Monat: Juni 2024

• Bitcoin price has declined by nearly 7% in the past week, with bulls failing to hold above the $70k level. BTC has today retreated to around $66,350 amid fresh selling pressure.
• While prices are down as the market reacts to macroeconomic events, analysts at CryptoQuant say some of the downside comes from sell-off pressure facing miners.

According to a CryptoQuant update on Thursday, there’s been an uptick in mining pool transfers and OTC desk sales for BTC. Some major publicly-traded Bitcoin mining companies have also recently reduced their holdings.

“BTC miners have ramped up selling as prices fluctuated between $69k and $71k. On June 9th, transfers from mining pools to Binance surged, hitting a 2-month peak of over 3,000 BTC. This shift aligns with a price correction, that dropped Bitcoin to $66k,”the CryptoQuant team noted in a post on X

Data also shows increased OTC sales, with the latest being a 1,200 BTC OTC desk sale on June 10.

Meanwhile, major US Bitcoin mining firms have sold off coins – for instance, Marathon Digital (MARA) offloaded 1,400 BTC in June. The company only sold 390 in May.

Miner revenue plummeted 55%

Miner sell-off pressure has intensified as mining revenue fell.

For example, post-halving, daily miner revenues have reached $35 million. In March, that peaked at over $78 million, indicating a sharp decline of 55%.

“Amidst low miner revenues post-halving, daily Bitcoin transaction fees have dropped to around 65 Bitcoin from 117 prior to April 18th. Despite record-high transactions, median transaction fees in USD remain low, underscoring the pressure on miners’ income,” the CryptoQuant team noted.

The analysts also say that the Bitcoin network has also seen a dip in hashrate post-halving, but that’s only by 4%.

It means miners face stiff competition amid a reduced block reward and a combination of low miner revenues and high hashrate “often point to potential market lows.”

“Since May, miners have faced significant underpayment, suggesting we might be near a price bottom,”

The post Bitcoin miners are under pressure and they’re selling: CryptoQuant appeared first on CoinJournal.

• Solciety is a new Solana meme coin launching in presale on June 18.
• The meme coin combines politics, political buzz and meme coins, offering the first political party for degens.
• SLCTY will be available in a fire-sale, 30-day presale featuring only 10 stages.

As the global political landscape heats up amid multiple heavyweight elections, there’s something else that’s creating waves – the rise of the political meme coins.

Solciety, the new project that brings the first political party for Degens on Solana, launches the presale for the SLCTY token on June 18.

Accordingly, Solciety’s token will be available for early adopters via the official presale page.

What is Solciety?

In 2024, politics is at the center of interest in some of the world’s leading economies, including the United States, the UK and India. Meme coins have gone viral amid the rising political temperatures.

PolitiFi memes are more than just the political world. It’s where memesphere takes hilarious moments and turns them into a movement. Degens, the digital army behind this buzz, has spectacularly fused this political menu with blockchain technology, creating opportunities that have driven massive gains for early adopters.

Tokens such as MAGA (TRUMP), Jeo Boden (BODEN), Doland Tremp (TREMP) and Super Trump (STRUMP) have emerged to rival big-time Solana-based hitters dogwifhat (WIF) and Bonk (BONK).

Solciety (SLCTY) is the newest politics-inspired meme coin in the market. But rather than be a typical dog-themed, cat-themed or such other token, this is a fiery political party memecoin for degens. Solciety also strikes a chord across the political divide.

It’s where the love or hate of politics collide to offer degens the platform to serve political commentary as they see it – all the while reaping massively from their interactions across the ecosystem.

Solciety tokenomics and presale details

The Solciety presale will run for 30 days, span 10 stages and offer early access at the heavily-discounted price of $0.000963 in the first stage.

After every 72 hours, the token’s price will rise, hinting at a potential 125% increase from stage 1.

In terms of tokenomics, the presale offers 30% of the supply with 3 billion tokens up for grabs. The project has set 20% for marketing and 10% for community rewards and incentives programs, while liquidity will account for 17%.

Solciety and meme coin market: Is SLCTY worth a look?

The past year has been phenomenal for crypto, with Bitcoin making a mark with its surge to a new all-time high. Altcoins too have seen a remarkable past year. Yet meme coins have had the most spectacular performances, riding the rise in Solana and Base memes.

Experts say this outlook will continue to play out as the ecosystem matures. In the short term, it’s the ‘Summer of Memes’ that has the market extremely excited. The season of politics is now the season of political meme coins.

In just a few days, the PolitiFi ecosystem that currently boasts over $1.6 billion in market capitalization and $577 million in trading volume, could be poised for a new dose of upside momentum.

Whereas MAGA (TRUMP), Jeo Boden (BODEN) and Doland Tremp (TREMP) currently dominate the space, the latest frenzy is with the soon-to-launch SOL-based meme coin Solciety (SLCTY).

Learn more about Solciety and its upcoming presale here.

The post Solciety, the Solana-based meme coin for the Degens, announces presale appeared first on CoinJournal.