Bitcoin reached a new all-time high of $117k on July 10, marking a historic day for digital assets.
Altcoins, especially low-cap ones, experienced significant gains, with some memecoins increasing by up to 423% in just 24 hours.
Examples of memecoins that surged in value include Fartcoin (FARTCOIN) with a 21% increase, Pudgy Penguins (PENGU) with a 39% increase, and Bananas For Scales (BANANAS31) with a remarkable 240% increase.
The surge in memecoins' prices is attributed to increased liquidity in the market due to Bitcoin's rise, leading to a 'altseason' effect where investors seek higher returns in lower market capitalization tokens.