While Bitcoin has recovered from its dip to $25,000 when news broke of the SEC suing Binance and Coinbase, altcoins have lagged behind BTC – particularly Cardano, Polygon and Solana.
In a post on the Robinhood support forum, it was announced that the popular exchange would delist ADA, MATIC and SOL on June 27th, and that delisting has now taken place – what’s next for these big caps?
Altcoins Going to Zero?
Cardano and Polygon, the 7th and 13th largest cryptocurrencies by market cap ($9.5 billion and $5.8 billion), are down 6% this week against USDT, and 6% against BTC.
Solana, the 9th largest cryptocurrency with a $7 billion market cap, is up 4% against USDT and 7% against BTC, in what some traders expect is a short squeeze as shorts piled in following the news of Robinhood delisting SOL.
One of most followed crypto Twitter accounts, DonAlt (@CryptoDonAlt) tweeted this month to his almost 500,000 followers:
‘If we get the altcoin cleansing by having BTC rally into the announcement of an ETF while alts bleed out I just might die of euphoria.’
When asked if he’s always been bearish on altcoins, he added:
‘I’ve always maintained that (most) alts will go to zero eventually. I used to trade them more but nowadays I focus on the bigger ones.’
A day after that tweet however – June 21st – another widely followed crypto analyst, Bluntz (formerly @SmartContracter, now @BluntzCapital) tweeted that he entered a position on Solana:
‘One of the alts I’m liking here is $SOL. Solid strong reaction from a major support level, clean 3 wave move down on high timeframes. I think this has potential for 100% upside. Trading this one on Bybit.’
Following his bullish Solana price prediction – he marked out a price target of $32 – SOL put in a nearly 10% four hour candle earlier today, and is forming a daily engulfing candle on the SOL/BTC pair.
More Exchanges Delist Cardano, Polygon, Solana
ADA, MATIC and SOL were specifically named as securities in the SEC lawsuit documents. Another US exchange, New York based Bakkt, also moved to delist those three coins.
However tier one crypto exchanges like Bybit, Binance, Coinbase, OKX, and others tend to preferred by high volume cryptocurrency traders over Robinhood, and have so far made no moves to delist the coins – even US based Coinbase.
The quick recovery of Bitcoin to well over $30,000 on news of BlackRock filing for a Bitcoin ETF, led some to speculate that the SEC crackdown on crypto could even have been a co-ordinated attempt to crash the market, only for big players to enter.
Meme Coins Still Outperforming Bitcoin, Ethereum
While DonAlt didn’t specify which of the larger altcoins he prefers to trade, Pepe is one altcoin that defied his predictions this month, putting in a +71% weekly candle last week.
Pepe token has recovered to above a $600 million market cap, and is ranked #66 on CoinMarketCap.
With Pepe 2.0 also exploding in price on Uniswap – up over 700% in the past 24 hours – and other meme coins pumping more than BTC and ETH, investor interest may be pivoting away from older ‘dino coins’ like Cardano and Polygon.
Thug Life Token Presale Raises $125,000
One of the newest meme coins we’ve highlighted is Thug Life token ($THUG), which launched its presale this week.
The Thug Life public presale – no private sale took place – has a low hard cap of $2.058 million and locked liquidity for three months, giving it considerable growth potential and attracting the attention of many crypto influencers.
In a video titled ‘Missed $PEPE Coin? New 10x Potential Low Cap Crypto Gem’, crypto trade Jacob Bury reviewed the Thug Life token presale, which at the time had raised $100,000 in 24 hours, predicting it could have the potential to spike in price like PEPE, PEPE 2.0, WOJAK, PSYOP and others.
That has now risen to over $125,000 while still being an under the radar token with little advertising, showing the high level of interest in meme coins as a way to diversify a crypto portfolio.
On the Ethereum chain with a 4.2 billion supply, $THUG can be purchased with a MetaMask wallet at the project’s official site, thuglifetoken.com.
With the Bitcoin price putting in a strong weekly close above $30,500, and meme coins still exploding on decentralized exchanges, many of the most prominent traders on Twitter expect crypto prices to continue to recover – although new cryptocurrencies tend to offer more potential upside than high market cap assets like ADA, MATIC and SOL.
A 100% move to the upside for Solana as Bluntz predicts, could take months to play out for example – whereas new meme coins like Pepe 2.0 can pump over 700% in just a day. Entering a meme coin ICO prior to it being listed on exchanges can return an even higher ROI.
