The recent Bitcoin halving has boosted institutional trust in the market, leading to gains across major cryptocurrencies and meme-inspired coins. Charts currently indicate that most cryptocurrencies and meme coins are performing well, with the overall cryptocurrency market capitalization at $2.43 trillion. The meme coin sector specifically has reached a market cap of $56.3 billion, marking a 0.21% increase over the past 24 hours.
In the past 24 hours, the cryptocurrency market has experienced an uptrend after Bitcoin’s fourth halving event. The price of Bitcoin soared past $66,000, prompting increased buying interest in several meme coins, notably Bonk and Pepe, which are leading the surge.
According to Coinglass data, sellers liquidated significantly as Bonk witnessed a total liquidation of over $650K and Pepe price saw liquidation of nearly $2.3 million, creating increasing volatility on the price chart.
This past weekend, after rapid meme coin activity on Solana and Base, it was Bitcoin’s turn to shine, achieving a new milestone in the process.
For the first time, Bitcoin miners earned more from transaction fees than from block rewards in a single 24-hour period. On Saturday, following the halving and the debut of the token minting protocol Runes, miners collected $80.74 million in fees compared to $26.28 million in bitcoin rewards.
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BONK price has successfully rebounded above the support of $0.000014, breaking above immediate Fib levels. Currently, buyers are aiming to send the price toward the resistance of $0.000025. As of writing, Bonk price trades at $0.00002019, declining over 1.4% in the last 24 hours.
The rebound may approach the descending resistance line, an important threshold to monitor. If buyers surpass this hurdle, the BONK/USDT pair might extend to the $0.000029 level, and then the $0.000042 level.
Should the support between $0.000014 and $0.000012 weaken, intense selling interest from the bears is anticipated. If this support fails, the pair could experience sharp declines, potentially descending to the critical $0.00001 support level.
PEPE price has been skyrocketing in recent hours due to increasing buying demand near the recent low of $0.0000049. As a result, buyers are now aiming for a new higher high in the coming hours in order to stabilize above Fib levels.
If the price ascends and stays above the $0.000009 level, the momentum could shift in favor of the buyers. This might lead to a gradual increase to $0.00001, possibly followed by a push toward $0.000015.
Should the price drop below $0.0000049, the PEPE/USDT pair might begin a downward trend toward $0.0000036. Although this price could serve as substantial support, a breakthrough by the bears could result in a complete retracement of the most recent rally, potentially bringing the price down to $0.0000016.
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