Shortly after the release of March US CPI data, with inflation higher than expected, Bitcoin price lost the critical support level and fell below $67,000. But hours later, BTC quickly rose above $70,000 as investors eagerly await next week’s halving. While the Bitcoin price recovery has helped the broader crypto markets recover, meme coins have benefited the most.
Meme coin party continues
Bitcoin’s resurgence above the $70,000 level has coincided with continued gains for meme coins, according to insights from on-chain data provider Santiment. This indicates a redistribution of profits among investors. Despite differing views on their role in the cryptocurrency space, meme coins have outperformed other altcoin categories in recent days.
The increase in speculative assets became a decisive trend in 2024. Traditionally, rapid price increases in projects with limited development progress can serve as a warning sign that the cryptocurrency market is nearing its peak. However, the recent market cap growth observed in cryptocurrencies such as DOGE, TRUMP, AIDOGE and SPX may not signal the end of the rally, especially with the Bitcoin halving event, which has historically been associated with bullish sentiment, occurring in just 9 days.
Bitcoin-based PUPS deliver solid gains
PUPS, a meme coin project built on the Bitcoin Blockchain, has experienced a significant increase in value, with its price increasing by an impressive 1,075% in the last seven days. According to data from CoinGecko, PUPS is currently trading at $45.40, just below the recently set all-time high of $47.44. The increased activity surrounding PUPS goes beyond price increases; The BRC-20 NFT collection is witnessing a staggering 6,948% increase in sales over the same seven-day period.
Additionally, statistics show that PUPS BRC-20 NFTs achieved second place in terms of sales volume last week, generating a total of $18.4 million from 3,232 transactions involving 1,161 buyers. This achievement marks a relatively modest increase of 108.61%, outperforming NodeMonkes, which recorded $11.72 million in sales. The success of PUPS reflects a broader trend observed in the market. Over the last seven days, the sales volume of NFTs on the Bitcoin Blockchain has exceeded the sales volume of Ethereum and Solana, two platforms traditionally synonymous with NFT activity.
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