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Crypto Paradox: Meme Coin Frenzy Defies Altseason Logic

Crypto Paradox: Meme Coin Frenzy Defies Altseason Logic

CoinEditionCoinEdition2024/11/17 16:00
By:Anisha Pandey

PNUT has surged a massive 3,000% in the past month. XRP is back above $1 price level while surging 101.97% in the past week. HBAR has surged 40.95% in 24 hours while surging 120% in the last week.

  • PNUT has surged a massive 3,000% in the past month.
  • XRP is back above $1 price level while surging 101.97% in the past week.
  • HBAR has surged 40.95% in 24 hours while surging 120% in the last week.

Meme coin Squirrel the Peanut (PNUT) has exploded over 3,000% in the past month, while altcoin XRP surged 113.82%. But one analyst says the altcoin season hasn’t even started yet.

In a post on X, Altcoin Buzz noted that only 5 of the top 100 digital assets by market capitalization have increased over 100% in the last 7 days. These include PNUT, XRP, Hedera (HBAR), Mantra (OM), and Stellar (XLM). Meanwhile, Bitcoin is approaching its all-time high.

Crypto Paradox: Meme Coin Frenzy Defies Altseason Logic image 0

As per CoinMarketCap data , Bitcoin is trading at $91,642.13, up 1.25% in the past 24 hours while altcoins were also green. XRP rose 10.17% and is finally back above the $1 price level, currently trading at $1.17, up 101.97% in the past week, reaching a market cap of $66.56 billion. Meanwhile, PNUT is trading at $1.66, up 1.57% in the past day. In the last seven days, the altcoin has surged 354.29%, claiming a market cap of $1.66 billion.

HBAR, OM, and XLM Form an Uptrend

HBAR has surged 40.95% in the past 24 hours and trades at $0.1208 with a market cap of $4.55 billion. In the past week, the cryptocurrency has surged 120.29%, while rising 129.51% in the past 30 days. Further, at the time of writing, OM is trading at $4.19, up 26.91% in the past day. The altcoin has achieved a market cap of $3.77 billion after a 201.61% increase in price in the past 30 days. 

Read also: Meme Coins Surge in Popularity; Dominate Crypto Rankings

Finally, XLM also outperformed the broader digital asset market in the past week, surging 22.23% in the past 24 hours and trading at a price of $0.2482 with a market cap of $7.43 billion. Also, the altcoin has printed a substantial gain of 156.23% in the past 30 months.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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