Bitcoin’s price plunged in the past 24 hours after reports emerged that Elon Musk’s SpaceX wrote down over $370 million of its holdings.
The news of this massive liquidation sent shockwaves throughout the crypto market, leading many to sell their $BTC.
Moreover, many Bitcoin investors are now seeking alternatives with more stable price prospects – with Sonik Coin and Wall Street Memes emerging as viable contenders.
Bitcoin Drops Below Key EMA as Bearish Trend Looms
Bitcoin’s price dipped nearly 10% yesterday, touching the $26,000 mark – a level that hadn’t been seen since June 16.
At the time of writing, Bitcoin has recovered somewhat, trading just above $27,000.
However, during the coin’s drop, the price fell below the crucial 200-day Exponential Moving Average (EMA) for the first time since March.
Historically, the 200-day EMA has been an important indicator for Bitcoin, often acting as a support or resistance level that traders watch closely.
SpaceX Sell-Off & Rising Bond Yields Prompt $BTC Downturn
Several factors have combined to prompt the ongoing Bitcoin sell-off, although the primary driver appears to be the reports that SpaceX sold a colossal amount of $BTC.
As noted in an article from Cointelegraph, SpaceX wrote down a staggering $373 million worth of Bitcoin throughout 2021 and 2022.
While it’s unconfirmed whether the entire amount was sold, the mere possibility has caused ripples of concern in the crypto market.
Elon Musk, CEO of SpaceX, has previously purchased Bitcoin for Tesla – yet also opted to liquidate a significant portion of the company’s holdings in 2022.
Given Musk’s pro-crypto stance, this move by SpaceX took many investors by surprise, resulting in heightened market volatility.
This volatility has been fueled further by the spike in US bond yields, indicating that investors are leaning towards traditional safe-haven assets.
Naturally, this has impacted the cryptocurrency market, with Bitcoin and other major altcoins experiencing downturns as investors seek stability in the face of ongoing macroeconomic uncertainty.
Vibrant Meme Coin Sonik Coin Launches Presale & Breaches $100k Milestone as Traders Back it Despite the Bear Market
However, amidst this turbulence, a new player called Sonik Coin ($SONIK) has piqued the interest of many investors.
Emerging as a potential alternative to Bitcoin, $SONIK showcases playful branding, with aspirations to achieve a $100 million market cap.
Currently, Sonik Coin is in the midst of a limited-time presale phase, aiming to raise just over $2 million.
Investors can purchase $SONIK through this presale for $0.000014, ahead of the token’s Uniswap listing.
Importantly, the Sonik Coin team plans to infuse real-world utility into $SONIK tokens by introducing a staking feature, allocating 40% of the total token supply for staker rewards.
As noted on Sonik Coin’s staking dashboard, the current APY is 522%, with over 4.5 billion $SONIK tokens staked already.
Sonik Coin’s unique branding and built-in utility have already caught the eye of several prominent names in the crypto sphere.
Jacob Bury, a YouTube analyst with nearly 21,000 subscribers, uploaded a video stating that $SONIK is one of his top five cryptocurrencies to buy in August 2023.
Wall Street Memes Community Continues Growing as Presale Nears $25m Mark – Token Expected to 10x
Wall Street Memes is another new meme coin that has gained traction recently.
The project’s presale has now raised nearly $25 million, with investor buzz growing regarding $WSM’s prospects once it hits the open market.
Wall Street Memes’ presale is now in its penultimate stage, with tokens on offer for $0.0334.
Much of Wall Street Memes’ early success can be attributed to the project’s massive online community comprising over 1.1 million people globally.
This community of “degens,” spread across platforms like Twitter and Instagram, has helped drive significant attention to the $WSM project.
Tech tycoon Elon Musk has even interacted with Wall Street Memes on Twitter, further bolstering the project’s credibility.
Looking ahead, Wall Street Memes’ developers intend to launch the token on Tier-1 exchanges once the presale concludes.
The developers aspire for $WSM to reach a $1 billion market cap – an ambitious goal reflecting their confidence in the project.
As Wall Street Memes continues gaining traction, many believe the project is positioning itself as a significant player in the meme coin space. Many traders, including the likes of Michael Wrubel, have backed $WSM to see 10x gains and more when it comes to its initial exchange listing.
Visit Wall Street Memes Presale
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
