Blue-chip cryptos under pressure as Bitcoin and Ether dip
Bitcoin (BTC) and Ether (ETH) are facing bearish price action, with Bitcoin dropping below $29,000 and Ether testing $1,800. Traders are likely taking profits ahead of the release of the US Consumer Price Index inflation report. Both cryptocurrencies are also nearing a retest of their 2023 uptrends, which could signal a bearish shift in the market’s momentum.
Meme coins/shitcoins offer better prospects for gains
- 科太币 (科太币), meaning Tether in Chinese, has surged over 900% in the past 24 hours. It has a market cap of around $5.5 million and over 2,800 holders, but its liquidity is not locked, posing a risk of a rug pull.
- Toshi (TOSHI), a cat-themed meme coin, has seen a massive pump since its launch, with a market cap of around $190,000 and over 200 holders. Its liquidity is also not locked.
- Kitty, another cat-themed meme coin, has gained over 400% in the last 24 hours. It has a market cap of around $120,000, but low liquidity of only around $20,000.
- Evil Pepe (EVILPEPE) has made a strong comeback, up nearly 300% in the last 24 hours. It has a market cap of around $2.3 million, locked liquidity of nearly $500,000, and no identified problems with its contract.
Hot Take
While blue-chip cryptos face pressure, meme coins/shitcoins present an opportunity for near-term gains. However, caution should be exercised due to the risks associated with low liquidity and unverified contracts. Evil Pepe stands out as a potentially reliable option with its locked liquidity and positive contract assessment.
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