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Get informed as you learn all about the world of Cryptocurrencies from TruBit. We have a summary of everything that has happened in this world of digital finance, so don't miss the Cryptocurrency News with TruBit.
🎧 "Meme Coin" is the happiest Ponzi scheme ever, but no one wants it to end happily
Meme is the world's fastest Ponzi scheme. Whether you like Doge coin or catcoin (or neither), it's hard to deny that. However, after a few big winners like $WIF and $PEPE, you might be wondering: is this spree almost over, or is it just getting started?
From politics and sports to entertainment and finance, memes are going viral. Due to the speculative nature of torrents, their synergy with cryptocurrencies is very strong. Meme have always been an integral part of the bloodstream of cryptocurrency enthusiasts. They have shaped the culture of the entire cryptocurrency space. From "WAGMI" and "Wen Lambo" to "Choose Rich" and "In it for the tech". Meme is at the heart of Crypto Twitter (CT). Despite its deep historical roots, 2021 marks a turning point. The New Crown Epidemic, $GME and massive money printing created the perfect storm for Meme mania.
Fast forward to 2024, however, and Meme continues to explode. For the first time, Meme coins are the most popular category of cryptocurrencies. meme accounts for roughly 23% of @CoinMarketCap's pageviews, with more than 25 million views in June alone.
Top Meme not only dominates attention, but also earnings. meme coins are the highest earning segment, up 72% year-to-date (weighted average by segment). Since October 2023, $SOL and its Meme Coin ecosystem have gained momentum. While $SOL has yet to overtake $ETH in terms of market capitalisation, it is now neck and neck with $ETH in terms of Google search interest.
What's Driving the Meme Craze?
Retail investors are more interested in quick returns than in high fully diluted valuation (FDV) projects backed by venture capitalists. Market participants are tired due to high project saturation (many projects have high FDV). This is exacerbated by low mainstream adoption and a lack of breakthrough consumer applications.
How to profit from Meme?
While many people think of Meme as just a lottery, the field is actually much more complex. Those who excel at spotting cultural trends early may succeed. However, without strong trading skills or a solid social network, your chances of winning are not great.
Postscript
Meme is like a black hole that is swallowing up anyone who is "in it for the tech". While the currencies may change, the lure of getting rich will never go away. Whether you choose to gamble or not, the casino will continue to operate. Even if you don't like memes, it pays to understand why they work.
👀 Meme Coin is still going strong
American rapper Doja Cat's X account was hacked to promote Solana-based meme coins.
After the account was hacked, she quickly announced to her 24 million Instagram followers that she was not responsible for the posts. The Doja Cat account began posting crypto content at 7:15 p.m. EST on Monday, with the first post linking to a cryptocurrency-holding address with a message begging users to "buy DOJA or ......." The hacker has posted more than two dozen times and removed Doja Cat's profile picture and description from her account, which has about 5.6 million followers.
🔥 US SEC may approve ETFs spot on 18 July
Bloomberg ETF analyst Eric Balchunas predicts that the US SEC could approve ETh spot ETFs on 18 July.
💭 With a crazy 770,000 fans and a crazy buzz on X, the Telegraph's first Diva MEME coin is coming?
Recently, a simple black and white dog figure called DOGS has been making the rounds in social networks.
The Telegram channel of DOGS shows that it has just been created, and there is a large introductory paragraph that roughly states that the dog is called Spotty.At the end of the article, the team says: "Why DOGS? It's not just another emoji coin. It's the best emoji coin for Telegram, embodying the spirit and culture of a vibrant community. Bringing Spotty's legacy into the cryptocurrency world creates something fun, community-driven, and unique." At a glance, this is MEME Coin, which plays on the concept of telegraph and TON.
Go to the DOGS bot channel and it will automatically analyse your Telegraph account, the longer the account has been created, the more active it is and the more points it gets. Premium accounts for telegrams also earn extra points. Additional points can also be earned by inviting friends to join. According to information from the social network, users generally earn around 3,000 or so points.
In short, this DOGS is an airdrop for Telegraph users. Web3 players should be familiar with this kind of "vampire" attack style of airdrop.
Taking advantage of the recent explosion of the TON ecosystem, the launch of this DOGS is a bit unexpected but reasonable. Its Telegraph channel has attracted a terrifying growth of 770,000 followers in a short period of time, which is pretty bombastic for this type of airdrop in Web3's history.
Whether DOGS will be the first interesting MEME on TON is yet to be seen, we'll keep watching. But I have to say that with the current spread, it could certainly convert many large numbers of Web2 players into TON chain users.
📉 Crypto volatility surges amid market downturn
Bitcoin (BTC) and Ethereum (ETH) experienced significant drops last week, with BTC falling below $60k. Despite the much-anticipated launch of the ETH ETF, ETH's value still declined, largely due to BTC's downturn.
Market pressures from Mt. Gox creditors, the German government, and low liquidity over the 4th of July holiday contributed to the downturn. However, the market saw a rebound driven by oversold conditions and new BTC ETF inflows. While the year-to-date performance remains positive, caution is advised. It may be wise to consider hedging strategies until the market stabilizes.
💡Bitcoin Insights
BTC fell more than expected last week due to large institutional selling pressure, which created a bearish sentiment. After a short-term oversold bounce reached resistance, yesterday, buoyed by the positive impact of the assassination incident, it rebounded beyond the resistance level. The German government has already emptied its BTC wallet through short selling, indicating that last week's bearish sentiment has been exhausted and the market has already absorbed it. Trump has openly expressed support for cryptocurrencies, which is potentially beneficial until the election results. Coupled with expectations of interest rate cuts, the current fundamentals are generally leaning towards the positive side.
From a technical standpoint, after four weeks of consecutive declines, there was a rebound last week, with the weekly bullish candle recovering most of the previous week's losses, thereby shutting down short-term downside potential. It is expected that there is a high probability of continued rebound after two weeks of probable oscillation and consolidation. Support is expected near 58,500 next week, with resistance around 64,200.
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