Bitcoin has fallen slightly from its newly-cemented all-time high of $89,968.10 to $87,604.70. With the US elections over, and the pro-crypto candidate Donald Trump taking the presidency, many whales and experts are anticipating BTC to reach above $90,000 per token this cycle.
However, for the time being, investor interest is slowly falling, with Bitcoin’s daily trading volume down 29.44%, sitting at $106.82 billion for the day. However, with Bitcoin’s $1.73 trillion market cap surpassing silver, whales are still getting in.
Other investors, meanwhile, are on the lookout for tokens that could ride the bull run. Among these, highly volatile meme coins and ICOs offer the most potential for outsized returns. The likes of Pepe Unchained (PEPU) and Crypto All-Stars (STARS) haven’t felt the impact of the bull run due to their ICO model, while Peanut the Squirrel (PNUT) is up over 10x.
Bitcoin Whales Continue Hoarding, Bitcoin Price Analysis
Bitcoin whales are undeterred by the current dip in price, buying more than $100 million worth of BTC after the dip. This attention has spread to the most popular altcoins, with Ethereum (ETH) and Solana (SOL) receiving significant whale attention.
Whales continue to accumulate $BTC after the price dropped!Whale "bc1q…67rc" withdrew another 600 $BTC($51.59M) from #Binance 15 minutes ago.This whale has withdrawn a total of 1,100 $BTC($95M) from #Binance since October 31, with an unrealized profit of $8M!… pic.twitter.com/NKwhoraEqi
— Lookonchain (@lookonchain) November 12, 2024
Bitcoin’s long/short ratio over the day is at 1.13 and slowly climbing. This shows the market’s faith that BTC will have more room to grow in the near future. On top of this, Bitcoin has a positive funding rate on all major exchanges, so all of the big players are in agreement there are great things coming in the cryptocurrency’s future.
When we take a look at liquidations, we also see more short positions are being liquidated than longs, all of which points towards Bitcoin having more room to grow this cycle.
Glassnode data also shows Bitcoin long-term holders are also holding onto their Bitcoin, presenting another bullish signal. However, with Bitcoin making these strides, the meme coin market is experiencing an even bigger rally.
Meme Coins Explode With Dogecoin 2x
The world’s biggest meme coin by market cap – Dogecoin (DOGE), has grown almost 2x over the last week, sitting at $0.386 per token. Meanwhile, the meme coin market as a whole has spiked from just over $54 billion to over $105 billion since the election.
Other top tokens like Shiba Inu (SHIB), Bonk (BONK), and Pepe (PEPE) have all grown over 30% over the last week. This demonstrates that the space is healthy, despite the fact altcoin season hasn’t even started yet.
The market also had a breakout token in Peanut the Squirrel go 25x over the last month up to a valuation of $1.39 per token. 10x of this came in the last week, while the token grew 208% in the last 24 hours.
It's my 3e cycle on crypto :–@Binance owns 30% of $PNUT–@elonmusk tweet the 2nd memecoin on history– Altseason has not startedYou honestly think we're at the high point of $PNUT You haven't seen anything yet !!!!!! pic.twitter.com/LgC2WObhak
— CryptoLove (@jerlo42430095) November 13, 2024
With Binance owning 30% of PNUT and a bullish outlook on social media, we could see significant growth over the days to follow. On its surface PNUT is a fairly standard meme coin, inspired by Peanut, a squirrel with over 900,000 Instagram followers.
However, it has no utility or unique features to speak of, making predicting its trajectory more difficult. However, there are a few meme coins looking to combine the aesthetic appeal of traditional meme coins like PNUT and DOGE with financial utility.
Are Utility Meme Coins the Future? Best Tokens to Buy During the Dip
The meme coin market has been long-dominated by zero-utility tokens with a charming aesthetic. However, the tides seem to be shifting, with the likes of Floki (FLOKI) going from a relatively middling token to firmly establishing itself in the top 10 meme coins by switching to a utility-heavy model.
FLOKI has grown 42% over the last week, up to a price of $0.0001998, quickly nearing a $2 billion market cap.
Investors looking for the next standout meme coin are looking at Pepe Unchained, a layer 2 project aiming to revolutionize ETH meme coins. With 100x faster speeds than ETH, instant bridging, and a dedicated block explorer with minimal gas fees, it’s no surprise the project has raised over $28 million in its ICO.
99Bitcoins, a YouTube channel with over 700,000 subscribers recently covered the token, anticipating it to be the “next 100x crypto” off the back of its utility and memetic value.
PEPE UNCHAINED MEME Coin Raises $27M – Next 100X Potential CRYPTO?!
For investors looking to get in at the ground floor, Crypto All-Stars offers a 463% APY on their staking rewards – letting investors almost 5x their token holdings over a year. The ICO is built around the MemeVault, a meme coin staking platform allowing users to stake all of their tokens in one place.
HOW TO MAKE PASSIVE INCOME WITH YOUR MEMECOINS!! CRYPTO ALL STARS
Overall, these two have the best odds of matching or exceeding Floki’s success on their DEX launch.
