Story Highlights
- BTC Hits New All-Time High: Bitcoin broke through $93,000, setting a new all-time high price, with institutional investors actively accumulating Bitcoin and driving the price discovery phase.
- Meme Coins Surge: Meme coins like DOGE, PEPE, WIF and BONK have seen weekly gains of up to 97%, fueling the crypto market's meme coin frenzy.
With Bitcoin (BTC) price breaking through $93,000 for the first time since its inception, it is now clear that the crypto bulls are in action. While gold prices have been declining over the past two weeks, Bitcoin price has surged over 24% in the same period, trading around $89,622 in Asian early trade on Thursday, November 14.
The recent cash rotation has been favorable for the crypto market, and this trend is expected to continue in the coming months. Additionally, Bitcoin price has entered the much-anticipated price discovery phase, with institutional investors actively accumulating more Bitcoin.
Meme Coin Mania Begins
Following the strong recent rally of Dogecoin (DOGE), which has a market cap of over $55 billion, the meme coin space has also been gaining momentum. According to the latest market data, the meme coin space has grown to over $123 billion in valuation, with daily trading volume exceeding $89 billion.
The Pepe (PEPE) meme coin, which is based on the Pepe the Frog meme, has seen a significant surge in popularity after being listed on the Robinhood trading platform. According to the latest market data, Pepe's price has surged over 75% in the past 24 hours, trading at around $0.000022 as of the time of writing.
As a result, the Pepe token has successfully surpassed the market cap of the Sui (SUI) network.
Over the past 24 hours, Solana-based meme coins have also seen notable growth, with dogwifhat (WIF) and Bonk (BONK) leading the pack.
According to data from the on-chain analysis platform Santiment, the significant surge in top meme coins indicates a high level of greed among traders. As a result, Santiment's analysts have warned crypto traders that a sell-off may occur in the short term before the bullish trend continues.
"Historically, the social dominance of speculative assets at high levels typically indicates greed and emotional trading. Memes are the dominant crypto topic on X, Reddit, Telegram, 4Chan, and Bitcointalk, so caution is advised."
Santiment noted.
Nevertheless, Santiment emphasized that in the recent crypto bull market, most Layer 2 (L2) tokens have performed poorly. As crypto cash continues to rotate into the DeFi market, the L2 space is expected to soon gain bullish momentum.
