The crypto market continues its bearish trend with Bitcoin dropping below $80,000. Certain altcoins, however, are surging.

SafeMoon (SFM) has spiked 494.3% in the last 24 hours, reaching $0.0007107 from a low of $0.00001186.

Crypto market sentiment remains cautious today, with Bitcoin struggling to hold above $83,000. However, certain altcoins are seeing significant gains, triple-digit in some cases.

At last check, CoinGecko data shows Bitcoin (BTC) is down 4.4% over the last 24 hours.

Altcoins spike triple digits

The biggest gainer in the last 24 hours is SafeMoon (SFM), which has spiked 494.3% to reach $0.00007107 from a low of $0.00001186.

SFM’s price movement appears connected to its recent token burns. The project announced on March 7 that it has burned over 7.95 billion and 7.70 billion SFM tokens.

The team has also rolled out two updates in quick succession. In a recent announcement, SafeMoon announced another major token burn of 8.68 billion and 8.41 billion SFM tokens.

Additionally, SFM has updated its Solana (SOL) token with a new icon and spotlighted a Web3 Backup & Restore feature.

Coming to the second gainer in the top gainers list, PWEASE token has jumped 215.4% over the past day. The coin has surged to $0.02704 from a low of $0.006037.

Unlike SafeMoon, PWEASE doesn’t have any clear developments driving its price. The meme coin, recently launched on Pump.fun, appears to be experiencing the typical initial surge often seen with new meme tokens.

Such sudden pumps without fundamental backing usually lead to quick corrections, making PWEASE a high-risk coin despite its surge.

VON, the native token of play-to-earn game VAMEON is third on the list. The token has climbed 74% in the last 24 hours, reaching $0.0002887 from $0.0001504.

While there haven’t been major announcements from the VON team, the steady improvements to VAMEON gameplay have helped ramp up the player interest.

The token has seen growth over a longer timeframe, surging more than 800% in the past 30 days.

Despite these isolated success stories, overall crypto market sentiment remains cautious. Bitcoin continues to face selling pressure below $85,000, dragging most major altcoins down with it. The global crypto market is down 1.24% to $2.8 trillion at press time.