- This week saw a resurgence in meme coins like Dogecoin and Shiba Inu, while Bitcoin remained steady.
- Avalanche (AVAX) experienced a significant surge, becoming this week’s standout performer.
- Solana’s momentum slowed down, despite a strong start to the week.
Explore the latest developments in the cryptocurrency market, featuring the comeback of meme coins, Bitcoin’s steady performance, and Avalanche’s remarkable surge.
Bitcoin’s Steady Trade Amidst ETF Application Delays
Bitcoin (BTC) has maintained a relatively stable trading pattern this week, hovering around $36,635, which is a 2% rise over 24 hours. Although it began the week robustly, flirting with its 18-month high of $37,000, Bitcoin struggled to sustain that level. This plateau follows the U.S. Securities and Exchange Commission’s decision to delay spot Bitcoin ETF applications from Franklin Templeton, Hash Dex, and Global X. This move, while expected, might have cast a slightly bearish shadow over investor sentiment.
The Unexpected Revival of Meme Coins
Meme coins unexpectedly made a comeback this week. Dogecoin (DOGE), often buoyed by Elon Musk’s endorsements, saw a slight gain, trading at $0.08. Its counterpart, Shiba Inu (SHIB), also witnessed a boost, partly due to boxing legend Manny Pacquiao’s announcement of using the Shibarium blockchain network for his charitable foundation’s fundraising. SHIB traded at $0.00000861, marking a 2.5% increase over seven days.
Solana’s Rally Cools Down as Avalanche Blows Up
Solana (SOL), previously on a steady incline, experienced a slowdown in its rally. After hitting a yearly high on Monday, the Ethereum competitor’s price settled at $58.31, still up 5.6% over 24 hours. In contrast, Avalanche (AVAX) emerged as this week’s winner, surging by more than 46%. This spike came after J.P. Morgan’s announcement of using the Avalanche blockchain for tokenizing portfolios. Currently, AVAX stands at $22.12, solidifying its position as the 12th biggest digital asset by market cap.
Conclusion
In summary, this week in the cryptocurrency market was marked by a mix of stabilization and exciting developments. While Bitcoin held steady amidst regulatory delays, meme coins like Dogecoin and Shiba Inu experienced a surprising revival. Meanwhile, Solana’s rally decelerated, and Avalanche recorded a significant surge, highlighting the dynamic and ever-evolving nature of the crypto landscape. These developments offer crucial insights for investors and enthusiasts, signaling both the market’s volatility and its potential for unexpected shifts.
