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Bitcoin Hits New Heights
On Thursday, Bitcoin (BTC) reached new multi-month highs, surpassing $65,000. This rally was accompanied by significant movements in the decentralized exchange (DEX) markets, where several lesser-known cryptocurrencies also saw impressive gains. The overall surge in major cryptocurrencies is primarily fueled by speculation surrounding a potential global easing of monetary policies, which could enhance liquidity and favor riskier assets like cryptocurrencies.
Investor David Tepper remarked on this shift in the market, expressing his belief that recent actions by the Federal Reserve would lead to similar responses from China. “I thought that what the Fed did last week would lead to China easing, and I didn’t know that they were going to bring out the big guns like they did,” Tepper commented. “I think there’s a whole shift.” This sentiment reflects the optimism that is currently driving the crypto market.
Major Cryptos Rally
Prominent cryptocurrencies such as Ethereum (ETH) and Solana (SOL) have also shown significant increases, with both assets rising between 2.5% and 5% within the last 24 hours, according to CoinMarketCap. However, the most noteworthy movement has been seen among meme coins, which have outperformed other cryptocurrencies, indicating a rising risk appetite among investors.
Among the notable performers are Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF), all of which recorded gains of at least 8%. Shiba Inu, in particular, experienced a remarkable rally of 22%. Importantly, the leading gainers in the DEX markets today have been smaller, newer meme coins.
Notable Gainers in the DEX Markets
According to DEX analytics tool DEXScreener, one of the standout performers is Doggo (DOGGO), a recently emerged dog-themed Ethereum meme coin. Doggo experienced a staggering 109% increase in value over the past 24 hours, bringing its market capitalization back to $15 million. Notably, Doggo is a fully community-owned token, and its longevity appears to be closely tied to the strength of its community.
The DOGGO community is actively engaging in charitable efforts, as seen in their recent initiative to support dog shelters. This commitment to community-driven projects could play a significant role in the token’s sustained growth. If Doggo continues to expand its online presence and community initiatives, further price rallies may be on the horizon.
Moo Deng: The Hippo Meme Coin
Another promising project is Moo Deng (MOODENG), a new Solana-based meme coin inspired by a cute baby hippo in Thailand. On Thursday, MOODENG surged 57%, reaching a market cap exceeding $160 million. The coin is gaining traction rapidly, driven by a growing community of fans, evidenced by its fan page amassing over 46,000 followers.
As Moo Deng continues to gain popularity, analysts speculate that it may someday reach a billion-dollar valuation if its community support and engagement remain robust. The meme coin’s unique branding separates it from the traditional dog and cat memes, offering an intriguing potential in a saturated market.
Tyler: The Matt Furie-Inspired Coin
Lastly, Tyler (TYLER), based on the cartoon meme created by Matt Furie, has reported an astonishing 500% increase in the last 24 hours, bringing its market cap to $1.5 million. Over $500,000 in tokens changed hands within this timeframe, indicating strong trading activity. Tyler has also garnered a solid reputation within the DEX community due to positive audits confirming its smart contract integrity.
Despite the enthusiasm surrounding Tyler, investors remain cautious as the DEX market is fraught with scams and pump-and-dump schemes. Nevertheless, Tyler appears to have won the approval of DEXScreener users, with a favorable ratio of “rocket ship” emoji votes to “red flag” votes.
The Case for Meme Coin Presales
Considering the volatility and risks associated with investing in small-cap meme coins, many analysts suggest exploring meme coin presales as a safer alternative. Presales typically last several weeks, allowing investors ample time for research before committing their funds.
For those looking to enter the meme coin market, analysts at Cryptonews.com recommend keeping an eye on upcoming presales, which could present better opportunities for investment than the current top gainers observed today.
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