Bitcoin
This Week in Coins: Bitcoin Stumbles, But Meme Coins Win – Again
Illustration by Mitchell Preffer for Decrypt.
Bitcoin’s moves have been unremarkable this week, wavering weakly seven days after its long-awaited reduce by half event – but one crypto category came out the winner: meme coins.
Last week, Bonk saw the biggest gains, according to data from CoinGecko. O SolanaThe Bitcoin-based token is up 58%.
The reason for the dog coin’s rise is partly due to the Bonk DAO approving a proposal to burn more than 278 billion Bonk tokens – seen as a bullish move because it makes the token more scarce.
In another place, Pepe, another popular meme token, has skyrocketed significantly: it recorded gains of 36% this week. When a meme starts to take off, others on the market tend to do so too.
Pepe, which runs on Ethereum, has been experiencing massive price movement since Coinbase International, the global branch of the largest U.S. cryptocurrency exchange, announced the list of Pepe’s perpetual contracts.
Other meme coins that have soared include Flokiwhich jumped more than 20% in the week.
Memes aside, Hederaa distributed ledger similar to a blockchain, has also soared News that digital asset exchange Archax would use it to offer BlackRock’s U.S. Treasury Money Market Fund (MMF). As a result, the Hedera token jumped 32% last week and now costs $0.1086, making it one of the week’s winners.
O Bitcoin price is at $62,991 after barely moving throughout the week. Slow price action was accompanied by a wave of money outflows newly approved Bitcoin exchange-traded funds.
These outflows were probably triggered by the Aafederal economic report that indicated that the American economy grew more slowly than expected in the first quarter, likely spooking investors with an appetite for the risky cryptocurrency.
Meanwhile, big news broke that Ethereum software giant Consensys had filed suit against the Securities and Exchange Commission for allegedly planning to designate Ethereum as security. The second-largest cryptocurrency is up 2% in seven days and is now trading for $3,120.
Edited by Ryan Ozawa.