Why Bitcoin May Hit $40k in May, While $SPONGE Has Potential to Explode 1000x
Bitcoin has been on a roll lately, with a 74% gain since the start of the year. However, there is a brand new meme coin called $SPONGE that is causing a stir in the crypto world, with investors believing that it could rise to 1000x in the weeks ahead.
Banks Crisis Boosting Bitcoin
Bitcoin’s price has been increasingly bullish since the start of 2023. Its price began to rise steadily from $16,600 to above $24,800 by January and February. However, the primary catalyst for Bitcoin’s recent rise took place in March when Silicon Valley Bank suddenly collapsed, causing a banking crisis in the US, which is still ongoing.
Bitcoin rose by 35% in the days after Silicon Valley Bank’s failure and broke through the crucial $30,000 price level as the banking crisis spread. Investors now consider Bitcoin a safe-haven asset, similar to gold. It has become more resistant to inflation, and it is more decorrelated from the stock market than other assets.
Technical Setup Points To Another Move Higher For BTC
From a technical perspective, Bitcoin also appears ready to take another upward thrust. Since testing the $30,000 resistance level in April, Bitcoin has been consolidating around $28,500, forming an ascending triangle pattern that suggests it may climb powerfully above $30,000 in the next few weeks.
Once it surpasses $30,000, the next area of resistance is around $40,500; thus, once BTC crosses $30,000, there’s little to stop its rise to $40k.
Why $SPONGE May Be The Next 1000x Return Token
The past week saw returns of 10x on two meme coins. ArbDoge ($AIDOGE) saw an incredible 2,500% gain less than two weeks after launching on primary exchanges, with more trading volume than Dogecoin or Shiba Inu. Only a few days later, PepeCoin ($PEPE) exploded 3,000% above its listing price.
The Spongebob token, $SPONGE, appears to follow in their footsteps, and its launch on the Uniswap exchange is receiving a lot of attention. The $SPONGE crypto has built on a solid ground, being named after Spongebob Squarepants, the most-watched children’s TV show of all time, which is now entrenched in meme culture.
The $SPONGE crypto project has quickly built a considerable following on its Twitter page and Telegram group, being a top trending project on DEXTools. Analysts suggest it could deliver 1,000x returns for early investors.
The token has a fixed supply of 40,400,000,000 tokens and launched at $0.00005844, reaching $0.00007 on Uniswap. Despite investing appearing profitable, crypto is a volatile asset, and investors must do their research before investing and invest in only the amount they can afford to lose.
Bitcoin’s continued bullish run is a good indication of its future, with analysts saying it may reach $40k by May 2023. However, $SPONGE presents tremendous earning potential for investors looking for a high-risk, high-return investment in the crypto market. Only time will tell which one will yield the most significant returns, but one thing is sure; both coins have potential in the ever-changing market.
According to https://finance.yahoo.com/news/why-bitcoin-hit-40k-may-183038493.html
The material in this article is written on the basis of another article.