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The digital currency market went through a major decline on Friday, resulting in a loss of over $200 billion in just a few hours. Close to $1 billion was rapidly sold, with meme coins being among the top losers. BONK, one of the most prominent meme coins, saw a drastic 25% drop, bringing its value to under $0.000017. Similarly, WIF also experienced a significant decline, dropping to below $3, which is noteworthy as it had recently reached an all-time high of almost $5. Other meme coins like PEPE, FLOKI, Shiba Inu, and Dogecoin also took a hit with decreases of 21%, 20%, 13%, and 12% respectively. CoinGecko data indicates that the entire meme coin sector saw a decrease of approximately 20% in its total market value in the past day, reaching $54 billion. On the other hand, the overall crypto market cap went down by 6.5%. According to CoinGlass, the total liquidated positions totaled nearly $900 million in the last 24 hours. This occurrence highlights the volatile nature of meme coins and serves as a caution for investors, especially those who engage in leverage trading. In conclusion, the recent market correction is a reminder of the potential risks associated with investing in unstable assets like meme coins.

Reworded:

The Runestones collection, which was distributed to holders on March 15th, has quickly become the second most valuable collection of NFTs, following CryptoPunks. Currently, the collection has a market capitalization of nearly $600 million and a minimum price of 0.08 BTC or $5,500 on Magic Eden. The creator of Runestones, known as LeonidasNFT, has a goal of introducing millions of people to Bitcoin through this collection.

The purpose of the Runestones collection is to reward early supporters, known as Ordinals OGs, who have contributed to the ecosystem during its first year. The concept is to distribute three memecoins to each Runestones holder, beginning with a dog wearing an orange hoodie. These memecoins will be released once the creator of Ordinals, Casey Rodarmor, launches the Runes protocol. This protocol will offer an alternative to the BRC-20 token standard, utilizing UTXOs to facilitate simpler and more efficient data inscriptions on the Bitcoin blockchain.

According to Jake Gallen, who is responsible for strategy at Emblem Vault, other projects may also create portals for claiming or distributing tokens to Runestone holders due to the large number of holders and the idea of a “free and fair” distribution. He also believes that Runestones could be an effective way for projects to attract and retain users.

The use of memecoins in the Runestones collection aligns with the current trend of memecoins, which have a collective market capitalization of $65 billion. These memecoins have gained popularity and are becoming more mainstream, thanks in part to communities like DogWifHat, which raised $700,000 to display their memecoin’s image on the Las Vegas Sphere. While Solana has been a popular network among those interested in memecoins, other networks are also growing in popularity.

Leonidas decided to build the Runestones collection using the Bitcoin brand, as it is the largest, longest-running, most secure, and most well-known blockchain. He believes that creating memecoins on the Bitcoin network has a strong narrative for many individuals. Additionally, Runestones are built on Bitcoin’s Taproot upgrade, which allows for airdrops of NFTs and fungible tokens from other protocols.

Leonidas sees memecoins as the most transparent form of speculation in the cryptocurrency industry, in response to the unfulfilled promises of utility tokens in the past. His goal is to make the Runestones community the largest memecoin community in the world, given the larger size of Bitcoin compared to Ethereum.

Disclaimer: This article is for educational purposes only and should not be considered as investment advice. The author does not endorse any specific products or make any investment recommendations. Readers should conduct their own research before making any investment decisions.

Cryptocurrency trader Myles G has made a bold prediction about the future price of Dogecoin. While most analysts believe the meme coin will remain stable, Myles predicts that it could rise to $0.26 by April 20. Myles, who has a large following on Twitter, shared that his price models suggest DOGE will reach this target on April 20 at 4:20 pm EST.

If Myles’ prediction holds true, it would mean a 34% increase for Dogecoin and return the coin to its highest value since November 2020. The $0.26 target aligns with the “4/20” theme, which has become a popular day for meme coin enthusiasts. This convergence of factors on April 20 could potentially create a favorable situation for DOGE traders.

However, Dogecoin has experienced volatility in recent days. Despite this, the coin has maintained strong trading activity and is currently valued around $0.198. Open interest in Dogecoin perpetual futures has decreased as leverage traders were affected by the unstable price action.

While Dogecoin continues to dominate headlines, traders are also looking for other meme coins that may see a rise in April. One contender is Slothana (SLOTH), which is getting ready for a decentralized exchange (DEX) launch. The SLOTH token’s presale has raised over $10 million in funding, indicating the growing interest in new meme coin projects. Slothana aims to target the “degen” crowd and the 4/20 holiday.

Although Myles G’s forecast should be looked at with caution, it is one to keep an eye on in the coming days. Additionally, traders are comparing Slothana to the previously successful SLERF token, which achieved a market capitalization of $484 million without any real-world use. If Slothana can replicate this success, it has the potential for a post-listing spike once it is listed on exchanges.

Readers should perform their own research and be careful when making investment decisions. This article is provided by a third party, and crypto.news does not endorse any products mentioned.

In the world of cryptocurrency, there is a growing interest in meme coins as we approach 2024. One particular coin, known as Furrever Token (FURR), has garnered attention for its unique blend of charm and innovation. FURR has set out to revolutionize the meme coin landscape and challenge established coins like Pepe (PEPE) and Bonk (BONK). With a supportive community and attractive features, Furrever Token offers not only financial potential but also an engaging user experience.

At the moment, the price of Pepe Coin (PEPE) stands at $0.000007131, indicating a 2.5% increase from the previous day. This rise can be attributed to the market’s recovery of Bitcoin, which has injected renewed vigor into the altcoin market. Over the past month, Pepe’s price has followed a bullish pennant pattern, pointing towards a period of consolidation before buyers potentially regain control of the asset. If the market conditions remain bullish, Pepe’s price could reach $0.0000082, resulting in an 8% gain. However, if the support trendline is broken, the correction may prolong, potentially pushing the price down to $0.00000313.

Meanwhile, Bonk Token (BONK) currently trades at approximately $0.00002223, displaying a modest 3% increase from the previous day. BONK is currently in a crucial position, with its trendline support being tested near $0.00002400, closely following the 100-day Exponential Moving Average (EMA). There seems to be a symmetrical triangle pattern emerging, indicating a potential retracement towards the 200-day EMA. Analysts have a neutral outlook on BONK and foresee a probable retest of the demand zone around $0.00001500.

In a market where serious blockchain projects dominate, Furrever Token (FURR) sets itself apart as a whimsical and delightful meme coin. FURR’s main goal is to create a fun and enjoyable crypto ecosystem centered around adorable kitties. The project prioritizes security and compliance, conducting a smart contract audit and implementing measures for a secure user experience. FURR has so far raised over $720,000 in its presale stage and aims to reach $1 million. With an enthusiastic community and active involvement, Furrever Token is poised to dominate the meme coin scene in 2024.

Overall, meme coins like Furrever Token, Pepe Coin, and Bonk Token are gaining attention in the cryptocurrency space. Investors are keeping a close eye on their market dynamics and price movements as they navigate the market’s volatility.

According to CoinMarketCap, the PUPS meme coin has increased by 55% in the past 24 hours, reaching its peak at $174 and currently at $72. Its market capitalization has also risen by 48.67% to approximately $563.75 million. Trading activity has significantly increased, with a 387.38% rise in volume over the past day to $31.37 million.

The current hype surrounding PUPS is largely due to the upcoming launch of the Runes protocol, which introduces a new UTXO-based system for creating and managing tokens on the Bitcoin blockchain. The transition of the BRC-20 token to Runes later this month, coinciding with the Bitcoin halving, has generated interest.

The simplified approach of Runes, which reduces blockchain bloat and user interaction, is an appealing alternative to the BRC-20 token. This could lead to wider adoption and innovation within the Bitcoin community. The recent surge in the value of PUPS, which saw a 1,056% increase last week, is likely influenced by the excitement surrounding the Runes protocol.

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The value of the meme coin PUPS (PUPS) has experienced a notable surge, rising by 50% in the last 24 hours due to excitement surrounding the upcoming Runes protocol. This protocol’s goal is to improve the efficiency and affordability of Bitcoin’s BTC/USD transactions.

At present, PUPS holds a market capitalization of $516 million, making it the third-largest token based on Bitcoin, following ORDI and SATS. In terms of trading, PUPS has surpassed all other NFT collections, with a trading volume exceeding $11 million. This puts it ahead of popular collections such as NodeMonkes, whose trading volumes were $1 million.

Initially launched as an Ordinals token, PUPS plans to shift to the Runes protocol after Bitcoin’s halving event. The token’s remarkable performance, including a 1,000% rise in the last week, solidifies its position as the leading meme coin on Bitcoin, driving its popularity and appeal.

The Runes protocol is scheduled to be activated after the upcoming Bitcoin halving. Its aim is to enhance the current Ordinals protocol by using the Unspent Transaction Output (UTXO) model, making it simpler to create, name, and transfer digital assets within the Bitcoin network.

Both the Ordinals and Runes initiatives are headed by veteran Bitcoin developer Casey Rodarmor, whose reputation provides credibility and trustworthiness to these projects. Rodarmor emphasizes that the Runes protocol is designed for “degens and meme coins,” highlighting its user-friendly design, efficiency, and security.

The introduction of the Runes protocol has become a major topic of discussion in the digital asset community, especially with the approaching Benzinga’s Future of Digital Assets conference. This event will explore how innovations like Runes shape the landscape of digital currencies and blockchain technology.

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The social aspect of web3 is rapidly changing and becoming an important aspect. In a recent episode of the SlateCast podcast, Liam “Akiba” Wright and CEO Nate Whitehill from CryptoSlate spoke with Joonatan Lintala, the CEO of Phaver social app, to discuss how this new approach is empowering creators and communities.

The conversation started with a focus on meme coins, which can be controversial. Akiba shared his concerns about meme coins, saying they can hinder adoption and are more like gambling than creating real value. However, he acknowledged that Lens memecoins, like Bonsai and Degen, act differently and can boost the use of decentralized social platforms.

Lintala shared a similar perspective, highlighting the difference between speculation and practical solutions in blockchain. He explained that if meme coins, particularly social ones, promote the use of decentralized platforms, they can be beneficial.

Lintala then talked about Phaver’s strategy for creating an in-app economy, stressing the importance of being “farming resistant” and working with advertising partners. He discussed the lessons learned from the Lens community and how airdrops to bots and users with multiple accounts have diluted the value of some meme coin distributions.

An essential part of Phaver’s approach is collaborating with quality web3 projects and local communities. Lintala emphasized the value of these partnerships in driving growth.

Phaver aims to provide a comprehensive web3 social experience by integrating Lens, Farcaster, and Open Actions. This will allow users to create NFTs, sell digital content, and access various web3 features within the Phaver platform.

As web3 social media continues to gain popularity, Phaver stands out for its focus on building a mainstream-friendly and farming-resistant platform that empowers creators and communities. With plans to incorporate various web3 functions and maintain a diverse and engaged user base, Phaver strives to be a leader in the next era of decentralized social media.

Recently, there has been a shift in the dominant hype surrounding meme coins on the Solana blockchain (SOL). The focus is now returning to its origin, Ethereum (ETH). A trader’s impressive gain of 69,300% on a trade, as highlighted by the crypto analytics platform Lookonchain, has reignited interest in the Ethereum ecosystem.

The trade involved converting $9,000 into $6.27 million on Ethereum in just one month, resulting in a gain of 693x. This was achieved by acquiring a meme coin called $APU, using 2.385 ETH to obtain 8.36 billion APU tokens between March 11 and March 24. The rapid increase in the meme coin’s value during this period led to the record-breaking gain for the trader.

On-chain data shows that the trader, known as a “whale,” is still holding a significant amount of the token, indicating confidence in the meme coin’s potential. Despite challenges with high transaction fees, which have driven traders to Solana, the recent launch of Ethereum’s Dencun Upgrade has made its layer-2 scaling solutions more affordable for trading.

This has made Ethereum’s layer-2 protocols, such as Polygon (MATIC), zkSync, Arbitrum (ARB), Optimism (OP), and Base, more appealing for the resurgence of meme coins. As Solana continues to work on solutions for its reliability issues, the Ethereum ecosystem has the opportunity to regain its position as the top choice for meme coin enthusiasts.

On-chain data indicates that an Ethereum trader moved their tokens to a different digital currency wallet. The trader initially invested $8,300 into a frog-themed memecoin a month ago and this investment saw a whopping 750-fold increase in value. The value of this meme-based cryptocurrency, named Apu Apustaja (APU), experienced a major spike on April 11, taking its market capitalization to almost $200 million. In March, the trader had made multiple transactions, amassing billions of APU tokens. These tokens were worth roughly $6.5 million at their price peak on April 11. However, on April 12 the trader moved their tokens to another wallet, suggesting a possible decision to sell them. The trader’s actions sparked discussion within the community, with commendations for holding onto the tokens and suggestions that the wallet may be owned by a developer. This scenario underscores the potential ups and downs within the memecoin market, as some traders sell their investments too soon and miss out on more substantial profits.