Bitcoin, Ethereum and Meme coins spark speculation
Bitcoin, Ethereum and Meme coins spark speculation

The cryptocurrency sphere ends another week of notable events seen in the broader crypto market. Among these events, Bitcoin, Ethereum and meme coins seem to stand out in particular, attracting significant attention from investors.

Some of the most popular headlines that made headlines this week are:

Bitcoin flow suggests conclusions

Over the past week, Bitcoin has been trading in quite a lot of volatility, with its price showing significant dips and spikes. This caught the attention of the global crypto market as the token demonstrated a set of mixed market sentiments despite the highly optimistic upcoming BTC halving.

Standard Chartered, a consumer banking protocol, expected BTC to reach $150K this year, in line with the optimism fueled by the upcoming halving. Whereas many prominent industry insiders have predicted further declines for Bitcoin, attributing it to multiple causes including expiring BTC options, FUD-induced whale sell-offs, crypto market liquidations, market corrections, etc. n.

Interestingly, Michael Saylor’s MicroStrategy acquired more Bitcoin this week, with total BTC holdings exceeding that of the US government. or China, estimating as 1% of the maximum BTC supply. On the other hand, recently emerging BTC ETFs have gained additional appeal as Grayscale has announced that it will soon reduce its fees for the GBTC BTC ETF.

Ethereum has a setback

Ethereum, the world’s second most popular cryptocurrency, faced a notable setback this week as its price showed a significant drop. While banking institutions such as Standard Chartered remained bullish on ETH’s upcoming price action, the broader crypto market paints a bearish outlook for ETH this week.

A number of reasons, including the surge in ETH exchange inflows, the liquidation of the crypto market, the loss of investor confidence from the derivatives market and others, pulled ETH to the $3.3K mark. Meanwhile, traders continued to unload colossal amounts of ETH tokens amid this recently observed correction, sparking a maelstrom of bearish sentiment in Ethereum this week.

Also read: Dogecoin is driving the meme coin craze this week, here’s why

Meme Coins Fuel Speculation

Meanwhile, the meme coin universe shined once again with phenomenal gains, even though the meme coin season seems to be winding down. Some of the best meme coins that caused a frenzy this week are:

shiba inu

The self-proclaimed Dogecoin killer illustrated a storm of breakthroughs this week, with its ecosystem embarking on strategic collaborations, developments and token launches. While even Shiba Inu has seen price corrections, aligning with the broader corrective trend within the market, the ongoing SHIB burn of the token community and the recent improvements noted in “The Shib” have added a tinge of market optimism about the meme coin.

Slurp

Likewise, this week Slerf, a Solana-based meme coin, hosted a stream of speculative buzz. With extended support from exchanges such as HTX, Jupiter and Beeple, the meme token has seen phenomenal gains.

However, Slerf investors also suffered a loss of $10 million this week as a result of a major crash in the pre-sale phases. The project developer accidentally burned LP tokens and the entire reserve of 500 million SLERF tokens for the airdrop, causing an uproar among crypto market enthusiasts. Nevertheless, the project offered NFTs to investors in a pre-sale to mitigate the losses caused by the recent $10 million crash.

Also Read: Over $1B in Bitcoins Pulled from Coinbase in Massive Shift

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