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Title: Memecoins and DeFi outperform Bitcoin as BONK, CRV, FXS and TRAC surge more than 20% in 24 hours
As the crypto market continues to experience extreme volatility, it has been a day of significant gains for certain assets. In this article, we will analyze the market trends that have led to such impressive performances.
Memecoins and DeFi projects appear to be driving the current market sentiment, with various tokens experiencing enormous gains over the past 24 hours. Notably, FLOKI and FARTCOIN both surged more than 20%, with some of these assets even exceeding that threshold.
One of the standout performers in this space is BONK (FLOKI), which has seen a gain of 23.54%. This cryptocurrency’s rise to prominence can be attributed to its perceived role as an unofficial mascot for Coinbase, which recently launched its new wallet ‘super app.’ In addition to this, FLOKI has gained popularity among investors seeking to make leveraged bets on the success of Base, Coinbase’s new decentralized finance platform.
The Curve DAO Token (CRV) also saw significant gains, climbing 22.77%. This growth can be linked to sustained whale accumulation and increased supply scarcity within the market. As a result, exchange netflows of CRV tokens have risen by an impressive 54% over the past 24 hours.
Another notable performer in this space is Frax Share (FXS), which surged 19.21%. The primary driver behind this asset’s performance appears to be its ‘North Star’ upgrade, which has redefined its utility and made it a productive infrastructure asset for users of the Fraxtal network.
In addition to these gains, we have seen Toshi, Fartcoin, OriginTrail’s TRAC gain 10.36%, 19.21%, and 15.22% respectively over the past day.
On the other hand, Bitcoin has seen a relatively flat performance over this period, with its price experiencing a slight decrease of 0.28%. This trend suggests that investors are increasingly shifting their focus towards these lesser-known assets in search of higher returns.
Despite this, it’s essential to acknowledge that risk factors remain within this market. Memecoins’ narrative fragility means that ETF denials or failed media executions could easily unwind recent gains. Similarly, broader market reversals or policy shifts could pose significant risks for the current bullish environment.
In conclusion, while the crypto market remains inherently volatile, it has become apparent that certain sectors and projects are beginning to outperform others. With this in mind, investors should be cautious when considering any new investments, and instead focus on established narratives and risk assessment before making a move.
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Source: cryptoslate.com
