Thank Bitcoin, Solana-based memecoins for ‘weirdest’ bull market – Analyst
Amidst the anticipation of the Bitcoin [BTC] halving and the unpredictable price swings, Bitcoin remains in the spotlight.
However, due to Bitcoin’s early surge to an all-time high and the sudden craze for meme coins, various analysts are labeling this as the “weirdest” bull market of all time.
Jumping into the fray, Chainlink [LINK] community liaison Zach Rynes, known as ‘ChainLinkGod’, noted,
“I think most people would agree this bull market has been weird.”
He further added,
“The market skipped a couple steps that we have seen with previous cycles, BTC -> straight to memecoins is a bit unusual.”
This highlights that, unlike traditional liquidity flows, this cycle has seen capital bypass Ethereum [ETH] and others, with funds going directly from Bitcoin to meme coins.
The unusual memecoin craze
Solana [SOL]-based meme coins, including dogwifhat [WIF] and Book of Meme [BOME], have shown superior performance compared to other meme coins.
This craze pushed the memecoin total capitalization to $70 billion on the 1st of April.
Notably, WIF exceeded Ethereum-based PEPE in market capitalization, reaching $4.48 billion compared to $3.45 billion.
Contrary to the memecoin craze, @MooseCryptos noted,
“I feel like cheap blockspace on Solana and Base has incentivized memecoin trading, but the memecoin narrative can flip on a dime.”
He further added,
“If we have a longer-drawn pullback (1-3 months), they will get hit hard.”
This highlights that the memecoin market is highly volatile and susceptible to sudden shifts in sentiment and market conditions.
Remarking on this unusual or strange market trend, Ethereum educator Anthony Sassano added,
“I won’t really believe that “retail” is here in any meaningful way until we see the entire market going up together – not these isolated “sector specific” pumps that are very obviously pushed by crypto natives and just involve a hot ball of money rotating around.”
What lies ahead?
The current cryptocurrency market presents a unique landscape, characterized by the early surge of Bitcoin to an all-time high and the unprecedented popularity of meme coins.
Thus, as we come closer to the Bitcoin halving, it would be interesting to watch BTC and meme coins leap from the traditional price momenta.
