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Description by Mitchell Prefer for Decrypt.
Weakly swinging seven days after its long-awaited halving event, Bitcoin's movements this week have been unremarkable – but one crypto category has emerged victorious: meme coins.
According to CoinGecko's data, Bonk made huge gains last week. The Solana-based token is up 58%.
The increase in Dog Coin is due to Bonk Dao's approval of a proposal to burn more than 278 billion Bonk tokens – seen as a big move as it narrows the token further.
Elsewhere, Pepe, another popular meme token, shot higher: it posted a 36% gain this week. When a meme starts to gain traction, others in the market tend to do the same.
Pepe, which operates on Ethereum, has experienced a major price action.
Other meme coins include Floki, which jumped over 20% on the week.
Memes aside, Hedera, a distributed ledger similar to blockchain, also said in the news that digital asset exchange Archax will use it to offer BlackRock ICS US Treasury money market fund (MMF). As a result, the Hedera token jumped 32% last week and is now priced at $0.1086, making it one of the week's winners.
Bitcoin price is now at $62,991 after barely a week's rise. The slow price action comes with a rush of newly approved Bitcoin exchanges.
Those spending flows were fueled by a federal economic report that indicated the U.S. economy was slower than expected in the first quarter, unnerving investors' appetite for the risky cryptocurrency.
Meanwhile, Ethereum software giant Consensus dropped big news that it has filed a lawsuit against the Securities and Exchange Commission over plans to designate Ethereum as a security. The second largest cryptocurrency is up 2% over seven days and is now trading at $3,120.
Edited by Ryan Ozawa.
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