• Meme coins are on a tear, with some posting double-digit gains despite characteristic weekend lull.
  • BONK, FLOKI, PEPE, SHIB are sector’s top gainers while DOGE tries to catch up after Dogecoin Day.
  • Solana’s Bonk Inu and Myro are top chain performers after SOL price’s 6% gains.

As Bitcoiners and cryptocurrency enthusiasts continue to celebrate the fourth Bitcoin (BTC) halving, capital overflows are channeling into meme coins, causing key sector players to rally.

Also Read: DOGE, SHIB, PEPE, WIF soar as meme coins prove to be a global shelling point for speculative liquidity

Meme coins go parabolic after Bitcoin halving

Following a successful BTC halving on April 20 and the subsequent Dogecoin Day celebrations, meme coins are posting remarkable gains. This is unorthodox considering the normal weekend lull where retail takes the back seat.

Bonk Inu (BONK) is the biggest gainer, boasting up to 35% in gains followed by Floki Inu (FLOKI) with a 19% surge. Pepe (PEPE) and Shiba Inu (SHIB) are up 14% and 17% respectively. Meanwhile, Myro (MYRO) has soared 17% while Dogecoin (DOGE), which is ideally the Bitcoin of meme coins, struggles with 4% gains over the day.

BONK/USDT 1-day chart, FLOKI/USDT 1-day chart, PEPE/USDT 1-day chart, SHIB/USDT 1-day chart, MYRO/USDT 1-day chart, DOGE/USDT 1-day chart

The surge in meme coins is ascribed to the sector players being viewed as highly speculative investments. Their prices are often driven more by hype and speculation rather than underlying fundamentals. The increased excitement around the cryptocurrency market following the Bitcoin halving has amplified this speculative behavior, leading to rapid price movements in meme coins.

Amid the meme coin madness, it is impossible to ignore the surge in Solana blockchain’s meme projects, BONK and MYRO, with the chain remarked for its transaction activity and the highlight of its network performance.

Solana has gained popularity as a high-performance blockchain network offering fast transaction speeds and low fees compared to some other networks like Ethereum. This popularity has also extended to meme coins built on the Solana network, as investors are drawn to the network's efficiency and scalability.

At the time of writing, Solana price is trading for $149.86, a 6% value surge in the last 24 hours.

With meme coins proving to be a global shelling point for speculative liquidity, their accessibility remains one of the sector’s greatest strengths, which explains community engagement. The sector’s market capitalization has soared 10% to almost $54 billion.

Meanwhile, investors must keep in mind that the meme coin market is also very volatile, which explains the frequent undervaluation despite strong communities for individual projects in the sector.  Cautious optimism is therefore key as these speculative assets walk the thin line between prosperity and uncertainty.

Also Read: Meme coin madness likely to return as Bitcoin price quashes April dip

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis