Meme coins, which have been battered recently, were some of the best-performing coins on Tuesday as investors focused on the upcoming Fed minutes and Jackson Hole meeting in the United States.
Brett, the top token in Base Blockchain, surged by over 24% while Dogwifhat (WIF), Floki, and Pepe soared by double digits. This price action happened as investors waited for the upcoming Bitcoin Dogs listing on key exchanges.
Meme coins bounce back
Most meme coins have been under pressure in the past few weeks as sentiment in the crypto industry has waned. This sentiment worsened after Bitcoin remained in a tight range after rising sharply to over $62,000 earlier this month.
Historically, these meme coins tend to do well when Bitcoin is rising and vice versa. This explains why most of them bounced back on Tuesday now that BTC has moved above the key resistance point at $61,000.
Meme coins like Dogwifhat and Pepe do well when Bitcoin is rising because of their extremely cheaper prices. As a result, they are mostly available to most retail traders, who buy thousands of them for less than $100.
Looking ahead, the next important catalyst for these coins will be the upcoming Federal Reserve minutes and the Jackson Hole meeting. This is a crucial meeting where the Fed is expected to confirm that it will start to cut interest rates in September.
As a result, most investors are moving from money market funds that offer strong returns and are going to risky assets like crypto and stocks.
Bitcoin Dogs listing ahead
The next big thing in the crypto industry is the upcoming listing of Bitcoin Dogs, one of the top token sales of this year.
The developers raised over $13 million in a token sale that lasted for a month. Their goal is to create the first Initial Coin Offering (ICO) on the Bitcoin industry.
Broadly, the goal is to usher in a new era of meme coins that leverage Bitcoin’s technology. Besides, tokens like Shiba Inu and Pepe dominate the Ethereum network while Dogwifhat and Bonk are the leading players in the Solana ecosystem.
According to their social media platform, the token will start trading in top exchanges like Gate, MEXC, and Unisat. With the token’s demand rising, there are chances that more tier 1 exchanges like Binance and OKX may be interested in it.
MEXC is offering a reward pool of 50,000 USDT while Gate.io is offering $2,000 for traders who participate in the listing. Also, the developers have launched a staking program that lets users who stake their token to earn an APY of about 20%. You can learn more about Bitcoin Dogs here.
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