In a market often referred to as a topsy-turvy roller coaster, Tuesday gave cryptocurrency enthusiasts a reason to cheer, particularly for lovers of meme coins. One in question, Pepe Coin (PEPE), witnessed an approximate leap of 9% in valuation amidst a more extensive market rally. Worth noting, this shadowy figure rose from obscurity in May and has emerged as the third-largest meme coin by market capitalization. Simultaneously, it experienced a 12% increase from its multi-month lows and is currently trading near $0.0000012.
What are the triggers behind this sudden surge? Primarily, it could be the likelihood of spot bitcoin ETFs gaining approval by 2024, PayPal forging ahead with its stablecoin and a dampening of global bond yields due to weak Chinese trade data. PEPE’s upward trajectory now sets a comfortable stage for a retest within the $0.00000145 area, lending bearish trend enthusiasts a ray of hope. Quick gains within the 20% range are certainly achievable.
However, the excitement doesn’t stop here. August could become the month for ER-20 token enthusiasts. We all remember how PEPE gripped the crypto world. This August, another ER-20 token, BTC20, is poised to quickly gain favoritism. Projected to launch on Ethereum-based decentralized exchanges (DEXs) on August 10, this token utilises the ‘FOMO’ strategy to gain popularity among the masses. Diverging from its predecessor Bitcoin (BTC), BTC20 rises from the Ethereum blockchain, promising faster transactions, greener operations, and anchoring the decentralized finance (DeFi) world.
Moreover, this newbie offers the investors the lucrative chance of a passive income from stakeholding coins. As per the official BTC20 twitter handle, the yields may hypothetically skyrocket to hundreds of percent per annum, contingent on the size of the BTC20 staking pool.
For those who were lucky enough to get in on the BTC20 presale, staking will be available from August 9. The attractive yields on offer may result in a significant portion of the supply being committed to staking, leading to reduced supply available for exchange, thereby providing a favourable condition for a token price surge. It is speculated that a $6 million cap has plenty of room for BTC20 to explode and reach ten-fold gains without breaking a sweat. Yet, this promising prediction comes with a cautionary note. Cryptocurrency markets can resemble a high-wire act where rewards and risks scale equitably. As this high-risk asset class balloons in popularity, it’s always worth remembering that one’s capital may inflate or deflate at lightning speed. Enjoy the game but remember to play safe!
Source: Cryptonews
