Modest tension is currently being observed in major blue-chip cryptocurrency values, notably Bitcoin (BTC) which once again descended below the $29,000 mark looking to revisit the monthly lows, and Ether (ETH) exploring the $1,800 frontier eyeing a retest of its 200DMA. The negative aesthetics don’t appear to be the offspring of any recent news, but rather traders possibly banking profits in anticipation of the upcoming release of the monthly US Consumer Price Index inflation report.
Fascinatingly, both Bitcoin and Ether are tantalisingly close to retesting their 2023 trends, a breach of which could act as a signal of a potential shift in the market’s pulse towards the bearish side. This is quite significant when considering that the reasons pushing for such a shift may not necessarily be fundamentally justifiable.
Considering the aforementioned tingling suspense, cryptocurrency stakeholders seeking more promising immediate gains have decided to try their chances with meme coins. One particular coin, 科太币 (a Chinese translation of Tether), has been creating impressive daily records, boasting an increase of over 900% over the past 24 hours. However, the coin’s staggering 2600x increase against its DEX launch price doesn’t mean it’s time to go all in without carefully scrutinizing the risk of a potential rug pull situation given that its liquidity isn’t locked.
Also in the meme coin scene, Toshi, a cat-themed offering, is making significant breaks, achieving a 6x increase over its DEX launch price. However, similar to 科太币, Toshi’s attractiveness comes with a note of caution as it’s not entirely clear whether it’s plagued by the existence of a buy or sell tax. It also shares the rug pull risk since its liquidity isn’t locked.
The cat-themed coin parade continues with Kitty, another participant gaining attention recently. The cautionary note associated with Kitty, however, is its relatively low liquidity and the potential upper limit on transactions imposed by the issuer.
Evil Pepe rounds off the list of crypto coins catching eyes. Making a impressive recovery from its weekend lows, the token has been producing noteworthy volumes and offers the comforting feature of locked liquidity protecting against potential rug pull situations. The token enjoys a 99/99 DEXTscore, which reflects positively on its legitimacy.
Observing these trends, one cannot escape the understanding or rather the seeming contradiction posed between the bearish trends in major coin values and the frenzied activity in the meme coin market. It’s safe to say, however, that the realm of digital currencies remains high risk and potential investors should carefully factor this into their decisions.
Source: Cryptonews
