Galactic Buzz #47: Bitcoin Memecoins are going Viral, Here’s Why
Welcome aboard Galactic Buzz #47!
As we journey beyond the recent Bitcoin halving, our expedition into the evolving universe of digital assets takes on new dimensions.
This edition explores how this pivotal event has catalyzed transformations across the cryptocurrency landscape, paving the way for Bitcoin memecoins and reshaping market dynamics.
Top NFT Sales Analytics 📊
- The Global NFT marketplaces’ sales volume for the 7-day period is down by over 25% at nearly $198M
- Top 5 NFT Sales with their values for the previous 7 days:
Halving & the Emergence of Bitcoin Memecoins
The recent Bitcoin halving has shifted the economic landscape for miners. Traditionally reliant on block rewards, miners witnessed a monumental shift recently, for the first time in the history of bitcoin mining, earnings from transaction fees exceeded those from block rewards.
This shift came shortly after the halving, which reduced the block reward from 6.25 BTC to 3.125 BTC, fundamentally altering the incentive structure within the Bitcoin network.
Rise of Bitcoin Memecoins and Network Utilization
Concurrently with the halving, the launch of the Runes protocol—a new token minting system developed by the creator of Ordinals—marked a significant uptick in network activity. Runes and related transactions accounted for more than half of all Bitcoin network activity in just few days, driving transaction fees to unprecedented heights.
This spike in fees demonstrates the community's eagerness to engage with new forms of digital assets directly on the Bitcoin network, expanding its use case beyond a simple payment mechanism.
Following this, the surging popularity of Bitcoin memecoins, facilitated by protocols like Runes, signals a major expansion of Bitcoin’s role within the broader crypto ecosystem, now encroaching into the DeFi space traditionally dominated by networks like Ethereum. This trend could potentially increase the overall demand for Bitcoin transactions, keeping the network robust but also raising questions about scalability and fee structures.
Top 10 Blockchains by NFT sales volume for the last 7 days 🏆
Meme Coins
The meme coin market on the Base Chain continues to make an impact with tokens showcasing unique market traction and community support.
And now, your very own Komet wallet also supports memecoins!!!
- Chad Based (CHAD/WETH) has emerged as a strong contender in the meme coin arena, priced at $0.003740 with a daily trading volume of $4.4 million and a market cap of $3.7 million. This coin has quickly amassed 3,400 holders, reflecting its growing popularity and market acceptance.
- Degen (DEGEN/WETH) continues to lead in terms of market capitalization among meme coins, with a substantial value of $217.3 million. Its price has adjusted to $0.01741, and it boasts the highest daily trading volume on the list at $18.0 million, underlining its dominant position in the market.
- Based Shiba Inu (BSHIB/WETH), priced at $0.0002766, shows a resilient market presence with a trading volume of $3.7 million and a market cap of $2.7 million. It has attracted a sizable holder base of 6,132, demonstrating sustained interest despite market fluctuations.
- BONKE (BONKE/WETH) is listed at a lower price point of $0.00003817 and has a market cap of $381K. It records a daily trading volume of $3.9 million, indicating high transaction activity relative to its market size, with the largest holder count of 6,778 among the top meme coins.
- Dogecoin On Base ($DOGECOIN/WETH), the meme coin derivative of the popular Dogecoin, shows vibrant trading activity with a volume of $7.1 million. It's priced at $0.00001266 and holds a market cap of $1.2 million, supported by 945 holders.
That concludes this week's galactic journey through the evolving universe of digital collectibles. Stay tuned to Galactic Buzz for more insights and updates. Until next time, keep navigating the stars and may your digital journeys be filled with prosperity!
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Disclaimer: The Galactic Buzz provides news and updates from the NFT world. Always do your own research before making any investments.