Meme coins are soaring while Bitcoin takes a heavy hit amid selling pressure from the German government and Mt. Gox refunds.
Most significantly, BONK has jumped 12% over the past 24 hours. That’s seen BONK edge past Dogwifhat (WIF) as it fell 3%, making it the largest Solana meme coin by market capitalization.
Similarly, Base chain meme coin Brett (BRETT) leaped 8.6%, Ethereum-based Mog Coin (MOG) climbed 6%, and Apu Apustaja (APU) soared 15%. Despite this the tokens are still down over the week, along with the rest of their meme coin competitors.
In recent weeks, the German government started to offload over $3.5 billion worth of Bitcoin seized as the result of criminal cases. At the same time, defunct exchange Mt. Gox has been preparing to return billions worth of Bitcoin to its creditors. This significant selling pressure has dragged Bitcoin’s price down 8.2% compared to last week and the rest of the market has come with it.
And plenty of meme coins have fallen, too. Pump.fun-launched Solana coin Michi (MICHI) fell 52%, Ethereum’s Pepe (PEPE) is down 18.5%, and Popcat (POPCAT) has slipped 16%. PEPE has bounced back today climbing 2% and so has POPCAT jumping 5%.
One token that has defied the odds, however, is Gigachad (GIGA) which has skyrocketed 108% over the week, up 7.5% on the day. This comes after American bodybuilder Mike ‘Titan’ O’Hearn joined the community and started posting about it on social media.
Baby Don’t Hurt Me@MikeOHearn pic.twitter.com/ImU6E8kMcZ
— $GIGA Chad (@GIGACHAD_meme) July 2, 2024
The collaboration made GIGA one of the few meme coins to be in the green over the week. Billy (BILLY) is one of the only other significant tokens that has climbed this week. The token is up 70% this week and 10% on the day.
Billy is currently the largest Pump.fun created token by some distance at a market cap of $166 million, while Andrew Tate’s DADDY token lags behind in second place with a market cap of $95 million.
Edited by Stacy Elliott.