The crypto market recorded a 0.18% dip on 25 July 2023. At the time of writing, the global crypto market cap stands at $1.17T. Bitcoin is down 0.35% on the daily chart and 2.61% down on the weekly chart, selling for $29,109. Ethereum, on the other hand, is looking up with a small 0.05% surge on the daily chart.
Among the top losers this week are Worldcoin, XRP, Pepe, and Avalanche. But the demand for Wall Street Memes, BTC20, Dogecoin, and XDC Network is rising.
Why Worldcoin and XRP are Plummeting
Worldcoin (WLD) is one of the most anticipated projects of 2023. The project has big names attached to it. For example, it is co-founded by OpenAI’s CEO Sam Altman and built by developers of Tools for Humanity. It is backed by leading venture capital firms like Andreessen Horowitz, Bain Capital Crypto, and Distributed Global.
But the project has been facing criticism from the crypto and non-crypto sides of the world for its dystopian features and privacy concerns.
A global database of human IDs issued after an eye scan, paid for with useless Worldcoin token, connected with all financial transaction data of each individual managed by a centralized non-profit collecting sensitive data for KYC/AML.
WHAT COULD GO WRONG? https://t.co/8K6R17vBb0
— Anita ⚡🏳️🌈 Bitcoin for Fairness (@AnitaPosch) July 24, 2023
While WLD token registered an initial surge on the launch, it started plummeting within hours. The crash is attributed to the controversies surrounding the project and the concerns over privacy and critical biometric data safety. The broader market downturn aggravated the wound for WLD. According to the latest news, the project could face inquiries from data regulators in the United Kingdom.
Wordcoin price overview, 25 July 2023, CoinMarketCap
In addition to the inquiry in the U.K., WLD will have a hard time reaching the US audience since U.S.-based exchanges like Coinbase or Kraken haven’t listed it. Regulatory concerns hinder its ambitions for growth and expansion in these fertile markets.
XRP price has also been crashing this week, owing to the price correction that has been due since the bull run on Ripple’s historic victory against the SEC. Dogecoin is one of the few crypto heavyweights to buck the trend. But it is expected to mellow down soon.
Dogecoin price overview, 25 July 2023, CoinMarketCap
Wall Street Memes Continues to Surge
The demand for Wall Street Memes (WSM) is on the rise, despite the bears taking over the market on 25 July 2023. The latest meme coin sensation has emerged to become a haven for investors amid the collapses of crypto heavyweights like BTC, ETH, SOL, XRP, and MATIC to name just a few.
One of the key factors behind the rising demand is the fact that Wall Street Memes is still in the presale stage, and it will be unaffected by the ongoing downturn. The token will go live only when the market is in a healthier environment.
Well, that explains little, however. Since there are plenty of live presales, why have investors limited their portfolio to WSM? There are multiple factors why. Most importantly, top crypto publications and industry analysts predict WSM as the next meme coin to explode. It is the top contender for third place on the meme coin chart, next to Dogecoin and Shiba Inu.
The plummeting price of Pepe has also urged investors to seek refuge in new meme coins like Wall Street Memes, Chimpzee Evil Pepe. But being backed by a 1M+ community, Wall Street Memes’ explosive potential is much higher compared to its peers.
As you may have guessed from the name, the global community mostly includes investors, traders, and business leaders like Elon Musk.
The team has successfully managed to convert a sizeable portion of the community members into meme coin investors. The presale has raised $17.5M out of its $30M target at the time of this writing. While the first half of the presale was dominated by community members and retail investments, the second half will be faster due to whale investments.
The hype around the meme coin is fast-growing, hinting at a 20X-30X price rise in the first week of the token launch anywhere up to 100X in a month. If that sounds too ambitious, the community’s history says otherwise. It sold out its first NFT collection titled Wall St. Bulls in 2021 within half an hour.
If the presale enthusiasm is any evidence, a bigger phenomenon is unfolding.
BTC20 Fuels FOMO with Unique Stake-to-Earn Reward System
Another winner this week is BTC20, an Ethereum-based token that comes with lucrative stake-to-earn rewards. As the ticker gives it away, the project combines the principles of Bitcoin with the advanced functionalities of Ethereum. Its goal is to provide another starting point for investors who missed out on the BTC hype.
Welcome to the world of $BTC20 – The Revolutionary Staking Token
A groundbreaking PoS #Crypto token built on #Ethereum!
We pay homage to the original #Bitcoin while introducing a passive income-staking mechanism that empowers our community of #Cryptoenthusiasts. pic.twitter.com/gB18L4awfR
— BTC20 (@BTC20Token) July 18, 2023
The project has captured investors with its unique design that mirrors the trajectory of Bitcoin’s early days. To begin with, BTC20 is priced at just $1 during the presale – an acknowledgment to Bitcoin when it was selling for the same price in 2011. The price is set low to allow investors from different financial backgrounds to get an early entry into the project.
BTC20 is one of the top trending coins on Telegram since its launch.
- There will be a total of 21 million BTC20 tokens.
- 05 million tokens out of these are sold in the presale at $1 each.
The remaining tokens are sent to a staking contract to reward BTC20 stakers. The Proof-of-Stake (PoS) consensus protocol not only helps secure the network but is also an excellent source of passive income.
Contrary to BTC mining, it doesn’t require any energy-intensive computing hardware. It is interesting to note that the staking contract releases BTC20 tokens as per the Bitcoin block schedule over approximately 120 years.
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
