Date: Thu, Sept 19, 2024, 07:29 AM GMT
The cryptocurrency market has experienced a bullish rally in 2024 after enduring a significant correction since the last bull run in 2021. Key factors contributing to this momentum include the much-anticipated Bitcoin halving and the approval of spot ETFs for both Bitcoin and Ethereum.
Interestingly, only 42 cryptocurrencies have managed to outperform Bitcoin so far this year. According to crypto influencer @arndxt_xo, who shared insights on the X platform (formerly Twitter), the market sentiment remains low, even though we’re at a potential bottom. “BTC holders should be happy because only 42 currencies have outperformed BTC this year, and 10 of the top 15 currencies are meme coins,” he noted.
Among the standout performers are Solana-based memecoin POPCAT, which has skyrocketed by a massive 7552%, and MOG, with an impressive 2206% gain. Other notable mentions include popular memecoins Pepe (PEPE) and Dogwifhat (WIF), which have surged by 466% and 976%, respectively, reflecting the growing trend of memecoins dominating the market this year.
While traditional tokens have struggled to keep pace with Bitcoin, the success of memecoins continues to turn heads, showcasing their influence in the current market landscape.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.