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$BTC is on fire, exploding above $60K on a relentless path to new all-time highs. Bears have been vanquished, as this is the highest its price has been since Q4 2021. There seems to be no stopping $BTC, and it’s pulling the rest of the market along with it for the ride.
Coins like $ETH have shot up over $3,000 this week, as the ripple effect has also influenced the alt and memecoin niche, with tokens like $STX, $DOGE, $SHIB, and $GFOX seeing massive price gains.
The Rise and Rise of $BTC
As of press time, $BTC is over $63,000. That’s a whopping 5.7% rise in the last 24 hours. The coin has made almost 35% over the past week; little wonder it is tagged as the king of the crypto market.
Analysts have hinted that the bullish run is proof that Bitcoin has reached full recovery from the “crypto winter” of 2022. They are optimistic that the coin is set to change its all-time high record of $64,000 in November 2021.
The rise in Bitcoin’s price can be traced to growing investors’ optimism that the U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs in January 2024 has tipped the scales in favor of $BTC, marking a tipping point in the crypto market. Since these ETFs will allow institutional investors to directly trade Bitcoin at its current price, investors are optimistic that the demand for $BTC will continue to increase as money keeps pouring in.
While Bitcoin still remains the top crypto asset, few retail investors can afford it. This is why memecoins have become so popular; their affordability and price surge over the last few years have drawn more attention to their offerings and potential.
What Alts and Memecoins are Trending?
Memecoins have captured the attention of many investors over the past 4 years for their price surge and profit potential. Top on the list of trending alts and memecoins in 2024 are Stacks ($STX), Dogecoin ($DOGE), Shiba Inu ($SHIB), and newcomer Galaxy Fox ($GFOX).
Stacks
Stacks is a “Bitcoin Layer for Smart Contracts,” supporting the development of decentralized applications (dApps) and the security of its blockchain. $STX’s unique features include the integration of “backed Bitcoins” and its atomic swaps. The token is currently $3.14, which is a 0.49% price increase in the last 24 hours. The token has a market cap of over $4.5 billion and a trading volume of over $7.4 million.
Dogecoin
This memecoin was inspired by the popular “doge” meme. Since its design in 2013, the meme has built a loyal community of users. The token’s utility is primarily its function as a tipping system across social media platforms. It became popular after Elon Musk tweeted about it in 2020. $DOGE is currently $0.09908, which is a 2.18% increase in the last 24 hours. It has a market cap of over $14 billion and a trading volume of over $1.7 billion.
Shiba Inu
This is another memecoin inspired by a dog. $SHIB has gained much-needed thriving popularity since its launch in 2020. The token is accepted across many platforms as a form of payment. $SHIB is currently 00001115, a 4.22% increase in the last 24 hours. It has a market cap of over $6.5 billion and a volume of over $900 million.
Galaxy Fox
This is one of the newest memecoins on the market. The coin was launched in 2023 but has since grown to be as popular as other major memecoins. $GFOX not only has the potential for high returns but also real-world utility. It has a web-based 3-runner game with in-game rewards, a staking platform for passive income generation, and a proposed collection of almost 3,000 NFTs. GFOX also emphasizes token burning to create scarcity and potentially increase its value and price. $GFOX is currently in stage 8 of its presale. The token has raised almost $3.7 million since its launch.
Final Thoughts
While Bitcoin is set to maintain a steady price climb, the general crypto market is a beneficiary of the steady rise. Mememcoins have particularly enjoyed the growing popularity of the crypto market, making almost double their initial launch price.
While alts and memecoins like $STX, $DOGE, and $SHIB have had an impressive run, $GFOX appears to be redefining the offers and utility of memecoins. $GFOX’s captivating web 3-runner game with in-game rewards, a staking platform for passive income generation, and a collection of NFTs will cater to a wide range of investors. Judging by its current price of 0.002178, $GFOX is the most affordable memecoin to buy now. Join the community of holders now and make maximum profits.
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