Bitcoin is flying, but memecoins and ordinals are soaring even higher
Investor Mark Carnegie is among those keeping an eye on new blockchain based assets soaring in the current crypto rally.
One night this week, for the first time since 2021, customer success manager and crypto dabbler James moved money onto the blockchain. The following morning he made his first bet, testing the waters, putting $12 into a new cryptocurrency. When he returned home from his morning pilates class, it had gone up 3300%.
Which token was it? “I don’t know,” James, who requested his surname be withheld, said. “Some memecoin.”
Like many lapsed crypto traders, James has been pulled back into the space thanks to Bitcoin’s incredible rally. Bitcoin’s price has spiked 140% in the past six months, pushing it to an all time high early this week, and buoying the entire USD2.4 trillion market.
In past crypto cycles, Bitcoin climbing to a new price peak is only the end of a new bull run’s beginning. Whales who make millions off Bitcoin spiking up 20 or 30% look to other avenues to multiply their winnings. That leads to two distinct phenomena. First, new crypto innovations like DeFi and NFTs that believers (and grifters) say will change the world. Secondly, meme coins become the fuel for vehicles of spectacular speculation.
