As a seasoned crypto investor with a knack for spotting trends and a penchant for meme coins, I find myself riding the green waves once again. The recent surge in Moo Deng, Neiro, SPX6900, and other altcoins has been nothing short of exhilarating. It’s like watching a hippo-themed token double its value overnight, making me wonder if we’re all just playing in a virtual pond filled with digital gold coins.
For two straight days, Bitcoin experienced an upward trend within the cryptocurrency market, causing a wave of green across various platforms. Additionally, the fear and greed index departed from the ‘fear’ region.
Moo Deng, Neiro, SPX6900 led the crypto comeback
Meme coins proved to be top performers in the market. For instance, MOO Deng (MOODENG), a recently introduced token featuring hippos as its theme, has seen a 100% increase, resulting in a market capitalization of more than $35 million.
In a significant surge, the meme coin Neiro (NEIRO) skyrocketed by 51.6% and peaked at an unprecedented high of $0.0015. This impressive rise propelled its market capitalization above $621 million, outvaluing corporations such as Beyond Meat, GoPro, and Spirit Airlines.
The SPX6900 (SPX), aiming to surpass the S&P 500 index, experienced an increase of 46%, extending its growth from the previous week. In the past 24 hours alone, it has climbed more than 46%, resulting in a market capitalization exceeding $373 million.
3 months ago, dimethyltryptamine.eth invested 15.6 ETH ($47K) in SPX, which is now worth a staggering $1.27M, yielding a 26x return! This crypto whale is nothing short of legendary!— Lookonchain (@lookonchain) October 7, 2024
Other notable high-performers included Mog Coin, Popcat, Sui, and Bittensor, each experiencing a surge of more than 10%.
Following the robust U.S. nonfarm payrolls report last week and China’s announcement of additional stimulus measures, investors grew optimistic, adopting a risk-taking approach. Consequently, this positivity spilled over to global markets, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng experiencing significant gains, exceeding 2% respectively.
Crypto fear and greed index rises
Currently, the Crypto Fear and Greed Index has moved out of the ‘fear’ zone, reaching a weekly peak of 42. Generally, cryptocurrencies tend to perform better when investors start feeling less fearful.
As a crypto investor, I’ve noticed that the market bounced back following some positive developments in our industry. For instance, Metaplanet, a Japanese firm, is steadily amassing Bitcoins (BTC) with the aim of mirroring MicroStrategy’s achievements. MicroStrategy, having accumulated over 252,000 coins valued at $15.8 billion, boasts a market cap exceeding $33 billion, commanding a significant premium.
It appears that more people are amassing substantial amounts of Bitcoin, as indicated by an increase in the count of Bitcoin wallets containing over a million dollars’ worth of the cryptocurrency. This trend suggests a strong interest in Bitcoin, even considering its recent market fluctuations.
Donald Trump’s recent campaign rally with Elon Musk could be contributing to his resurgence, as evidenced by Polymarket data indicating a growing lead of 51% over Kamala Harris.
Trump is considered a more suitable candidate for the cryptocurrency sector due to his promise to appoint individuals supportive of crypto. Moreover, he plays an active role in the industry via his World Liberty Financial venture. According to Arkham, his cryptocurrency holdings exceed $6.5 million.
Read More
Sorry. No data so far.
2024-10-07 15:48