- Bitcoin has dipped 2% in the past 24 hours to near $41k after recently hitting highs of $44k.
- Altcoins have also dipped but an analyst says overall market sentiment is still bullish.
- Memeinator (MMTR) is a new meme token in presale and has raised more than $1.9 million so far.
Bitcoin’s price is down nearly 6% in the past week, extending its pullback from highs above $44k with a 2% slip in the past 24 hours.
As the flagship digital asset hovers near the $41k area, most altcoins have followed suit with significant dips. Some of the key performers in recent weeks including Solana, Avalanche, IOTA and Injective are battling to hold onto gains, while Ethereum, XRP and Dogecoin are also down in the past 24 hours.
Meanwhile, the presale market continues to attract investor attention amid optimism for a market rally in coming months. With Memeinator (MMTR) eyeing the $2 million presale mark, could this be an opportune time to take a position?
Bitcoin price and the altcoin market
In cryptocurrency, market sentiment around the largest digital asset by market cap has often impacted the rest of the space. Although some coins and tokens do defy this with parabolic rallies catalysed by various factors, to a large extent, altcoins have tended to follow Bitcoin’s price movements.
These dynamics are what inform the risk-on or risk-off appetite, with a rallying Bitcoin often increasing the chances of an upside reaction in alts.
In recent weeks, news around a potential spot Bitcoin ETF approval and the upcoming BTC halving have buoyed overall market sentiment. However, with macroeconomic factors also in play, risk-off moves often inject a brief negative move – impacting Bitcoin and altcoins alike.
It’s an outlook forecast by crypto analyst Michael van de Poppe ahead of this week’s FOMC. According to him, there’s a 98% chance the Federal Reserve will not hike its interest rate in their latest meeting. He notes that the FOMC has previously coincided with “a temporary risk-off move.”
“That’s what we see in #Bitcoin, expecting us to come back up after. We’re still in good areas of support,” he posted on X.
Memeinator targets dominance in the meme coin world
Memeinator (MMTR) is a new cryptocurrency project looking to leverage artificial intelligence (AI) and genuine utility for the community to dominate the meme coin space.
As of December 13, the meme coin sector of the crypto market is worth over $21.8 billion. While a fraction of the $1.6 trillion global crypto market capitalization, this segment is forecast to see huge interest if the bull cycle continues well into 2024.
The outlook suggests the likes of Dogecoin and Shiba Inu could add to their $13 billion and $5.5 billion market cap respectively. Bonk, a Solana-based meme coin that has overtaken Pepe and Floki into third spot in market cap, is likely another one to watch.
Memeinator’s target of reaching a $1 billion market cap after its launch also means it could challenge these top meme coins. The mission here is to leverage genuine utility to expose weak and worthless meme tokens, undertaking a hostile takeover as it renders judgement.
What’s the price outlook for Memeinator?
Apart from a strong marketing campaign that includes the Virgin Galactic trip to space and 5% earnings on referrals, this project’s traction is likely to gain greater momentum due to its tokenomics and utility.
The presale that has raised over $1.9 million so far will see 62.5% of the total 1 billion MMTR tokens in the hands of the community. Of these, over 129 million were recently burned while more is locked up in staking as the community expresses confidence in the blockchain project’s future.
At $0.0148, MMTR is potentially a massive bargain right now. If the Memeinator delivers an AI-powered crypto ecosystem buoyed by gaming, NFTs and staking, the token’s value could rise significantly amid a rallying market.
However, as Memeinator is a new crypto meme coin, it would be wise to learn more about it before you invest. If interested, find out more from their whitepaper or by visiting their website.
