Crypto’s memecoin sector is experiencing explosive gains as Bitcoin (BTC) crosses the $67,000 level for the first time since late 2021.

Shiba Inu (SHIB), Pepe (PEPE) and Bonk (BONK) are among the top memecoins surging in value Monday, putting up double-digit gains.

Dog-themed memecoin SHIB is up by more than 61% in the last 24 hours and trading for $0.00003549 at time of writing.

Pepe is trading for $0.000007416 at time of writing, up 38.1% in the last 24 hours.

Blockchain tracker Lookonchain also noticed that one top Pepe holder is sitting on massive profits after making his first big purchase in April 2023.

“This guy spent only $3,000 to buy 4.9T PEPE ($35.5M currently) in the early time! He sold 760B PEPE ($2M) and currently holds 4.15T PEPE($30.8M), and is the 13th holder of PEPE! His total profit on PEPE is ~$32.8M, a gain of 11,077x!”

Meanwhile, Bonk, another DOGE rival, is up more than 77% in the last 24 hours and trading for $0.00004516 at time of writing.

Dogecoin (DOGE) is trading for $0.179 at time of writing, up nearly 27% in the last 24 hours.

Bitcoin’s continued rally to the upside Monday is triggering massive liquidations across the crypto markets, according to crypto data aggregator Coinglass.

Says Coinglass,

“In the past 24 hours, 115,557 traders were liquidated, the total liquidations comes in at $329.22 million. The largest single liquidation order happened on Bitmex, DOGE/USD value $2.45M.”

Bitcoin saw a total of $101.8 million in liquidations in the last 24 hours, of which $74.2 million was from traders betting on a dip and attempting to short BTC.

Bitcoin is trading for $67,378 at time of writing, up more than 7% in the last 24 hours.

Generated Image: Midjourney

The post Shiba Inu, Pepe, BONK and Memecoin Price Explosion Underway As Bitcoin Taps $67,000 appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ March 5, 2024 12:20 am