From Pepe to BabyDoge: Meme keywords predicting the crypto market’s next move

While Bitcoin (BTC) and Ethereum (ETH) experienced a decline this week as the recent surge faltered due to uncertainty surrounding the Federal Reserve and regulatory scrutiny, others tokens labeled meme coins have experienced astonishing results.

Meme coins and tokens have a significant impact on the wider crypto market, as evidenced by their correlation with market tops and falls. In the past week, with the crypto market experiencing a decline, there has been a surge in the use of popular meme keywords. These social media spikes have emerged as dependable signals for predicting market tops. 

Santiment noted on April 22: 

“Crypto markets often top & fall when meme keywords begin to spike. And as crypto markets have slipped this past week, we’ve seen words like #pepe, #babydoge, and #bobo trend at high frequencies. These social spikes are reliable market top signals.”

Bitcoin and meme keyword correlation. Source: Santiment

Meme coin market moves

Now, a newly created meme coin, PEPE, intended to compete with top meme coin Dogecoin (DOGE) , has skyrocketed by a staggering 21,000% since its launch just last weekend. As a result, it has already secured a position as the seventh largest meme coin by market capitalization, with a total value of approximately $94.6 million.

The meme coin based on Pepe the Frog has a “self reported” circulation of 420.69 trillion while also carrying an “exercise caution” sign on CoinMarketCap as of April 25.

On April 15, an investor known as SmartMoney purchased 5.9 trillion PEPE coins for 0.125 Ethereum, which subsequently turned him into a millionaire. Based on the current price of the token, this investment is now valued at well over $1.4 million.

Another meme coin that has been recently trending is BOBO, which launched on April 20 and claims to be the next PEPE. Although many are labeled as scams or rug pulls, these infamous tokens can offer investors serious gains.

On the other hand, Baby Doge Coin (BABYDOGE) is a spinoff DogeCoin. It was launched in 2021 and currently holds the sixth ranking of largest meme coins with a market capitalization of $331,276,266.

Despite many meme coins having a bad reputation, they have found their place on the crypto ecosystem, rewarding investors and like Santiment noted, in some cases predicting tops and falls of the general market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk

The post From Pepe to BabyDoge: Meme keywords predicting the crypto market’s next move appeared first on Finbold.

Here’s how much Bitcoin is up since Peter Schiff told investors to sell in January

Since the turn of the year Bitcoin’s (BTC) rally has taken some investors by surprise, particularly following the prolonged bear market of 2022. While some are optimistic that this signals the start of the next bull run for Bitcoin, others are skeptical and question the sustainability of the momentum. 

One person who remains bearish on Bitcoin is Peter Schiff, chief global strategist of Euro Pacific Capital. Despite the gains, Schiff considers the rally to be temporary and views it as an opportunity to exit the market.

On January 12, Peter Schiff took to Twitter to express his opinion on Bitcoin’s price. With the cryptocurrency trading above $18,000, Schiff saw it as an ideal moment for investors to sell the digital asset.

The chief global strategist had predicted a potential market crash ahead of the release of the United States Consumer Price Index (CPI) also citing gold’s 8-month high, which he thought could impact Bitcoin’s value. 

Despite Schiff’s recommendation to sell Bitcoin, the opposite outcome has come to pass. Contrary to his prediction, the cryptocurrency’s value has continued to climb, reaching $27,450 at press time, and representing a significant 54% increase since Schiff urged investors to sell. 

Bitcoin since Schiff’s prediciton. Source: @BTC_Archive

Schiff follows Jim Cramer curse

The market’s reaction to Schiff’s advice shows the unpredictability of cryptocurrency and its resistance to conventional market analysis. 

In a similar case, host of TV show “Mad Money,” Jim Cramer, urged investors to sell Bitcoin at $24,000 back in March. Since his call, the leading cryptocurrency rallied over 20% to where it stands today.

Where will Bitcoin trend next?

Bitcoin’s price has recently stabilized above the $27,000 threshold, facing strong resistance at $28,377.

Bitcoin 1-day price chart. Source: Finbold

According to a recent analysis from Michaël van de Poppe, Bitcoin has the potential to increase its value if it successfully surpasses the $27,800-$28,000 range. If this occurs, Bitcoin could potentially accelerate towards $29,200. However, the cryptocurrency’s upward momentum depends on whether it can sustain the breakout above the resistance level. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Here’s how much Bitcoin is up since Peter Schiff told investors to sell in January appeared first on Finbold.

UK banking giant predicts Bitcoin to reach $100k by end of 2024

The world’s top cryptocurrency, Bitcoin (BTC), is set to soar and possibly reach $100,000 by the end of 2024 based on the latest insight by British multinational bank Standard Chartered.

Indeed, the banking giant claims the “crypto winter” which began in 2022 is officially over, according to a report from Reuters on April 24.

In the report released this Monday, Standard Chartered’s head of digital assets research, Geoff Kendrick highlighted several factors that could potentially boost Bitcoin’s value in the near future. These include the recent turmoil in the banking sector, a stabilization of risk assets following the end of the U.S. Federal Reserve’s (Fed) rate-hiking cycle, and an improvement in the profitability of crypto mining.

“While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer,” Kendrick stated.

Since the beginning of the year, Bitcoin went on a major rally from $16,500 all the way up past $30,000, surpassing this last mark for the first time in ten months. Bitcoin’s surge also shows a partial recovery of the market, especially after a difficult 2022 brought many crypto firms to their knees, including FTX, Terraform Labs, Celsius, 3AC and others.

How other BTC estimations played out

In previous Bitcoin rallies, it was common to hear optimistic projections of soaring valuations. One example occurred in November 2020 when a Citibank analyst suggested that Bitcoin could potentially reach an impressive $318,000 by the end of 2022. Despite these lofty expectations, the cryptocurrency closed out last year with a 65% decrease, ending at $16,500.

More recently, author of best-selling personal finance book, “Rich Dad Poor Dad,” Robert Kiyosaki, has publicly shown his support for Bitcoin once again. In a tweet posted on April 21, Kiyosaki expressed that people support BTC, not the Fed nor the government, and sees the price rising up to $100,000.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post UK banking giant predicts Bitcoin to reach $100k by end of 2024 appeared first on Finbold.

Top 5 cryptocurrencies under $1 to buy in May 2023

As we bid farewell to the fourth month of 2023, the crypto market continues to be in flux. The recent approval of the MiCa law in the European Parliament is set to bring a new era of crypto regulation, leaving investors clueless as to where the market will trend next. 

Despite the uncertainty, there are still many opportunities to be found, including affordable cryptocurrencies that can be purchased for $1 or less. Finbold has once again delved into the crypto market, examining recent trends and important developments to compile a list of cryptocurrencies worth watching in May.

Cardano (ADA)

Cardano (ADA) has been drawing attention from investors lately. In April, Cardano whales, or large holders, have been betting on the token, acquiring over $200 million worth of ADA.

Despite being down 12% in the last seven days, experts believe the current correction may signal a bullish retest before ADA forms an inverse head and shoulders formation. Cardano´s chart indicates that the current price of $0.384 is a good buying opportunity and the token could potentially surge in the upcoming weeks.

Cardano YTD price chart. Source: Finbold

Polygon (MATIC)

Polygon (MATIC) is one of the most popular layer-2 blockchains at the moment. With the price currently sitting just below $1, at $0.99. The token is down 10% in the last month and 38% from its February 1-year high of $1.542.

Although the continuing downtrend of MATIC may be alarming for some, the current chart indicates a good entry price for many investors looking to stack on a top 10 cryptocurrency.

Polygon YTD price chart. Source: Finbold

Fantom (FTM)

The next-generation Layer-1 DeFi (Decentralized Finance) platform has made quite the noise since it introduced a new mainnet upgrade, promising to speed up P2P (peer-to-peer) and block processing times by 30%, along with scaling the network to process files and search logs faster.

Since the start of the year, FTM gained over 100% in its price, despite losing 22.8% in the last week, and is currently trading at $0.4185. Looking at the chart, it’s worth noting that FTM touched a 10-month high of $0.633 back in February, suggesting that the price may come back into action in the following months.

Fantom YTD price chart. Source: Finbold

Flow (FLOW)

Created by Dapper Labs, Flow is a decentralized Layer-1 blockchain that is used mainly for non-fungible tokens (NFTs) and Web3 games. The network is expected to be upgraded on May 6th, making it more scalable and efficient.

Despite the general downtrend of the last week, the FLOW token showed more resilience than the rest of the market. Down by only 4.15% in the last month, FLOW is priced just below $1, at $0.921. According to the chart, the FLOW trendline appears to be getting weaker, expecting a possible bullish breakout soon.

Flow YTD price chart. Source: Finbold

VeChain (VET)

Layer 1 blockchain VeChain recently announced the launch of VORJ, VeChain´s Web3-as-a-Service platform that promises to bridge Web2 and Web3. VeChain is one of the most energy-efficient blockchains to date.

VET is currently trading at $0.021, making it the cheapest buy on the list. With both the 30 and 90-day performance down by 4.15% and 5%, respectively, VET is a cheap opportunity for investors looking for a promising project.

VeChain YTD price chart. Source: Finbold

Outlook for May

When it comes to investing in cryptocurrencies, the price of an asset is just one factor to consider. While it may be tempting to focus solely on low-priced options for the sake of accumulating more tokens, investors know that a well-rounded portfolio should include a mix of promising assets, regardless of their price. 

With that said, the cryptocurrencies we’ve highlighted are not only affordable but have also shown great potential for growth and development for May. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Top 5 cryptocurrencies under $1 to buy in May 2023 appeared first on Finbold.