Crypto Bonanza Strikes Again: Dog-Inspired Tokens Are Back
The idea that U.S. exchange-traded funds will soon be able to purchase Bitcoin has dominated crypto headlines for much of the year.
Yet, there’s been a surprising revival from meme coins and funky non-fungible tokens lately that seems like a blast from the recent past.
Alt Coins Make a Return
Have you heard about dogwifhat? It’s a dog-inspired token that displays a shiba inu in a little knit cap. These coins have once again become a hot talking point in the market.
Since the last great pump with DogeCoin over two years ago, the crypto market is once again seeing many of these alt coins jump up over 1,000% in a matter of days.
'Tis the Season for Alt Coins
While these alt coins generally trade at fractions of a cent, just as we saw with DogeCoin, they have the potential to make hopeful traders millions of dollars.
“Alt-season is back,” Teong Hng, chief executive at crypto investment firm Satori Research, told Bloomberg Businessweek. “The current situation exudes similar vibes like the 1Q of 2021.”
Crypto Platforms See Dramatic Rise in Value
With great token pumps comes the potential for the platforms on which they trade to also surge in value.
According to crypto experts, this is precisely what we’re seeing with Solona and Avalance, two of the largest platforms that offer these alternative coins. The SOL and AVAX tokens have increased by more than 10% since last Wednesday.
Bitcoin Comes Along for the Ride
Bitcoin is also trading at its highest price in over a week, at a crucial point in the crypto token’s history.
Reports suggest that the Securities and Exchange Commission has until Jan. 10 to decide whether or not they will approve crypto exchange-traded fund applications (ETFs). The rejections thus far have been due to the fear of fraud, per Reuters.
Half of the Entire Market
Bitcoin rose 4% to $44,294 this past Wednesday, with many hopeful it’ll eventually breach the $45,000 mark again.
The popular token accounts for approximately half of the crypto’s $1.6 trillion market capitalization. The last time it traded at over $45,000 was back in April 2021.
Investors Are Feeling Good
The current mood across the crypto world is hopeful as they await BTC ETF’s approval in January.
“The feel-good factor is fueled by imminent spot BTC ETF approval in January, and the FTX claims recovery, which is now trading above 50 cents to the dollar,” Hng said.
FTX Set to Pay Back Billions of Dollars
Many investors are also happy with the news that the crypto exchange FTX Group prices have soared after news of a potential payout was released.
The exchange, founded by Sam Bankman-Fried, who was found guilty on charges including fraud, moves closer to returning billions of dollars to customers and creditors around the world.
FTX Gets a Price Increase
FTX has seen a small increase in price recently, climbing from 57 cents to 73 cents on the dollar, according to Cherokee Acquisition, which brokers bankruptcy claims.
That’s up from 50 cents to 53 cents in late October, and the exchange may continue to climb slowly as they begin to return money to investors.
Bitcoin ETFs are exchange-traded funds that track the value of Bitcoin and trade on traditional market exchanges rather than cryptocurrency.
They have become popular among people who’d like to invest in Bitcoin without going through the hassle of using a cryptocurrency exchange.
Essential Development in Crypto History
As Jan. 10 approaches, insiders from the SEC have claimed that the company looks set to officially approve Bitcoin as an exchange-traded fund.
The date marks the ultimate deadline for the SEC to either grant or deny approval for the first company seeking the SEC’s endorsement for a spot Bitcoin ETF.
Wall Street Giants Aiming for Spot
Several large firms, including financial giants of Wall Street, such as BlackRock and Fidelity, have submitted applications for a spot Bitcoin ETF (via Fox News).
The BTC ETF would have a value based on the real-time price of the digital asset.