The cryptocurrency market is currently experiencing a bull run, with Bitcoin (BTC) reaching a new all-time high of $93,477.11 on November 14, 2024. This surge in BTC’s price has also led to other crypto assets following suit and experiencing significant gains. The catalyst for this bull run may have been attributed to Donald Trump winning the US Presidential election, as market participants are speculating on his pro-crypto and pro-business stance.
One interesting trend to note is the outperformance of a few memecoins over Bitcoin. Memecoins are cryptocurrencies that are based on internet memes and have gained popularity in recent years. Let’s take a closer look at three memecoins that are currently outshining BTC in the charts.
The first memecoin to highlight is Peanut The Squirrel (PNUT), a relatively new cryptocurrency that has been making waves in the crypto community. PNUT is currently the best-performing crypto among the top 100 projects by market cap, with a 131.5% increase in the daily charts and a staggering 1548.4% increase in the weekly charts. The asset hit an all-time high of $2.44 on the day of the bull run.
Another memecoin that is outperforming Bitcoin is Pepe (PEPE), a frog-themed cryptocurrency that hit a new all-time high of $0.00002457. PEPE has seen an 81.7% increase in the daily charts, 124.3% in the weekly charts, 140.2% in the 14-day charts, and 118.6% over the previous month. According to CoinCodex, PEPE is expected to continue rising and hit $0.00007207 on December 12, 2024.
The third memecoin on the list is dogwifhat (WIF), which has seen a 40.4% increase in the daily charts, 75.3% in the weekly charts, 60.6% in the 14-day charts, and 51.4% over the previous month. Despite the rally, WIF is still down by 12.3% from its all-time high of $4.83. CoinCodex predicts that WIF will continue its rally and reach $14.93 on December 12, 2024.
Overall, while Bitcoin remains the market leader, these memecoins are proving to be strong contenders in the cryptocurrency market, outperforming the original cryptocurrency in terms of price performance. Investors and traders will be closely watching the performance of these memecoins in the coming weeks as the bull run continues.