Q1 figures reveal the meme coin craze.
According to a recent CoinGecko study, memecoins were found to be the most successful investments in Q1 of 2024. Memecoins have shown outstanding returns, with an average of 1,312.6%.
Notably, tokens from WIF, MEW, BOME, and other companies have asserted places in the list of the top 10 largest meme currencies based on market valuation. The market has been concentrating on Bitcoin’s gains due to its upcoming halving, but Dogwifhat and PEPE are outperforming it. The trading volume of the most popular meme coins, which frequently trade for incredibly cheap prices, increased to almost $80 billion last month.
Memes have performed remarkably well this week, outperforming other narratives like layer 2 protocols and real-world assets (RWAs). With a market valuation of about $60 billion and an astounding 176% quarterly growth, it is certain that meme coins will play a significant role in the cryptocurrency industry going forward.
Franklin Templeton is upbeat about the future of BTC Ordinals.
The NFT of Bitcoin, also known as Bitcoin Ordinals, has drawn a lot of attention in the past year. The digital asset branch of Franklin Templeton, an investment business, highlighted the growing popularity of Bitcoin Ordinals in the NFT market in a recent prospectus.
According to the investment firm, there has been a surge in Bitcoin NFT trading activity since 2023, with volumes of trade for collections like Runestones and NodeMonkes exceeding those of Ethereum NFT. It also emphasised how inventive Bitcoin has been, from Bitcoin Layer 2 solutions to BRC-20 tokens. According to Franklin Templeton, there is a positive market forecast for BTC Ordinals.
On its launch, Ethena amasses a $1.2 billion market valuation.
Ethena Labs’ governance token, $ENA, has gained popularity since its launch and now has a market capitalization of over $1.2 billion, placing it in the 80th position among cryptocurrencies. As part of Ethena Labs’ current season 2 campaign, the governance token grants holders the authority to determine the protocol’s future. Despite worries about misleading press releases from Ethena, $ENA has gained a lot of popularity and is expected to be airdropped with 5% of the whole supply to all USDe holders.
The US Government Sends $2 billion in Bitcoin to Silk Road
The US government recently moved 2000 Bitcoin to a Coinbase address and about 30,175 Bitcoin to another wallet that is linked to the government through its Bitcoin wallet. In contrast to March 2023, when they sold Bitcoins that had been seized from the Silk Road website, the US government currently has some of the cryptocurrency.
During that auction, 9861 Bitcoins were sold for $216 million. Wallet activity has increased as a result of the erratic cryptocurrency market, with major asset transfers and liquidations taking place. Following a spell of inactivity, a few notable Bitcoin holders have started to take actions that have brought attention to their asset transfers and the effect they have on prices. The price of Bitcoin has dropped below its all-time high (ATH) as it gets closer to half.
In March, the Spot Bitcoin ETF Trading Volume Reached $111 Billion.
$111 billion was traded in Bitcoin ETFs in March, a market dominated by companies such as Grayscale and BlackRock. Eric Balchunas, a Bloomberg ETF analyst, highlighted the rise in overall trading volume.
He stated that there was three times as much trading volume for Bitcoin ETFs in March than there was in February and January, with $111 billion in trading volume. When he said on his X page, almost casually, “I can’t imagine April will be bigger, but who knows,” it was evident how much he believed in the market.
