The cryptocurrency market is alive with activity as Bitcoin recently crossed the $64,000 mark. This increase is not only benefiting Bitcoin but also sparking significant interest in memecoins, especially with tokens like MOG and POPCAT showing impressive gains. Many traders are now discussing a potential “memecoin supercycle,” where these fun tokens could lead the next crypto bull market.
Bitcoin’s Strong Performance
After a rough start to October, Bitcoin’s 3% rise has brought new hope into the market. Other major cryptocurrencies have followed, with Ethereum (ETH) and Dogecoin (DOGE) rising by up to 4%.
Even Pepe (PEPE), the popular frog-themed memecoin, saw a large 14% increase. This upward movement has pushed the total market value past $2.3 trillion, highlighting the renewed interest in the crypto sector.
As Bitcoin and the broader market gain traction, upcoming economic data releases from the U.S. are adding to the intrigue. The Bureau of Labor Statistics (BLS) is set to release key figures, including the Consumer Price Index (CPI) and Producer Price Index (PPI) for September.
Memecoins on the Rise
As Bitcoin increases, memecoins are experiencing significant growth. Tokens like Solana-based Dogwifhat, POPCAT, and Ethereum-based MOG have jumped over 15% in just 24 hours. Meanwhile, Simon’s Cat (CAT), based on the BNB Chain, rose by 10%.
Smaller tokens like GIGA and SPX6900 even surged by more than 20%. This strong growth has many traders excited about the potential of the “memecoin supercycle.”
The growing interest in memecoins reflects a change in trading behavior, with many investors looking for excitement in a market that has shown low activity in traditional sectors.
Caution Amidst Optimism
While the excitement around memecoins grows, some analysts urge caution. A market participant known as Kaiwen0x noted that if Donald Trump wins the 2024 election, it might shift the focus from memecoins to more useful tokens due to potential regulatory changes.
- Also Read :
- Memecoin Supercycle: Could It Ignite the Next Crypto Bull Run as Bitcoin Hits $64K?
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Source: https://coinpedia.org/news/memecoin-supercycle-could-it-ignite-the-next-crypto-bull-run-as-bitcoin-hits-64k/