For months now, investors have been flocking to digital currency as it continues to rise across the landscape. Of course, this isn’t the first time Bitcoin has been in the spotlight, but the sheer volume of attention it’s received since last year has made it an easy target for investors to latch on to.
Bitcoin moved up to the second most popular meme stock after Apple in the late 2017, and it seems the meme cycle is set to continue for the foreseeable future. The current top 10 meme stocks, according to the market capitalization of their stock prices, are: Apple, Bitcoin, Amazon, Facebook, Johnson & Johnson, Microsoft, Alphabet, Tesla, and AMC Entertainment.
The meme stock craze is a fierce thing, but it appears to be spreading to the digital world. It began with the likes of Twitter (TWTR) and Facebook (FB) but has now moved into the currency world as well. The spread of the meme is a direct result of the meteoric rise of Bitcoin and it’s increasingly popular exchanges. The meme stock market movement was kicked off Friday when bitcoin’s surging growth and burgeoning meme culture collided.Bitcoin (BTC) is slowly but surely gearing up for a flash buy, as the leading indicator shows, while the trading frenzy is reminiscent of the GameStop fiasco. In her last report of 3. In June, Stack Funds pointed out that Puell Multiple was approaching the green buy zone – a signal to get into the market.
Puell various reductions until 2021
The Pewell multiplier is one of the most popular tools to determine the price of BTC. The measures provide an assessment of the likelihood of a sell-off or rebound based on the profitability of mining companies. Currently, it does not make sense for miners to sell oil unless it is absolutely necessary. The price is now at 1.40, closer to the greenback, making it less attractive for mining companies to sell. This means potential buying opportunities if the multiple drops below 1.0, said Lennard Neo, head of research at Stack. However, we prefer to remain cautiously optimistic as further declines are possible, which may create better value for those looking for entry points.Bitcoin Puell Multiplier vs BTC/USD. Source: CryptoQuant According to Cointelegraph, Stack isn’t the only one who thinks the likelihood of a further price drop is not to be underestimated. Traders are also expecting a correction, with at least one trader stating that further growth is not possible until BTC/USD returns to the $36,000 level. Neo highlighted several other indicators, though not mentioned, that point to a bullish continuation this week, for the short and medium term.
Share memes ?
The return of volatility, already evident this week, could come from the retail sector. In a scene reminiscent of GameStop’s stock antics in the first quarter of this year, Reddit users turned their attention to another lagging company’s stock and inflated its price accordingly. AMC Entertainment ($AMC) 1-Day Candlestick Chart (Cboe). Source: TradingView AMC Entertainment, an unprofitable cinema chain in the US that reports huge profits – at one point exceeding 1,000% for the year – has filed a request to sell 11 million shares. If history repeats itself, investors may turn to altcoins again next time – and in particular meme tokens, which complement the meme-sharing phenomenon – some say. Maybe like last January. First, $GME and $AMC are pumping…. And then the big cryptocurrencies + altcoins. – Allan Kilic (@AllanKilic) 2. June 2021 However, most major cryptocurrencies remained flat for the day, with Dogecoin (DOGE), the star of most 2021 memes, falling about 1.5%.With the cryptocurrency market taking a breather, it may be time to look at some altcoins. I have noticed a growing number of posts on various forums about how the emergence of bitcoin meme stock is changing the cryptocurrency market. The most notable is the recent rise of the ‘Bitcoin is in a bubble’ meme.. Read more about ethereum price and let us know what you think.
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