Bitcoin hits new high, Solana price jumps as memecoins mania rises and Worldcoin faces heat in SpainWelcome to TechCrunch Crypto, formerly known as Chain Reaction.
Hello and welcome back to the TechCrunch Crypto newsletter.
This week in web3Crunching numbersAs mentioned, this week the crypto space saw all-time highs for bitcoin, again.
Memecoins across the Ethereum, Solana and Avalanche blockchains have seen a huge rally as the crypto market continues to expand.
It’s important to remember that while some memecoins will retain price support for an extended period of time, some can plummet within days, or hours.
The cryptocurrency passed $160 on Wednesday, marking its highest price since January 2022.
So it’s not surprising that the growth and traction on its blockchain is also being transpired through to its token.
Since mid-December, a number of Shiba Inu dog-themed tokens on the Solana blockchain like Bonk and dogwifhat have taken off.
(Please note none of this is financial advice, but one of the reasons that could point to Solana’s price increase.)
Memecoins in general have seen a huge rally as the crypto market continues to thaw from its most recent winter.
The value of the newest such memecoin Bonk (BONK), a Shiba Inu-themed Solana token, has increased by over 400% on the month, according to CoinMarketCap data.
The Bonk hype has faded since, but other Solana-based memecoins like Dogwifhat (WIF) have also benefited a lot from the interest.
The token currently has a market cap of around $218 million, according to CoinGecko data.
Still, these market moves are signaling that retail interest and appetite is turning toward crypto again after a prolonged bear market.
Previously, Warden worked at the Milken Institute and oversaw initiatives relating to capital market development, fintech financial inclusion, cryptocurrencies and blockchain.
