Despite the recent halving event, Bitcoin hasn’t dominated the spotlight as anticipated. Instead, meme coins, particularly those themed around canines, have experienced significant surges over the weekend.
Since the halving on Friday, which halved miner rewards, Bitcoin has seen modest gains. However, meme coins like BONK and FLOKI have witnessed remarkable price spikes.
The Solana-based meme coin BONK led the rally with an impressive 46% surge, reaching $0.00002046. This marks a notable recovery for BONK, which faced a significant downturn earlier in April.
Other noteworthy performers include Ethereum-based FLOKI, which jumped nearly 26% to $0.0001703, and Shiba Inu (SHIB), climbing 24% to over $0.00002637.
These gains stand in contrast to Bitcoin’s relatively steady post-halving performance, with only a 1.5% uptick to just $64.720. This subdued movement follows a record high of $73,805 in March, fueled by the anticipation and introduction of spot Bitcoin exchange-traded funds (ETFs).
Traditionally, Bitcoin has experienced its most substantial gains months after halving events, indicating potential future growth.
Hao Yang, Head of Financial Products at Bybit, shared insights, stating, “The 2024 halving will showcase Bitcoin’s resilience and the market’s maturity, with less volatility observed due to institutional involvement and the ETF introduction. Predictions for the next halving include a potential for less pronounced short-term price fluctuations, but a significant long-term price appreciation, likely surpassing all-time highs.”