Thank Bitcoin and Solana-based Memecoin for ‘weird’ bull market: Analyst

• Bitcoin’s unusual bull trajectory bypassed traditional liquidity flows.
• The volatility of meme coins stands in contrast to the stability of the broader cryptocurrency landscape.

Bitcoin has been in the headlines amid anticipation of the Bitcoin (BTC) halving and unexpected price fluctuations.

However, due to Bitcoin’s early rise to all-time highs and the sudden meme coin trend, many analysts are dubbing it the “weirdest” bull market ever.

Jumping into the fray, Chain Link (LINK) community liaison Zach Raines, better known as ‘ChainlinkGod’noted,

“I think most people would agree that this bull market is strange.”

he adds,

“The market has skipped some of the moves seen in previous cycles, BTC -> straight to memecoins is a bit unusual.”

This highlights that, unlike traditional liquidity flows, capital has outpaced Ethereum (ETH) and others this cycle, with funds moving directly from Bitcoin to meme coins.

Unusual trend of memecoins

Solana (SOL)-based meme coins, including Dog Hat (WIF) and Book of Memes (BOME), have shown better performance than other meme coins.

This madness brought Memecoin’s total capitalization to $70 billion on April 1.

Notably, WIF overtook Ethereum-based PEPE in market capitalization, reaching $4.48 billion compared to $3.45 billion.

Contrary to the memecoin craze, @MooseCryptos noted,

“I feel like cheap blockspace on Solana and Base has encouraged memecoin trading, but the memecoin narrative can change in an instant.”

he adds,

“If we get a longer shock (1 to 3 months), they will be greatly affected.”

This highlights that the Memecoin market is very volatile and sensitive to sudden changes in market sentiment and conditions.

Commenting on this unusual or strange market trend, Ethereum teacher Antonio Sassano gross,

“I really wouldn’t believe that “retail trading” is here in any meaningful way unless we see the entire market going up at the same time, not just these individual “sector-specific” pumps. Which are obviously run by crypto natives and just have a hot ball of money spinning around in it.”

What awaits us?

The current cryptocurrency market presents a unique scenario, characterized by Bitcoin reaching early all-time highs and the unprecedented popularity of meme coins.

Therefore, as we approach the Bitcoin halving, it will be interesting to see BTC and meme coins bounce back from traditional price moments.

This is an automatic translation of our English version.