ittime - ONDO and Solana, two of the most popular cryptocurrencies in April, have just seen their prices drop. ONDO fell 15% on Tuesday, while Solana fell 20% on the weekly chart. However, this decline coincided with a broader market decline (a 5% loss in market capitalization). As the market is recovering (up 1%, reaching $2.3 trillion), both ONDO and Solana are expected to bounce back soon.
Bitcoin Halving as a Trigger for Price Increases
Analysts expect progress for high-cap assets such as Bitcoin, Ethereum, and Solana in the coming days. The upcoming bitcoin halving event (expected to occur in the next few days) is seen as a potential catalyst for price increases.
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Here's why:
Bitcoin Price Needs to Rise After Halving for Miners to Remain Profitable
After the halving, the price of Bitcoin needs to rise above $80,000 for miners to remain profitable. If it continues to sell at the current price ($64,000), miners may no longer be interested in mining Bitcoin.
Limited Supply, Potential Increase in Demand
The Bitcoin Halving, which occurs every four years, reduces the block reward for miners in half.
This limited supply, coupled with a potential increase in demand, could push the price of Bitcoin up.
Will History Repeat?
Historically, bitcoin halving events have lifted the overall market. For example, the halving in May 2020 led to an increase in mining costs, requiring the price to increase to $30,000 for miners to remain profitable.
But in November 2021, BTC was already trading above $67,000, and most of the large-cap cryptocurrencies followed suit and reached new record highs.
Also Read How To Buy Crypto:
Future Predictions: Signs of Upside for ONDO & Solana
Following this trend, a bitcoin halving event could trigger a sharp price increase across the crypto market. ONDO and Solana will likely bounce back after their recent price decline and reach new support levels in the coming days.
ONDO to IDR via Bittime Exhcange
SOL to IDR via Bittime Exhcange
Cryptocurrencies that are already established (have been around for a long time) are promising for long-term investment due to optimistic market predictions for 2024.
Meme Coin Fever Shifts
The popularity of meme coins is expected to peak this week ahead of Doge Day on April 20. However, there seems to be a change in trend.
MEW and Slothana are in the spotlight
Taking advantage of the momentum of meme coins, MEW (cat in a dogs world) and Slothana are currently trending.
MEW: Up almost 40% on the daily chart.
Slothana: Successfully completed $10 million presale, indicating high investor interest.
The Rise of the Non-Dog Meme Coin
An interesting trend is emerging in the meme coin market. The success of Slothana and MEW suggests a potential preference for “non-dog meme coins” this season.
- While dog meme coins like Dogecoin, Shiba Inu, and Dogwifhat have dropped recently, this newcomer is bucking the trend. Their unique theme outside of the dog theme has helped them stand out.
- MEW has a market capitalization of $570 million, while Slothana has not yet launched on the exchange.
Theme Presale Slothana
Slothana's presale for their “lazy office sloth” token sold out ahead of schedule due to high investor demand.
This relatable (easy to understand) theme suits meme coin fans who also have full-time jobs.
Limited Opportunity to Purchase Slothana
Investors can still purchase Slothana tokens at a fixed price (1 SOL = 10,000 $SLOTH) for a short time.
Dogeverse Challenges Changing Trends: Can the Dog Meme Coin Remain Relevant?
Although the Dogwifhat pump has ended, Dogeverse, a new dog-themed project, is gaining momentum. Its name and focus on the "multi-chain meme coin world" have sparked speculation.
Will Dogeverse Displace the Old Meme Coin?
MEW and Slothana are currently competing for third place on the meme coin chart for April. However, Dogeverse's soaring popularity suggests that it has the potential to challenge established meme coins like WIF for third place.
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Dear Beli Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also
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US Senators Propose New Regulations for Stablecoins
Binance Launches Megadrop, New Token Issuance Platform for Web3 Users
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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