Meme coins take center stage: A look at this week’s crypto news

Q1 results show the meme coin frenzy

Memecoins were determined to be the most profitable investments in Q1 of 2024, per a recent CoinGecko research. Memecoins have yielded remarkable returns, averaging 1,312.6%. 

Notably, based on market capitalization, tokens from WIF, MEW, BOME, and other companies have claimed positions in the top 10 largest meme coins list. Dogwifhat and PEPE are outpacing Bitcoin’s gains, which have been the market’s focus because of its impending halving. The top meme coins, which often trade for extremely low values, had a rise in trading volume to about $80 billion last month.

This week, meme coins have shown remarkable performance, surpassing other narratives such as real-world assets (RWAs) and layer 2 protocols. With a market capitalization of around $60 billion and an unbelievable 176% increase quarter-on-quarter, it’s quite clear that meme coins are a big part of the future of crypto. 

Franklin Templeton is optimistic about BTC Ordinals’ future

Bitcoin Ordinals, also referred to as the NFT of Bitcoin, has gained much attention in the last year. Investment firm Franklin Templeton saw that Bitcoin Ordinals were becoming increasingly popular in the NFT market, and in a recent prospectus, the firm’s digital asset section emphasized this development.

The investment firm observed that since 2023, there has been an increase in Bitcoin NFT trading activity, with collections such as Runestones and NodeMonkes surpassing Ethereum NFT trading volumes. It also highlighted the innovation of Bitcoin, from BRC-20 tokens to Bitcoin Layer 2 solutions. Franklin Templeton stated that the market’s outlook for BTC Ordinals is favorable.

Ethena debuts and reaches a $1.2 Billion market cap

With more than $1.2 billion in market cap, Ethena Labs’ governance token, $ENA, has gained traction since its inception and is currently ranked 80th among cryptocurrencies. The governance token is part of Ethena Labs’ ongoing season 2 campaign, which gives holders the power to decide the protocol’s future. $ENA has acquired significant traction and is anticipated to be airdropped with 5% of the total supply to all USDe holders, notwithstanding the concerns around deceptive news releases by Ethena.

U.S. Government Transfers $2B Silk Road Bitcoin

Recently, the US government’s Bitcoin wallet transferred 2000 BTC to a Coinbase address and approximately 30,175 BTC to another wallet connected to the government. Compared to March 2023, when they sold confiscated Bitcoins from the Silk Road website, the US government now possesses a certain quantity of the cryptocurrency.

For $216 million, 9861 Bitcoins were sold during that auction. The volatile crypto market has resulted in greater activity among wallets, with notable asset transfers and liquidations occurring. After a period of dormancy, some significant Bitcoin holders have begun to make moves that have drawn attention to their asset transfers and the impact they have on pricing. As Bitcoin approaches halving, its price has fallen below its all-time high (ATH).

Spot Bitcoin ETF Trading Volume Hit $111 Billion in March

The amount of money traded in Bitcoin ETFs, which firms like Grayscale and BlackRock dominate, increased to $111 billion in March. Bloomberg ETF Analyst Eric Balchunas emphasized the increase in overall trading volume.

He mentioned that the trading volume for Bitcoin ETFs in March was $111 billion, three times greater than the amounts reported in February and January. It was clear how much he believed in the market when he said, almost casually, “I can’t imagine April will be bigger, but who knows” on his X profile.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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