The leading cryptocurrencies continue to tread water amid recent intra-day movements. Bitcoin persists in the low $29,000s while Ethereum hovers mid-$1,800s. A steady stream of positive economic data released last Friday, including the Core PCE inflation and Q2 Employment Cost Index figures, spurred hopes for a ‘soft landing’ -an economic scenario wherein the Fed could recalibrate inflation to its projected 2% without thrusting the economy into the throes of recession.
Yet the blue-chip cryptocurrencies, remaining insouciant to the optimism, are geared towards crypto-specific concerns, from spot bitcoin ETF filings to regulation – a dichotomy of reactions from traditional and cryptocurrency markets.
In contrast to the docile blue-chip cryptocurrency market, high-volatility seekers are drawing heavily to the meme coin/shitcoin market, lured by the tantalizing prospect of short-term gains. A few of the Ethereum-based that have been gaining traction include the Pegasus SniperBot (PEGASUS), Scarab (DUNG), and Ascend Coin (ASC) – each with its unique features and growth trend.
A notably entrant, Pegasus SniperBot (PEGASUS), mirrors the success of tokens associated with Telegram crypto bots. Launched recently, the token has surged over 120%, shooting it to record highs in the $0.60 per token range, a market cap of near $600,000. Despite this surge, buyers should be aware of the token’s applied 5% buy and sell tax.
Similarly, Scarab (DUNG), promising investors the next big shitcoin, has seen a revival, at one point registering a 110% daily gain and nearly 100% in the last 24 hours. But investing in DUNG is not free of risks, as it also implements a 5% buy and sell tax, with the added risk of possible change and pausing of transfers. Translating to potential investors being wary as the issuer could freeze their assets without any warning.
The Ascend Coin, another meme coin, but with a distinguishing feature of being armed with a sniper killer mechanism, has been undergoing a formidable upward streak, too. With an impressive more than 1,000 holders and unanimously recognized as a ‘trustworthy’ community, the token’s future looks promising. But it isn’t devoid of potential turmoil, with a 5% sell tax, a 1.5% buy tax and, provisions for tax modifications, wallet restrictions, and anti-whale mechanisms.
The volatility of the meme coin/shitcoin market tends to draw in investors in droves, most of whom are left disappointed as these coins often lack a broader vision or function. Instead, investment should be steered towards promising presale projects; deemed more secure and significantly more rewarding.
An example of such projects is BTC20, touted to emulate Bitcoin on Ethereum, an ecofriendly, low energy consuming Proof-of-Stake Ethereum blockchain. Its tokenomics mirrors that of Bitcoin – a 21 million BTC20 token supply cap, the same issuance schedule, and operates on a low-energy consuming network. As opposed to the energy-ravenous Proof-of-Work Bitcoin chain. Anticipated to raise a maximum of $6.05 million via the sale of BTC20 tokens for $1 each, the project had already received over $4.25 million in just over a week, indicating high demand in the presale space.
As it stands, cryptocurrency remains a high-risk asset class and investments must always be carried out after appropriate evaluation of the risks involved. While meme coins present an exciting prospect, their underlying value is grounded in hype and marketing, with the viability and sustainability of the coins being a major concern. Instead, tokens with long-term vision, such as BTC20, provide a tempting alternative. However, potential investors ought to be mindful and judicious about their digital investments in this volatile, yet irrefutably exhilarating domain.
Source: Cryptonews
