WIF

$4.2832

-6.44%

DOGE

$0.20453

-2.97%

FLOKI

$0.00024906

+4.04%

Meme coins, led by Solana-based dogwifhat, have soared, outpacing other niches like DeFi and exchange tokens.

Bets on futures tracked by DOGE have risen to a record $2 billion, and some trading firms have warned of a pullback in recent gains as Bitcoin and Ethereum price movements show signs of exhaustion.

Meme coins, led by Solana-based dogwifhat (WIF), rose to the top as a category for a second day as the broad market remained little changed ahead of the long weekend in the US, Europe and parts of Asia.

Bitcoin {{BTC}} traded around $70,000 million in Asian morning hours on Friday and was little changed over the past 24 hours. Ether {{ETH}}, Solana's SOL, and Cardano's ADA lost 1%, while Bitcoin Cash (BCH) gained 4% to continue Thursday's rally.

The broad-based CoinDesk 20 index of largest tokens minus stablecoins lost 0.56%.

CoinGecko data shows that the meme coin category is up 8% on average, outpacing more serious niches like decentralized finance, yield farms, and exchange tokens.

Meme tokens went live early Thursday amid speculation that DOGE would be used in social app X's upcoming payment service, but there was no official communication from the company.

Betting on futures tracked by DOGE jumps to a record $2 billion; This is indicative of expectations for future price fluctuations with a bias towards long-terms.

Dog-themed tokens like Floki (FLOKI) and WIF have jumped into dogecoin as beta bets. WIF surpassed $4 on Thursday, making pepecoin (PEPE) the third-largest meme token by market cap.

Meanwhile, some trading firms have warned of a pullback in recent gains as the movement in Bitcoin and Ethereum prices shows signs of exhaustion.

“Price growth has increased exponentially in the first quarter and there are signs of exhaustion,” Singapore-based QCP Capital said in a Telegram post on Friday. “ETH risk reversal is tilted to the downside at -8%, indicating some fear. “Funding and futures remain at extremely high levels, meaning speculators are still paying high prices to hedge their leveraged long positions.”

“While we maintain our bullish bias, we remain cautious on leverage,” the firm said.