On Monday, the total value of the cryptocurrency market experienced a significant rise, reaching an impressive $2.8 trillion. This surge was largely driven by Bitcoin‘s renewed dominance at over $72,000. Furthermore, there were signs of continued growth among other top altcoins such as Shiba Inu (SHIB), Pepe Coin (PEPE), and Dogewhiz (WIF). These digital currencies have been steadily gaining momentum, suggesting the potential for further increases throughout this week and the month of April.
Based on NiceHash’s estimation, Bitcoin‘s halving should occur around nine days from now when the blockchain reaches 840,000 in height. At present, the network is at block height 838,332.
The reward given to miners for adding new Bitcoin to the blockchain will be cut in half, decreasing from 6.25 to 3.15 Bitcoins per block. This change, effective soon, will reduce the amount of new Bitcoin entering circulation. Consequently, scarcity may ensue, potentially boosting Bitcoin’s value and contributing to a robust rally within the crypto market.
The Bitcoin halving has a direct impact, but historical data indicates that coins such as Shiba Inu experience significant price surges as they capitalize on Bitcoin’s positive trends.
In this article, we explore three promising altcoins to invest in before their upcoming halvings in April, with the potential to increase a $10,000 portfolio to an impressive $100,000.
1. Dogwifhat (WIF)
The price of Bitcoin reached over $72,000 in early April after a brief dip to around $65,000. This increase occurred just before the upcoming fourth Bitcoin halving, which is set to take place within the next few days.
Investors, following the trend of the past reductions, have been actively buying into assets to profit from the market’s upward trend. Their focus has shifted towards tokens that closely follow Bitcoin’s price movements, such as meme coins.
According to data from CoinGecko, meme coin prices experienced a significant increase of approximately 9%, with dogwifhat leading the way at a 15% price rise. Notable gainers among other related coins on Monday were Joe Boden (BODEN), Degen (Base) (DEGEN), Popcat (POPCAT), and The Dog NFT (DOG). In simpler terms, the prices of several meme coins rose by around 9%, with dogwifhat seeing a price jump of 15%. Some other related coins that did well on Monday include Joe Boden, Degen, Popcat, and The Dog NFT.
In the past day, the trading volume for WIF reached an impressive $711 million, demonstrating increasing investor curiosity. This growth was further highlighted by a subsequent rise in market capitalization to $4.15 billion, now positioning dogwifhat as the crypto with a market cap of $4.15 billion and ranking it as the 30th largest in the market.
Certain traders might look for an additional sign of backing at the $4 price point, indicated by the grey band, before increasing their investment.
If four-hour candles consistently close above the $4 support level, Solana meme coins (WIF) will likely remain afloat and under bullish control, preparing for the next potential all-time high (ATH). Keep in mind that once the price reaches discovery mode, it may clear the way for a breakthrough above $10, marking a significant milestone for Solana-based meme coins.
2. Shiba Inu (SHIB)
Recently, Shiba Inu underwent considerable change in value. It dropped down to $0.0000274, but then bounced back strongly, reaching a high of $0.0000294. However, this surge didn’t last long as the price adjusted to $0.00002855.
In spite of the market’s instability, the number of transactions jumped by 31.59% during the past day, demonstrating significant investor enthusiasm, amounting to a substantial $752.92 million worth of trades.
Shiba Inu’s market capitalization decreased by 0.68% or about $114 million, resulting in a current value of around $16.82 billion. This slight dip didn’t affect its ranking, as it still holds the 12th position among cryptocurrencies. The circulating supply of SHIB is massive at 589.29 trillion coins, with an overall total supply being only slightly less.
Meme crypto investors and fans keep a close eye on developments, mirroring the volatile and unforeseeable character of the cryptocurrency sector.
The price of Shiba Inu Coin is facing a significant hurdle at $0.000029. If it manages to break through this barrier, its value could rise towards $0.00005 and even approach the coveted $0.001 mark.
3. Pepe Coin (PEPE)
The Pepe coin price has been relatively stable for more than a month, following the convergence of two trendlines that form a bullish pennant pattern on the chart. This setup, positioned above the 50% mark of previous price drops, indicates a healthy correction and provides an opportunity for buyers to regain control over this asset.
On April 5th, the price of Pepe experienced a significant reversal, dipping below its support trendline and rising up to touch $0.0000076. If the overall market continues to be bullish, there’s potential for the coin’s buyers to drive the price an additional 8%, reaching the resistance trendline at $0.0000082.
If the price of the coin goes against what we had hoped for and falls below the lower trendline, the demand decreases significantly. This drop may extend the ongoing correction and potentially take the price of Pepe coin down to $0.00000313.
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2024-04-08 21:42