• Crypto prices have been falling since Saturday, with Bitcoin (BTC) and Ether (ETH) both trading below their 21 and 50-Day Moving Averages (DMA).
• The fall in crypto prices has been attributed to a spike in meme coin-related transactions.
• AiDoge’s crypto presale has raised a massive $1 million in just the last 24 hours.
Crypto Prices Falling
Cryptocurrency markets have been suffering from broad selling pressure since Saturday.Bitcoin (BTC), which reached nearly as high as $30,000 on Saturday, has since reversed more than 6.5% lower and was last trading to the south of the $28,000 level. Ether (ETH), meanwhile, was last trading in the $1,860s, down around 8% from a pump last Friday through Saturday that saw the cryptocurrency briefly surpass $2,000. Some analysts have cited concerns about high transaction fees on both the Bitcoin and Ethereum networks amid a spike in meme coin-related transactions as weighing on sentiment.
Memecoin Transactions Impacting Crypto Market
The surge of meme coin-related transactions is seen as having an impact on blue-chip cryptocurrency prices. In the past, spikes in meme coin-related trading activity have been lead indicators of a near-term peak in blue-chip cryptocurrency prices.Concerningly for the short-term crypto bulls, both cryptocurrencies are now trading to the south of both their 21 and 50-Day Moving Averages (DMA).Some Bitcoin bears are predicting a pullback to the $25,000s could be on the cards, with traders eyeing upcoming US inflation numbers later this week as a potential bearish catalyst.The US Consumer Price Index report on Wednesday is seen showing the headline MoM inflation rate accelerating to 0.4% from 0.1% one month ago..
AiDoge Pumping Up
While blue-chip cryptocurrencies are underperforming and as meme coins such as $PEPE and $SPONGE pull back from recent highs, investors are hunting for the next meme coin gem that could deliver short-term exponential gains.A sudden surge in revolutionary memecoin AiDoge’s crypto presale has raised more than $3.8 million from early investors via sale of its token; raking up over 1 million dollars within 24 hours alone! AiDoge stands at intersection between memes & artificial intelligence technology with its social media platform for viral meme making .
Are Whales Buying?
An influx of whales buying large amounts of cryptos can cause major price fluctuations across market; however it’s hard to tell whether or not whales are currently buying into this memecoin trend given there’s no reliable data available at this time .
With global inflation figures looming ahead , Crypto markets remain highly volatile & unpredictable despite AI Doge’s current success . Investors must stay vigilant & make informed decisions while assessing risks associated with investing into memecoins .