TL;DR

• After hitting a record high of around $73,800, Bitcoin (BTC) experienced a sharp correction to nearly $60,000. Despite the downturn, the upcoming halving on April 19 might trigger a bull run.
• Ripple is gearing up for a trial against the US SEC set for April 23. This legal battle continues to capture attention, with significant updates expected soon.
• Despite a recent 22% drop in its market value, Shiba Inu (SHIB) shows signs of potential recovery. Factors such as an increased burn rate and advancements in its layer-2 solution – Shibarium – may trigger a future rally.

BTC’s Stubborn Correction

The primary cryptocurrency stole the show in March, with its price rising to a new all-time high of approximately $73,800 and trading above the $70K mark for a while. However, the start of this month offered a severe correction, which intensified in the last few days.

As CryptoPotato reported, the asset’s value plunged to nearly $60,000 on April 17, triggering over $200 million in liquidations.

Some factors that might stand behind BTC’s downfall lately could be reports hinting that the US Fed may raise interest rates in the world’s largest economy instead of pivoting from its aggressive anti-inflationary policy. The escalating tension between Israel and Iran and fears of another war might also have contributed to the decline, which affected traditional finance, too.

Still, numerous optimistic elements are signaling that Bitcoin’s retreat may soon be replaced by a bull run, with the upcoming halving being the most obvious one. Following the event, scheduled for April 19, rewards distributed to miners for validating blocks on the BTC blockchain will be slashed in half.

This decreases the amount of coins entering the market, making them scarcer and potentially more valuable in time (assuming demand increases or stays the same).

Historically, each halving in the past was a precursor for a significant resurgence of the entire cryptocurrency sector. Those curious to learn more about the event and prepare for it, feel free to take a look at our dedicated video below:

Ripple vs. SEC

Perhaps the most important news circulating around Ripple lately are the updates related to the lawsuit against the United States Securities and Exchange Commission (SEC).

Earlier this week, several X users assumed a settlement between the entities might be just around the corner due to a final pretrial conference held before Judge Netburn on April 16.

Nonetheless, Stuart Alderoty – Chief Legal Officer of Ripple – said Ripple and the SEC await the start of the trial (set for April 23), rejecting the option of a mutual agreement before that date. He also clarified that the firm will file its response to the regulator’s request for penalties by April 22, whereas the Commission’s reply should come by May 6.

Is SHIB Poised for a Rally?

Shiba Inu – the second-largest meme coin by market capitalization – is among the worst-affected cryptocurrencies during the ongoing crash, with its price dropping by 22% on a weekly scale. 

Essential indicators, though, hint it may return to green territory soon. Such factors include the asset’s burn rate increase, the advancement of the layer-2 scaling solution Shibarium, and the negative SHIB exchange netflow.

[PRESS RELEASE – Yokohama, Japan, April 18th, 2024]

Unicorn, the first proof-of-stake (PoS) meme blockchain, announced the airdropping of UNICORN coins to over 30 communities. The ongoing event involves NFTs and memecoin communities. It caters to crypto enthusiasts on several networks, including Ethereum, Solana, and Cosmos. The eligibility rules are simple and enable holders of various tokens to participate.

Unicorn is a new layer-1 blockchain that benefited from a fully organic launch. It has no VCs, and the distribution of its native coin, UNICORN, only occurs via airdrops. Memecoin communities everywhere are building support for this up-and-coming blockchain, which is gaining notoriety mainly through social media and word of mouth.

Unicorn engages memecoin and NFT communities in a “claim competition,” where the most active ones get more UNICORN coins during airdrops. More precisely, communities spreading the word about Unicorn more zealously achieve a higher claim rate and get a substantial multiplier during the airdrop clawback. The project’s website shows a real-time table of the communities racing for the highest claim rate.

Here are the eligibility rules for the ongoing Unicorn airdrop:

1. Users must hold Cosmos, Ethereum, or Solana assets during the Airdrop snapshot.
2. Users can check their eligibility for the airdrop by connecting their Cosmos wallet to the UNICORN Chain website.
3. Users should connect their Phantom or MetaMask wallets to the website.
4. Users need to paste their UNICORN address in the designated input box to receive the tokens.
5. Users need to paste their UNICORN address in the designated input box to receive the tokens.
6. Users are required to repeat this process for each airdrop distribution every weekday at 9 pm UTC.

The project regularly adds new memecoin and NFT communities to the airdrop, creating a highly engaging claim competition.

About Unicorn

Unicorn is a new layer-1 blockchain project in the memecoin niche with a laidback approach to digital coin collecting. It allows its growing user community to secure the network by acquiring and holding onto UNICORN tokens instead of mining. More importantly, it does so jokingly with a cheerful spirit, specific to the global community of memecoin enthusiasts.

The project’s website features numerous classic memes and jokes, which are very popular in the meme community. One of its goals is engaging memecoin fans from various ecosystems in fun and captivating contests, such as the current airdrop claim competition.

Users can learn more about Unicorn at these links: Website | X (Twitter) | Telegram | Discord

TL;DR

• The meme coin sector has seen a significant downturn, with its market cap shrinking by around 5% in the past 24 hours.
• Despite the downturn, the upcoming Bitcoin halving may trigger a rally, offering a potential rebound for meme coins due to their volatility and tendency to follow BTC’s price trends.

The Meme Coin Sector Flashes Red

The cryptocurrency market has been going through a severe correction in the past several days, with Bitcoin (BTC) briefly nosediving to $60,000 while Ethereum (ETH) dipped below the $3K level.

The situation in the meme coin sector is even more adverse, with its market cap losing around 5% in the past 24 hours and currently equaling around $47 billion. The leading assets of that type – Dogecoin (DOGE) and Shiba Inu (SHIB) are down 27% and 22% on a weekly scale, respectively. Dogwifhat (WIF), Pepe (PEPE), Floki Inu (FLOKI), Bonk Inu (BONK), and many others have also tumbled by double digits. 

The few exceptions that have not plunged so substantially in the last seven days are the Solana-based meme coins – Slerf (SLERF) and Cat in a Dogs World (MEW). 

Earlier this week, the latter witnessed a 100% daily price spike, while its market capitalization briefly exceeded the $500 million mark. The rally happened shortly after the leading crypto exchange OKX allowed trading services with MEW. 

Is Another Bull Run in the Cards?

While the current negative trends may discourage some traders, they should keep in mind that the meme coin sector is highly volatile and could experience a fresh resurgence in the near future.

One essential factor fueling a substantial revival might be the approaching Bitcoin halving. The event, following which miners will start receiving twice less BTC for validating blocks on the blockchain, is scheduled for tomorrow (April 19). 

The halving has been followed by a massive bull run for the primary cryptocurrency and the entire market in the previous years, with many analysts expecting the same scenario in the coming months. This could result in a rally for numerous altcoins and meme coins since they often follow the price trajectory of BTC.