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While Bitcoin has stalled and even retraced slightly below $62,000, meme coins have made the news this week with mindblowing gains, led by Dogwifhat (WIF).
The total crypto market cap has declined slightly on a day scale, but it is up by more than $100 billion in the past seven days.
Meme Coins’ World
The bull market seems to be back on track as assets that were less popular last year have gained a lot of traction with massive gains now. Such is the case with the largest meme coins. Dogecoin – the OG rep of that cohort – shot up by 70% this week and reentered the top 10 biggest digital assets by market cap as its price went to almost $0.14.
However, DOGE’s main rival – Shiba Inu – has outperformed it with a noteworthy weekly surge of 130%. You can check some of the possible reasons behind this rise here.
BONK has jumped by 100% within the same timeframe, but all these three meme coins have been dwarfed by PEPE, FLOKI, and especially WIF.
PEPE is up by 240% and sits at a multi-month peak, FLOKI has returned to the top 100 alts with a 270% weekly surge, while WIF keeps charting frequent ATHs. In fact, WIF has skyrocketed by almost 400% in the past seven days and now trades close to $1.7.
Almost the entire crypto market has charted impressive gains in the past seven days as it can be seen in the graph below. As such, it’s no wonder that the total market cap is up by $120 billion since last Sunday.
Bitcoin Slips Below $62K
The primary cryptocurrency closed February with its biggest monthly gain in history as it soared from $42,000 to $64,000 before it retraced back to $62,000.
As such, the asset went just $5,000 from its previous all-time high during its intra-monthly peak. This past week alone saw a massive surge that drove it from $51,000 to that aforementioned high.
However, Bitcoin has stalled slightly in the past few days and has been unable to surge past the $62,000 mark. The past 24 hours brought a minor retracement, and BTC now sits inches beneath that level.
After a 19% weekly surge, Bitcoin’s market cap stands well above $1.2 trillion, placing it among the top 10 largest financial assets by that metric. Its dominance over the alts, though, has declined by over 1% lately and is under 50% on CoinGecko now.
