The dynamic realm of cryptocurrencies concludes another week with surprising developments surrounding the crypto ventures of Bitcoin, Solana, and memecoins. The long-awaited BTC halving has finally unfolded, with bullish ripple effects appearing on the heels of the Bitcoin milestone.
Meanwhile, Solana has implemented several upgrades to enhance its network capabilities. Additionally, the memecoin sector has come back after a period of decline, sparking significant investor interest.
Here's a summary of this week's major headlines:
BTC halving finally happens
One of the most anticipated bullish events in the crypto space, the Bitcoin halving event, has finally materialized, with Bitcoin making waves in the vast ocean of cryptocurrencies. Although the token price has not risen much since the halving, remaining at the $63,000 level, market sentiment appears to reflect global optimism.
Historical data suggests that Bitcoin's price trajectory reflects a prolonged period of consolidation following the halving, followed by a gradual parabolic upward trend. As a result, traders and investors in the crypto market are on high alert, predicting that the token will reach a new peak around December 2024 or February 2025.
Meanwhile, due to the halving event, Bitcoin launched PUPS, the first meme coin with Rune protocol during the halving. These records fueled immense bullish sentiment among traders for future Bitcoin price movements.
Solana addresses network congestion
Ethereum's eternal rival Solana this week ruled out a stockpile of developments primarily aimed at tackling network congestion issues. Due to Solana's network congestion, the blockchain faced intense backlash from the crypto community, and the Solana Foundation called for appropriate measures to be taken to address the above issues.
Notably, Solana deployed v1.18.11 to the devnet with help from Solana development shop Anza, but initially faced setbacks. However, devnet was successfully restarted again on his April 20th, increasing optimism for Solana's crypto venture, which shows efforts to address the issue.
Meanwhile, on April 15, Ethereum's rival ruled out the v1.17.31 release of its Solana network mainnet, further fueling the fires of optimism surrounding the company's efforts to tackle dynamic cryptography problems. This overall paints a bullish picture moving forward for Solana’s native token, SOL.
Also read: Binance tax case hearing postponed to mid-May in Nigeria
Meme coin recovery ignites frenzy
Amidst the rapid progress this week has seen, the memecoin sector has also made a series of breakthroughs that have garnered a lot of attention among crypto market enthusiasts. Following the pre-halving correction witnessed in the market, the meme coin sector showed signs of recovery with DOGE, SHIB, and many other coins recording price rebounds.
Notably, Dogecoin further advances its cryptocurrency efforts this week as Bitmain revealed plans to extend support for DOGE mining. Meanwhile, Dogecoin’s rival Shiba Inu is also reflecting the recovery trend, with a number of bullish events following the token.
Shibarium, Shiba Inu’s L2, witnessed an incredible spike in daily transactions, while BONE, the Shiba Inu token, recovered in parallel with the broader trend exhibited by SHIB. Shiba Inu’s head of marketing shared key insights about the newly launched PIKA and DAMN tokens, injecting optimism into Shiba Inu’s cryptocurrency business.
Additionally, as mentioned above, a new player has entered the meme coin sector: PUPS, Bitcoin's first meme coin. These records collectively sparked immense investor curiosity around the memecoin sector, creating further optimism for tokens across the crypto space.
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