Category Archives: Crypto News

Investors interested in high returns are now shifting their attention from the cryptocurrency Shiba Inu (SHIB) to a new meme coin called Sponge (SPONGE). While SHIB remains one of the top crypto meme coins, investors are hoping to achieve returns of up to 1,000% with SPONGE. This Ethereum-based meme coin briefly surpassed Dogecoin in market cap, reaching over $40 billion in 2021. However, SHIB has experienced a 40% pullback from its recent highs. SPONGE, with a market cap of $80 million, presents an opportunity for investors to buy the dip and potentially see significant growth. This is due to its unique features such as offering passive income through staking and being the native token for a play-to-earn game. With upcoming listings on larger exchanges and the success of other meme coins, such as Bonk, Dogwifhat, and Pepe, there is potential for SPONGE to reach a market cap of $1 billion. However, it’s important to note that investing in crypto carries high risks and this information is for educational purposes only and not investment advice.

The passing of O.J. Simpson has led to a rise in the creation of meme coins on blockchain platforms like Solana and Base. Names such as “OJ Simpson” and “RIP OJ Simpson” have quickly gained popularity, amassing millions in trading volume. However, these coins often experience a rapid decline shortly after being launched. The simplicity and affordability of creating tokens on these platforms have contributed to the proliferation of meme coins linked to current trends, such as celebrity deaths. Services like Pump on Solana make it even more accessible for individuals without technical knowledge to produce meme coins with minimal fees. This trend highlights the speculative nature of meme coins and their ability to take advantage of public attention without providing any significant value.

TON Foundation has given out 300,000 Toncoin, worth approximately $2.19 million, to active traders of meme coins. The distribution was made to traders who had made transactions on DeDust and Ston.fi platforms between March 4 and April 10. To qualify, users had to trade approved meme coins and accrue points based on their trading activity. Any duplicate accounts were not considered for the distribution and each participant could receive up to 90 free tokens. After the announcement, Toncoin’s price reached its peak but later decreased by 5%. The purpose of the airdrop is to encourage meme coin trading and investing on TON’s blockchain, following the success of tokens such as Dogwifhat and Book of Meme on the Solana blockchain.

The popularity of meme stocks and their impact on investment fundamentals has been overshadowed by social media. Similar to the comparison of Bitcoin to blue-chip stocks, meme stocks are now being compared to altcoins. Both are influenced by short-term spikes in value and underlying narratives. However, just as quickly as meme stocks can rise, they can also decline. This article analyzes three meme stocks that may be facing a downturn and should be reevaluated for inclusion in speculative portfolios.

The first stock is Rivian Automotive (RIVN). Since the decline of the meme stock craze in November 2021, RIVN has plummeted by 92%. Currently trading at $10.10, it is only 0.9% higher than its 52-week low. The stock has a short float of 20.89%. While some may view this as a buying opportunity, it is important to consider if Rivian is a strong electric vehicle (EV) growth stock. Although the company surpassed its production goal for 2023, its outlook for 2024 is stagnant and it continues to experience losses for each vehicle manufactured. With demand now plateauing, Rivian’s cash burn is unsustainable.

The second stock is Tupperware Brands (TUP). Despite increases in valuation in August 2022 and July 2023, TUP has consistently declined, losing 93% of its value since November 2021. The company’s direct sales business model is struggling to compete with e-commerce giants like Amazon. Tupperware Brands attempted to improve its model by partnering with Target and Amazon, but sales have not improved. In 2022, the company reported an 18% year-over-year decrease in net sales. Recently, TUP postponed its full-year 2023 earnings report, signaling further decline. Shareholders should consider cutting their losses.

The third stock is Allogene Therapeutics (ALLO). While ALLO has seen a 9.4% increase this year, it lacks a diverse portfolio of revenue-generating drugs. The company reported a $327.3 million net loss for the full-year 2023. Its 2024 outlook anticipates further losses and depletion of cash and cash equivalents. Due to the experimental nature of its drug lineup and obstacles to regulatory approval, the company will likely need new funding before exhausting its cash supply in 2026. Investors with low risk tolerance should reconsider their investment in ALLO.

Overall, these three meme stocks may be at risk for a downturn and should be reassessed for inclusion in speculative portfolios. It is crucial to examine their current trajectories and consider the sustainability of their business models and financials.

According to a well-known expert on cryptocurrencies, the value of dogwifhat (WIF) may suffer if the memecoin drops below a certain level. In a recent meeting, the analyst, who goes by DonAlt, warned his 58,800 followers on YouTube that WIF could face a considerable decrease if it doesn’t hold at least $3 as its support. However, he did mention the chance of WIF bouncing back above $4.50 or remaining around $3 for a while. At the moment, WIF is being traded at $3.56, with a 2% increase within the last 24 hours.

Slothana (SLOTH) is a new cryptocurrency on the Solana network that has caught the attention of meme coin enthusiasts. With the upcoming halving of Bitcoin and international stoner day on April 20, investors are excited about its potential. In just three weeks, the $SLOTH ICO has already raised an impressive $10 million. This success follows the trend of other meme coins on Solana such as Slerf, DogWifHat, and Bonk, which have performed better than top coins like Bitcoin and Ethereum in recent market rallies. Solana’s fast blockchain has even challenged Ethereum’s dominance in the meme coin sector. Despite its image of laziness, Slothana is ambitious and has its sights set on reaching a $420 million market cap after 4:20. While this may take some time, upcoming events like Bitcoin’s halving and the SEC’s decision on Ethereum NFTs are expected to drive the market, with Solana potentially surpassing Ethereum. There are rumors that Slothana comes from the same team behind Smog ($SMOG), which saw significant growth after its presale and listing. The exact launch dates for Slothana are not yet confirmed, but interested investors can join the presale by sending SOL to a specified address or using the contribution widget on the Slothana website. However, it’s important to be aware of the high risks associated with investing in cryptocurrencies. This article is for informational purposes only and should not be considered investment advice.