iDEGEN is fighting on all cylinders as Bitcoin, Ethereum
Bulls dominate the broader crypto market as investors' optimism hinges on crypto-friendly policy measures, the growth of these digital assets and central banks' strategic reserves. Even so, crypto majors have largely stalled due to the lack of an immediate trigger.
Amid setbacks, meme coins and AI projects in particular have shown tremendous growth and unmissable opportunities. ForeignA unique social experiment is one such project. Even before it hits public shelves, it has the potential to give the likes of Fartcoin and AI16z a run for their money.
Bitcoin is under pressure from betting on less devaluation.
The price of Bitcoin It bounced back on Tuesday after testing the critical support zone of $90,000 in the previous session. As at the time of writing, the crypto peaked at $96,485 while hovering around the short-term 20-day EMA and finding support at the 50-day EMA.
While the bulls are still in control, higher Treasury yields have led to a sell-off in riskier assets such as cryptocurrencies. On Monday, the benchmark 10-year Treasury yield rose to 4.80%, a level recorded at the end of October 2023.
Better-than-expected U.S. jobs data released late last week indicated that the Fed will ease rate hikes in 2025. In particular, risky assets such as cryptos will thrive in an environment of low interest rates.
In the near term, the range between $93,010 and $97,500 will be worth watching. Beyond that level, the bulls may face resistance at $98,500. On the upside, a pullback past the regional support zone sent BTC/USD lower to $92,225.
Bitcoin Price Chart | Source: Trading view
iDEGEN shows a new level for AI meme coins
As artificial intelligence revolutionizes the crypto market, iDEGEN is ushering in a new era for AI meme coins. In fact, based on its virality and potential, some analysts see it as the “Bitcoin equivalent”.
Unlike other projects, it was started on a blank slate with no restrictions or protections. Relying on Degens to learn, receive and capture tweets, iDEGEN's growth surpassed its creators' wildest imaginations and turned into a viral sensation.
The movement is so brutal that even a ban on X can't slow it down. Based on its virality and active community, the project has crypto tokens growing from a joke to a billion-dollar asset.
With this huge potential, more and more savvy investors are just weeks away from listing $IDGN tokens on February 27th. In the year Since its launch on November 26, 2024, the project has raised more than $16 million.
Early adopters are sitting on top earnings of $0.01 at current prices. Compared to the initial price of $0.00011, holders of $IDGN received 8,991% in return. At this rate, iDEGEN shows no signs of slowing down. Learn more about iDEGEN here
Ethereum recorded outflows as investor sentiment fluctuated
ETH Price Chart | Source: Trading view
After the Bitcoin-led selloff he saw Ethereum price Temporarily falling below the critical $3,000 zone on Monday, the altcoin returned to trade at $3,191 at the time of writing. A look at the daily chart highlights the formation of a bearish death cross below the short-term 20-day EMA crossing below the medium-term 50-day EMA.
In addition, the price of Ethereum remains under pressure from the recent increase in outflows. According to SoSoValue, the ETH spot ETF recorded a net daily inflow of $39.43 million on January 13. Topping the list is Grayscale Ethereum Trust EFT (ETHE) with a daily net worth of $14.49 million and a total net inflow of $3.70 billion. At the same time, his MiniTrust (ETH) had a net daily flow of $37.84 million.
In the near term, Ethereum price may drop to $3,150 as bulls try to defend the $3,000 support level. Even with a rebound, it may face significant resistance at $3,320.
