On Tuesday, Pepe Coin (PEPE) experienced a significant 9% increase in value, aligning with the overall positive trend in the cryptocurrency market. Being the third-largest meme coin in terms of market capitalization, Pepe Coin made its debut in May and is currently being traded for around $0.0000012. This marks a noteworthy surge of over 12% compared to the multi-month lows observed on Monday when it reached approximately $0.00000107.
The positive market sentiment that we observe can be attributed to multiple factors such as an optimistic outlook related to spot bitcoin ETF approvals expected by early 2024, PayPal’s foray into establishing its stablecoin, and a decline in global bond yields that accompanies weak Chinese trade figures. As a result, Bitcoin (BTC) is currently aiming to retest a figure of $30,000, while Ether (ETH) is looking to go back up to $1,900 again.
Pepe Coin enthusiasts who are optimistic about its future performance will now be closely monitoring a potential retest of the support-turned-resistance level located around $0.00000145. It appears that PEPE has recently broken out of a bearish trend channel, indicating a positive shift in its direction. It is worth noting that this breakout coincides with the presence of the 50 and 100DMAs (Day Moving Averages) in the same area.
This predicts that around 20% of profits can be gained easily and expeditiously from the existing levels. While Tuesday appears to be a better day for Pepe Coin, there is growing anticipation about an ERC-20 token called BTC20, which could have a significant impact on the cryptocurrency market in August. This article further elaborates on BTC20, which is launching its appreciated staking program in less than 24 hours. It will also be accessible on decentralized exchanges running on Ethereum, 24 hours after the staking program is activated.
It acknowledges the immense popularity that Pepe Coin gained in May. A new ERC-20 token by the name of BTC20 might turn out to be August’s sensation. The token is actively promoted as an opportunity to invest in Bitcoin at a low cost, similar to the $1 price tag it had back in 2011. In addition, it is also marketed as a newer and improved version of Bitcoin. These claims have attracted a massive response, as the presale of BTC20 worth $6.05 million was sold out in under two weeks recently.
BTC20 is scheduled to be launched on Ethereum-based decentralized exchanges (DEXs) on the 10th of August at 1500 UTC. This launch is highly anticipated due to the overwhelming demand and fear of missing out (FOMO) that has been building up since the token’s presale concluded the previous week. One of the key factors that distinguish BTC20 from the original Bitcoin is the fact that it operates on the faster and more eco-friendly Ethereum blockchain. This blockchain is also at the core of the decentralized finance (DeFi) ecosystem, which adds to the token’s appeal. Another enticing feature of BTC20 is the potential for passive income generation through staking. According to a tweet from the official BTC20 Twitter account, stakes could potentially earn yields in the hundreds of percent per year, depending on the size of the BTC20 staking pool.
Participants who successfully participated in the BTC20 presale will have the opportunity to start staking on the 9th of August at 1500 UTC. Considering the attractive yields available, it is likely that a significant portion of the token supply will be committed to staking. This incentive to hold onto the tokens (HODL) is expected to decrease the available supply when BTC20 is officially launched on exchanges the following day, potentially leading to a significant increase in its price. With a current market capitalization of only approximately $6 million, there is ample room for BTC20 to experience substantial growth. It is not unreasonable to anticipate gains of 10 times or more.
