Since its launch in 2009, Bitcoin has had a crucial impact on the cryptocurrency market. Its rise to fame has encouraged the use of altcoins, which are commonly traded alongside Bitcoin. This is why, even today, a significant market dynamic is that numerous altcoins are traded in conjunction with Bitcoin. Additionally, most coins cannot be directly purchased using fiat currency, leading traders to often exchange them for BTC.
Likewise, when an altcoin holder decides to exit the crypto sphere, they typically convert their holdings into Bitcoin to make any last profit before converting it into fiat money. This practice has the value of altcoins related to Bitcoin due to the latter’s market dominance. However, as the halving effect took place and Bitcoin’s market dominance came down, altcoins saw a slight uptick. Following the halving, BONKs price stands at $0.00002552 with a trading volume of ~$657 million, over the 24 hours. BONK has experienced an increase of 29.22% in value within the day; however, currently, it is down by 4.20% at the time of writing the article from its resistance point in the week at $0.00002761.
WIF, commonly known as Dogwifhat, stands at its support level for the week of $2.94. Many experts suggest that this recent rise in memecoins could signal a trend. When these meme assets start to increase in value, investors become more open to taking risks.
However, $MVP, commonly known as the MAGA VP, is a PolitiFi meme token that involves and rewards its community by allocating 1% of the buy/sell tax towards TRUMP token incentives. MVP token holds a market cap of $6 million, offering returns and bringing the community together around a shared political and financial vision. As the Vice Presidential selection nears, MAGA VP’s expansion to blockchains increases its appeal among DeFi enthusiasts. The tokenomics of $MVP create a self-sustaining ecosystem directing funds from taxes towards TRUMP rewards and liquidity pools, establishing it as a foundation for ongoing storytelling and community engagement. Currently, the token has been held around $0.1465 with a +125.53% increase in the last seven days since the halving with a forecasted growth of ~112% within a month period as VP selection nears.
To know more about MAGA VP, visit the website.
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