Best crypto to buy as memecoins outperform crypto market
Memecoins have outperformed the broader cryptocurrency market with strong volumes and a surge in open interest.
The total market capitalization of memecoins has risen by 1.9% to $66.6 billion in the last 24 hours according to data from CoinGecko.
The broader cryptocurrency market, on the other hand, fell by 0.4% to $3.4 trillion.
Bitcoin gained 0.9% to maintain $105k levels.
With this renewed interest in memecoins, Bitcoin Pepe is one of the projects that could attract retail interest and rise along with memecoins.
Memecoins shine
Dogwifhat (WIF) and Popcat (POPCAT), the Solana-based coins, were among the top gainers with a more than 15% rise in the last 24 hours.
WIF was trading at $0.981 while POPCAT was at $0.4138.
Mog Coin (MOG), SPX6900 (SPX) were the other gainers among meme coins, increasing by more than 11% and 10%, respectively, in the last 24 hours.
Dogecoin (DOGE) continued its dominance as the top meme coin by market capitalisation, gaining 2.8% in the last 24 hours.
Shiba Inu (SHIB) also maintained its second position, and the token surged 3.4% in the same period.
Surging open interest and trading volume
Before the memecoins’ surge, there was a noticeable spike in open interest (OI) of various coins.
ConstitutionDAO (PEOPLE) had the highest OI jump as it gained 28% in the last 24 hours, according to data by Coinglass.
WIF, POPCAT, and SPX also had noticeable spikes with 18%, 14%, and 21%, respectively, in the last 24 hours.
Trading volumes also increased for these memecoins, showing investor interest.
WIF and POPCAT’s trading volumes surged by 65% and 66% respectively, in the last 24 hours.
SPX’s volumes rallied by 52% in the same period.
The increasing prices, along with a jump in open interest and trading volumes, indicate a strong bullish trend with investors entering into new long positions.
Why Bitcoin Pepe is gathering momentum
Bitcoin Pepe (BPEP) offers investors a new token that has the potential to provide high returns.
Bitcoin Pepe recently announced that it was going to get listed on June 17.
The token had announced a 30% bonus for its existing buyers who bought in the presale.
The project has already raised $13.68 million so far and is currently available at $0.0396.
With 14 days to go before its listing, the project is expected to attract more interest from investors.
Bitcoin Pepe is building Solana on Bitcoin by building on a Layer-2 for Bitcoin.
By this architecture, the project will allow Solana’s speed and ultra-low fees on Bitcoin’s platform.
Bitcoin Pepe aims to combine BTC’s security and memecoins’ cultural popularity.
The project achieves this through the PEP-20 token standard, which will allow investors to issue assets natively on Bitcoin’s ecosystem.
This will ensure anyone can create memecoins on the Bitcoin network.
Bitcoin Pepe has also teamed up with organizations to ensure the token has real cross-chain utility and help in its adoption.
Bitcoin Pepe has made partnerships such as with Super Meme, Catamoto, and Plena Finance to ensure the token has a proper infrastructure layer, enhance interoperability, and broaden its usability.
As memecoins surge higher than the broader market, Bitcoin Pepe is also expected to ride the wave as investor interest piques in memecoins.
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