Digital asset investment products recorded a sixth consecutive week of inflows last week. Meanwhile, Bitcoin rallied above $35,000 even as some altcoins outperformed the flagship cryptocurrency.
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In the memecoin world, the momentum of the top dogs and frogs were picking up pace and Binance’s listing of Memecoin (MEME) added to the resurgence in investor interest. An analyst also says crypto and stocks could be poised for a Santa Claus rally.
Why could this be critical to Memeinator (MMTR), a new meme coin project likely to attract a lot of attention ahead of the anticipated crypto rally?
Crypto investment products hit 6th consecutive week of inflows
Digital asset investment products have seen an influx of institutional money, with weekly inflows now on a six-week positive streak. According to crypto asset investment firm CoinShares, the last week saw a total of $261 million flow into various products, bringing the yearly total to $767 million and surpassing the $736 million recorded in 2022.
Bitcoin and Ethereum, the latter with the most inflows last week at $17.5 million, lead the large cap alternative coins in this respect.
As the market continues to strengthen the bullish outlook, an analyst has pointed to a potential “Santa Claus” squeeze.
Markus Thielen, the head of crypto research and strategy at investment firm Matrixport, pegs the above outlook to various macro events. A report the platform published today notes three macro factors: the US Treasury’s issuance of shorter-dated debt, Fed’s interest rates policy shift and cooling labour market.
This consideration, and the unrelenting sentiment on the impact of a first spot Bitcoin ETF for the US market, could be a perfect recipe for a storming bull market.
The Memeinator: a meme project with a mission
Memeinator is a new AI related meme project that aims to dominate the market segment via a utility offering that exposes the uselessness of most of the current meme coins.
The project hints at a deflationary token mechanism powered by the MMTR token and one that will leverage the power of artificial intelligence to not only engage and retain traction, but also offer the community more than just hype.
While the Memeinator has a roadmap that highlights its official launch in early 2024, the project appears to have hit the right chords for investors. Just weeks into its presale launch, the team has raised more than 1.17 million. The token offering is currently at stage 5 and quickly selling out.
The surge in inflows into crypto products suggests the appetite for potentially rewarding gems is high. If a successful presale is followed by greater adoption amid a rallying market, the chances of MMTR swelling to a $1 billion market cap token will be high.
What’s likely to put the Memeinator ahead of the competition?
Memeinator will have to challenge and overtake the likes of Dogecoin and Shiba Inu to claim the memecoin crown. How could this be a possibility? The project’s whitepaper, accessible here, highlights a few features and offerings that could be alien to legacy meme coins.
For instance, the integration of staking, NFTs and gaming via an AI-powered meme game are all features adding to MMTR’s overall appeal.
These are notable value markers for the Memeinator, and the target of smashing past weak meme tokens to hit the $1 billion market cap mark might be achievable. Granted, this might not be long after the project’s mainnet launch and token listing on top tier crypto exchanges.
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