Last week we saw a diverse set of tokens participating in a rally, and the Pepe meme coin (PEPE) was the star of the show.
In the wake of recent crypto market turbulence, fueled by speculation Regarding Bitcoin spot ETF acceptance, PEPE has made waves with its announcement of burning over $5.5 million worth of tokens.
This measure caused a significant price increase of 30% in a single day, driving PEPE to its highest point in two months. Growth, in the context of Bitcoin potential Spot ETF approval, marks a significant increase in the value of PEPE and indicates a potential rebound in the altcoin sector.
According to crypto market monitor CoinGeckoDuring the previous week, the price of PEPE rose a notable 56.5%. However, its current price of $0.00000115 means a 3.5% decline from now on.
The victory of PEPE reflects the growing influence of based on memes cryptocurrencies, which thrive largely on Internet communities and social media interaction.
The buzz around these coins is fueled by several factors, such as current social movements, speculative exchanges, and the appeal of a quick, albeit uncertain, return on investment.
Last week reignited enthusiasm in the cryptocurrency market, with a diverse mix of coins leading the way to gains. Meme coins like Floki Inu (FLOKI) and Pepe capitalized on the hype and speculation, and the onset of crypto spring brought retail investors back into the market.
Meanwhile, platforms like the Mina protocol (mine) and injective (INY), and THORChain made profits due to project advancements and adoption milestones, and gaming tokens like Gala It continued to rise as blockchain-based games continue to attract attention.
Floki Inu saw an 85% increase. Collectively, the week's top 10 cryptocurrency gainers experienced double-digit returns, outperforming the broader market.
MINA, one of the few cryptocurrencies with the largest market capitalization, enjoyed a 60% jump to $0.61986, driven by an uptick in development activity and increased adoption.
Injective, a decentralized exchange protocol built for decentralized financial applications, saw a 56.02% rally over the past week, reaching $13,355. Link of the chain (LINK), the Oracle Network, saw a rise of 44.66% this week, reaching an impressive figure of $11.04.
It is worth noting that the extreme price volatility and speculative nature of meme coins may lead to unforeseen price swings and potential risks for investors.
