Memecoin madness is breaking the Bitcoin halving cycle

Liquidity seems to have skipped a few steps and gone from Bitcoin straight into memecoins amid a “weird” bull market, say observers.

Crypto industry analysts are calling the current Bitcoin halving cycle the “weirdest” bull market on record, following a premature Bitcoin all-time high and a massive rush into memecoins. On April 1, Chainlink community liaison Zach Rynes aka ‘ChainLinkGod’ said “this bull market has been weird” in a post to his 171,000 followers on X.

Historically, bull runs would see liquidity flow into Bitcoin before moving into Ethereum and other high-capitalization coins and finally moving down the chain. However, the market “skipped a couple of steps that we have seen with previous cycles,” with flows going from BTC straight to memecoins which is “a bit unusual,” commented Rynes.Memecoin total capitalization surged to $70 billion on April 1, primarily driven by pumps in newly launched tokens such as Solana-basedThe recently launched Base-native token DEGEN is one example, having skyrocketed an eye-watering 2,800% over the past month.

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