Here’s why Bitcoin can reach $40ki in May, but $SVAMP can 1000 times

by James · May 4, 2023

New York, NY –News Direct– Financial News

Bitcoin has been on an almost unstoppable roll lately. Since the start of the year, the world’s largest cryptocurrency by market capitalization has increased by 74%. It even briefly broke through the key $30,000 price level.

Many analysts believe that Bitcoin has yet another move higher to make, with a potential price target of $40,000. That would represent a roughly 40% gain from today’s BTC price.

But digging deeper into the crypto space reveals that Bitcoin is not the crypto with the most potential right now. A brand new meme coin, $MUSHROOMis making waves and some investors believe it could explode 1,000 times in the coming weeks.

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Banking crisis gives Bitcoin a boost

Bitcoin’s price has been consistently positive since the beginning of the year. During January and February, BTC moved from $16,600 to over $24,800.

However, the real catalyst for Bitcoin came in March, when Silicon Valley Bank suddenly collapsed. This failure set off a banking crisis in the US that is still ongoing – just today the lender was PacWest looking to find buyers after confidence in the company plummeted.

Bitcoin jumped 35% in the days immediately following the Silicon Valley Bank failure and broke through the key $30,000 price level as the banking crisis spread.

Increasingly, investors have considered Bitcoin to be a safe haven similar to gold. It has become increasingly decor-related from the stock market and is more resistant to US dollar inflation compared to other assets.

The continued turmoil in the banking sector means that from a fundamental perspective, Bitcoin looks strong. Investors will likely continue to flock to the world’s largest crypto as long as traditional assets seem uncertain.

Technical setup points to another move higher for BTC

From a technical perspective, Bitcoin also seems poised for another push.

Since testing the $30,000 resistance level in April, Bitcoin has consolidated around $28,500. An ascending triangle pattern is forming which suggests that BTC could make a strong move above $30,000 in the coming weeks.

Once above $30,000, the next resistance area is around $40,500. So when BTC gets above $30,000, there is little stopping it from moving all the way up to $40k.

Meme coins show explosive returns that leave BTC in the dust

While a 40% increase in Bitcoin’s price would be a boon to crypto traders and investors, it’s hardly the most exciting thing happening in crypto right now.

In the last week alone, two meme coins have returned more than 10 times. First, ArbDoge ($AIDOGE) posted an astonishing 2500% gain less than two weeks after launch on major stock exchanges. The coin experienced more than $470 million in trading volume around its peak – more volume than was traded in either Dogecoin or Shiba Inu.

Just a few days later, PepeCoin ($PEPE) exploded 3000% above the listing price. The pump in $PEPE is ongoing, with the coin reaching a new all-time high today and a trading volume of more than $375 million.

$SPONGE Builds on Meme Coin Momentum – Next 1000x Return Token?

Investors who missed the pumps in ArbDoge and PepeCoin may have another chance to get in on the meme coin craze. SpongeBob Token ($SpongeBob) is the latest meme coin to launch on the Uniswap exchange, and it has already garnered a lot of attention.

SpongeBob describes himself as “The Krabby Patty of meme coins” – a reference to the famous burger in the SpongeBob TV show that characters just couldn’t get enough of. The coin looks set to pump over the coming days, with investors piling into $SPONGE as fast as they can.

This meme coin is built on solid ground. According to Guinness World Records, SpongeBob was Square most watched TV program for children of all time. Many of the kids who grew up with the show are now in their late 20s and early 30s, the same demographic that dominates activity in the crypto markets.

SpongeBob SquarePants is also already rooted in meme culture. Scenes from the show featuring characters like Spongebob and Squidward routinely appear in memes, including in the cryptocurrency space.

The $SPONGE crypto the project has quickly built a following Twitter page and in his Telegram group. It is also a top trending project on DEXTools.

Analysts suggest that $SPONGE could quickly follow in the steps of $PEPE, $AIDOGE and other highly successful meme coins such as $TURBO and $BONK. One analyst has even suggested that $SPONGE could deliver 1000x returns for early investors.

$SPONGE has a fixed supply of 40,400,000,000 tokens. The coin was launched at a price of $0.00005844 and a low market cap of $2 million, but it is increasing in value incredibly quickly. The token is already up to $0.00007 on Uniswap, a gain of more than 20% in just a few hours.

Investors can buy $SVAMP now on Uniswap.

Buy $SVAMP Token

DISCLAIMER: This is not to be considered investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive a commission for clicking on links in this article.