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Bitcoin: rise above $63k and it's FOMO memecoin again
By Davide Grammatica
Awaiting new “macro” data later in the week to define Bitcoin's precourse, BTC's rise to $63k rewarded memecoins. Is it FOMO again?
Memecoin euphoria, but BTC still in the balance
Bitcoin seems to suggest in these hours an attempt to rise again by holding on to at least $63k. And this has apparently been enough to warm the spirits of investors, with the crypto community especially buoyant in the memecoin world.
Bitcoin’s tentative pump in the last few hours has in fact been followed by the entire crypto sector. Ethereum and major layer-1s starting with Solana reacted well, followed by layer-2s and tokens related to AI or important DeFi protocols. But the best performance has been recorded by memecoins.
In the last 24 hours, the performance (+15%) of dogwifhat (WIF) and Popcat (POPCAT) stands out, but it is in general the meme category that takes the lead. In fact, old glories such as PEPE (+10.2%) or BONK (+9.8%) do not look bad at all.
Widening the look at monthly performance, one then realizes that the trend is not an isolated case. After a strong correction during the summer, the meme sector is reporting a recovery that has lasted for several weeks now, and there are even those who speak of a “supercycle ” for memecoins, which have themselves come to have the potential to trigger a new bullrun.
— Kai (@Kaiwen0x) October 5, 2024
A memecoin-led bullrun?
The reasons for this are all up for debate, but they also hint at how a change in retail approach to the market is underway. Tokens backed by external capital (often solid projects with broad prospects), for example, are increasingly perceived by this audience as “overpriced” or a “bad bet,” for a dynamic that paradoxically still favors “riskier ” contexts in the face of a low-volatility market.
As a result, of interest to the largest slice of the retail audience are memecoins, the last sector to leave hope for large gains in a short time. In other words, the place where FOMO for cryptos continues to have its place.
