The upcoming Bitcoin halving event, scheduled for the later part of April, has caused high volatility in the cryptocurrency market. This event will reduce the mining reward for Bitcoin from 6.25 to 3.125, aiming to control the supply and potentially increase its value, similar to precious metals. Along with this, other cryptocurrencies like WIF, BONK, and SLERF have also shown potential to rally alongside Bitcoin.
According to historical data, the Bitcoin halving has triggered a significant uptrend as demand increases while supply decreases. With the recent launch of US-listed spot BTC ETFs, there is expected to be accelerated buying of this digital asset.
Following the lead of Bitcoin, the altcoin market has also shown a high momentum rally, offering a potential for high returns on investment in low-cap coins. In fact, there are 3 meme coins, BONK, SHIB, and BUDZ, which have the potential to grow 100 times or more in value.
1) Dogwifhat (WIF) is a Solana-based meme coin featuring a Shiba Inu wearing a pink knitted hat as its mascot. It has gained attention for its light-hearted approach compared to traditional cryptocurrencies. Currently trading sideways around $3.8, it is showing a continuation pattern called a symmetrical triangle. A breakout from this pattern could lead to a potential target of $4.8, while a breakdown could result in a correction towards the $3 level.
2) BONK is another meme coin on the Solana network, known as the “first Solana dog coin for the people, by the people.” It has a unique launch strategy and a strong community ethos. Currently trading at $0.0000223, it has found support at the $0.00002 level and could potentially rally towards $0.00003 or $0.0000367.
3) Slerf is a meme coin with a sloth theme on the Solana network. Despite a mishap in its initial launch, it quickly gained attention and multiple exchange listings. Currently trading at $0.357, it has shown a potential double bottom pattern with a potential target of $0.48 to $0.56.
Overall, the cryptocurrency market is currently dominated by a lack of direction from buyers and sellers. Many are waiting for the Bitcoin halving before making any significant moves. But with the potential shown by these meme coins, it is worth keeping an eye on them for potential investment opportunities.
