Altcoins to Consider Amid High Inflation in the US
The latest inflation data in the US suggests that the economy will have to wait longer than expected for lower interest rates. In February, inflation increased by 0.4% and by 3.2% compared to a year ago, surpassing estimates. This news caused Bitcoin and Ethereum to drop by 2.5%. However, if the market stabilizes, it may be an opportunity for investors to buy altcoins at a dip and maximize returns in the long run. Here are three altcoins worth considering: Solana (SOL), PEPE Coin (PEPE), and Grok (GROK).
Solana (SOL)
Solana is a layer 1 ecosystem with its native token, SOL. The price of SOL has been gradually increasing alongside Bitcoin. After a recovery trend in late January, SOL surged by 87.55% within seven weeks, reaching $147.7 with a market cap of $65.6 billion, making it the fifth largest cryptocurrency.
However, there is an overhead supply at $150 that could trigger a pullback before a potential rally beyond this psychological level. The previous horizontal level acted as a key resistance, forming a cup and handle pattern, which suggests a recovery trend. If this pattern holds, the Solana price could potentially reach $250, representing a growth of 71%.
PEPE Coin (PEPE)
PEPE Coin is inspired by a popular internet frog meme and has experienced significant value growth in the past year. Its value has surged by 14,225%, reflecting the growing interest in meme-based digital currencies. Recently, PEPE Coin has seen a decrease in trading volume, indicating a change in investor sentiment and a possible market stabilization. With a market capitalization of $3.24 billion, PEPE Coin ranks 41st on CoinMarketCap.
If PEPE Coin breaks through the resistance barrier at $0.0000090, it could enter a bullish path and target the significant $0.00001 mark. This would be a significant milestone for PEPE Coin and establish its presence in the four-zero price range.
Grok (GROK)
Grok is a new meme coin inspired by Elon Musk’s Grok AI project from his company, X. The association with Musk and the ensuing hype have propelled Grok to prominence among AI-centric meme cryptocurrencies. Currently, Grok’s price is $0.02282, with a trading volume of $115 million in the past 24 hours.
This represents a surge of over 30% in just one day, highlighting the volatile nature of investing in meme coins. Investors should be cautious and aware of the risks associated with such investments.
Hot Take: Consider Altcoins Amid High Inflation
As inflation stays high in the US, it’s important for crypto investors to consider altcoins that may offer opportunities for growth. While Bitcoin and Ethereum may experience volatility due to inflation concerns, altcoins like Solana (SOL), PEPE Coin (PEPE), and Grok (GROK) have shown potential for significant gains.
Investors should carefully analyze each altcoin’s performance, market trends, and potential catalysts before making investment decisions. It’s also crucial to stay updated on inflation data and its impact on the overall crypto market.
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