Dogecoin Millionaire Predicts A 30% Drop And Is The Best Altcoin To Buy The Dip.
Cryptocurrency markets have endured a steep sell-off over the past 24 hours, with the price of Bitcoin (BTC) falling nearly 6% from Friday’s high.
More than $47 billion has been wiped from cryptocurrency market value, prompting dire warnings from prominent voices such as “Dogecoin millionaire” Glauber Contessoto.
But amid the volatility, some speculative investors are questioning which altcoins offer the best value for the remainder of 2023 and beyond.
Bitcoin price collapse due to cryptocurrency crash
Since Friday, the price of Bitcoin has plummeted from $44,730 to just above $42,000, abruptly ending a bull period and yearly high.
The selling occurred due to a combination of overbought technical indicators, profit taking by BTC miners, and futures market clearing.
Bitcoin’s daily Relative Strength Index (RSI) recently surged above 70, which typically indicates overvaluation before a correction.
Additionally, the Cointelegraph article highlighted that traders are heavily biased towards profits, with Bitcoin’s net unrealized profit/loss indicator exceeding 0.5, increasing the risk of large sales.
Miners appear to be among those securing profits, with wallet balances and exchange inflows surging as they prepare for the BTC halving in 2024.
These factors combined to create the perfect conditions for a price correction in Bitcoin.
However, most altcoins followed Bitcoin’s lead, with Ethereum (ETH), Solana (SOL), and XRP (XRP) all experiencing sharp declines in value.
Dogecoin millionaire issues warning of imminent market decline
The sharp drop in cryptocurrency prices has prompted prominent retail trader Glauber Contessoto, better known as the “Dogecoin millionaire,” to issue a clear warning against early investments in DOGE.
Contessoto took to Twitter on Sunday evening to warn of widespread selling across the cryptocurrency sector, saying “everything is being dumped.”
His tweet garnered over 140,000 views as the cryptocurrency community gained insight from social media celebrities.
Contessoto doubled down on his bearish outlook in a follow-up tweet, saying a “bull trap” was underway and investors could expect a “20-30% retracement.”
The mention of a bull trap – a false breakout to new highs before a significant reversal – shows that Contessoto expects the collapse to deepen in the near term.
As one of the cryptocurrency’s most high-profile success stories, his warning could create negative sentiment in the market and fuel further panic selling.
Which altcoins are best to buy during a bear market?
During market declines, certain altcoins with innovative models or strong communities can overcome the downturn and perform well over the long term.
One such project is Meme Kombat (MK). This is an Ethereum-based platform that features peer-to-peer meme battles where users can earn rewards by betting on the outcome of battles between 11 meme characters.
With a dynamic staking protocol that currently offers returns of 300% per annum, Meme Kombat provides incentives for long-term holding, potentially protecting the value of MK during market downturns.
Investors can purchase MK tokens for $0.235 through an ongoing pre-sale ahead of the Uniswap listing scheduled for mid-January.
Another altcoin to keep an eye on is Bitcoin Minetrix (BTCMTX), which allows users to “Stake-to-Mine” by staking tokens to earn BTC without the need for expensive hardware.
By leveraging the demand for passive income and exposure to the cryptocurrency mining sector, Bitcoin Minetrix helps holders continue to earn profits regardless of market conditions.
Like Meme Kombat, Bitcoin Minetrix is still in the pre-sale phase, but early investors can purchase BTCMTX tokens at a discounted price of $0.0121.
Lastly, ApeCoin (APE), the token underpinning the Bored Ape Yacht Club NFT ecosystem, has one of the most dedicated communities on the market.
As other top meme coins have proven, hype-driven demand can push APE higher in value even while major cryptocurrencies are struggling.
Although APE has been on a downward trend recently, it is still up a whopping 65% from its October low, highlighting the token’s resilience.