The price of Pepe Coin (PEPE) has leaped around 9% in tandem with a broader cryptocurrency market rally on Tuesday.
The world’s third-largest meme coin by market capitalization, which burst onto the scene back in May, was last trading around $0.0000012, now up more than 12% from the multi-month lows it hit on Monday around $0.00000107.
Optimism around the likelihood that spot bitcoin ETFs will be approved by early 2024 and after PayPal’s move to create its own stablecoin, as well as a drop in global bond yields following weak Chinese trade data, are all being attributed as contributing to the market’s upbeat tone.
Bitcoin (BTC) was last eyeing a retest of $30,000, while Ether (ETH) was looking to push back towards $1,900.
Pepe Coin bulls will now be eyeing a retest of support-turned-resistance in the $0.00000145 area, with PEPE having seemingly broken to the north of a bearish trend channel, which is where the 50 and 100DMAs also reside.
That could mean quick and easy gains in the region of 20% from current levels.
While the outlook for Pepe has improved this Tuesday, excitement is building about an alternative ERC-20 token that could take the crypto market by storm this August.
Let’s take a closer look at BTC20, which launches its much-hailed staking program in under 24 hours, and is set to launch on Ethereum-based decentralized exchanges one day later on Thursday.
Here’s Why BTC20 Could Explode This August
Pepe Coin took the crypto world by storm in May.
August’s big hit could be a new ERC-20 token called BTC20.
BTC20, which markets itself as a second chance to get in on bitcoin back when it cost $1 back in 2011, as well as as a better version of the original bitcoin, sold out a blockbuster $6.05 million presale in under two weeks last week.
BTC20 is set to launch on Ethereum-based DEXs on the 10th of August at 1500 UTC and could see an explosive start to life, given pent-up demand and FOMO that has been building since the token’s presale ended last week.
In terms of what sets BTC20 above the original bitcoin, observers have highlighted the fact that it exists on the faster, greener Ethereum blockchain, which is also the heart of the world of Decentralized Finance (DeFi) as a key selling point.
It also offers its investors an exciting passive income opportunity should they choose to stake their coins.
As per a tweet from the official BTC20 Twitter account, these yields could hypothetically reach into the 100s of percent per annum, depending on the size of the BTC20 staking pool.
For those who managed to get in on the BTC20 presale, staking will become available on the 9th of August at 1500 UTC.
Given the impressive yields on offer, expect a good portion of the supply to be committed to staking.
This incentive to HODL should reduce supply on offer when BTC20 launches on exchanges the following day, which could help the token pop in price.
At a current market cap of only around $6 million, there is plenty of room for BTC20 to explode to the upside.
10x gains or more should not be ruled out.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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