The crypto market has been down the last few days, with Bitcoin leading the drop as usual. Bitcoin recently crashed under $30,000 for the first time in four months. This resulted in the general market experiencing a downward trend that has persisted for days.
However, it seems the trend may be coming to an end as the top cryptocurrencies have started turning green. Bitcoin for instance has suddenly gained 0.04% in the last 24 hours. In a similar fashion, Ethereum has gone up slightly, same as XRP.
Meme coins seem to have made the most progress, with Dogecoin and Shiba Inu recording 2.2% and 1.27% respectively in the last 24 hours at the time of writing this report. Dogecoin has also gained over 10%, while Shiba Inu has gained over 7% in the last seven days, according to Coin Market Cap.
This has made the meme coins to stand out among the top ten crypto assets this weekend, as most of them still bleed over the seven-day timeframe. This could be the beginning of a recovery for the market and the beginning of better days, at least for the short term.
Meme coins acing market
The meme coins are regarded as joke crypto assets, but they seem to be evolving into more than just joke tokens and coins. For Dogecoin, nearly everything Elon Musk does produce a positive effect for the coin.
For example, the recent change of Twitter’s name to X resulted in the price going up 20% suddenly. This is not a price reaction for nothing. Musk has declared he wishes to make X a platform for all things commerce, and analysts predict that DOGE will likely be the token that will be one of the app’s main payment methods.
They also expect it to be the payment method for ads, as well as used for tipping on the app. This could positively affect the price of the asset in the near future when Musk actualizes his dream on X.
For Shiba Inu, the surge could be related to the recent news of Shibarium nearing its final launch. The team announced that the project has already launched its beta version for public testing.
Although SHIB will not be the native token on Shibarium but rather BONE, the launch of the layer 2 blockchain network on Ethereum could also affect the price of SHIB positively, primarily through burns as the use of BONE on the network leads to the burn of SHIB.
How high will the market go?
Investors are watching the crypto market closely for a positive move, which may have been sparked already. But how high will the market go before slowing down again? This is not known, and is mostly dependent on Bitcoin’s move, unless an altcoin season is coming.
Some analysts however believe that an alt season is not likely to come until 2024 following Bitcoin’s halving. The Bitcoin halving is also expected to herald the next Bitcoin rally, which is usually followed by the alt season.
Meanwhile, Bitcoin’s dominance has dropped to just over 48%. This usually indicates that altcoins are faring better, since they’re collectively taking the bigger chunk of trading volume for the market currently. Does this mean an alt season may come sooner than we think?