Santiment Unveils the Most Promising Meme Coins

The global cryptocurrency market cap has witnessed an impressive increase of over 2%, reaching approximately $2.77 trillion, thanks to Bitcoin (BTC) leading the charge in the past 24 hours. Despite predictions of higher inflation in the US, Bitcoin continued its upward trajectory, partly because the expected interest rate cuts might be delayed.

Strong interest from institutional investors, especially through Hong Kong in China, has fueled the upward trend for this leading cryptocurrency. Recently, Bitcoin’s price rose about 2.2%, trading at approximately $70,736 on Thursday morning in London.

At the same time, the crypto market is digesting the news that the US SEC took action against Uniswap Labs, the leading DeFi project on Ethereum, along with announcements from Wells. Furthermore, Uniswap also won a lawsuit against the regulatory body last year.

📈 As #Bitcoin has bounced back above $70K now, #memecoins have continued to see the benefits of trader profit distribution. The sector, regardless of the crowd's polarizing stances on their existence in the #crypto space, has been dominant over other competing #altcoin groups… pic.twitter.com/jsIRZMysLD

— Santiment (@santimentfeed) April 10, 2024

Moreover, the cryptocurrency industry is closely watching the upcoming Bitcoin halving event, anticipated to usher in a new era for the next price cycle. Although there have been warnings about a potential sell-off post-event, macro investors are maintaining their stance.

In this context, Santiment, a market intelligence firm, expresses optimism for the growth of the meme coin market, predicting a surge among top meme coins such as Dogecoin (DOGE), SPX6900 (SPX), MAGA (TRUMP), and ArbDoge AI (AIDOGE) in the coming weeks.

Related: The DeFi Boom Could Propel Ethereum Prices to $3500

This enthusiasm for meme coins reflects a broader trend in the cryptocurrency market, where investors are increasingly seeking out not just traditional assets but also those with a strong cultural or community backing.

The upcoming Bitcoin halving event is more than just a technical adjustment; it represents a pivotal moment that could define the market’s direction in the near term. As we approach this milestone, the blend of institutional support and grassroots enthusiasm for cryptocurrencies underscores the dynamic and evolving nature of the market, promising an exciting future for both established and emerging digital assets.