While Bitcoin, Ethereum, and Shiba Inu are experiencing significant declines, a Solana-based memecoin, Billy, has surged by 147% in the last week, defying the broader market trend.
What Happened?
Billy, a dog-themed memecoin, has seen its value increase by nearly 147% over the past week, reaching $0.182. This impressive rise follows the coin’s addition to several major cryptocurrency exchanges, including Bittrue, Bitget, MEXC, and Gate.io, as reported by The Daily Hodl.
Also Read: Cryptocurrency Market Faces Major Sell-Off: Key Factors Behind the Decline
Launched in June, Billy features a puppy image and has outperformed other popular meme coins during the current market consolidation phase, which has led to significant declines across most cryptocurrencies.
Market Performance
Despite the market downturn, Billy’s market cap stands at $181.8 million, with a 24-hour trading volume of $55.3 million, according to CoinMarketCap.
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Why It Matters
Meme coins, often seen as whimsical, have been gaining traction and demonstrating market resilience. While other dog-themed assets like Shiba Inu and Dogecoin are trading at $0.00001538 and $0.1081 respectively, top-tier cryptocurrencies like Bitcoin and Ethereum have faced selling pressure. Over the past week, Bitcoin has fallen by over 7%, and Ethereum has declined by over 11%.
Also Read: Mike Novogratz’s Top Tip for Learning About Crypto Investing
The 3 Memecoins of the Week
The crypto market is experiencing a sharp correction, affecting the memecoin sector. Here’s how some of the top memecoins have performed:
Shiba Inu (SHIB)
- 7-Day Performance: -20%
- 24-Hour Performance: -10%
- Monthly Performance: -46%
Shiba Inu has seen significant price drops, breaking through key support levels and triggering automatic liquidations. Despite the short-term pain, long-term investors may still hold on.
Dogecoin (DOGE)
- 7-Day Performance: -20.9%
- Monthly Performance: -40%
Dogecoin has fallen below the 10-cent mark, defying expectations of holding this support level. With high selling pressure, a short squeeze could occur if solid support is found in the 8.5-9 cent range, potentially leading to a recovery.
Pepe
- 7-Day Performance: -31.9%
- Daily Performance: -11.8%
- Monthly Performance: -50%
Pepe has seen a steep decline but remains stable in market rankings. Its market capitalization is $3.4 billion, with a 24-hour trading volume of about $1.3 billion.
Also Read: Bitcoin Bearish Pressure: Unpacking the Factors Behind the Recent Decline
Conclusion
While the overall crypto market is in decline, Billy’s recent surge demonstrates the unique opportunities within the memecoin sector. As the market continues to correct, investors will watch closely to see if Billy can maintain its momentum or if the broader bearish trend will eventually catch up.
