PEPE100 (PEPE100x) has jumped 50x overnight, with the new meme token reaching a record high of $0.00386 several hours ago.
This makes it the latest in a seemingly endless string of new meme coins to enjoy big opening rallies on Uniswap this year, yet it seems that PEPE100’s time is already up.
Indeed, it has actually dropped by around 84% since posting its record high, with the plunge looking like a good old fashioned dump.
However, while the coin does seem prematurely finished, there are other new altcoins in the market that offer genuine fundamentals, with Bitcoin ETF Token’s increasingly successful presale suggesting that it could rally big soon.
PEPE100 Leaps 50x Overnight
PEPE100’s chart really does provide a textbook example of how a picture can be worth a thousand words, with the red candle on the right-hand side of the chart indicating that the coin is about to die as quickly as it was born.
Source: DEXTools/TradingView
The above pattern – a steep rise followed by flatlining and then a steep drop – is the classic pump-and-dump chart shape, with there likely being 0% chance of the coin making a recovery.
Indeed, with only 304 holders (as of writing) and a daily volume of approx. $15,330, it’s pretty clear that PEPE100’s sole function was to extract wealth from the unfortunate traders who thought they could somehow beat the coin’s issuer(s).
Well, most have likely failed in such an endeavor, yet they have at least provided a salutary lesson in which tokens not to buy if a trader wants a decent chance of making a profit.
Instead, investors should look to new alts with some kind of use case or fundamental underpinning, which provide users and traders with a reason for buying it and continuing to buy it.
Such coins may be few and far between in a sea of new junk tokens, yet there are a number of notable exceptions.
This Hidden Crypto Just Surpassed $1.8 Million in Funding – 100x Possible?
One of the most promising right now is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised over $1.8 million in its ongoing presale.
Busy weekend in #Crypto! @VivekGRamaswamy plans to make #Bitcoin a key topic in the upcoming Republican debates. @KyberNetwork recovers $4.67M from exploit and #GBTC‘s discount hits a two-year low. #BitcoinETF has also reached another great milestone, raising over $1.8M! pic.twitter.com/yuG72U2fmT
— BTCETF_Token (@BTCETF_Token) November 27, 2023
The reason why Bitcoin ETF Token is such a promising project is that it has designed its tokenomics to be considerably deflationary.
Even more interestingly, it has incorporated a burn mechanism which is triggered whenever Bitcoin (BTC) reaches particular milestones, with the token set to burn 25% of its supply over time.
It will execute such burning in stages, with the first 5% up for destruction when the SEC approves a spot-based BTC ETF for the very first time.
The final 5% will be burned when BTC attains a price of $100,000, a level it could reach as soon as next year, if some bulls are to be believed.
#BitcoinETF Stage 5 is wrapping up in just 1 day!
Stay alert! pic.twitter.com/6eRzXfrSs7
— BTCETF_Token (@BTCETF_Token) November 27, 2023
On top of this, Bitcoin ETF Token also includes a burn tax on all transactions, which will start at 5% and gradually reduce to 0% in parallel with its one-off burn events.
This makes it a highly deflationary token, which accounts for why so many investors are joining its presale.
New buyers can do the same by going to the official Bitcoin ETF Token website, where 1BTCETF token sells at $0.0058.
This sale price will rise incrementally today, while it could climb much higher once the token lists on exchanges and its burn mechanism kicks in.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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