass the $62,000 mark. Over the past 24 hours, there has been a minor retracement, with BTC now hovering just below that level.
Despite this, following a 19% weekly surge, Bitcoin’s market cap remains well above $1.2 trillion, placing it among the top 10 largest financial assets by that metric. However, its dominance over altcoins has decreased by over 1% recently and is now under 50% on CoinGecko.
BTCUSD. Source: TradingView
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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