After a small decline from its all-time high, the largest cryptocurrency, Bitcoin, rose again on Wednesday as bulls continued to show no signs of selling.
During Wednesday’s trading frenzy, Bitcoin’s value rose 5 percent to an intraday high of $67,535, not far from Tuesday’s record high of $69,202.
Capital flows from investors into crypto products traded on the US spot exchange and the possibility of a decline in global interest rates have supported the spectacular rise of the digital asset, which has increased its value by 55 percent this year.
On the other hand, despite net inflows into the Bitcoin spot ETF market on March 4, BTC saw strong selling. The BTC spot ETF market saw a net inflow of $562.7 million on March 4, following a net outflow of $139.5 million on March 1.
Despite this, four Bitcoin spot ETFs experienced net outflows. Approximately $368 million came out of Grayscale Bitcoin Fund. On Monday, investors withdrew their money from several Bitcoin exchange-traded funds, including Invesco Galaxy (BTCO), WisdomTree (BTCW), and VanEck HODL.
More importantly, meme coins such as DOGE, SHIB, and PEPE witnessed significant price gains this week, while other altcoins also performed quite well. In this rising environment, two projects were caught on the whales’ radar.
Scotty The AI (SCOTTY): The Startup Combining Artificial Intelligence with the Appeal of Memes
There has been a huge increase in the value of artificial intelligence-supported cryptocurrencies in the last few weeks. It looks like new AI coins will be released soon to bring together AI and decentralized blockchains.
Scotty the AI token stands out as a project built on the Ethereum blockchain and integrates artificial intelligence components with humor related to meme coins. Additionally, the project allows token holders to earn passive income. Stake rewards currently offer an annual return of 62 percent.
The self-proclaimed “Guardian of the Cryptoverse”, SCOTTY stands out due to its fascinating history and useful AI features like ScottyChat and Scotty Swap. Crypto investors seem to find these tools extremely useful.
With a strategy that encompasses community launches, exchange listings, and strategic collaborations, SCOTTY aims to move to the forefront of the crypto market by offering real benefits and utilities.
With the majority of its supply earmarked for public sale, SCOTTY’s tokenomics indicate tremendous growth potential. The number of people purchasing Scotty The AI tokens in the pre-sale of SCOTTY, which has quickly raised over $2.8 million since its launch, is rapidly increasing.
Since the project is also overseen by Coinsult, Scotty the AI also stands out as having a degree of reliability that most other new meme coins lack.
Sponge Token V2 (SPONGEV2): Coin Aiming for Growth with its New Version and Features
Projects like Sponge, which gained attention after being listed on Uniswap, generated incredible returns for early investors during the 2023 meme coin craze. Now, with the new version Sponge V2, there are many innovations, including better rewards and more useful features. This increases the number of people who want to buy Sponge Token V2.
Sponge V2 seems to be a great chance for investors who could not participate in Sponge V1’s incredible 100 percent price increase. Meme coin aims to surpass V1’s performance by building on its success. Plus, it’s getting the attention it needs thanks to its strong social media presence.
Attracting investors with an attractive 182 percent staking APY (Annual Percentage Yield), Sponge Token V2 has a stake-to-bridge mechanism. Investors can stake V1 tokens on the official website to purchase Sponge Token V2. More bonuses can be earned depending on the length of the staking period and the value of one’s V1 assets. It is also reported that the distribution of V2 tokens will be proportional to the staked V1 tokens.
Staking V1 tokens locks them indefinitely, indicating that V2 will soon become the standard. In addition, Sponge’s migration to the Polygon network will reportedly enable more secure smart contract transactions, lower transaction fees, and faster transaction times.
On the other hand, Sponge V2 is said to soon have a Play-to-Earn (P2E) feature that will allow players to earn tokens based on their position on the game’s leaderboard.
Sponge V2 plans to follow in the footsteps of its predecessor by achieving a number of goals, one of which is listing on the CEX (Central Stock Exchange). Most notably, there are also allegations regarding the potential involvement of TRON founder Justin Sun in Sponge V2. In recent months, Sun transferred $14.7 million of ETH to an unknown wallet, sparking rumors about his interest in the soon-to-be-launched meme coin. The fact that Sun previously held more than 108 million Sponge V1 tokens with Sponge further fuels rumors about a potential investment.
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