Traders bet big on meme coins as rally continues
Traders continue to make big money using meme coins amid the continuous market rally and Bitcoin’s recovery to $70,000.
Lookonchain analysts paid attention to a trader who traded 89 meme coins since March 21. Only 26 of them were profitable, with a winning percentage of less than 30%.
However, the trader got lucky, making $690,000 on ANIME with $7,000 in Ethereum (ETH) invested.
Another meme coin story was less successful. A mfercoin (MFER) trader missed out on a $4 million profit by selling 25.5 million MFER for $566 before the coin’s price skyrocketed.
Since the rise in popularity of meme coins in December 2023, analysts have repeatedly reported stories of traders making thousands of dollars by selling coins. The reason was the hype around meme coins, with thousands of new tokens appearing on the Solana blockchain every day, the price of some of which had been inflated by speculators several times.
BitMEX Co-Founder Arthur Hayes urged the community not to consider meme coins “stupid and valueless.” According to him, one should not draw premature conclusions based only on the nature of the origin of such assets.
Hayes believes that meme coins bring particular benefits to the industry, such as attracting new users and developers. Such coins have gathered a lot of attention and contributed to the development of the blockchain.
Polygon CEO debates L3 network utility, Degen Chain makes millions
Polygon CEO Marc Boiron ignited a debate against the development of layer-3 networks while millions are made from the Degen Chain.
Since its introduction on March 28, the Degen Chain network has quickly become a focal point for speculation, drawing enthusiasts and skeptics alike. Syndicate developed it using Arbitrum Orbit technology, and It serves as a low-cost network tailored for the Degen token (DEGEN).
The token has emerged as a prominent asset among users of the Farcaster web3 social media platform, which operates on Base, an Ethereum Layer 2 network. The Degen Chain is classified as a Layer 3 (L3) network. The ascent of Farcaster, marked by record-setting user engagement and its parent company’s approach toward unicorn status, has significantly benefited early adopters of the Degen token.
While crypto is no stranger to wealth generation through meme coins, Degen Chain distinguishes itself as one of the inaugural L3 chains to garner considerable traction. It hosts a burgeoning ecosystem of meme coins, all denominated in DEGEN, and has witnessed trading volumes in the tens of millions of dollars. One investor transformed an investment of $113,000 and gained a profit of nearly $3.4 million.
Polygon CEO speaks out about L3s
Boiron articulated Polygon Labs’ position on April 1, emphasizing that their focus on L2 scaling solutions is driven by a belief in their sufficiency for Ethereum’s (ETH) needs.
“L3s exist only to take value away from Ethereum and onto the L2s on which the L3s are built,” Boiron stated, highlighting a fundamental concern regarding the distribution and retention of value within the blockchain’s layers.
In a clarifying response, Boiron argued against L2 value representing Ethereum value, presenting a hypothetical scenario to highlight the potential risks to Ethereum’s security and value capture mechanisms should L3s consolidate value onto a single L2.
“The objective was to scale Ethereum when nobody else did it,” Boiron said. “L3s are not consistent with that mission.”
Despite Boiron’s skepticism, the dialogue around L3 technologies reflects a broader discourse on scaling and enhancing blockchain ecosystems. Layer-3 protocols, offering solutions for scalability, interoperability, and specialized decentralized applications, are emerging as a dynamic component of the blockchain landscape.
Innovations from entities such as Orbs, Xai, and zkSync Hyperchains exemplify the growing exploration of L3 capabilities, although the sector remains nascent.
APT maintains bullish trends, BCH rolls on; KangaMoon presale shines
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
As Aptos (APT) and Bitcoin Cash (BCH) ride their bullish waves, KangaMoon (KANG) emerges as a standout in the presale spotlight, drawing significant investor interest with its blend of meme coin charm and P2E gaming.
In a moment of ecstasy, Aptos (APT) is building up momentum after a continuous bullish trend across the weekly and monthly charts. Notably, Bitcoin Cash (BCH) is also experiencing an uptrend and could surge to $700 soon. The biggest hit appears to be KangaMoon (KANG) which has continued its stride in the market. With the token set for CEX listing in Q2, analysts believe KangaMoon is one of the leading meme coins to invest in for profitable returns.
KangaMoon raises $3 million
Amid the resurgence of Aptos and Bitcoin Cash, KangaMoon is moving on an exponential growth, pulling investors to its presale. With the meme coin space getting back on track in recent months, KangaMoon offers an incentive idea for the next iteration of meme coins. The platform incorporates the P2E gaming model with social interactions, enabling the coming together of meme coin enthusiasts.
KangaMoon is made for players, users, and spectators. Players can participate in weekly, monthly, and quarterly gaming challenges and earn substantial rewards and prizes. Buoyed by the inflow of investors, KangaMoon has already raised $3,491,469.387 with analysts projecting $4M by month end.
The project is at the 4th stage of presale and the KANG token is sold for $0.014. Presently, there is a 10% bonus for every purchase. The platform also rewards holders with free tokens just by commenting on posts and sharing tweets aimed at promoting the project on social media. The KangaMoon team also plans to list the token in a major tier-1 exchange in Q2.
Already, early adopters of this project have seen a significant return on investment. With KangaMoon tapping into the $200 billion NFT market, the already given ROI is also expected to ramp up even more. Above all, KangaMoon is one of the leading meme coins to invest in with the next bull market expected to take the price to $1.
Aptos maintains bullish trajectory
Aptos was launched in 2023 and quickly raced to an ATH of $19.9. However, the mid-2023 collapse of Aptos reversed the gains with the token unable to recover till the end of 2023. This year has been different for Aptos with the token price moving up from less than $10 to almost $20 in the past 30 days.
An increase of 56% and 18% on the monthly and weekly price chart reveals the direction of Aptos. From the Moving Average Convergence Divergence (MACD) indicator, the token is registering positive momentum and a continuation of this trajectory could see Aptos price surge past $20 in April.
Bitcoin Cash to trade at $700 soon
With the resilience built by Bitcoin Cash since the start of the year, the token may be set to cross $700 soon. From a $284 price value in late February, Bitcoin Cash has surged by 86% to $580 in the past 30 days based on CoinMarketCap data. The token price also witnessed a 35% growth on the weekly price chart with the market cap jumping past $11 billion.
Bitcoin Cash has broken out of the key resistance level of $550 and is currently consolidating at $570. With the Bitcoin halving coming up in April, analysts project the Bitcoin Cash price to surge to $700 in the coming month and potentially $1k by the end of 2024.
To learn more, visit the Kangamoon website or join their telegram community.
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