- Bitcoin has recovered from this week's flash crash amid spot Bitcoin ETF approval.
- An analyst has spotted a potential opportunity in Decentraland (MANA).
- Meanwhile, the Memeinator is gaining momentum as its presale surpasses $2.8 million.
Bitcoin’s sharp decline on Wednesday pushed the total crypto market down by more than 5%, cutting the global market cap by over $1 billion amid liquidations. BTC prices have however recovered from the lows of $41,450 as optimism over a potential spot Bitcoin ETF surges again.
Is this the same outlook for Decentraland (MANA) and Memeinator (MMTR)?
SEC meets stock exchange officials
The market isn’t entirely over the line yet, particularly after recent Matrixport speculation over the highly anticipated approval. But the news flow about this hot topic continues. The latest is a flurry of meetings between the Securities and Exchange Commission (SEC) and key players, including the New York Stock Exchange (NYSE), Nasdaq, and Chicago Board Options Exchange (Cboe). Will notifications for approval come as soon as this week?
Experts say this is likely and Bitcoin, altcoins could rip amid the frenzied buying. Could yesterday’s price dip have presented another chance for investors to load up on cheap tokens?
Decentraland (MANA): Analyst says MANA in “depression” phase
The positive prediction for cryptocurrencies amid the spot Bitcoin ETF approval outlook isn’t for BTC and top altcoins only. Analysts have also looked at smaller cap tokens as traders position themselves.
Crypto analyst Ali Martinez has hinted at Decentraland (MANA), a metaverse token, as one of the tokens likely to break higher in the short term. He says MANA price is currently in “’the depression’ phase of the market psychology cycle.”
After reaching highs of $5.85 in November 2021, MANA declined through the bear market to hit lows of $0.27. The coin’s value as of today is 92% down since the all-time high. But Martinez notes that this could be a great time to buy MANA before the expected marketed upswing.
Memeinator (MMTR): Could this the meme token for 2024?
With over $2.8 million raised so far in its hot presale, the Memeinator is emerging as one of the new projects to watch ahead in the current bull cycle.
One factor that could make Memeinator worth buying today is its strong utility and tokenomics. Investors keen on the next meme coin gem also fancy the Memeinator’s goal of reaching a $1 billion market cap as it brings judgement to worthless meme tokens.
The current presale price in stage 11 is $0.0176. It’s looking increasingly cheap for a project that could offer better utility and community traction than most tokens currently holding multi-million dollar market caps.
MMTR price will rise to $0.0292 at the end of its token sale, expected by the end of this quarter. It could then explode ahead of or after listing on major exchanges. Do you think Memeinator could outperform if it successfully navigates the presale and launches in this bull cycle?
Learn more about the project from their whitepaper by visiting their website.
