New week, new luck – this is how the final trading week in 2023 can be described, which could still be a little quieter. Traditionally, the trading volume between the holidays is lower, but this could sometimes allow for significant price movements.
In the absence of macroeconomic events, the focus is likely to be on crypto-internal events. It seems likely that the trends of the past few weeks will continue in the last trading week of 2023. At the same time, we should take a look at new coins that will start their presale just before the end of the year.
So let’s take a look at what investors can expect this week in the crypto news preview.
Better than BONK? This meme coin could explode 100x in 2024
Bitcoin Spot ETF: Now things are getting serious
The focus of the crypto world at the end of 2023 was undoubtedly on the subject of the Bitcoin spot ETF. The SEC has now given applicants a December 29 deadline for amendment requests to be approved in the first wave of Bitcoin spot ETFs. In the next few days, the SEC is likely to receive some amendments that will be reviewed directly by crypto analysts.
The launch of a spot ETF could boost institutional investor confidence and further drive Bitcoin adoption. The upcoming Bitcoin halving in spring 2024 and possible interest rate cuts in the first half of 2024 continue to favor the Bitcoin market.
This means that the outlook for Bitcoin in 2024 remains bullish, despite the consolidating price movement over Christmas. Because we are currently seeing a narrow range that Bitcoin has established as a subordinate. Volatility has decreased recently, but this is likely to change soon.
When will the Solana bulls run out of steam?
The broad market is going sideways, Solana is experiencing the next pump. With a price jump of around 5% in the last 24 hours, SOL is close to $120. Just a reminder: Around a year ago, the Solana price quickly reached a new low of under $15 after the FTX crash. This means that the path to becoming a Tenbagger is not that far in less than 18 months. Nevertheless, the heavily overbought RSI in the daily chart reveals that consolidation could be necessary in the near future.
Solana is currently close to the critical supply zone between $120 and $140. The first traders are now seeing a change in sentiment – away from Solana and towards ETH or other altcoins. After the parabolic rally, Solana may need consolidation soon. If the first profit-taking occurs, this could quickly expand.
Also at the Number of active addresses in the Solana network we see a first local top in 7DMA. A correction appears necessary, although Solana bulls are still showing impressive strength.
New meme coin SPONGEV2 aims for 100x
Developing some sort of “version 2” or successor to successful meme coin projects has gained popularity in the past as this concept offers some advantages. Already successful projects have established a known proof of concept and an existing community, making it easier to introduce a successor. The viral potential and popularity of the original project can be transferred to the new coin. This attracts investors who have already heard about the successes of the original project or who have participated in it themselves.
This started just a few days ago SPONGEV2 – a new meme coin that is already generating increasing demand and follows the successful SpongeBob Token (SPONGE). This was launched at the beginning of the year and has now brought early adopters almost 100x returns. By bridging V1 to V2, the team wants to replicate the success and at the same time further develop the token. In addition to the staking feature, which enables passive rewards over the next few years, there will be a play-2-earn game to give the meme coin more use.
Anyone who would like to participate in SPONGEV2 can stake their SPONGE tokens via the website and then receive SPONGEV2. Here it is also possible to purchase SPONGE with subsequent staking and a special bonus in order to directly participate fully in the new meme coin, which has a major goal – to achieve the 100x return of its predecessor.
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