In the cryptocurrency market, the latest halving event surprisingly did not make Bitcoin the center of attention. Instead meme coins, especially those with dog themes, increased significantly over the weekend.
After the halving late Friday, which reduced miner rewards by 50%, Bitcoin posted modest gains. However, meme coins like BONK and FLOKI have seen significant price increases.
Meme coins are on the rise
Solana -based meme coin BONK led the rally with an impressive 46% increase, reaching a price of $0.000022. This marks a significant recovery for BONK, which saw a significant decline in early April.
Other notable performers include Ethereum-based FLOKI , which rose nearly 26% to $0.00018, and Shiba Inu ( SHIB ), which rose 24% to over $0.000028.
These gains contrast with Bitcoin's relatively flat post-halving performance , which rose just 1.5% to just under $65,000. This gentle movement follows a record high of $73,805 set in March, fueled by anticipation and the launch of spot Bitcoin exchange-traded funds (ETFs).
Historically, Bitcoin's most significant gains have materialized a few months after the halving event, showing the potential for future growth.
“The 2024 halving will demonstrate Bitcoin's resilience and market maturity, with less volatility due to institutional participation and the introduction of ETFs.
Predictions for the next halving include the possibility of less pronounced short-term price fluctuations but significant long-term price increases, potentially surpassing All-Time-High,” said Hao Yang, Chief Product Officer Finance products at Bybit.
Amid these dynamics, the crypto community is also buzzing about Runes, a new fungible Bitcoin standard . The first few blocks after the halving saw millions spend in their desire to mint Token using this innovative protocol.
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