Meme Coins Steal the Show: Bitcoin Price Stagnates as Crypto Investors Turn to the Latest Craze
Bitcoin (BTC) has had a fairly unremarkable last month despite some volatility in its price due to outside conditions. Crypto's staple coin has been somewhat left in the shadows this month as the market has become obsessed with meme coins.
Bitcoin's price basically being back to where it was four weeks ago has a lot to do with regulation question marks hanging over the coin but it's also indicative of where the market is focused on at the moment. This year seemed like it would be a big one for meme coins as there were a lot of interesting projects in the pipeline but then Pepe coin (PEPE) happened and the whole thing exploded.
PEPE was a seemingly irrelevant coin that out of nowhere pumped by 20,000% and saw its investors see incredible overnight returns. This has caused a snowball effect as investors flock to the meme coin sector to try and find the next big money maker. This has somewhat left Bitcoin and its impending date with destiny by the wayside.
However, we think it's important not to forget that Bitcoin has a lot on its plate at the moment and regulation talks worldwide could end up having a drastic effect on the market. That being said, we don't want to turn potential investors off the meme market as there are clearly great opportunities for those able to find them.
We have two coins, in particular, we think could see a similar fate as PEPE. However first, let's look at why Bitcoin's price has been volatile this last month but seems to always end back at the same place.
The below chart is Bitcoin's (BTC) price over the course of the last month. As we said despite a lot of volatility it keeps seeming to settle in between that $27k-$28k range. That is mostly due to the outside regulation factors we have mentioned.
Every day now there seems to be a new story about either the SEC, another US, authority, or a world power threatening impending regulations on Bitcoin and cryptocurrency. The SEC is making new proposals to try and once again tighten regulations around the market, Brazil is blocking crypto firms from being involved in its digital token pilot, the central bank of Argentina has banned payment providers from offering crypto transactions, and Estonia got rid of 400 crypto firms with new laws that have just been introduced.
However on the other hand some interesting progress is being made in France, Liechtenstein, Canada, and China as all have looked into different ways of introducing some way digital currencies can be accepted in their respective countries. All this conflicting news of course shows us why Bitcoin's price has been so volatile but ultimately ends up around the same mark.
We believe if anyone tells you they know what will happen in the near future with BTC or any of the other large altcoins they are lying. There is just so much turmoil and so many different ways to go that investors looking for an edge need to look somewhere else. That somewhere is meme coins.
The two meme coins that could pump past PEPEMeme coins are a subsection of crypto that doesn't really obey general market trends, while volatility in most altcoins can be a sign of weakness it can actually be a strength of meme coins. As they usually have a huge quantity of available coins whales can purchase big amounts of a token and completely sway the price. This can trigger more investors and the next thing you know you are looking at $20,000% returns like in the case of Pepe coin (PEPE).
It looks like PEPE's moment in the spotlight might already be over but we think Spongebob Token ($SPONGE) and AiDoge (Ai) are waiting in the wings to take over. Both will give your portfolio a lot of versatility too as one represents the possibility of being an overnight sensation while the other could long-term take over as the number one meme token.
Spongebob TokenIn Spongebob Token ($SPONGE) we have a coin that is the perfect storm of qualities to make it the next PEPE coin. First of all, we think nostalgia seems to be the key to PEPE's success as it was one of the oldest internet memes. Well, $SPONGE not only represents what is the most memed show on the internet but a meme that has practically been adopted by the crypto community.
The token also is right at the beginning of a major pump, after pumping by over 3,000% the coin then had a setback after a market-wide panic over Binance's handling of BTC withdrawals. However, that was a false alarm and now the coin is already back up over 48% today. Who knows how much more it could pump.
CEX listings keep coming for $SPONGE too which gives the coin real legitimacy. A Uniswap listing has recently been followed by Poloniex, LBank, CoinW, and Toobit as clearly exchanges also believe in this hype around the coin.
As we said AiDoge (Ai) represents a much different prospect to $SPONGE but will likely have the same end result. This token is built to take over from DOGE and SHIB in the long term as it is currently flying through its presale.
Over $1 million was raised in less than 24 hours just yesterday and now AiDoge is closing in on the $5 million raised mark. The presale is going by so quickly that it is passing through stages in a matter of hours rather than weeks.
AiDoge offers a unique prospect in two ways: it will be the first AI-assisted meme generation platform, and it introduces the meme-to-earn concept. Users will be able to earn the native currency by creating memes. How highly other users rate your memes will correlate to how much Ai you can actually make.
This is a well-planned project that has goals to reach the top of the meme coin ladder. The presale stages are flying by but thankfully there are 20 to go through so interested parties can still get involved at a price that will be a discount on its future listing price.
As most people know Bitcoin is a canary in the coalmine for the crypto market as a whole. With so much uncertainty worldwide surrounding regulation and Bitcoin and other major altcoins getting dragged into discussion is it time to look elsewhere.
Meme coins being a rule on themselves is a huge benefit here for those investors that know how to play their cards right. Pick $SPONGE and AiDoge so you have the best of both kinds of meme coins. AiDoge is one you will hold onto long-term while opportunistic timing with $SPONGE could see some big-time returns.
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