Cryptocurrency prices were mixed during the weekend, a few days after Bitcoin surged to over $64,000 for the first time since 2021. Bitcoin remained stuck above $62,500 while Ethereum was around $3,430. Other popular coins like Solana, Avalanche, and Tron remained in a consolidation phase.
Still, there were some top performers during the weekend. WEN, the new Solana meme coin, jumped to $0.00031, which was 635% above its lowest point on record. Its jump brought its total market cap to over $297 million.
Similarly, Numbers Protocol (NUM) surged by over 200% in the past 24 hours, giving it a market cap of more than $90.5 million. Numbers is a blockchain project that provides monetization tools for digital media.
Virtua (TVK) token also more than 106%, bringing its total market cap to $51 million. Virtua is a metaverse platform that enables people to play games and earn rewards.
There was no major specific news about these three cryptocurrencies. Therefore, this price action, which is happening in a high-volume environment, is mostly because of their popularity among day traders.
As shown below, the three tokens were among the most mentioned in StockTwits, one of the most popular social media platforms for day traders. The other top mentioned tokens were the likes of Pepe, Filecoin, Shiba Inu, Ocean Protocol, and Measurable Data (MDT).
Trending cryptocurrencies
These pumps in the crypto and stock market have become highly popular recently now that the fear and greed index has moved to the extreme greed zone. The crypto and CNN Money indices have all moved to their extreme greed zone.
This also explains why some tiny companies like Bit Brotherand Volcon have seen huge volumes in the past few months.
These tokens are also surging as traders embrace a situation known as Fear of Missing Out (FOMO). This is a situation where these traders buy assets because they don’t want to be left behind as their peers’ profit.
FOMO is common when there are major bull runs as we saw during the last crypto bull run in 2021. At the time, most coins were in a strong bull run, helping to push the market cap of all coins to over $3 trillion.
Therefore, in my opinion, I believe that this rally has more room to run ahead of the upcoming Bitcoin halving. In most periods, Bitcoin and other altcoins tend to surge before the halving takes place.
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