Amid a rise in DEX launched meme coins, a new Solana-based project called Rocky token ($ROCKY) has surged a whopping 270x over the past 24-hours, but with price in retracement – investors are turning their attention to this other Bitcoin ETF project.
Recent months have seen a huge trend in explosive DEX-traded token moves, with countless moon-shots garnering significant attention, including the ever-popular APX, SAMBO Bot, Baby Meme, TIME, XDOGE and IO.
Action is now centering on Solana due to high gas fees on the Ethereum network pushing trading activity onto cheaper blockchains.
$ROCKY is the dog after $MYRO. Rocky is the Solana cofounders dog as well. The team is confident and experienced, up big from dip a couple hours ago. pic.twitter.com/JRA6fqaO80
— Ultr∆ (@jeetwhisperer) November 21, 2023
The new $ROCKY token takes on the name of the second dog owned by Solana Co-Founder Raj Gokal’s dog Rocky, and takes aim at sequel success to a prior Solana-based meme coin named after Gokal’s first dog – Myro ($MYRO).
$ROCKY token has already taken an impressive run, surging 270x in the first 24-hours of trading, however, with price currently in retracement market sentiment remains divided over whether there is enough mileage for a second leg.
$ROCKY holding good after a crazy run upto 1.4M ATH on day 1 . Dipped to 300-400k area and now reversing well .
Next leg up will surely break ATH .
It’s dog szn on solanahttps://t.co/Dtp6OBpTS5
— Drft Z (@Drft_Z) November 20, 2023
$ROCKY Price Analysis: Can Rocky Token Repeat the Meme Coin Success of Raj Gokal’s Dog meme $MYRO?
With the retracement move shifting to consolidation, $ROCKY is currently trading at a market price of $0.2545 (representing a 24-hour change of -61%).
This comes as the chart has been dominated by a downside trading channel for more than 20-hours after $ROCKY price hammered up to an all-time high of $1.24.
However, an emerging consolidation level has become well-defended by bulls across more than 8-hours of trading, establishing a local floor at $0.20 (still a +127,017% gain since launch on November 20).
$ROCKY price action is now currently battling to breakout of the descendant channel, with price targeting a minor push to $0.34 to resume a second rally leg and avoid further retracement.
This critical patch of resistance has become worsened by sell-pressure growing dominant in volume over the past hour, with sells now representing 59% of transactions.
But hope emerges from $ROCKY’s market cap, which now stands at a lowly $242.6k, a far cry from the $1.4m heights of yesterday’s all-time high.
This gives $ROCKY strong growth potential at current levels, as a small influx of buy volume could trigger rapid price accrual.
From here, in the event of a break-out it would not be unsurprising if $ROCKY undertakes an alluring 6-10x return – suggesting a good potential entry point for high-risk traders.
Yet, amid the retracement move, more cautious investors have been shifting their attention to a new Bitcoin ETF-themed presale aiming to make it big as market hysteria around Bitcoin ETFs grows.
This Solana Alternative Token Could Skyrocket Amid Bitcoin ETF Bullrun – Don’t Miss Out
A new Bitcoin alternative presale launched this week, offering eagle-eyed traders the opportunity to make it big on unfolding Bitcoin ETF rumors, without having to eat the $37,000 cost of becoming a wholecoiner.
Bitcoin ETF Token ($BTCETF) is currently trading at a market price of $0.0056 in funding round stage 1 with an alluring $1,273,768 raised in the opening weekend of presale.
Designed and built with skyrocket potential in mind, this promising token aims to bank big on market excitement surrounding the ongoing applications for Bitcoin spot ETFs.
Aiming for a hard-cap of $5m in presale funding, the early-stage of this emerging project’s presale offers investors a unique opportunity to get in during this early entry point, which could set the stage for life-changing gains.
Ride the ETF Rally with Ease: Bitcoin ETF Token is a Critical Component in Every BTC Trader’s Toolbox
Indeed, Bitcoin ETF isn’t simply a useless meme coin, beyond taking aim at the biggest narrative in crypto – BTCETF has a major utility: Bitcoin ETF news alerts.
The token’s dApp offers traders a live-feed of the latest Bitcoin spot ETF information and news, with sophisticated technology tracking applications real-time at the SEC, and high-speed bots monitoring social media for the latest breaking ETF news.
But a simple feed of Bitcoin spot ETF news only highlights a fraction of Bitcoin ETF token’s potential, with easy-access to real-time update alerts offering sharp traders the opportunity to make market-beating returns stress-free; being amongst the first to hear about privileged Bitcoin Spot ETF news.
This could enable traders to position themselves appropriately in seismic Bitcoin market movements, making Bitcoin ETF token a critical component in every BTC trader’s tool-box this Winter.
Surging Interest in Bitcoin Alternatives Leaves $BTCETF Poised to Outperform $ROCKY Token
Project tokenomics are bolstered by ambitious plans for the incorporation of staking rewards that incentivise long-term holding, alongside a burn mechanism, which will enhance $BTCETF as a ‘digital gold’ alternative, by creating a deflationary mechanism in price.
Set for stage 3 of the Bitcoin ETF project roadmap, an initial burn mechanism will be introduced amid a well-marketed DEX launch, imposing an initial 5% burn tax on transactions – this will be reduced by -1% each time a Bitcoin ETF news milestone is reached.
However, plans are afoot for a larger burn mechanism in stage 4, in a move that will see 25% of token supply burned overtime, this will be conducted in 5% burn intervals – with each supply-side reduction taking place as a Bitcoin ETF news milestone is met.
The milestones for the burn mechanism are as follows:
Milestone 1 – $BTCETF Trading Volume hits $100m – burn tax on transactions reduced from 5% to 4%, and 5% of total supply is burned.
Milestone 2 – First Bitcoin ETF is approved by SEC – burn tax on transactions is reduced from 4% to 3%, and a further 5% of total supply is burned.
Milestone 3- First Bitcoin ETF launch date – burn tax on transactions is reduced from 3% to 2%, and a further 5% of total supply is burned.
Milestone 4 – Bitcoin ETF assets under management (AUM) hits $1bn – burn tax on transactions is reduced from 2% to 1%, and a further 5% of total supply is burned.
Milestone 5 – Bitcoin price hits $100k – burn tax on transactions is reduced from 1% to 0%, and a further 5% of total supply is burned.
This will create a gradual decrease in total supply, eventually leaving around 70% of BTCETF in circulation, with the supply side reduction inducing upside price growth.
And that is without considering the potential for token value accrual driven by demand from traders for access to the ETF news dApp and the ever-present demand for Bitcoin alternatives.
Indeed, 2023 has seen explosive growth in Bitcoin related tokens – with markets showing a real appetite for BRC-20 ordinal tokens, Bitcoin Cloud Mining, and Bitcoin derivatives.
So don’t miss your chance to get in early ahead of the next major Bitcoin rally leg – connect with the project on X (Twitter) and Telegram for more details.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post As Rocky Token Surges 270x in 24-Hours, Investors Are Turning Their Attention to This Other Bitcoin ETF Project – How Does it Work? appeared first on Cryptonews.
