Altcoin
Donald Trump meme coin, altcoin risks and more
This week’s developments in the crypto ecosystem continue to capture the community’s attention. From meme coins capturing the public imagination and then facing sharp corrections to Bitcoin (BTC)’s role as a safe haven in global finance, the cryptocurrency market remains a complex and exciting arena.
Adding to the allure of the cryptocurrency market, mainstream personalities like Andrew Tate have joined the meme coin bandwagon. Furthermore, it is claimed that former US President Donald Trump released his own meme coin. Meanwhile, experts highlight the risks of investing in altcoins, as they lag behind despite Bitcoin’s rally.
Andrew Tate’s DADDY meme coin drops 60%
This week, Andrew Tate’s venture into the meme coin market, Daddy Tate (DADDY), witnessed a sharp decline of 65%.. Despite Tate’s ambitious strategies to increase her utility, including transforming her into a non-fungible token (NFT) and integrating it with its Real World University: the coin has failed to inspire investor confidence.
“I want to reduce the supply of the DADDY coin, so even if you own a DADDY coin, you will get karmic benefits from the universe. I will do this by purchasing the coin with my own money and burning it at certain market caps. It will be in such limited supply that it becomes a badge of honor to own some,” Tate declared.
Even with Tate’s commitment to buying and burning coins to increase market value, the meme coin struggles amid controversy and a volatile market. It is down more than 70% from its peak.
To know more: Crypto Scam Projects: How to Spot Fake Tokens
Daddy Tate (DAD) Price trend. Source: DEX Screener
Bitcoin as a safe haven: BlackRock CEO highlights economic shift
At a recent G7 summit, BlackRock CEO Larry Fink highlighted the fundamental shift in global financial systems. Capital markets have overtaken banks as the main sources of private sector financing.
As a result, Bitcoin has emerged as a potential safe haven. Analysts note its low correlation to stocks and significant institutional interest as factors reinforcing its safe haven status. With the US launch of Bitcoin spot ETFs attracting $15 billion since January, Bitcoin continues to gain attention as a reliable asset during economic uncertainties.
“I believe the role of Bitcoin and the digital asset space will become more and more significant every year,” Matteo Greco, research analyst at Fineqia, told BeInCrypto.
To know more: Who owns the most Bitcoin in 2024?
The saga of Donald Trump’s DJT meme coin opens
This week, the DJT meme coin, allegedly linked to Donald Trump and his son Barron, caught the attention of the crypto community after a 1,450% surge due to speculative posts. However, the coin’s price later plummeted by nearly 75% amid the ongoing drama.
Martin Shkreli, a controversial figure, claimed to have contributed to the development of DJTclaiming Trump family involvement, although this remains unverified.
“Barron told me his father was involved. His father liked it, “Shkreli declared.
However, Trump advisor Roger Stone has categorically denied any Trump family involvement. Meanwhile, other political figures such as New York legislator Ben Geller have opposed Stone’s claims.
“I believe on good authority that Barron was [involved], then retired once things were completely trashed by the developer. This was a public relations disaster,” Geller She said.
To know more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
Analyst Warns Against Altcoin Investments
Crypto analysts are increasingly numerous Skeptical about the prospects of altcoins. Quinn Thompson of Lekker Capital points to market instability and high leverage as indicators of potential risks. The significant capital inflows into Bitcoin ETFs stand in stark contrast to the struggling altcoin market.
New altcoins are facing intense selling pressure due to oversupply and decreasing demand. Experts suggest that altcoins face a more challenging environment, potentially reducing their investment attractiveness.
“Altcoins have a constant flow of selling pressure. As we enter an already low-volume summer period, the combination of significant token supply unlocks and selling pressure from venture capitalists will likely be too much of a fight for most tokens,” Thompson said.
Since March, the total market capitalization of cryptocurrencies, excluding Bitcoin and Ethereum (ETH), decreased by 22.42%. This means that all other cryptocurrencies, except Bitcoin and Ethereum, are in trouble.
To know more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season
Financial advisors remain cautious about Bitcoin ETFs
Despite the growing popularity of Bitcoin ETFs among self-directed investors, financial advisors are proceeding with caution. BlackRock ETF Chief Investment Officer, Samara Cohen, stressed that the consultants are meticulously analyzing the risks associated with the price of Bitcoin volatility.
With a cautious approach, advisors prioritize their fiduciary duties over the high-risk, high-reward allure of Bitcoin investing. Despite optimistic predictions about Bitcoin’s potential, the careful attitude of professional advisors highlights the challenges of integrating cryptocurrencies into traditional investment portfolios.
Meanwhile, spot Bitcoin ETFs are struggling this week. So far they have seen an outflow of more than $438 million.
To know more: How to Trade a Bitcoin ETF: A Step-by-Step Approach
| June 17, 2024 | 0.0 | (92.0) | 2.9 | (50.0) | 0.0 | 0.0 | 0.0 | (3.8) | 0.0 | (3.0) | 0.0 | (145.9) |
| June 18, 2024 | 0.0 | (83.1) | (7.0) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (62.3) | 0.0 | (152.4) |
| June 19, 2024 | – | – | – | – | – | – | – | – | – | – | – | 0.0 |
| June 20, 2024 | 1.5 | (51.1) | (31.5) | 0.0 | (2.0) | 0.0 | 0.0 | (3.7) | 0.0 | (53.1) | 0.0 | (139.9) |
Bitcoin ETF flows. Source: Distant investors
This week’s top 10 cryptocurrencies
The cryptocurrency market continues its downward trend this week, with the total market capitalization falling to $2.35 trillion. In particular, Bitcoin and Ethereum recorded drops of 3.48% and 0.15% respectively.
Dogecoin (DOGE) AND Solana (SOL) faced the steepest declines among the top ten cryptocurrencies. However, XRP bucked the trend with a rise of 2.67%, demonstrating its resilience amid market volatility.
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