In the cryptocurrency market, surprisingly Bitcoin has not received much attention despite the recent halving event. Instead, meme coins, especially dog-themed coins, rose dramatically over the weekend.
Bitcoin posted a slight rally after the halving late Friday, which saw miner rewards fall by 50%. However, meme coins like BONK and FLOKI have experienced notable price increases.
Meme coins are on the rise
Solana-based meme coin BONK led the rally with an impressive 46% gain, reaching a price of $0.000022. This marks a significant recovery in his BONK, which saw a significant drop in early April.
Other notable performances included Ethereum-based FLOKI, which soared nearly 26% to $0.00018, and Shiba Inu (SHIB), which rose 24% to over $0.000028.
Read more: 7 hot meme coins and altcoins that will be trending in 2024
These gains are in contrast to Bitcoin's relatively stable performance following the halving, which saw Bitcoin rise just 1.5% to just under $65,000. This subdued move follows an all-time high of $73,805 in March, driven by expectations and the launch of a spot Bitcoin exchange-traded fund (ETF).
Historically, Bitcoin's most significant gains have occurred months after a halving event, suggesting potential for future growth.
“The 2024 halving will demonstrate Bitcoin’s resilience and market maturity, with the introduction of institutional investors and ETFs reducing volatility. Predictions for the next halving include short-term “Although the price fluctuations are not that pronounced, in the long term we expect a significant price increase, likely exceeding the all-time high,” Hao Yang, head of financial products at Bybit, told BeInCrypto.
Read more: What happened during the last Bitcoin halving? Predictions for 2024
Amid all this, the cryptocurrency community is also buzzing about Runes, a new Bitcoin alternative token standard. The first few blocks after the halving witnessed millions of dollars spent by users trying to mint tokens using this innovative protocol.
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