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Solana-Based Dogwifhat and Dogecoin Pare Gains as Bitcoin Struggles to Reclaim $64K

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Sun, 5/05/2024 - 12:15
Solana-Based Dogwifhat and Dogecoin Pare Gains as Bitcoin Struggles to Reclaim $64K
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Some of the major meme coins have pared their gains, struggling to maintain their momentum, according to CoinGecko data.

At press time, Dogecoin (DOGE) is the only major cryptocurrency in the red, adding more than 1.5% over the past 24 hours.

Shiba Inu (SHIB) is also in the red, losing 3% over the past 24 hours.

Dogwifhat, a Solana-based upstart, is down more than 3% despite previously recording a double-digit gain.

Related

Bonk, another Solana-based cryptocurrency, is the worst performer among the leading altcoins, losing more than 8%.

Greed returns to market

According to the "Fear and Greed" index, the market is once again dominated by greed.

Yet, this excitement might be premature given that Bitcoin is still struggling to surpass the $64,000 level.

The significant sentiment shift comes after the leading cryptocurrency succumbed to "fear" following a massive drop to the $56,000 level last week.

Bitcoin saw a substantial drop last week due to growing concerns about stagflation and terrifyingly high Bitcoin ETF outflows. 

However, the stagnation concerns seem to have been alleviated by recent economic data. It seems likely that the US Federal Reserve might start cutting interest rates in September following a recent jobs report. Moreover, Grayscale's GBTC recently recorded its first inflows since its launch.    

Top performers

With Bitcoin being in consolidation mode, other major cryptocurrencies are also struggling to post significant gains.

However, there are still some outliers. Monero (XM) and Avalanche (AVAX) are both up by almost 3%.

Algorand (ALDO) and NEAR Protocol (NEAR) are also in the green despite being named as unregistered securities in the recent class action lawsuit against Coinbase.

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