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Following a weekend that saw disclosures totaling $2 billion in futures positions, memecoins and AI-linked tokens led the bullish cryptocurrency live flex.
Bitcoin and major tokens have begun to recover, with Bitcoin trading around $66,600 in European morning hours on reports of potential approvals for spot Bitcoin and Ethereum ETFs in Hong Kong. The decline in the market over the weekend was attributed to the upcoming Bitcoin halving and profit taking ahead of macroeconomic days.
Meme tokens, including Solana meme coins and meme tokens that can accommodate dogs, as well as AI-related tokens, have achieved significant earnables, outperforming major tokens like Bitcoin. Solana memecoins, dog-sized memecoins, and Base network memecoins are up over 15% on average, while AI tokens are up over 17% with no clear sign for price increases.
In contrast, tokens of layer 1 blockchains such as Ether, Solana’s SOL, and Avalanche’s AVAX performed less favorably, with an average increase of 5.5%. Whales have been observed collecting meme tokens such as cat in a dogs world (MEW) and slerf (SLERF), leading to an almost 80% increase in their prices in the last 24 hours.
The market downturn led to $2 billion in futures results over the weekend, with more than $1.5 billion of those positions bet on higher prices. As a result, open interest has fallen to $13 billion since Friday’s acquisition, indicating that bets are off.
Some traders are holding the price bearish at the start of the halving event, which is scheduled for April 20, a historic event that halves the rewards for network miners. This expectation has led to a short-term decline, reflected in the net outflow of 85 million from Bitcoin Spot ETFs over the week, indicating increased profit taking and caution in slowing down following the cryptocurrency’s recent uptrend.
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