Memecoins have continued to captivate market participants who are focused on capitalizing on prevailing fads and market trends...
Adoption of memecoins has been aided by deployment platforms like Pump.fun, which have simplified the process of launching tokens
The crypto market kicked off the week fairly well, after slumping late last Friday. Bitcoin reclaimed $68,500 early on Monday, before advancing to set a 24-hour high of $69,225 on the charts. The crypto’s restored momentum erased losses from over the weekend, which occasioned a slightly disappointing weekly close for Bitcoin bulls on Sunday.
The market-wide dip towards the end of last week was triggered by news of the U.S Department of Justice probing Tether, which disrupted prevailing positive sentiment in the second half of October. Tether CEO Paolo Ardoino, however, addressed the claims,With three days until the monthly close, commentators have forecasted more volatility in the crypto market. This is likely to be fueled by Election Night in the United States and expectations for more Fed rate cuts.
The diverging performances of memecoins and AI tokens underscores the cyclical nature of market trends, given the fact that the latter dominated in previous quarters, spurred by developments around Nvidia. The fast adoption of newer memecoin entrants like NEIRO and GOAT further exemplifies the power of retail-driven sentiment, one where hype-driven narratives take precedence over fundamentals.in play.
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