BRETT surges 12% to become top gaining meme coin
crypto.news 29 July 2024 10:36, UTC Brett, the largest meme coin on the Base Blockchain, surged by over 12% on Monday as positive sentiment spread through the crypto and stock markets.
At the time of writing, Brett (BRETT) was still up 11.7%, trading at $0.1395, according to data from crypto.news. Over the same period, the meme coin, inspired by a character from the “Boy’s Club” comic, had a daily trading volume of $50.7 million.
BRETT has now become the 71st largest cryptocurrency, with its market cap exceeding $1.38 trillion. Despite this rise, BRETT remains down 27.8% from its all-time high of $0.1939.
The surge in BRETT follows an increase in Bitcoin (BTC), the largest crypto asset by market cap, which rose by 3.1% over the past day to $69,471 on Monday. This came after Republican candidate Donald Trump revealed plans to make Bitcoin a national strategic asset if elected in November.
Bitcoin’s 24-hour lows and highs were recorded at $67,320 and $69,842, respectively.
The meme coin sector also saw minor gains, rising nearly 3.4% in the past 24 hours, with its market cap reaching $55.5 billion.
Bitcoin’s performance often influences the broader cryptocurrency market, including meme coins. When Bitcoin performs well, it typically boosts investor confidence and interest in altcoins, creating a positive feedback loop that drives up prices.
Brett’s rally was also supported by the continued success of the Base blockchain ecosystem. Launched in 2023 by Coinbase, Base has accumulated over $1.727 billion in defi assets, making it the 6th largest chain in the industry, surpassing popular networks like Cardano (ADA), Avalanche (AVAX), and Polygon (MATIC).
Additionally, Brett and other altcoins benefited from a rebound in the US stock market, indicating a risk-on sentiment among investors. The Dow Jones index rose by over 650 points, while the S&P 500 and Nasdaq 100 gained over 55 and 175 basis points, respectively.
In the past 24 hours, Brett has shown a notable upward trend, as reflected in its price chart. The price climbed steadily from around $0.123 to approximately $0.140, indicating a strong bullish movement.
From a technical perspective, Brett has formed a morning star pattern, a well-known reversal signal. Historically, the token has seen double-digit gains when this pattern appears. For instance, on July 12, the formation of this pattern led to a 40% increase in the token’s price.
However, there is a possibility that this rebound could be a dead cat bounce, where an asset experiences a brief rise before resuming its bearish trend.
