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CoinWired reports:
The upcoming Bitcoin (BTC-USD) halving has sparked unusual fervor and gains in the meme coin market. Although the exact date of the next halving is hard to predict accurately, it depends on the mining date of block 840,000. Current predictions indicate that this event will occur in April.
This outcome means that successful block miners will soon receive a reward of 3.125 BTC instead of the current 6.25 BTC. This scarcity creates value, propelling Bitcoin to historic highs once again.
As I write this article, the value of a single Bitcoin is approaching $68,000. With the impending halving event, the market is filled with optimism, and the trajectory of Bitcoin will determine the direction of the cryptocurrency market. Consequently, meme coins have been driven to unprecedented heights. In fact, the volatility of meme coins is exceptionally prominent. Therefore, they often yield significant returns, which is why we discuss them before Bitcoin halving.
The price of JasmyCoin (JASMY-USD) has more than doubled in 2024. This cryptocurrency, launched by a former Sony (OTCMKTS:SNEJF) executive, has shown strong momentum during the Bitcoin halving process. Although JasmyCoin has considerable growth potential, there are some caveats to be aware of, which I will discuss in detail later. First, let's explore its utility and the main reasons investors have recently flocked to JasmyCoin.
JasmyCoin offers a way to monetize personal data. Users can upload their data to the company's database and receive tokens in exchange. Meanwhile, companies of various scales need to pay fees to access this data, thereby monetizing personal user data.
It's easy to understand why this token has garnered so many followers. Most people realize the high value of their data and, given the choice, would prefer to monetize it rather than provide it to companies for free. This is the fundamental reason why this token has recently attracted so much attention.
Before the Bitcoin halving, JasmyCoin still has tremendous potential. However, investors should be aware that whales have recently accumulated a large amount of this token, so it may face price fluctuations at any time.
As I draft this article, Shiba Inu (SHIB-USD) is experiencing a significant surge. In the past 24 hours, its value has risen by nearly 50%, surpassing a 280% increase compared to the previous month, demonstrating its exceptional volatility. For investors, when this volatility works in their favor, the results are often very positive.
Dogecoin (DOGE-USD) competition is once again in focus. As we approach the mining of Bitcoin's 840,000th block, this situation may become even more intense.
Some investors believe that Shiba Inu may potentially disrupt Dogecoin's position. One reason is that the number of new Shiba Inu accounts added in February increased by 20 times compared to January. Although March is relatively young, the upward trend in prices for this month indicates that this trend may continue.
In theory, the influx of new users should boost Shiba Inu's liquidity. For competitors of Dogecoin, this is an extremely powerful signal, perhaps even more impactful than just high trading volume.
With the Bitcoin halving approaching, Dogecoin is once again highly regarded. People are starting to discuss whether Dogecoin can break the $1 barrier.
For a long time, this goal has been one of the earliest pursuits of meme coins. In May 2021, Dogecoin briefly touched a peak of 73 cents. However, despite the support of Elon Musk and the influence of social media, Dogecoin ultimately failed to break this barrier.
In the past month, Dogecoin's price has risen by triple digits, raising questions about whether it can reach $1. If this goal is achieved, Dogecoin's price will need to increase sixfold, creating returns comparable to those of moon landings. Although prominent meme coin analysts like Charba are reluctant to give exact predictions, they say they wouldn't be surprised to see Dogecoin reach this level.
Pepe (PEPE-USD) is a relatively new meme coin that has emerged in less than a year. In that short time, it has experienced two unique peaks in value, resulting in a lifetime return of over 13,500%.
In early May 2023, Pepe first soared and then plummeted, which prompted my harsh criticism. At the time, I mistakenly believed it was destined to slowly fade away and never reach its previous highs again. But I was wrong. Since then, Pepe's price has risen by nearly 300%, approaching the initial high. With the Bitcoin halving approaching, it may continue to rise.
Although it's difficult to define Pepe's utility, it does have some interesting features. For example, Pepe is a so-called deflationary meme coin. This means that a portion of its supply is destroyed with each transaction, making it increasingly scarce. This is also one of the reasons why Bitcoin becomes more attractive: halving leads to halving the value of mining rewards.
Solama (SOLAMA-USD) is a meme coin based on the Solana (SOL-USD) blockchain. Like many other projects, Solama leverages humor and unique marketing techniques to attract investor attention.
Solama positions itself as an unofficial mascot for Solana. Personally, the combination of the Llama mascot and the name Solana is intriguing to me. Frankly, that might be enough. The world of meme coins is full of humor and whimsy. Projects that successfully leverage these factors have the potential to quickly attract a lot of attention.
I must assume that Solana supports this project to some extent: Solama's homepage encourages users to create wallets and obtain some SOL. This actually helps drive demand for Solana by increasing the user base.
The company also sells merchandise in the physical world, which is very interesting. I wouldn't be surprised if its value quickly multiplied.
Dogwifhat (WIF-USD) began trading just before Christmas and is one of the youngest meme coins. In a short time, its price has plummeted from 17 cents to $2.
Like Solama mentioned earlier, Dogwifhat is also a meme coin built on the Solana blockchain. Its origin story is somewhat strange, related to a picture of a dog wearing a hat. The word "wifhat" has become quite popular.
Meme coins benefit from Solana's potential advantages and clever meme usage. It's worth noting that the project has achieved many things that many other meme tokens have not: it not only broke the psychologically important $1 barrier, but the current trading price is close to $2 and has briefly exceeded this barrier. Therefore, Dogwifhat will continue to be a notable and interesting meme coin.
As the Bitcoin halving approaches, Cardano (ADA-USD) continues to demonstrate its previous potential to investors. In 2024, its price has risen by over 19%. However, it still has some distance to go to reach its historical high, which briefly approached $3 in 2021.
I may be wrong, but I firmly believe that Cardano is the meme coin with the most long-term survival potential in this series. I've mentioned it several times, but it's worth emphasizing again: Cardano strictly follows evidence-based and computer science-based development, which is a long-term winning strategy.
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Post time 23-3-2024 12:49:32
