As Bitcoin (BTC) soars past the monumental $93k mark, a level never seen before in its history, the crypto market is clearly experiencing a bullish momentum. This significant rise has caught the attention of investors worldwide, especially as traditional assets like Gold have been faltering. Over the past two weeks, while Gold has struggled, Bitcoin has impressively surged by over 24%, reaching around $89,622 on Thursday, November 14, during the early Asian session.
The shift in capital towards the cryptocurrency market has been evident and is expected to persist in the upcoming months. Bitcoin’s entrance into its long-awaited price discovery phase has been marked by institutional investors avidly accumulating more coins, indicating strong market confidence.
Meme Coin Mania Kicks Off
The cryptocurrency market’s excitement doesn’t stop at Bitcoin. Following Dogecoin’s (DOGE) remarkable rally, which has propelled the meme coin to a valuation exceeding $55 billion, the meme coin sector is gaining substantial momentum. Recent market data reveals that the meme coin sector has expanded to a valuation of over $123 billion, with daily trading volumes surpassing $89 billion.
The listing of the frog-themed meme coin, Pepe (PEPE), on the Robinhood trading platform has further fueled this craze. Notably, Pepe’s price surged by over 75% in the last 24 hours, trading at approximately $0.000022 at the time of this report. This surge allowed Pepe to surpass the Sui (SUI) network in market capitalization.
Additionally, Solana-based meme coins have recorded significant gains, with dogwifhat (WIF) and Bonk (BONK) leading the charge in the past 24 hours.
Word of Caution
While meme coins have indeed provided impressive returns for traders—DOGE (+96%), PEPE (+97%), WIF (+67%), and BONK (+67%) being the frontrunners—experts urge caution in this highly speculative environment. According to the on-chain analytics platform Santiment, the surge in top meme coins signifies increased greed among traders.
Analysts at Santiment have warned crypto traders of a potential selloff before the bullish trend might continue. “Historically high speculative asset social dominance typically indicates greed and emotional trading. Be cautious while memes are the main cryptocurrency topic of interest across platforms like X, Reddit, Telegram, 4Chan, and BitcoinTalk,” Santiment advised.
Despite the hype around meme coins, Santiment noted that many layer two (L2) tokens have underperformed during this recent crypto market breakout. However, with ongoing cash rotation into the DeFi market, the L2 space is expected to soon regain its bullish momentum.
