Cryptocurrency prices were emerging on Saturday, following the consolidation trend taking place in recent weeks. Bitcoin was trading at $59,000 on Saturday, where it remained stagnant this week. Other cryptocurrencies such as Cardano, Solana and BNB tokens have also been hesitant as the industry has had no major news.
The next big thing to watch out for in the cryptocurrency industry will be the Bitcoin Dog board after what the developers described as a rocky phase.
Bitcoin Dogs is a new cryptocurrency that had one of the most successful token sales this year, with the developers raising over $13 million.
Its fame is due to the fact that it was promoted as the first initial coin provider (ICO) on the Bitcoin network.
In a recent statement, the developers noted that the coin will now be officially indexed on August 21. Initially, it will be indexed on 3 exchanges, Gate. io, MEXC, and Unisat. Other decentralized and centralized exchanges are expected to list the token.
Analysts are confident that the token will perform well after its board due to its strong fundamentals. In addition to having a catchy name, the developers have a history of creating prices for holders.
For example, they plan to launch an NFT collection with 10,000 NFTs that other people can easily buy, hold, and even trade. They also plan to create a Bitcoin Dogs Club marketplace that will rate a modest 0. 5% payout. This payment will be paid to Bitcoin Dog holders.
We believe that the Bitcoin Dogs token will experience some short-term volatility after being indexed on primary exchanges. This is a general component of the procedure, as many holders tend to sell their tokens after going public.
Furthermore, volatility will occur due to the current state of the market, where the maximum of coins is falling. Bitcoin failed to surpass the $60,000 point, while the market capitalization of all tokens decreased.
However, in the long run, the value of the Bitcoin Dogs token will most likely continue to perform well as it faces many catalysts.
First, there are signs that the Federal Reserve will begin cutting interest rates in September, given the slowdown in the US economy. In most cases, cryptocurrencies tend to do well when the Federal Reserve cuts rates.
Secondly, Bitcoin Dogs is a very popular cryptocurrency as it has raised over $13 million in just one month. This means that the token may have a lot of hype, as seen with other meme coins like Pepe and Bonk.
Third, Bitcoin Dogs can take advantage of Bitcoin moving from the existing accumulation phase to a bounce. Remember, the monthly chart shows that Bitcoin has formed a cup and deals with the trend on the monthly chart. In most cases, this trend leads to more advantages. You can read more about Bitcoin Dogs here.
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