In a crazy week where Bitcoin broke new highs, alternative cryptos also shined. Memecoins Shiba Inu, Pepe and Floki, as well as AI and gaming projects like Fetch.AI and Gala, recorded stunning performances. Decryption of a boiling crypto market.
The memecoin craze knows no bounds
While altcoins feverishly await their moment of glory, the famous “altcoin season”, memecoins seem to have taken a head start. Indeed, this week was marked by exceptional performances for these offbeat cryptocurrencies.
First, Shiba Inu (SHIB), launched as a parody of Dogecoin, experienced a meteoric rise. With an increase of more than 200%, SHIB climbed into the top 10 cryptos in terms of valuation, displaying a capitalization of more than $18 billion.
At the time of writing, its SHIB token is trading at $0.0000317 and trying to wipe out another zero. Despite a slight correction, the crypto still posts an impressive weekly gain of 40%.
Next up, newcomer Pepe (PEPE), inspired by the famous Internet meme Pepe the Frog, exploded by 527% in just two weeks. Investors are flocking to this green frog which, although less known than Dogecoin or Shiba Inu, has recently dominated in trading volume. Its capitalization doubled in 48 hours, going from 1.5 to more than 3 billion dollars.
For its part, Floki Inu (FLOKI), launched in 2021, stands out for its community governance and its ecosystem going beyond decentralized finance. Its recent token burn event propelled its price to $0.0002336. In a week, Floki managed to double its value for traders, going from $0.00011 to over $0.00027. It is now trading at $0.0002695 with a 24-hour trading volume of $1,726,934,880.
Overall, the market capitalization of memecoins reached a new record of $52 billion, an increase of 18% in one week. This surge can be explained by the enthusiasm of individual investors, boosted by social networks and the accessibility of exchange platforms.
Artificial intelligence and gaming are doing well
In a bubbling market context, tokens linked to artificial intelligence saw their valuation more than double in one month, reaching $25.1 billion. Fetch.AI (FET) particularly stands out with a weekly increase of 78.96%, driven by the announcement of a $100 million investment in its infrastructure.
FET displays a massive bull rally with a jump of over 130% this week. Trading volume increased 41.97% to $1.13 billion, indicating institutional interest. The crypto has reached a record high and is now trying to cross the $3 mark.
On the gaming side, Gala is doing well. At the time of writing this article, the GALA token is trading at $0.07652 with a daily volume of $1.7 billion. It occupies 53rd place in the CoinMarketCap ranking with a capitalization of $2.2 billion.
The price of GALA jumped 30% in 24 hours, driven by intense whale activity. Gala Games’ recent partnership with Alienware and Amazon Web Services to host a hackathon at the Game Developers Conference (GDC) 2024 propelled the token’s price by 90% last week.
In short, in a week marked by Bitcoin records, certain alts demonstrated their full potential. Shiba Inu, Pepe and Floki rode the memecoin wave, attracting thrill-seeking investors. Meanwhile, Fetch.AI and Gala have proven that projects related to AI and gaming have a bright future ahead of them. It remains to be seen whether this trend can continue this week.
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