Bitcoin price steady as Memeinator token sale scoops $579k

Bitcoin price held quite well as risks to the American and global economy continued. The coin held steady above the key resistance level at $27,500 this week even as long-term government bonds plummeted. Other cryptocurrencies like Ethereum and XRP held steady while Memeinator’s token sale continued surging. It has now raised over $579k in less than two weeks.

Bond sell-off and DXY rally

A key theme in the market this week was on the performance of the bond market. On Wednesday, the 30-year yield surged to the key resistance level at 5%, its highest level since 2007. The 10-year and the 5-year yields also continued their spectacular rally.  

At the same time, the US dollar index (DXY) surged to the highest level since November last year while the fear and greed index dropped to the extreme fear zone of 25. American equities have also dropped sharply in the past few weeks.

This price action happened as risks to the economy rose. For example, there are risks of a government shutdown in the United States after Congress ousted Speaker Kevin McCarthy. A shutdown, which was averted last weekend, could happen again in November.

Further, there are still inflation risks even after the price of crude oil retreated this week. Brent dropped to $89 while the West Texas Intermediate(WTI) plunged to $87. I suspect that the headline inflation jumped from 3.7% in August to about 4% in September as gasoline prices soared to $3.8.

Therefore, it is quite encouraging that Bitcoin has remained steady during all this time. It has risen by more than $3,000 from its lowest level in September.

Memeinator token sale continues

It is also encouraging that many developers are still raising cash as the crypto winter continues.. For example, Memeinator, an upcoming cryptocurrency has now raised over $576k in less than two weeks. This is a sign that investors believe that the crypto industry will bounce back in the near term. 

For starters,Memeinator is a new cryptocurrency that aims to infuse the concept of meme coins and artificial intelligence.It is a next-generation cryptocurrency that seeks to become more successful than existing tokens like Shiba Inu, Pepe, and Dogecoin.

According to its white paper, Memeinator will have a total supply of 1 billion tokens. 62% of these tokens are now being offered in the presale while 15% and 10% will go to marketing, CEX listings, and development.

The rest will go to exchange liquidity provisions and competition pool. Unlike many other tokens, Memeinator will have a quarterly token burn, in a bid to boost its value. A token burn is a situation where tokens are placed in a wallet that cannot be unlocked. According to the roadmap, they will also introduce staking and exclusive NFTs. You can buy Memeinator (MMTR) token here.