The cryptocurrency market tends to shy away from predictability, or at least that appears to be the case in the wake of the Federal Reserve’s recent announcement. A 25 bps lift in interest rates, bringing them to a 22-year high of 5.25-5.5%, seemingly had a subdued impact on the market, specifically Bitcoin (BTC) and ether (ETH) which continue to sit in the low $29,000s and mid-$1,800s, respectively.
On the one hand, maintaining a footing above Bitcoin’s 50-Day Moving Average at $29,200 can be seen as a sturdy response. On the other, market thrill-seekers are undoubtedly expecting more from their investments than ‘subdued.’
Enter the meme coin/shitcoin market. With the notable blue chip movements seemingly stuck in a holding pattern, the prospect of rapid-fire short-term gains has put the spotlight on Ethereum-based coins such as Hu Tao Spirit Soother Token (HUTAO), PAAL AI Token ($PAAL), and Hoppy Token (HOPPY).
Although PAAL AI supposedly brings an advanced AI ecosystem to the table and had a DEXTscore of 99/99, caution is warranted. With the 4% buy and sell tax subject to change at the whim of the token issuer, buyers risk a total loss through a potential 100% sell tax.
Now let’s talk hop. HOPPY Token, attached to the lovable frog character Hoppy, saw considerable growth, with multiplication of approximately 4x from Wednesday’s lows. With thousands of holders, hundreds of thousands locked in liquidity, and over $1.24 million of trading volume, this meme coin isn’t exactly going unnoticed.
Have we hit the nail on the head? Potentially, though it’s crucial to acknowledge there are significant risks involved in such speculative coins. Nearly all of these coins lack sturdy utility or project vision, implying they could wind up worthless.
In contrast, there’s BTC20, deemed “Bitcoin on Ethereum.” Operating with similar tokenomics to Bitcoin for instance, a 21 million token supply cap and an eco-friendly proof-of-stake (Ethereum) blockchain. This new coin is worth keeping an eye on, with its token sale already raising nearly $3.5 million. High risk aside, the cryptocurrency market remains an arena of significant potential reward if the chips fall in the right place.
Source: Cryptonews
