ONDO and Solana are two of the hottest cryptocurrencies of April. But they are slowly receding, with ONDO registering a 15% slip on Tuesday and Solana crashing 20% on the weekly chart. With the market getting back on its feet, they are expected to rise back soon.
Meanwhile, investors are hoarding MEW (cat in a dogs world), Dogeverse, and Slothana.
🚀 Hold onto your branches, Slothana faithful! 🌿 We're gearing up to drop some major news: the official launch date is on the horizon! ⏰ Get ready to mark your calendars and set your alarms, because a countdown timer will soon grace our site. Let the hype for the Slothana…
— Slothana (@SlothanaCoin) April 14, 2024
What you'll learn 👉
Are ONDO and Solana Going Down?
ONDO and Solana threatened to crash on Tuesday, slipping down the charts after the crypto market cap shed 5%. But the market is back in action, gaining 1% and touching $2.3T on Wednesday.
The price of high-cap assets like Bitcoin, Ethereum, and Solana are expected to show signs of progress over the next few days. Bitcoin halving will be the catalyst.
Solana 1-week price action, Source: CoinMarketCap
This is because the BTC price should rise above $80,000 post-halving for miners to stay profitable. If it keeps selling at the current price of $64K, miners will be discouraged from continuing their operations. Bitcoin halving, which occurs every four years or 210,000 blocks, cuts the block reward earned by miners by half.
Source: CoinMarketCap
The event has a history of uplifting the market as a whole, and this time is unlikely to be any different. For example, the May 2020 halving led to a rise in mining costs. To keep mining profitable back then, the price of BTC should have shot up to $30,000.
By Nov 2021, however, BTC was selling above $67K. Most high-cap cryptocurrencies followed suit, setting new highs.
ONDO 1-day price action, Source: CoinMarketCap
Going by that trend, the Bitcoin halving event will kindle a bull wave in the broader crypto market. ONDO and Solana will reverse their losses over the next few days, aiming for new support levels. Established cryptocurrencies have good long-term investment outlooks due to the optimistic market predictions this year.
MEW and Slothana Take the Spotlight
Meme coin mania is expected to peak this week, with Doge Day on April 20. Capitalizing on the momentum, MEW, Slothana, and Dogeverse are trending.
MEW 1-day price action, Source: CoinMarketCap
MEW has pumped close to 40% on the daily chart, while Slothana sold out its $10M presale. Dogeverse is about to touch the $6M presale milestone. The rapid progress of the presale hints at an early sell-out.
A Clear Meme Coin Trend is Emerging
An analysis of the meme coin market shows the emergence of a new trend. The widespread success of tokens like Slothana and cat in a dogs world (MEW) indicates that the market is favoring ‘non-dog coins’ this season.
While meme coins like Dogecoin, Shiba Inu, and Dogwifhat have been slipping over the last few days, Slothana and MEW are bucking the trend. In a market that has long favored dog coins, these two new coins dared to explore beyond. It helped them stand apart from the crowd and establish their market relevance.
While MEW has expanded to a $570M market cap over the last few days, Slothana has yet to make its exchange launch. The clock has started ticking:
The presale of the lazy office sloth sold out ahead of schedule after investors began to hoard $SLOTH. The project’s theme which resonates with meme coin investors who are also working full-time alongside was an instant hit.
Investors can still buy the token for a fixed price (1 SOL = 10,000 $SLOTH) for a short window.
Are Dog Coins Dead? Dogeverse Momentum Suggests Otherwise
After Dogwifhat pump ended, the dog coin momentum has been channeling to Dogeverse. The name that captures the attention of the market has ignited a speculative wave around the project.
Dogeverse is an interconnected meme coin universe centered around Cosmo the Doge. The project is launching on multiple blockchains to take advantage of their speculative and utility edges.
It is the first of its kind meme coin to attempt an extensive multichain architecture. Although dog coins are on a decline this month, the vision has earned the project massive support from the community.
MEW and Slothana are vying for the third place on the meme coin chart in April. But it could go to a dog coin again. The rapidly growing popularity of Dogeverse and the presale momentum suggest that the new dog coin has the potential to dethrone WIF and take the third spot.
In addition to the multichain architecture, $DOGEVERSE supports staking. In the current presale stage, investors get up to 176% returns, p/a.
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