Market participants are anticipating additional losses for Bitcoin following a recent drop in value, forecasting a risk of around $1.05 billion in short positions if the cryptocurrency reverts to its value from the previous day. Traders with long positions have already suffered $256 million in losses due to Bitcoin’s 7% price decrease. However, experts see this downturn as normal, even amidst heightened geopolitical unrest in the Middle East. Benjamin Cowan points out in his observations that Bitcoin has seen similar downturns in earlier market cycles. Meanwhile, MicroStrategy’s chief, Michael Saylor, has a positive outlook, suggesting that chaotic circumstances benefit Bitcoin. A trader known as Rekt Capital is also optimistic, holding the belief that Bitcoin will recover from its short-term loss. After falling to $60,919, Bitcoin’s value managed to stabilize at $62,060 and presently stands at $63,858. The unexpected drop in value resulted in the liquidation of roughly $319.15 million from leveraged Bitcoin positions in the past day. If the price rises back to $67,000, there could be around $1.05 billion in short positions at risk of liquidation. The wider cryptocurrency market also witnessed significant losses, with the liquidation of $945.9 million across 253,554 traders in the last day. The fear and greed index stands at 72, indicating a drop in greed levels from last week’s 78. The global crypto market’s value also fell by 8%, amounting to $2.23 trillion. There has been consistent demand for Bitcoin amongst its larger investors, with demand surpassing the supply for the first time, signifying increasing scarcity following halving events.

A well-known trader in the cryptocurrency industry predicts that a popular memecoin known as Pepe may experience a significant drop in value due to breaking a crucial support level. The analyst, Ali Martinez, shared his belief with followers on X, stating that Pepe is preparing for its next move amidst recent struggles in price.

Martinez warns that if Pepe’s price falls below the range of $0.00000793 to $0.00000664, it could result in a 54% decrease in value for the coin. Currently, Pepe is being traded at $0.0000058, which is already below Martinez’s mentioned support level. If this correction occurs, Pepe could potentially reach as low as $0.000003.

The decline in Pepe’s value continued after Coinbase International Exchange announced its support for PEPE perpetual futures. In September, Coinbase’s international branch received approval to offer perpetual digital asset futures to non-US investors. Along with Pepe, Coinbase International Exchange also added support for perpetual futures of Worldcoin (WLD) and ORDI, a project that aims to bring NFT capabilities to the Bitcoin blockchain.

According to CoinGecko, Pepe reached its peak value of $0.00001064 on March 14th.

Moving on to Bitcoin, Martinez points out that if BTC reaches $71,700, there could be a considerable amount of liquidations, estimated at $23 million, on Binance. Currently, Bitcoin is being traded at $67,045, experiencing a nearly 6% decrease in the last 24 hours.

It is important to note that the opinions of The Daily Hodl do not serve as investment advice, and investors should conduct their own research before making risky investments in cryptocurrencies or digital assets.

Story Highlights

• The price of meme coins is affected by Bitcoin halving; it is important to be cautious at this time.

• There was a notable decrease in prices for all of the featured meme cryptocurrencies.

• Possible rise in value of meme coins after Bitcoin’s halving predicted.

NFT

Right now, there is a decrease in value of meme coins, likely due to the impending release of NFTs.
Bitcoin halving
The event scheduled for the upcoming week has caused investors to become more cautious due to this minor delay.

become the latest trend in the cryptocurrency world.

Cryptocurrencies like Dogwifhat (WIF), Pepe (PEPE), Coq Inu (COQ), BOOK OF MEME (BOME), Degen (DEGEN), and Toshi (TOSHI) have recently gained popularity as meme coins in the cryptocurrency market.

Kat Meme Coin, the latest addition to the world of cryptocurrency, has caught the attention of the crypto community. Released on April 11, 2024, this coin stands out for its community-driven and fair launch approach. Inspired by internet memes, particularly those featuring cats, it has quickly gained popularity among investors and meme enthusiasts.

To buy KAT, individuals can add Ether to their Metamask wallet and visit kat.meme on Uniswap, where they can find the contract address. The process is also explained in informative TikTok videos.

Right from the start, Kat Meme Coin has been presented as a project created by and for the community. This is evident in their fair launch, where no allocation is reserved for developers or early investors, promoting equal opportunities for all. This approach aims to foster trust and transparency, qualities that are often lacking in the world of cryptocurrency.

The development team behind Kat Meme Coin consists of experts in blockchain technology and digital marketing. Their expertise is crucial for the coin’s potential growth and stability, giving investors confidence in the project’s professionalism.

Recognizing the significance of marketing for a cryptocurrency’s success, the team has designed a comprehensive strategy. This includes engaging with influential figures in the crypto and meme communities, utilizing social media platforms, and hosting events to increase the coin’s visibility and usefulness. Kat Coin also plans to be listed on CMC, Etherscan, and Dexscreenner in the near future.

In the future, the team aims to broaden the utility of Kat Meme Coin beyond just being a transactional currency. They are considering partnerships with online retailers, integration into e-commerce platforms, and collaborations with pet-focused charities. These efforts would not only enhance the coin’s usability but also make it more appealing to a wider audience.

Community involvement is also a top priority for the team. They plan to implement features that allow holders to vote on important decisions about the project’s future, keeping the community at the forefront of Kat Meme Coin’s development.

As the market for meme coins grows, Kat Meme Coin has the potential to carve out a unique space for itself. With its focus on community, transparency, effective marketing, and a dash of feline charm, it has the potential to become the next big thing in the world of meme cryptocurrencies. While its success remains to be seen, it’s a project worth keeping an eye on.

For more information, visit the Kat Meme Coin website, join their Telegram channel, or follow them on Twitter.

Disclaimer: This article is for educational purposes only and is not meant to offer investment advice. Readers are advised to conduct their own research before making any investment decisions.

Shiba Inu (SHIB) has recently seen a decrease in value, but there are indications that it will make a strong recovery. These indicators include a decrease in exchanges netflows, progress in its layer-2 solution Shibarium, and a significant increase in its token burn rate.

Despite the recent decline, analysts anticipate a significant increase in SHIB’s value. Rekt Capital, a well-followed trader, pointed out that the current price is similar to early 2022, and if it surpasses a key resistance level, its value could soar by triple digits. Cryptocurrency content creator Jake Gagain also expressed positive sentiment, stating that giving up on Shiba Inu would be a big mistake.

Another expert, CRYPTO SHERIFF, believes that SHIB has made a breakout, which could lead to a 350% price surge in the near future.

Multiple factors suggest that SHIB could experience a significant price spike soon. One crucial factor is its exchange netflow, which has been negative in the previous week. This shift from centralized platforms to self-custody methods is viewed as a bullish indication as it alleviates selling pressure.

Additionally, the progress of Shibarium and SHIB’s high burn rate should be taken into account. The network has recently surpassed 4 million total blocks, and there has been a notable increase in daily transactions.

Moreover, millions of SHIB tokens have been burned, resulting in a staggering 50,000% increase in burn rate. This mechanism aims to reduce the circulating supply of SHIB, making it more scarce and potentially more valuable in the future.

In conclusion, despite the recent decline, there are positive signals pointing towards a strong rebound for Shiba Inu (SHIB). Factors such as decreased exchange netflows, advancements in Shibarium, and an increase in token burn rate contribute to this optimistic outlook.