After growing by over 70% since December, Bitcoin’s lack of gains in the past two months is allowing memecoins to take over the profits in the market.
Since December, the currency surged past the $16,700 price, reaching its highest point on April 14, when $BTC nearly broke through the $31,000 margin.
However, since then, the asset returned back to the $28,000s, finishing April with no relevant gains over the month.
Bitcoin Losing Dominance Over The Market
An interesting market movement happened during the month of April. In that timeframe, BTC lost some of its dominance over the entire cryptocurrency market by about 3%.
“Bitcoin Dominance” is the term used to describe how much of the total market capitalization is owned by bitcoin. The currency currently owns 48.3%, but reached as low as 46.9% on April 16.
This movement likely justifies why altcoins performed better since then. As the market-leading currency goes through a period of consolidation, investors tend to seek other ways to profit out of highly-volatile tokens.
Memecoin Season Incoming
But that is not to say that the cryptocurrency market hasn’t been filled with opportunities in the past couple of months. While the major currencies struggled against regulatory pressures from the likes of the SEC, the memecoin market is booming.
These types of tokens have also gained a lot of popularity. Just recently, Twitter changed its logo to the iconic “doge”, in a celebration of the cryptocurrency to be displayed in one of the biggest websites in the world.
Just recently, a new memecoin inspired by the iconic character “Pepe The Frog”, gained over 1000% in value in a matter of days. That means that the lucky investors who “got in first”, made a thousand dollars for every hundred invested in the cryptocurrency.
The new token also surpassed the billion-dollar market cap like it was nothing. Today, $PEPE already ranks among the top 50 cryptocurrencies by market capitalization.
Meanwhile, another debutant coin also gained over 400% in value after its ICO in February. The Golden Inu token, a currency created by former Shiba Inu investors who were displeased with how the project handled the Shibarium debacle, has since launched two unique Web3 apps to provide utility for $GOLDEN.
Furthermore, the devs are planning to launch a new version of the currency on the Ethereum Blockchain. The ERC20 token is already in pre-sale, and the gains from that will be put into the development of a new decentralized exchange that will allow users to trade tokens between multiple blockchains.
