Is it too late to buy Dogecoin? These two cryptos seem more attractive
The digital currency market is pumping and is now up over 6.5% across the board. In the process, Bitcoin's price gain amounts to almost 10%. Market dominance continues to rise. Bitcoin is outperforming various altcoins. Nevertheless, there are also some projects in the attractive market segment of altcoins that are already showing relative strength and should be worth a look even more so in the next altcoin season.
DOGECOIN
But does Dogecoin (DOGE) belong to them? Although it is trading around 4% firmer today, it is still clearly lagging behind the overall market.
COINGECKO
Since the listing at Coingecko, the performance from the all-time low amounts to around 71,000%. Thus, early investors generated astronomical returns that no longer seem possible today. After all, with an ambitious market capitalization of around $9 billion and (still) manageable benefits, a renewed multiplication seems rather unlikely - at least on this scale.
MEME COIN SEASON
The meme coin season recently catapulted some fun currencies like PEPE towards the "Moon". But Dogecoin did not generate relative strength. Without a doubt, Dogecoin remains good for hype every now and then. Nevertheless, the long-term downtrend is intact. DOGE is trading below a prominent resistance level, so an entry would only be suitable above it.
Here, other cryptocurrencies might be the more attractive choice in June 2023 - besides bitcoin as a base investment with momentum, there are smaller, new cryptocurrencies that could also multiply. Two ideas:
Wall Street Memes (WSM).
The spirit and vision behind Wall Street Bets and GameStop is one of fighting the traditional financial elite and empowering retail investors. The movement advocates for democratic and equal participation in the financial market. The vision is to counter manipulation and unfair practices and to achieve greater transparency and fairness in the financial system. Wall Street Bets and GameStop have created a community of investors who join forces to raise their voices and strive for positive change in the financial world. It was on this idea that Wall Street Memes was born a few years ago
Within the next few hours, the pre-sale of Wall Street Memes (WSM) is expected to generate more than $9.1 million from dedicated investors who believe in the potential of the new meme coin WSM. The massive competitive advantage comes from an impressive community of over one million followers. Pre-sale confidence is bolstered by the underlying community that recently launched the Wall Street Memes Token.
Tokenomics
This meme token is an extension of the well-known meme community with the same name. With 100% community participation and viral
potential, WSM has everything necessary for extraordinary price developments.
yPredict (YPRED)
AI-powered platforms are gaining relevance in crypto trading as they use advanced analytics and machine learning to make accurate predictions. The launch of ChatGPT is an example of how AI technology has reached the mainstream. Consumers are increasingly using AI features and are increasingly interested in using them in other areas of their lives.
This is creating an increasing demand for crypto prediction platforms based on AI algorithms. The accuracy and efficiency of these platforms can help traders make informed decisions and improve their trading strategies. Given these developments, it seems obvious that demand in this segment will grow rapidly
The AI-powered platform yPredict, which combines crypto trading and market intelligence, has reached a significant milestone in its pre-sale by raising over $2.5 million from investors. The pace is expected to accelerate with the introduction of a host of new AI-powered tools that go beyond traditional crypto analytics. Indeed, excitement about yPredict's potential as an innovative marriage of Web3 and AI technology is currently reflected in pre-sales. AI models can analyze enormous amounts of price data and identify trends that are difficult if not impossible for human traders to detect. Good models thus give traders a valuable competitive advantage. In addition, the Polygon-based YPRED token still offers the possibility of 33% book profits for a short time before the public start of trading.
JPMorgan Report: Hinman Documents in SEC Ripple Case Strengthen Ether.
JPMorgan believes the release of Hinman documents in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission could benefit Ethereum (ETH).
In a research report Thursday, JPMorgan analyst Nikolaos Panigirtzoglou wrote that internal SEC communications related to a 2018 speech by former director William Hinman indicate that Ether did not look like a security.The report states that SEC officials acknowledged at the time that the "fact that tokens are no longer securities on a sufficiently decentralized network creates a regulatory loophole.""The speech acknowledges that there is a different category," Panigirtzoglou wrote, adding that "it is not a security because there is no controlling group (at least under the Howey test), yet there may be a need for regulation to protect buyers."
The Howey test is a legal test used in the United States to determine whether a transaction qualifies as an investment contract and therefore a security under federal law.
JPMorgan says SEC took no action against Ether based on Hinman documents
Analysts at JPMorgan said that the SEC's decision not to take action against Ether so far this year, while targeting other crypto tokens, could be explained by the Hinman documents.According to the analysts, the Hinman documents could influence the direction of ongoing efforts by the U.S. Congress to regulate the cryptocurrency industry so that Ether is not classified as a security.
The simplest solution for Congress would be to regulate Ether in the same way as Bitcoin (BTC) and oversee it as a commodity under the Commodity Futures Trading Commission (CFTC), JPMorgan said.
The bank said a new "other category" could be introduced for Ether and other cryptocurrencies that are so decentralized that they are not classified as securities."This 'other category' would impose more restrictions and stronger investor protections than currently provided for commodities, but would be less burdensome than the requirements for securities."
JPMorgan noted that the more decentralized a cryptocurrency is, the higher its chance of not being classified as a security.
Why are the Hinman documents important for cryptocurrencies?
The Hinman Documents refer to a June 2018 speech by William Hinman, former director of the Division of Corporation Finance at the SEC.
In that speech, Hinman discussed how the SEC would approach the classification of cryptocurrencies under securities law.Hinman documents are important in the crypto world because they provide guidance on whether or not a particular crypto asset is a security.
Hinman outlined a framework for classifying cryptocurrencies based on the Howey test, which examines whether an investment involves the expectation of profits from a common enterprise and whether those profits come from the efforts of others.
WHO WIN:
The Hinman documents have been cited in several legal cases involving cryptocurrencies, with the most prominent case being SEC v. Ripple.
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