Cryptocurrency markets have been suffering from broad selling pressure since Saturday.
Bitcoin (BTC), which reached nearly as high as $30,000 on Saturday, has since reversed more than 6.5% lower and was last trading to the south of the $28,000 level.
Bitcoin is the world’s first and largest cryptocurrency by market capitalization and is often referred to as “digital gold”, given it is viewed by many as the most decentralized, secure and robust of all existing cryptocurrencies.
Ether (ETH), meanwhile, was last trading in the $1,860s, down around 8% from a pump last Friday through Saturday that saw the cryptocurrency briefly surpass $2,000.
Ether is the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain and is the second most valuable cryptocurrency in the world by market capitalization.
Some analysts have cited concerns about high transaction fees on both the Bitcoin and Ethereum networks amid a spike in meme coin-related transactions as weighing on sentiment.
In the past, spikes in meme coin-related trading activity have been lead indicators of a near-term peak in blue-chip cryptocurrency prices.
Concerningly for the short-term crypto bulls, both cryptocurrencies are now trading to the south of both their 21 and 50-Day Moving Averages (DMA).
Some Bitcoin bears are predicting a pullback to the $25,000s could be on the cards, with traders eyeing upcoming US inflation numbers later this week as a potential bearish catalyst.
The US Consumer Price Index report on Wednesday is seen showing the headline MoM inflation rate accelerating to 0.4% from 0.1% one month ago.
AiDoge is Pumping as Presale Rakes in $1 Million in 24 Hours
While blue-chip cryptocurrencies are underperforming and as meme coins such as $PEPE and $SPONGE pull back from recent highs, investors are hunting for the next meme coin gem that could deliver short-term exponential gains.
A sudden surge in revolutionary memecoin AiDoge’s crypto presale, which has raised a massive $1 million in just the last 24 hours, suggests many investors think that AiDoge could be the next big meme coin to blow.
The up-and-coming memecoin project, which utilizes revolutionary generative AI technology in its viral meme-making social media platform, has now raised more than $3.8 million from early investors via the sale of its $AI token.
AiDoge, which sits at the intersection of the meme and artificial intelligence (AI) worlds, is building a revolutionary new crypto-powered web3 platform that will allow users to share and vote on memes created by users via the platform’s breakthrough AI technology.
And users who create the best memes will be rewarded financially in the form of AiDoge’s native $AI token.
This revolutionary new concept of “meme-to-earn” (M2E) introduced by AiDoge is expected to be a game changer.
For the first time, the internet’s best meme creators will be able to turn their hobby into a viable income stream, all whilst the blockchain technology that underpins the AiDoge platform protects their ownership rights over their content.
Investors who move quickly still have the chance to secure $AI at a highly discounted price of $0.000028 per token.
With $AI to list on major exchanges at $0.0000336 next quarter, buyers who get in now will be sat on guaranteed paper gains of 20%.
Given the total token supply of 1 trillion, AiDoge will debut on major cryptocurrency exchanges with a fully diluted market cap of $33.6 million.
But many analysts think this fully diluted market cap could go a lot higher, as AiDoge rides the dual waves of growing interest in both AI technology and meme coins.
It’s easy to get involved – users can purchase $AI tokens with $ETH, $USDT (ERC-20), $BNB, $USDT (BEP-20) and using their bank card.
Visit AiDoge Here
Are Whales Buying?
Big investors are taking an increased interest in AiDoge.
Around five hours ago, one investor bagged a massive 8 ETH (worth $14,915 at the time) worth of $AI in one transaction, as can be verified here on Etherscan.io.
A further nine investors have bagged between 1-4’s ETH worth of $AI in the last six hours.
Whale interest should keen AiDoge’s presale powering ahead for now.