Bitcoin price hits $40k as Memeinator token sale gains popularity

Bitcoin price rallied to $40,000 during the weekend as the remarkable rally gained steam. This rally coincided with a major surge of other cryptocurrencies like Terra Classic, FTX Token, ORDI, and IOTA, which jumped by over 20% in the past few days. In total, the total market cap of all digital currencies jumped to over $1.5 trillion.

Why Bitcoin and other cryptocurrencies are rising

There are several reasons why Bitcoin and other cryptocurrencies are soaring. First, from a technical standpoint, these assets have a bullish momentum going on. In most cases, cryptocurrencies tend to do well when there is momentum because it attracts the so-called Fear of Missing Out (FOMO). This explains why tokens without any utility like FTX Token and LUNC are surging.

Second, there is an increased possibility that the Federal Reserve will start cutting interest rates in the coming months. The Fed has succeeded in its battle against inflation, with the headline CPI falling from 9.1% in 2022 to 3.1%. There are high chances that inflation will continue falling in the coming months.

Third, there are hopes that the Securities and Exchange Commission (SEC) will approve a Bitcoin ETF. Companies like Franklin Templeton, Invesco, and Ark Invest have applied for a spot ETF. 

It is worth noting that other financial assets are also doing well. In the United States, the Dow Jones index has already jumped to the highest point since January 2022. Similarly, the Nasdaq 100 and S&P 500 indices have also jumped by double-digits.

On the other hand, key indices like the US dollar index (DXY) and the CBOE VIX index have dropped sharply recently. The DXY index has dropped to $103.20, its lowest level since August 28th while the VIX index has plunged by over 50% from its highest point this year.

Memeinator token sale continues

The ongoing cryptocurrency rally has led to an increase of demand of token sales of new cryptocurrencies. Memeinator is one of the fastest-growing meme coins in the financial market. 

According to its website, the token has raised over $1.65 million from investors in the past few months. This strong improvement has happened as the developers have increased the incentive to buyers.

One of the incentives is its referral program that lets users refer their friends and earn rewards. The other incentive is the chance for a lucky winner to go to space via Virgin Galactic.

Memeinator pegs its success to the growing demand for artificial intelligence and meme coins. AI companies like Nvidia and C3.ai have jumped sharply this year because of the popularity of ChatGPT and Bard AI.At the same time, meme coins like Pepe, Bonk, and Memecoin have jumped this year as hopes of a soft landing rose. They have created millionaires along the way. You can buy Memeinator’s MMTR token here.