Market
Bitcoin eyes $70k as the Piggy Bankster presale commences in 26 hours
![](https://coin2049.io/wp-content/uploads/2024/06/piggy-bankster-pigs-token-launch.jpg)
![](https://coinjournal.net/wp-content/uploads/2024/06/piggy-bankster-pigs-token-launch.jpg)
Key takeaways
- Bitcoin is trading above $69k once again and is now targeting the $70k psychological level.
- Piggy Bankster is scheduled to launch on the Solana blockchain tomorrow
Bitcoin targets $70k
The cryptocurrency market is having a positive start to the week, with BTC and other major altcoins performing well. At press time, the price of Bitcoin stands at $69,070, up by more than 1% in the last 24 hours.
With the broader market performing well so far, BTC could target the $70k psychological level in the near term.
Piggy Bankster prepares for launch
The cryptocurrency market has had an excellent run year-to-date, with most coins and tokens up by more than 50% during that period. As more investors troop into the market, exciting projects continue to emerge.
One project that is set to launch on the Solana blockchain this week is Piggy Bankster, a pig gangster-themed meme coin.
The Piggy Bankster ($PIGS) launch is scheduled for June 4, 2024, and according to the development team it will be designed as a fair launch on the Solana network, allowing investors to acquire the token from the outset without any tiered price increases.
The total supply of Piggy Bankster tokens is set at 100,000,000 $PIGS, with 100% of this supply being allocated to the liquidity pool. The mem ecoin’s initial liquidity stands at $12,000, with a starting price of $0.00012 per $PIGS.
What is Piggy Bankster? The new Solana meme coin
With the Piggy Bankster launch just a few hours away, now’s the time to find out more about this project. Piggy Bankster is a meme coin on the Solana blockchain. However, while the meme coin space is dominated by Dog, Frog, and Cat characters like Dogecoin, Shiba Inu, Pepe, and Popcat, Piggy Bankster is introducing something fresh to the ecosystem.
It is a pig gangster-themed project represented by a pig nicknamed Piggy Bankster. According to their official website, Piggy Bankster struggled his way out of the slums of Swine City and reached the top of the criminal underworld.
Piggy Bankster is a crime boss who only appears on-chain donning a pin-striped suit. Piggy has, does, and will blast anyone in his way and is notorious for his ruthlessness. The pig values loyalty above all and looks after those who serve him faithfully.
Piggy Bankster’s launch comes at a time when meme coins are experiencing massive adoption in the crypto ecosystem. At the moment, there are seven meme coins in the top 100 list, including Dogecoin, Shiba Inu, Pepe, Book of Meme (BOME), Dogwifhat (WIF), Bonk, and Floki.
Solana has become home to some of the leading meme coins thanks to the network’s speed and transparency. Piggy Bankster is now looking to leverage Solana’s features for its $PIGS token.
You can learn more about the Piggy Bankster project from their website or follow their social media activities on X and Telegram.
Market
Bitcoin Cash (BCH) Hashrate Soars, Price Drops to 3-Month Low
![](https://coin2049.io/wp-content/uploads/2024/07/bic_Bitcoin_Cash-covers_neutral_1.png.webp.webp)
Hashrate is an important aspect of crypto projects that use the Proof-of-Work (PoW) consensus mechanism. While Bitcoin (BTC) heads this regime, the hashrate of its 2017 hard fork, Bitcoin Cash (BCH), surged dramatically on July 3.
Questions arose about the cause of the spike. However, BeInCrypto could lay hands on the rationale as the price moved in the opposite direction.
New Miner Scoops Bitcoin Cash New Supply
According to CoinWarz, the hashrate jumped to 8.54 ExaHash per second (EH/s). The last time the reading was close to this region was November 2018, when it reached 7.79 EH/s. Therefore, the new value means it has hit a new All-Time High (ATH).
Hashrate represents the computational power miners use to generate new hashes while trying to solve new blocks on the Bitcoin Cash network. The higher the hashrate, the more secure the network and the more averse the blockchain is to attacks.
![Bitcoin cash hashate rises](https://beincrypto.com/wp-content/uploads/2024/07/bitcoin-cash-hashrate-850x387.png.webp)
Therefore, the recent spike implies that Bitcoin Cash has become healthier. According to The Bitcoin Cash Podcast, a certain miner called “Pheonix” was responsible for the hike in hashrate.
The podcast mentioned via X, that this miner has been accumulating all the BCH fresh supply and, in turn, adding to the hashrate. Throwing more light on the situation, the handle noted that:
“A miner receiving a large chunk of coins (or knowing of others who were) could be bullish on swaps to BCH (150+:1 BCH: BTC is bullish for OGs reallocating to BCH) and want to grab an extra supply.”
Read More: 7 Best Bitcoin Cash (BCH) Wallets in 2024
Despite the rise, BCH’s price went the other way. As of this writing, BCH trades at $357.74. This is a 5.23% decrease in the last 24 hours and the lowest the coin has reached since March 14.
BCH Price Prediction: It All Depends on Bitcoin
BCH’s price decline can be attributed to Bitcoin’s plunge within the same period. This is because of the correlation between both cryptocurrencies.
According to IntoTheBlock, the correlation matrix between BTC and BCH is 0.90. Typically, the correlation matrix ranges from -1 to +1. Values closer to -1 indicate a strong divergence in prices.
However, when the correlation is close to +1, it means that the cryptos move in the same direction in many instances. This is the case with Bitcoin and its hard fork.
![Bitcoin Cash- Bitcoin correlation](https://beincrypto.com/wp-content/uploads/2024/07/bitcoin-cash-correlation-850x349.png.webp)
On June 10, the daily chart shows that BCH retested the 476.35 resistance. However, it was at this point that a bearish crossover happened. A bearish crossover, also known as a death cross, occurs when the longer EMA rises above the shorter EMA.
EMA stands for Exponential Moving Average, and it measures trend direction over a period of time. This was the case with BCH on the said date, as the 50 EMA (yellow) crossed above the 20 EMA (blue).
Consequently, Bitcoin Cash bulls could not defend the support at $423.30. In addition, the price trades below both EMAs, indicating a further decline could be in the works.
Read More: Bitcoin Vs Bitcoin Cash: Which Is a Better Investment in 2024?
![Bitcoin Cash price analysis](https://beincrypto.com/wp-content/uploads/2024/07/bitcoin-cash-bch-price-850x480.png.webp)
If this happens, the price of BCH could drop to $317.19, especially as most miners remain unprofitable. However, this will be invalidated if Bitcoin’s price recovers or rises above $60,000 for a start. Should this be the case, BCH may rise toward $415.19.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Meme Coin Investors Exit as Bitcoin Hits New Lows
![](https://coin2049.io/wp-content/uploads/2024/06/BIC_Recession_falling-covers_negative-min.png)
As Bitcoin hits a two-month low of $57,500, numerous crypto investors are strategically exiting volatile meme coins. The broader market downturn has notably affected these digital assets, known for their speculative nature, leading to significant sell-offs.
This week, some of the investors have started booking profits. Yet, they still hold a significant amount of meme coins, awaiting market recovery.
Crypto Investors Sold Pepe, Dogwifhat, and MICHI
“Dimethyltryptamine.eth,” who owns the wallet address 0x4a2, returned after 10 months of dormancy. According to Spot On Chain, this crypto whale exchanged 10 billion Pepe (PEPE) for $112,000, converting them into 32.73 Ethereum (ETH) at a rate of $0.0000112118.
Despite the market’s volatility, this investor still possesses 1.99 trillion PEPE, currently valued at $22.35 million, which represents a staggering 59,600% increase in value.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Moreover, this investor holds substantial amounts of other meme coins. Their portfolio includes 711.7 million Wojak (WOJAK) and 147.5 billion Mog Coin (MOG), with unrealized profits of $457,000 and $824,000 respectively. These figures highlight the considerable gains still possible in the fluctuating meme coin market.
In another significant movement, BxPMj transferred 900,000 Dogwifhat (WIF) tokens, valued at $1.64 million, to the centralized exchange Bybit. Despite the market’s downturn, BxPMj’s remaining holdings in WIF are estimated at $1.76 million.
Additionally, the owner of a Solana (SOL) wallet, J2GcK, sold 8.6 million michi (MICHI) for $1.34 million, realizing a profit of $1.24 million. Initially, J2GcK had invested 578 SOL, worth $103,000, to purchase these tokens between April 8 and April 15. At their peak, the MICHI tokens were valued at over $5 million, demonstrating the high volatility and potential profits in meme coin investments.
Previously, in an interview with BeInCrypto, Tristan Dickinson, the CMO of EOS Network, discussed the behavior of crypto whales.
“Whales follow market trends and capitalize where they see an opportunity. As easily as they can liquidate, putting downward pressure on the market, they can hodl if they see an opportunity,” Dickinson told BeInCrypto
Currently, the meme coin sector has declined by approximately 13% in the last 24 hours. WIF, among the top 10 meme coins, experienced the most significant drop, declining by 13.2%.
Read more: 11 Top Solana Meme Coins to Watch in July 2024
![Top 10 Meme Coins Based on Market Capitalization](https://beincrypto.com/wp-content/uploads/2024/07/Screenshot-2024-07-04-at-2.32.46 PM-850x610.png)
Conversely, meme coins such as Dogecoin (DOGE) and DOG•GO•TO•THE•MOON have faced less severe impacts, with reductions of 8.6% and 7.6% respectively.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
BitMEX Launches Meme Coin Index Amid Market Slump
![](https://coin2049.io/wp-content/uploads/2024/05/BIC_Memecoins_space.png)
BitMEX Exchange deployed its version of an S&P 500 for meme coins on Thursday, effectively becoming the second hub to offer this kind of basket index in 2024.
Meme coins continue to ascend the ranks as crypto adoption continues to grow. Meanwhile, the development comes amid a sector bloodbath, with some altcoins posting double-digit losses.
BitMEX Launches Meme Basket Index Perp
The trading platform called its MEMEMEXTUSDT contract the “S&P 500 for crypto memecoins,” margined in Tether’s USDT stablecoin with up to 25X leverage. Like the premier US stock market index, the S&P 500, which tracks the prices of large-cap US stocks, it will simultaneously track and offer exposure to the top meme coins.
“Users can bet on the overall performance of the assets in one go, rather than holding individual tokens,” BitMEX wrote in the announcement, adding, “By trading the contract, you get exposure to the entire basket of meme coins in our Meme Basket Index, without having to hold any of the individual tokens.”
Top meme coins featuring in the basket index include Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF), Dogecoin (DOGE), and Bonk Inu (BONK). Others include FLOKI, BRETT, BOME, MEME, and MOG. The weighted methodology, which is based on market share, will ensure selection on market value metrics.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
The product comes barely two months after investment firm VanEck launched its MEMECOIN Index. Christened MemeVector, VanEck’s product tracks only the first five tokens that BitMEX mentioned. The asset manager disclaimed, “Coins are intended for entertainment purposes.”
VanEck’s disclaimer came as meme coins were never taken seriously in the past. Forbes describes them as “cryptocurrencies inspired by memes and internet jokes, with little or no fundamental value.” However, some traders believe them to be a global shilling point for speculative liquidity.
“Meme coins may seem unconventional, but they highlight the power of community in crypto,” Tron founder and Huobi Global advisor Justin Sun said during Token2049.
Meme Coins Go Mainstream
Indeed, meme coins are a volatile sector with a tendency for price fluctuations as determined by market sentiment. Nevertheless, they have progressively climbed the ranks in 2024, jumpstarted by the Avalanche Foundation in December, committing to support diverse and culturally significant initiatives.
“The Avalanche Foundation intends to start using Culture Catalyst to recognize and encourage the culture and fun symbolized by meme coins by purchasing select Avalanche-based meme coins to create a collection. This move complements the Avalanche Foundation’s ongoing engagement across the Avalanche ecosystem, including NFTs, RWAs, and other types of crypto assets, broadening its portfolio to embrace a more complete spectrum of possibilities,” Avalanche wrote.
The Foundation’s commitment to invest in meme coins made the sector a bona fide cryptocurrency niche. Analysts are already predicting that this sector could lead the next altcoin season.
Read more: Best Crypto To Buy Now: Top Coins To Keep an Eye on in July 2024
Therefore, VanEck and BitMEX exchange launches are further advancing the niche. As meme coin adoption continues, more conservative investors could start approaching the scene just as Bitcoin spot ETFs (exchange-traded funds) brought BTC to Wall Street.
“Retail investors are drawn to meme coins because they offer the same opportunities as venture capitalists during seed, pre-seed, and private sale rounds,” Jonas Dovydaitis, Co-Founder & CEO at PAiT, told BeInCrypto.
Meanwhile, meme coins are dumping, with the sector’s market capitalization falling by almost 9% to $42 trillion. This is part of a market-wide crash led by Bitcoin, which is down 5% to trade for $57,459 at the time of writing.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
-
Blockchain2 months ago
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Regulation2 months ago
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Altcoin2 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation2 months ago
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Market3 weeks ago
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Market2 weeks ago
TON Foundation’s Plan to Onboard 500 Million Users
-
NFT3 weeks ago
New And Upcoming NFT Projects
-
Altcoin2 months ago
10 Years Old Dogecoin Stash Sale Leaves DOGE Owner With Million-Dollar Loss