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Mind Of Mav

Meme Coins Surge to End First Quarter

Meme coins, notably including the Solana-based dogwifhat (WIF), have experienced a notable surge, leading the category for the second consecutive day, while the broader market showed little movement in anticipation of the upcoming long weekend observed in the U.S., Europe, and parts of Asia.

During the Friday morning hours in Asia, Bitcoin (BTC) hovered around the $70,000 million mark, with minimal change over the last 24 hours. Other major cryptocurrencies like Ether (ETH), Solana (SOL), and Cardano (ADA) experienced a slight decline of 1%, whereas Bitcoin Cash (BCH) saw a 4% increase, continuing its upward trend from Thursday.

According to CoinGecko, the meme coin sector witnessed an average surge of 8%, surpassing other cryptocurrency categories such as decentralized finance (DeFi), yield farming projects, and exchange-based tokens.

The momentum for meme tokens began to build early Thursday, fueled by rumors of Dogecoin (DOGE) potentially being integrated into a new payment service by the social media app X, though no official announcement has been made by the platform.

Interest in futures contracts tracking DOGE reached an all-time high of $2 billion, reflecting market participants’ anticipation of future price movements, predominantly bullish.

Other dog-themed cryptocurrencies, like floki (FLOKI) and WIF, saw significant gains, positioning themselves as secondary bets to Dogecoin. Notably, WIF surpassed pepecoin (PEPE) in market capitalization, becoming the third-largest meme token after it crossed the $4 threshold on Thursday.

However, some trading analysts have issued warnings about a potential pullback following the recent surge, citing signs of market fatigue among leading cryptocurrencies like bitcoin and ether. Singapore-based QCP Capital shared via a Telegram message on Friday that the Q1 price rally showed exponential growth but also signs of slowing momentum. The firm pointed out a downward skew in ETH risk reversals by -8%, suggesting growing market apprehension. With funding and forward rates remaining high, it indicates that speculators continue to pay premium prices to maintain their leveraged positions.

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