Bitcoin and Ethereum
Despite the prevailing market volatility, Bitcoin’s underlying fundamentals remain strong. This resilience is evident from the steadfast behavior of long-term holders and a significant drop in mining difficulty. Ethereum, on the other hand, has been facing security challenges, with the platform suffering 57% of the exploits and hacks in the first quarter of 2024.
Other Narratives
Stellar performance from memecoins eclipsed Bitcoin and altcoin gains, with an average return of 1312.6%. Memecoins like Brett and Book of Meme have garnered significant returns.
In the AI narrative, all large-cap AI tokens experienced gains, with AIOZ Network and Fetch.ai leading the way. The DeFi narrative achieved moderate returns, with Ribbon Finance as the most profitable large-cap token. DePIN recorded losses in the first half of the quarter but managed to end with an 81.0% return.
In Focus: Pepe Coin
Market Performance: Despite last days’ bearish trend in the crypto market, Pepe Coin emerged as a standout performer.
GameStop Trader Influence: An infamous trader, known for the GameStop rally in 2021, has returned, causing a frenzy in financial markets. This has contributed to Pepe Coin’s surge, with a 30% increase after the trader’s activity was noted.
Market Speculation: Analysts are observing a shift from utility tokens to meme coins, with Pepe Coin’s market capitalization potential being a topic of discussion. There is speculation about whether Pepe Coin will continue to rise or if a market correction is imminent.
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