Key Points
- Meme coins like Pepe, Dogwifhat, and Brett are seeing significant gains, with newcomer Sundog (SUNDOG) up 124% in 24 hours.
- Major altcoins, including XRP, Binance Coin (BNB), and Tron (TRX), are also rallying, with BNB leading with a 7% increase.
The cryptocurrency market is experiencing a notable uptick, with both meme coins and major altcoins seeing substantial gains. This surge comes as Bitcoin pushes past the $61,000 mark, driven by strong ETF inflows and renewed institutional interest.
Meme Coin Resurgence
The meme coin sector has awakened, with several popular tokens posting impressive gains. Sundog (SUNDOG), launched through SunPump – a competitor to the token launchpad Pump.fun – has emerged as the day’s biggest winner. Within days of its launch, Sundog has achieved a market cap of $178 million and surged 124% in the past 24 hours.
Other meme coins are also riding the wave of enthusiasm. Base chain’s BRETT is up 26%, inching closer to reclaiming its $1 billion market cap. Dogwifhat (WIF) has jumped 19%, while Popcat (POPCAT) and Mog Coin (MOG) have climbed 26% and 17% respectively.
In the Shiba Inu-based meme coin arena, a battle is unfolding between various Neiro tokens. Neiro On ETH (Neiro) has risen 29% to a $160 million market cap, while its Ethereum competitor Neiro (NEIRO) has fallen 38%.
Major Altcoins Join the Rally
The bullish momentum isn’t limited to meme coins. Major altcoins are also experiencing significant growth:
- Binance Coin (BNB) leads the charge with a 7% gain.
- XRP has risen approximately 6%.
- Tron (TRX) has also seen a 6.8% increase.
Derivatives Market Activity
The surge in prices is accompanied by heightened activity in the derivatives markets for these cryptocurrencies:
- XRP’s trading volume has increased by 57% to $2.23 billion, with open interest up 11% to $712 million.
- BNB has seen a 127% increase in trading volume, reaching $850 million, and a 19% rise in open interest to $601 million.
- Tron’s Open Interest is approaching previous highs of around $300 million, up from recent lows of $50-150 million.
XRP and BNB have experienced substantial liquidations of short positions, indicating a strong bullish trend. XRP saw $668,000 in liquidated short positions compared to $233,000 in long positions, while BNB recorded over $1 million in short liquidations versus just $12,000 in long positions.
As the crypto market evolves, traders are advised to stay informed and adjust their strategies accordingly. The current surge across meme coins and established altcoins suggests a broader market optimism, potentially driven by Bitcoin’s strong performance and increasing institutional involvement in cryptocurrency.
