2024-1-24 00:10 |
It was a sea of red in the crypto industry as most coins pulled back. Bitcoin, the biggest coin in the world, entered a bear market as panic among retail traders spread. Similarly, Litecoin price crashed to $63.20, its lowest point since January 8th. It has fallen by over 16% from its highest point this month.
Ethereum, the second-biggest cryptocurrency, dropped from the YTD high of $2,715 on January 12th to a low of $2,168. It has retreated by more than 19% from the highest level this year, shedding billions of dollars in value.
Memeinator token sale is nearing $4 millionMemeinator, the upcoming meme coin, continued doing well in its token sale, in a sign that there is demand for new coins. Data published in its website shows that it has raised over $3.8 million as the current 14th stage nears its end. This capital raise makes it one of the best-performing in the past few months.
Memeinator has managed to create a community of hundreds of thousands of people. Data shows that there have been over 410k entries to its competition to win a trip to space through Virgin Galactic’s spaceship, which will start its flights in 2026. The trip will cost $250k.
In addition to this, the developers launched a $100k airdrop to encourage people to buy the token and participate in its growth. All this has helped to make it a huge community, which is needed if the network will become successful.
For starters, Memeinator aims to change the crypto industry by being a major meme coin that has artificial intelligence (AI) features. It aims to use the hype surrounding AI to grow and become the biggest meme token in the industry.
This strategy has been done before. For example, meme coins like Bonk and Pepe moved from nowhere and became some of the biggest coins in the industry. Along the way, these coins created several millionaires.
Outlook for Ethereum and LitecoinThe current sell-off of Bitcoin, Ethereum, and Litecoin is in line with expectations because of the recent approval of a spot Bitcoin ETF. As I wrote earlier, most financial assets tend to retreat sharply after a major event happens because of a situation known as buy the rumour and sell the news.
In addition to the spot Bitcoin ETF approval, we saw it happen in XRP when Ripple Labs won a case that was brought by the SEC. XRP price jumped initially and then resumed a downward trend. Before that, Bitcoin jumped after the SEC approved the BITO ETF, which tracked BTC futures, and then retreated.
Therefore, analysts expect that Bitcoin, Ethereum, and Litecoin will have some short-term pain and then bounce back in the coming weeks. The next key catalyst for these coins will be next week’s Fed decision followed by April’s Bitcoin halving event.
The post Ethereum and Litecoin near a bear market as Memeinator thrives appeared first on Invezz
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