Memecoins Gain Momentum Post-Bitcoin Halving

Crypto Price Prediction: On April 19, 2024, the cryptocurrency market witnessed a major milestone called the fourth Bitcoin Halving— an event that reduces the reward for mining new blocks from 6.25 to 3.125 BTC, thus diminishing the rate at which new bitcoins are introduced into circulation.

While this development is perceived as extreme bullish confirmation, the leading digital assets Bitcoin and Ethereum have shown a modest uptick in the last two days, currently trading at $65000 and $3163 respectively.

However, on Sunday, the meme coin sector witnessed a notable inflow triggering a double-digit gain in major assets like Shiba Inu (SHIB), Pepe coin (PEPE), Floki, and Bonk. As per coinmarketcap, the market capitalization of top Meme Token stands at $53.85, registering an 8.86% intraday jump. Is this the start of Meme coin euphoria?

Also Read: 3 Top Altcoins To Hold After Bitcoin Halving Targeting 100x Profit

1) Shiba Inu (SHIB)

Shiba Inu (SHIB) is a decentralized cryptocurrency that originated as a meme coin but has since evolved into a more expansive ecosystem. Inspired by Dogecoin, Shiba Inu stands out due to its vibrant community and the development of its own decentralized exchange, ShibaSwap.

The asset has witnessed a steady correction for over six weeks under the development of a falling wedge pattern in the daily chart. The downfall led SHIB’s price to a low of $0.0000183 before reverting immediately amid the anticipation of Bitcoin halving.

In the last three days, the Shiba Inu price jumped from $0.00002 to the current trading price of $0.000027 registering a 30% jump. The market cap also surged to $15.9, while the 24-hours trading is wavering at $1.39 Billion.

With the recent jump, the SHIB price gives a bullish breakout from the wedge pattern signaling the end of the correction trend.

Also Read: Shiba Inu News: Over 700M Burned, SHIB Price Target $0.00004

2) Floki

Floki is a cryptocurrency project inspired by a Shiba Inu named Floki, famously owned by Elon Musk. The project distinguishes itself with a strong focus on utility within the crypto space, featuring key initiatives like the FlokiFi protocol, which offers decentralized finance (DeFi) solutions, and a play-to-earn NFT gaming platform.

Amid the pre-having consolidation, the Floki coin showcased its sustainability above the $0.000127 level. Following the completion of Bitcoin halving, the FLOKI price rebounded 40% from the aforementioned support to reach the current trading price of $0.000175.

This memecoin currently holds a market cap of $1.68 Billion, while 24-hour trading volume is at $353 Million. If the bullish momentum persists, the FLOKI price could break the upper ceiling of the Flag pattern indicating the continuation of the prevailing uptrend.

3) Bonk

BONK is a community-driven memecoin on the Solana blockchain, designed to integrate into Solana’s decentralized applications (DApps). The coin was initially distributed widely through an airdrop aimed at revitalizing the Solana ecosystem, specifically targeting NFT projects, artists, and DeFi users.

Amid the renewed recovery interest in the memecoin sector, the BONK price rebounded from  $0.00001335 support on Friday. The bullish upswing uplifted the coin value 62% to currently trade at $0.000021, while the Bonk’s market cap reached $13.94 Billion.

Analysis of the daily chart shows the recent rally breaks above the resistance trendline of the falling wedge pattern, favoring buyers for the higher rally. The post-breakout rally may bolster BONK’s price to challenge overhead resistance at $0.000029, followed by $0.0000366, and $0.0000428.

Key Takeaway

The cryptocurrency market is trading relatively stable this weekend despite the completion of the much-anticipated Bitcoin Halving. While a modest uptick is recorded among leading digital assets, the expected growth as per historical records is yet to come into the picture. Today, the meme coins sector picked up aggressive bullish momentum offering traders new long opportunities.

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