©Reuters
Investing.com – The currency exploded higher on Monday, marking a new record in euros, and having come close to its all-time high in dollars, which could be exceeded at any time.
However, Bitcoin is far from being the cryptocurrency that has progressed the most during this explosive start to the week.
Indeed, the category of “meme coins”, these humorous cryptocurrencies without a specific project and very speculative, the most famous of which is DOGE, is literally on fire:
- The 9th largest cryptocurrency on the market, gains 28% over 24 hours and 120% over a week
- The , which has just climbed to the 10th position in the top crypto, exploded by 100% over 24 hours and by 335% over a week.
- a much younger crypto-meme which appears in 40th place in the crypto ranking, gains 26% over one day and 363% over one week.
- 47th in the ranking, gains 30% over one day and 205% over one week.
No particular news can explain this phenomenal outperformance of the most speculative cryptocurrencies, other than the anticipation of a massive and widespread rally which could be triggered by new records in Bitcoin.
It should also be noted that some analysts are beginning to speculate on the possibility that ETFs on the could soon see the light of day, but the consensus agrees on the fact that this is a very distant possibility, and which depends on big changes at the head of the SEC.
Finally, note that given the scale of Monday’s rally, attempting to position yourself on Dogecoin or Shiba Inu, or the other meme coins cited in this article seems very risky, a correction against a backdrop of profit taking being probable.
***