MOTHER Iggy and DADDY Tate’s crypto tokens were under heavy selling pressure on Friday.
DADDY, which is associated with Andrew Tate, crashed by over 20% on Friday and reached an all-time low of .074. Its market cap dropped to over million, down from its all-time high of over 2 million. MOTHER, which was promoted by Rapper Iggy Azelia, dropped to .0666 from an all-time high of .2340. Like DADDY, its market cap has dropped from over 6 million to about million on Friday.
The token crashed even after it was available in Wintermute, a leading algorithmic trading platform. It was also listed by Coins.ph, a leading crypto exchange in the Philippines.
DADDY and MOTHER dropped as a sense of fear spread in the crypto market. The crypto fear and greed index retreated to the neutral level of 52 and is slowly approaching the fear level. It has dropped from the year-to-date high of over 91. In most cases, cryptocurrencies underperform when investors are fearful.
Crypto fear and greed index
Bitcoin and altcoins crashed
The crash happened as a sea of red spread across the crypto industry. Bitcoin fell to ,000, its lowest point since May 15th after it formed a double-top pattern at ,000. In most periods, Bitcoin sets the tone in the crypto market.
Other major coins like Chainlink, Solana, and Cardano also sunk. Similarly, popular meme coins like Pepe, Beercoin, and Bonk fell by double digits.
Therefore, the question is whether DADDY and MOTHER tokens will bounce back or continue the downward trend.
While the sentiment is weak, there is a possibility that they will rebound in the near term as traders buy the dip. A sustained rebound will likely happen if Bitcoin stages a comeback and moves above ,000.
Some crypto bulls like billionaire Michael Novogratz believe that Bitcoin has a room to rebound to 0,000 if it moves above the all-time high of ,6000. Cathie Wood and Rich Dad’s Robert Kiyosaki have made bullish predictions recently.
Beercoin price continued its downward on Friday and has now dropped in 10 of the past 11 days, pushing its total market cap from over 7 million to just
Beercoin price has.crashed
Beercoin’s crash happened as many insiders dumped their tokens in a bid to take profits. This trend pushed more traders and investors to exit their positions.
The crash also coincided with the weak performance of Bitcoin and other altcoins. Bitcoin has moved below ,000 while LayerZero dumped by over 23% as predictedon Thursday. Other meme coins like Popcat, MOTHER, and DADDY have all crashed.
Still, some analysts believe that Beercoin has the potential to rebound now that it has become highly oversold. In a recent X (Tweet), Decu, who tracks meme coins predicted that it will ultimately bounce back.
Hey Frens 👋$BEER has the potential for significant returns, as demonstrated by its recent performance.
With $BEER crossing billion in total trading volume and becoming the #1 trending token on CoinGecko they are here to stay. 💪
History suggests that the token could rebound as investors buy the dip. For example, Pepe price initially jumped to .000004448 in May and then tumbled by over 82% by June. It then soared nearly 3,000% to a high of .00001725 in May.
Similarly, Floki price soared to .000068 shortly after launch in 2022 and then crashed by almost 80%. It then rebounded by over 2,400% and reached an all-time high of .00034 this year. Most meme coins have experienced such drawdowns in their initial days.
BEER price chart
Potential catalysts for BEER price
Beercoin’s recovery will depend on the performance of other cryptocurrencies like Bitcoin, Ethereum, and Solana. In most cases, meme coins tend to do better than Bitcoin when cryptocurrencies are rallying.
There are two potential catalysts for cryptocurrencies this year. First, the Securities and Exchange Commission (SEC) has signaled that it will approve spot Ethereum ETFs this year, a move that could trigger a rebound.
Second, the Federal Reserve has hinted that it will start cutting interest rates this year. Crypto and other risky assets do well when the Fed is dovish. Already, the European Central Bank (ECB), Bank of Canada (BoC), and the Swiss National Bank have already slashed their rates and the BoE pointed to a cut in August
Meme coins on the Base Blockchain were some of the best performers on Wednesday as cryptocurrencies rebounded. Brett, the biggest token in the ecosystem, surged by over 18%, pushing its market cap to nearly .5 billion.
Basenji (BENJI) was a big gainer Wednesday morning, more than doubling in value while Degen lagged behind but still notably higher by 35%. The strong gains can be attributed to a more positive sentiment in the crypto universe as Bitcoin reclaimed the ,000 level. In most cases, altcoins and Bitcoin are positvely correlated.
The other possible reason why these tokens are soaring is that the Base Blockchain ecosystem is thriving. Data shows that the network’s total value locked (TVL) has rebounded to .45 billion, making it the 7th-biggest platform in the industry after Ethereum, Solana, Tron, BSC, Arbitrum, and Blast.
Most dApps in the ecosystem recorded inflows on Wednesday, with Uniswap, AAVE, and UNCX Network leading the way. The network also welcomed Morpho, a DeFi network with over .8 billion in assets.
Brett gains further recognition
Brett benefited from an encouraging announcment as its perpetual futures are now listed on Kraken, one of the biggest exchanges in the world. Most cryptocurrencies tend to rally after being listed by a leading exchange like Kraken or Binance. Brett was also listed by CoinDCX, a leading Indian exchange.
— CoinDCX: India’s Safest Crypto Platform (@CoinDCX) June 18, 2024
Therefore, the ongoing assumption is that these and other crypto exchanges will also list Basenji and Degen.
Brett and Basenji are meme coins that aim to replicate the success of other popular tokens in Ethereum and Solana. Degen, on the other hand, is a blockchain network that rewards users for posting content. It has over 465k holders and has handled over 6 million transactions.
David Hirsh, the former head of the Cryptocurrency and Network Division at the U.S. Securities and Exchange Commission, has left his position.
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In his LinkedIn post, he called securities trading a “team sport.” He thanked his SEC colleagues for their cooperation and joint efforts to achieve a common goal.
“As I often say, securities enforcement is a team sport, and that was certainly true throughout my tenure. Every success I was a part of was the direct result of collaboration and combined efforts towards a common goal. Thanks to all of you!”
David Hirsh, the former head of the Cryptocurrency and Network Division at the SEC
He did not specify the details of further employment. However, he wrote that he would take a break and travel with his family.
Nine years in the SEC
Hirsch was an advisor to SEC Commissioner Caroline Crenshaw and has worked on issues related to law enforcement, digital assets, and cybersecurity.
Throughout his SEC career, he has provided training on issues related to digital assets and cybersecurity, including to fellow regulators and law enforcement officials.
Hirsch worked for the SEC for about nine years in total. He joined the organization as a staff lawyer but subsequently headed the department dealing with crypto exchanges and decentralized finance (defi) projects.
New role or rumors?
The meme coin project Pump.Fun wrote that Hirsch is joining the project as Head of Trading. The team noted that David had concluded that his job as a regulator was no longer fulfilling and that he had to start a new chapter.
We are excited to announce our new Head of Trading, David Hirsch!
After months of conversations with @a1lon9, David came to the realization that his work as a regulator was no longer fulfilling. He had to start a new chapter.
Pump.Fun also noted that David has allegedly launched over 100 coins himself and will now be in charge of Pump.Fun’s new internal trading department will be responsible for launching over 1,000 coins per day. However, Hirsch later denied this statement.
The role of Hirsch and the SEC in crypto regulation
Hirsch took charge of the division in October 2022, when the crypto market was in its worst position in recent years. During that period, several large crypto companies went bankrupt at once, and the culmination of the crisis was the collapse of the large FTX exchange, which reduced the coin industry to local minimums during the latest bearish trend.
While Hirsch served as head of the department, the SEC began an aggressive law enforcement campaign against several companies in the industry. Kraken, Coinbase, Binance, Ripple, and many other blockchain industry giants came under pressure.
The lawsuits against Coinbase and Binance, filed separately within days, have led to lengthy legal battles. Kraken reached a settlement agreement with the Commission after paying a million fine.
What’s next for cryptocurrency in the U.S.?
Hirsch’s departure rids the industry of a significant figure who has openly advocated for strict cryptocurrency regulation. However, the question of who will lead the cryptocurrency industry after Hirsh leaves remains open.
The upcoming presidential elections in America in the fall may play a significant role in this process, and the country’s new leader will largely determine the SEC’s policy for the years to come. A survey commissioned by Grayscale showed that Americans have become more actively interested in cryptocurrencies ahead of the U.S. presidential election — 53% of respondents are ready to vote for a candidate who understands cryptocurrencies.
Now, the administration of U.S. President Joe Biden is trying its best to earn the loyalty of voters who own digital assets. Several recent initiatives, including adopting spot Ethereum ETFs, signal this.
Biden’s primary opponent, former President Donald Trump, previously called himself the “crypto president” and promised to do many good things for the industry if elected. He also vowed to end the war on crypto that Biden started and make every effort to ensure the future of Bitcoin (BTC) and other cryptocurrencies in America.
However, Gary Gensler, who likes to call all cryptocurrencies except for BTC, still holds the post of SEC Chairman. Perhaps, it will be possible to achieve an improvement in what is happening after the American elections.
Toncoin price trended lower on Tuesday as the altcoin meltdown continued. It plunged by almost 10%, bottoming at , its lowest level since June 12th. Toncoin is now down more than 15% from its highest level, meaning it has moved into a correction and is trending towards crash territory.
Toncoin’s token joined other altcoins on Tuesday that moved into a deep sell-off. Bitcoin pricenosedived below ,000 while notable tokens like Solana, Fantom, Worldcoin, Brett, and Chilliz retreated by over 15%. Historically, altcoins follow Bitcoin’s lead lower.
Still, Toncoin’s ecosystem is doing modestly well. Data compiled by DeFi Llama shows that the total value locked (TVL) in the DeFi ecosystem stood at over 0 million, making it the 11th largest network in the industry. It has passed other networks like Polygon, Sui, Cronos, and Near Protocol. Also, the number of TON addresses have surged to a record high recently.
The other possible catalyst for the Toncoin price will be the upcoming launch of TapSwap, the popular Telegram tap-to-earn platform. In a recent statement, the developers noted that they had selected Toncoin, a blockchain known for its speed and low transaction costs.
🚀 @tapswapai, the Tap-2-Earn Telegram Mini App with 26M+ social media followers, will launch on #TON!
Launched on Feb 15, 2024, it has seen massive growth. Users earn in-game tokens by tapping and completing missions and tasks. Today, the app boasts over 50M users worldwide and… pic.twitter.com/DJiZi39wDd
TapSwap is the biggest competitor to Notcoin, which debuted recently and attained a market cap of over .8 billion. Data on its app shows that the number of users has grown to over 53 million. In my article last week, the network had over 49 million users.
TapSwap’s daily users have jumped to over 17.9 million users, making it the most active social platform in the industry.
Like Notcoin, TapSwap users generate coins by just tapping on the button. Ultimately, the token will be launched in exchanges, where users can redeem them for fiat currencies.
Toncoin price prediction
TON daily chart
On the daily chart, we see that the TON price has suffered a harsh reversal as the crypto sell-off intensifies. This sell-off happened after the token formed a rising wedge chart pattern. It has now moved slightly below the lower side of this pattern and the 25-day moving average.
Toncoin token’s Relative Strength Index (RSI) has now dipped below the neutral point at 50. Therefore, this sell-off will likely continue for a while as sellers target the key support at , its lowest point on May 23rd. At that point, investors will look for a bounce back and await further confirmation if a rally can be sustained or not.
Cat in a Dogs World (MEW) price continued its remarkable comeback after some good news from Binance. It soared for three straight days, reaching a high of .0050, its highest level since June 11th. It has jumped by over 42% from its lowest point on Friday.
Cat in a Dogs World, a popular Solana meme coin with a market cap of over 2 million soared on Monday as most cryptocurrencies dipped.This recovery happened as investors cheered an announcement by Binance, the bigges t crypto exchange in the world.
In a statement, Binance said that it would list its token in its perpetual futures marketplace. As a result, users will be able to trade its futures with up to 50x leverage. In most cases, cryptocurrencies rise after being listed by one or more tier-1 exchanges.
Cat in a Dogs World is a meme coin that was launched a few months ago to compete with popular dog-themed tokens like Shiba Inu, Floki, and Baby Doge Coin.
At its peak, MEW had a market cap of over 6 million, making it one of the biggest meme coins in the industry. Like other tokens, it has pulled back and erased most of its gains as sentiment worsened.
Still, data by DEXTools shows that it has over 183k holders, making it one of the most held meme coins in the industry.
Cat in a Dogs World price forecast
The four-hour chart shows that the MEW price bottomed at .0028 on May 20th as the meme token sell-off intensified. It has now rebounded and retested the crucial resistance point at .0050.
The token has also bounced back above the 25-period and 50-period Exponential Moving Averages (EMA). It has also soared above the Woodie pivot point and entered the Ichimoku cloud indicator.
Oscillators like the Relative Strength Index (RSI) and the MACD have also pointed upwards, with the RSI nearing the overbought level.
Therefore, the Cat in a Dogs World token price will likely continue rising as buyers target the first resistance at .005500. It will then resume the downward trend as the Binance listing hype fades.
Rapper Iggy Azalea’s MOTHER token is gaining traction among traders and speculators.
MOTHER token’s price has surged by over 2,900% from its all-time low, giving it a market cap of over 3 million. Rapper Iggy Azalea, best-known for singles like Fancy, Black Widow, and Work, has become the latest sensation in the crypto industry.
This week, she hyped MOTHER, a token she hopes will become a leading cryptocurrency in the industry. As crypto.news reported earlier this week, she believes that the token will be used for commercial purposes like buying smartphones and cell plans.
MOTHER has continued to gain traction. In an X post on Thursday, it was reported that the token will be integrated in Magic Eden, one of the top NFT marketplaces in the industry. This integration means that users will be able to buy NFTs in the ecosystem using the new token.
The token has also achieved other milestones in the past few weeks. Azalea hired Fenwick, a leading law firm to help compliance with the law and scaling. It has also been listed by several DEX and CEX platforms like Helix, Kamino, Bitget, and HTX.
Still, its popularity has raised questions about the future of celebrity-backed cryptocurrencies. Recently, Davido, a Nigerian singer launched a token that crashed after he cashed out. Caitlin Jenner’s token has also crashed.
At the same time, the number of similar tokens has soared. There are now many tokens targeting politicians like Joe Biden and Donald Trump. MAGA HAT and MAGAA tokens are taking advantage of the ongoing political season.
Some analystsbelieve that celebrities meme coins have become the new NFTs, an industry that has almost collapsed. Data by CryptoSlam shows that the total NFT sales have dived by double-digits in the past 30 days. Ethereum and Solana handled 8 million and million worth of tokes in this period, down by 52% and 46%, respectively.
MOTHER Token price forecast
On the hourly chart, we see that the MOTHER token price peaked at .2613 on June 6th. It has now dipped by more than 40% from that point.
The token has formed a symmetrical triangle pattern, which is nearing its confluence level. It is also hovering at its 25-period and 50-period moving averages while the RSI has dropped below the neutral point of 50.
Therefore, the token’s outlook is bearish with a bearish bias. A drop below the lower side of the triangle will point to more weakness, with the next reference level to watch being at .10. This price is about 36% below the current level.
Toncoin (TON) price has done well this week as Bitcoin and most altcoins retreated. Ton is still hovering near its all-time high, giving it a market cap of over .6 billion. It has become the 9th-biggest cryptocurrency in the world.
Toncoin, a cryptocurrency created by Telegram, has been one of the best-performing altcoins in the market as it gained more than 600% from its lowest point in 2023.
The token has jumped because of the growing popularity among users and developers. Data compiled by DeFi Llama shows that the network has attracted 16 DeFi developers, giving it a total value locked (TVL) of over 0 million. Some of the most notable players in the ecosystem are Tonstakers, DeDust, and Bemo.
Toncoin has also become popular in the tap-to-earn industry as evidenced by Notcoin’s success. Notcoin has grown to over 30 million users while its market cap has jumped to over .8 billion.
TapSwap has grown to become the next big thing in the Toncoin and Telegram’s ecosystem. Data on its platform shows that it has over 49 million users from around the world. It also has more than 18 million daily users who have made over 1.8 trillion touches since its launch.
This number will likely continue growing as TapSwap prepares its airdrop, which will allow users to convert their tokens into fiat currency.
Meanwhile, on-chain data shows that the number of active Toncoin wallets has gone parabolic in the past few months. It has soared to over 8.07 million, a significant number since the network started the year with about 1.28 million wallets.
Toncoin price analysis
TON token has been in a strong bull run in the past few months, a move that has made it one of the biggest players in the crypto industry.
It has now moved to the middle line of Andrew’s pitchfork tool, a positive sign. It has also found substantial support at the 50-day Exponential Moving Average (EMA) and the Ichimoku cloud indicator.
The risk is that the Notcoin price is slowly forming a triple-top chart pattern, which is a popular bearish sign. Therefore, more upside will be confirmed if the price moves above the all-time high of .87. If this happens, it will open the possibility that TON rising to .
Pepe (PEPE) price bounced back on Wednesday following the release of encouraging US Consumer Price Index (CPI) data. Pepe jumped to a high of .00014 in a high-volume environment. It has soared by over 23% from its lowest point this week.
Buying the dip after the CPI data
The Bureau of Labor Statistics (BLS) published encouraging inflation data. The headline Consumer Price Index (CPI) dropped from 0.3% to 0.0%, missing the expected 0.1%. The CPI dropped for the second straight month on an annualised basis. It dropped to 3.3% from the previous 3.4%. Excluding the volatile food and energy prices, inflation dropped to 0.2% MoM and 3.4% YoY.
These numbers came ahead of the Federal Reserve interest rate decision. Analysts expect the Fed’s officials will welcome the current inflation numbers and look to cut rates in the coming months. Rate cuts in general represent a positive catalyst as lower cost of borrowing increases the attractiveness of speculative investements, especially meme coins.
The US May Core CPI(YoY) is 3.4%, lower than Forecast (3.5%) and Previous(3.6%).
The rebound in Pepe’s price was also supported by a broader uptrend in the cryptocurrency market as investors waiting patiently on the sidelines were given a reason to start buying. Bitcoin jumped to ,600 while Ethereum jumped to ,645. Other meme coins like Bonk, Dogwifhat, and Book of Meme also bounced back. These tokens could see a harsh reversal if the Fed delivers a hawkish decision.
Last, Pepe’s momentum can be due to a classic case of buying the dip. Notably, the coin was down by around 35% from its highest level this week. This rebound happened in a high-volume environment. According to CoinGecko, the daily volume of Pepe jumped to over .28 billion, up from Tuesday’s 4 million.
Pepe price prediction
The daily chart shows that the price of Pepe bounced back after the weak US inflation data. It rebounded after bottoming at .00001120, its lowest point this week. This price was a few points above the crucial support at .00001080, its highest swing on March 14th.
Pepe has now moved above the 23.6% Fibonacci Retracement level, which is a positive sign. Also, it has jumped above the 50-day and 25-day moving averages and the first resistance of the Andrew’s pitchfork tool.
Therefore, the token will likely continue rising as buyers target the next psychological level at .00015, 10% above the current level. A break above this level will see it soar to the year-to-date high of .0000172.
