Bitcoin was looking to continue above the $71k level on Tuesday afternoon after crypto’s reaction to the Consumer Price Index (CPI) report saw it retreat from above $72k.
Analysts say the dip offered just another buy opportunity. Elsewhere, Memeinator (MMTR) soared amid bullish predictions for Artificial Intelligence (AI), meme coins and real-world assets (RWAs).
Bitcoin looks to bounce after CPI report
Today’s release of the CPI data showed February CPI inflation rate coming in at 3.2%, above the expected 3.1%. Core CPI inflation was at 3.8%, also above the expected 3.7%. The release indicates the 35th consecutive month where US inflation has hovered above 3%.
February’s CPI data is the second straight month of increases, after the January report.
The hotter-than-expected report has market expectations for Fed’s next interest rate cut down from six to potential just three. While the year started with estimates of first rate cut in March, now it appears the Fed will wait until June 2024.
Crypto prices fell after the inflation data. Bitcoin (BTC) revisited lows below the psychological $70k level, while Ethereum (ETH) dipped under $3,900. The total crypto market cap fell 3.6% to $2.7 trillion as altcoins slipped.
Despite the declines, sentiment remains largely positive for Bitcoin and the broader crypto market. The sell-off is a buy opportunity that could help elevate Bitcoin to the next all-time high.
BTC was hovering near $71k and ETH bulls targeted $4,000 at the time of writing. The bounce came as US stocks defied the CPI data to trade higher on Tuesday.
Memeinator: New meme coin with real utility
In their latest report, analysts at cryptocurrency exchange Bitfinex have pointed to the “convergence of Artificial Intelligence (AI) and crypto assets” as a hot trend that is capturing significant interest from investors.
AI tokens and meme coins are therefore likely to see a strong performance as the market rallies, the analysts wrote in the report. Indeed, AI tokens like Render (RNDR) and Fetch.ai (FET) have outperformed in recent weeks, and meme coins like FLOKI and dogwifhat have stormed to new highs.
Looking to break into the market and dominate the meme coin space is Memeinator.
As one of the new meme coins in the market, Memeinator looks to curve a path to sector dominance through its superior utility offering.
Most meme tokens offer no value and merely rely on hype and speculation for price gains. Memeinator takes a different approach as it brings genuine utility via a gaming ecosystem, staking program and NFTs. With 1 billion MMTR tokens, the aim is to overtake weak meme tokens and challenge Dogecoin for king of meme coins.
First mission is to reach $1 billion in market cap by annihilating all the subpar copycats across the dog, cat and frog meme world.
The roadmap also includes milestones such as launch of the AI-powered Memescanner, partnerships with gaming platforms and launch of Meme Warfare game.
Memeinator price outlook
Memeinator’s potential to dominate the industry has seen more than $6.4 million raised in its presale so far. More noticeably, the pace has picked up in the last few presale stages.
Over 90% of the ICO allocation was sold out as of March 12 as stage 18 roared towards a close. With very few MMTR tokens remaining in this stage, the next step is a countdown of the last two presale rounds.
Memeinator will then be hitting the crypto market via listing on decentralized (DEX) and centralized (CEX) exchanges.
Investors bullish on MMTR are looking to position before the presale price increases from the current $0.0261 to $0.0282 in stage 20. Check out this project’s hot presale here.
