Bitcoin’s market share reaches a new high since April 2021, altcoins are rising with the wind, let’s take stock of the recent impressive altcoins.

Bitcoin's Market Dominance Hits Highest Point Since April 2021, Altcoins on the Rise - A Look at the Exciting Altcoin Market

With the continuous surge in the price of Bitcoin, the market dominance of BTC is also steadily climbing and has now reached 53%, reaching a new high since April 2021.

As BTC, ETH, and other mainstream currencies rise, the altcoin sector has also started to rise. Today, let me introduce a few altcoins with relatively high price increases.

1. PEPE

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Compared to other sectors, the Meme sector has the highest price increase. Meme coins have always been known for their skyrocketing prices.

The term “Meme” refers to widely spread cultural elements on the internet, usually expressed in the form of text, images, animations, or other forms.

The term “Meme” was first coined by popular science writer Richard Dawkins in his book “The Selfish Gene” to explain the way cultural information is transmitted. He used the rules of biological evolution and reproduction as an analogy. “Meme” includes rumors, habits, ideas, sayings, slogans, and even jokes.

As the name suggests, Meme coins are cryptocurrencies based on internet memes. They are inspired by popular memes on the internet and are usually created by developers or enthusiasts and quickly spread through social media and other channels.

According to statistics from the Coinmarketcap website, the total market value of cryptocurrencies is $1.25 trillion, and the total market value of the MEME coin sector is $16.8 billion, accounting for 1.34% of the total market value of the crypto market.

Among the MEME sector, there are 7 currencies that have doubled in price in the past week, with RIBBIT being the highest, with an increase of over 500% in the past week. This is largely due to the low market value of RIBBIT, which is only $1.4 million.

PEPE’s price increase is also impressive. It has increased by over 100% in the past 7 days. The market value of PEPE is $500 million. In the Meme coin sector, PEPE’s market value is only second to DOGE and SHIB.

The popularity of PEPE coin originates from the character Pepe the Frog created by Matt Furie in his 2005 comic “Boys Club”. In fact, it became popular on the 4chan forum as early as 2015.

The anonymous development team took advantage of Pepe the Frog’s existing popularity on Twitter to create the PEPE cryptocurrency project. From its inception, PEPE aspired to be the most meaningful MEME coin. They believed that the days of dog coins were over and that it was now the era of PEPE the Frog.

The total supply of MEME coins is 420.69 trillion, with no presale, zero burn tax, and LP tokens being destroyed. The contract authority has been abandoned, and the tokens are fully circulated.

PEPE was launched on April 14, 2023, and within just 22 days, the number of token holders reached 100,000, showing rapid growth.

In less than a month, the token skyrocketed by 120,000 times, attracting great attention from the market. PEPE became the most eye-catching Meme coin of 2023.

Recently, PEPE’s surge is related to whale accumulation. For example, on October 23, a whale address starting with 0x83d accumulated 1.89 trillion PEPE coins at an average price of $0.00000074 (approximately $140), becoming the 36th largest PEPE holder.

On October 24, according to on-chain data, 6.9 trillion PEPE tokens were transferred to a black hole address for destruction, with a current value of approximately $6.75 million, effectively reducing the token’s circulating supply.

The price of PEPE subsequently skyrocketed, with a price increase of over 100% in the past 7 days.

However, compared to DOGE and SHIB market caps, PEPE still has a 10-fold difference.

II. FLOKI

FLOKI, a Meme coin, has seen a price increase of over 112% in the past 7 days and currently ranks fourth in the Meme coin market.

FLOKI was initially inspired by the name of the richest person, Elon Musk’s Shiba Inu. In June 2021, Musk named his pet Shiba Inu coin “Floki” on Twitter, further solidifying its connection to the meme ecosystem.

The project started as a dog-themed Meme coin but gradually evolved into a mature Web3 project, including decentralized finance, NFTs, and the metaverse, covering a wide range of areas.

Unlike other Meme coins, the Floki project focuses on continuously improving the utility of its platform token and enriching its application scenarios. It aims to combine meme culture with utility (practical use and charitable aspects) to differentiate itself from other meme coins.

FLOKI, as the platform token of the project, is compatible with Ethereum and BNB chains, and its utility mainly includes:

1) Community Building: Floki is committed to building an active and engaging community, and aims to achieve this through the power of meme culture.

2) NFT Market: Floki will also develop an NFT marketplace, where users can trade NFT artworks.

3) DeFi Integration: Floki is integrated with DeFi platforms and protocols, allowing users to stake, borrow, and lend FLOKI tokens.

4) Floki University

The vision of Floki University is to become an excellent cryptocurrency education platform, providing services for beginners who want to explore the cryptocurrency field in the coming years. FLOKI will serve as the practical token of Floki University.

In addition, Floki has some connection with Kimbal Musk, the brother of the richest man, Elon Musk. Moreover, Floki is also very dedicated in marketing, with a lot of advertisements both offline and online.

Recently, Floki made another move. On October 26th, Floki announced the launch of its cryptocurrency and asset tokenization platform, TokenFi, on the BSC and ETH blockchains. As a result of this news, FLOKI token experienced a significant surge.

Asset tokenization is a hot trend at present with immense future potential. According to the predictions by Boston Consulting Group, the scale of asset tokenization will reach $16 trillion by 2030. MakerDAO, a well-established DeFi project, experienced a significant spike in the value of its MKR token due to its strong focus on asset tokenization. Floki’s entry into asset tokenization also provides greater imagination space for FLOKI token.

3) TRB

TRB is a coin with a relatively high recent increase, having grown by 10 times in just two months.

Tellor is a decentralized oracle protocol that primarily provides users with access to off-chain data on the Ethereum network. It aims to solve the problem of information isolation in the Ethereum network by creating an independent data network system. This allows users to request data retrieval from this system through smart contracts. When a user submits a data request, Tellor queries its system and associates relevant data to meet the user’s needs.

In addition to data retrieval functionality, Tellor also allows users to submit data to the system. Users who submit data can receive TRB token rewards. To ensure the accuracy of the submitted data, users need to pay a certain amount of gas fees and stake a certain quantity of TRB tokens as collateral.

TRB, as the native token of the Tellor platform, does not have a fixed supply. The total supply increases with the rewards for data submission.

The surge of TRB began in September, fueled by the influence of whale accumulation and positive news related to spot Bitcoin ETF. The token surged 10 times in just two months.

The main reason for TRB’s sharp increase in September was due to whale buying.

Currently, the address that holds the most TRB is: 0xCcE7300829f49B8f2E4AEe6123b12DA64662a8b8. Starting from the end of August, this address has accumulated over 440,000 TRB, accounting for 17.8% of the total supply. Through on-chain data, it can be seen that this address has engaged in multiple buying and selling operations in September, suspected of causing a buying frenzy.

In addition, influenced by the positive news of a spot Bitcoin ETF, the crypto market experienced a general rise, with an average increase of around 20%. TRB tokens also surged, with a much higher increase than the market average. TRB is one of the biggest beneficiaries of this mini bull market triggered by the spot Bitcoin ETF.

Which other altcoins have caught your attention recently? Feel free to leave a comment and discuss.

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