Crypto traders were greeted this weekend by a sudden jolt of green—top gainers like ETHW, XEM, and viral-friendly memecoins such as DOG, TURBO, and BRETT led the charge. Meanwhile, Crypto Twitter buzzed with speculation, making it a weekend to remember for the fast and the furious.
Memecoins dominate trade volumes, suggesting an appetite for high-risk, high-reward plays among retail traders. ETHW’s resurrection also points toward a trend of value rediscovery in ignored hardfork projects. Funding rates in futures suggest increased leverage risk creeping into the system.
The crypto market decided April showers bring May gains. Traders woke up to ETHW erupting by 49.83%, followed closely by XEM at 45.03% and DOG (yes, yet another canine-themed asset) barking up 34.05%. TURBO and BRETT, two trader favorites among the new breed of memecoins, strutted with gains of 24.79% and 23.73% respectively. If this market were a dance floor, altcoins would currently be breakdancing.
However, not everyone was invited to the party. AIC led the losers, casting a gloomy -14.6% shadow, while BSV and XYO limped behind with double-digit declines as well.
Crypto Twitter had its metaphorical hair on fire. Traders and influencers alike threw around everything from optimistic 'alt season confirmed' memes to wilder calls for $1 DOG possibilities. Anecdotal data suggested a renewed frenzy among retail traders, particularly around lesser-known memecoins, drawing parallels to the 2021 alt-season.
New wallets interacting with TURBO and BRETT spiked by over 60% according to blockchain analytics firms, a reminder that social hype is still one of the most potent catalysts in crypto.
The trend is clear: memecoins are eating a bigger slice of the market's attention pie. Young investors, TikTok-driven finance communities, and meme-loving degens are flocking toward coins not for their technological prowess but for viral potential. Analysts at Santiment noted an uptick in 'sentiment divergence'—in simple terms, prices are moving ahead of fundamentals, driven by pure hype.
Speculators in TURBO and BRETT are playing the greater-fool game, but with meme coin volumes touching five-month highs, it seems the fools aren't so scarce—for now.
Amid the altcoin glitter show, Bitcoin and Ethereum remained relatively stoic. BTC hovered at $64,700 with tiny 1.2% gains on the week, and ETH held steady in the $3,200 territory. Yet, ETHW's explosive rise rekindled debates over Ethereum's 2022 PoW hardforks and their forgotten offspring. Could the relative stability of the majors be a ticking indicator that a bigger move is brewing?
One notable theme this week is liquidity hunting. With major order books thin and a lack of institutional participation post-Bitcoin ETF euphoria, nimble traders are exploiting inefficiencies across lower-cap assets. Funding rates for ongoing futures contracts in meme names soared above 0.2%, indicating heavily levered long positioning—a classic 'yellow alert' sign for potential reversals.
History teaches us that meme-driven rallies tend to end with steep corrections. While gains attract headlines, unwinding frothy positions often annihilates late chasers. Stay nimble, stay skeptical, and manage your stop-loss orders meticulously if you're dabbling in today’s turbocharged environment.
The combination of meme-mania, thin liquidity, and revived retail interest hints at an exciting but risky few weeks ahead. Summer historically brings lower trading volumes, so whether this rally can weather the seasonality storm remains to be seen. For now, traders seem determined to ride the wave—no matter how choppy the waters get.
The crypto market decided April showers bring May gains. Traders woke up to ETHW erupting by 49.83%, followed closely by XEM at 45.03% and DOG (yes, yet another canine-themed asset) barking up 34.05%. TURBO and BRETT, two trader favorites among the new breed of memecoins, strutted with gains of 24.79% and 23.73% respectively. If this market were a dance floor, altcoins would currently be breakdancing.
However, not everyone was invited to the party. AIC led the losers, casting a gloomy -14.6% shadow, while BSV and XYO limped behind with double-digit declines as well.
Crypto Twitter had its metaphorical hair on fire. Traders and influencers alike threw around everything from optimistic 'alt season confirmed' memes to wilder calls for $1 DOG possibilities. Anecdotal data suggested a renewed frenzy among retail traders, particularly around lesser-known memecoins, drawing parallels to the 2021 alt-season.
New wallets interacting with TURBO and BRETT spiked by over 60% according to blockchain analytics firms, a reminder that social hype is still one of the most potent catalysts in crypto.
The trend is clear: memecoins are eating a bigger slice of the market's attention pie. Young investors, TikTok-driven finance communities, and meme-loving degens are flocking toward coins not for their technological prowess but for viral potential. Analysts at Santiment noted an uptick in 'sentiment divergence'—in simple terms, prices are moving ahead of fundamentals, driven by pure hype.
Speculators in TURBO and BRETT are playing the greater-fool game, but with meme coin volumes touching five-month highs, it seems the fools aren't so scarce—for now.
Amid the altcoin glitter show, Bitcoin and Ethereum remained relatively stoic. BTC hovered at $64,700 with tiny 1.2% gains on the week, and ETH held steady in the $3,200 territory. Yet, ETHW's explosive rise rekindled debates over Ethereum's 2022 PoW hardforks and their forgotten offspring. Could the relative stability of the majors be a ticking indicator that a bigger move is brewing?
One notable theme this week is liquidity hunting. With major order books thin and a lack of institutional participation post-Bitcoin ETF euphoria, nimble traders are exploiting inefficiencies across lower-cap assets. Funding rates for ongoing futures contracts in meme names soared above 0.2%, indicating heavily levered long positioning—a classic 'yellow alert' sign for potential reversals.
History teaches us that meme-driven rallies tend to end with steep corrections. While gains attract headlines, unwinding frothy positions often annihilates late chasers. Stay nimble, stay skeptical, and manage your stop-loss orders meticulously if you're dabbling in today’s turbocharged environment.
The combination of meme-mania, thin liquidity, and revived retail interest hints at an exciting but risky few weeks ahead. Summer historically brings lower trading volumes, so whether this rally can weather the seasonality storm remains to be seen. For now, traders seem determined to ride the wave—no matter how choppy the waters get.
ETHW jumps nearly 50%, highlighting renewed interest in Ethereum-fork projects. Memecoins like TURBO and BRETT see wallet growth spike 60%+ thanks to viral social media campaigns, reviving memories of the 2021 retail frenzy.
In fast-moving meme-driven markets, profits are often made not from timing the bottom or the top, but by acting swiftly and securing partial profits on sharp upward moves. Laser-focus on exit strategies, not just entry points.
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