Before we even begin talking about buying meme coins, it is important to mention that almost all meme coins are trash, which means that they are highly speculative investments, and one should definitely only use the capital that one can afford to fully lose.
Meme coins have a high price correlation Bitcoin. The correlation is positive, which means that when bitcoin’s price begins to move higher, more coins are on the move.
Bitcoin and its price action
Bitcoin, by no means, deserves to be lumped in with meme coins: it has been adopted by institutions and there are several Bitcoin spot ETFs that have gathered interest. During the past few days, there was some outflow in one of the top bitcoin ETFs, GBTC. However, bitcoin ETFs snapped their outflow and attracted a fresh inflow of $418 million yesterday.
This shows that the bulls that left the market are back and that bitcoin’s price may ride higher once again, continuing its journey towards $100K (while the immediate support level is around 58K as shown on the chart below).
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