Bitcoin halving cycle disrupted by Memecoin frenzy

The current Bitcoin halving cycle is being deemed as the most peculiar bull market in the crypto industry, as it experienced an early all-time high and a massive surge in memecoins. Chainlink community liaison, Zach Rynes, known as ‘ChainLinkGod,’ stated that this bull market has been strange, deviating from the usual pattern of liquidity flowing into Bitcoin, then Ethereum, and finally other high-capitalization coins. Instead, the market skipped these steps and went directly to memecoins, which is quite unusual. Memecoin total capitalization skyrocketed to $70 billion on April 1, driven by the rise of tokens like ‘dogwifhat’ (WIF), ‘Book of Meme’ (BOME), and older memecoins like Pepe (PEPE) and Bonk (BONK). The Coinbase layer-2 network, Base, has also become a hub for memecoin speculation, with the recently launched native token DEGEN experiencing a staggering 2,800% increase in the past month. Rynes noted that market fundamentals are currently not playing a significant role. Ethereum educator Anthony Sassano shared the sentiment, stating that this is the strangest bull market the crypto industry has ever witnessed. He added that retail investors will not enter the market meaningfully until there is a collective market surge. Adding to the peculiarities of this market cycle is the fact that Bitcoin reached an all-time high before the halving, whereas in previous cycles, the all-time high occurred a year after the halving. Bitcoin hit $73,734 on March 14, and the halving is just 18 days away, scheduled for April 20. Analysts have already predicted that the pre-halving retrace has concluded. Technical analyst Moustache highlighted on April 1 that BTC had reclaimed a key Fibonacci ratio level seen in previous cycles, but this time it happened before the halving. The article also mentions the dangers to be cautious of when investing in Solana memecoins.