This weak, defunct Bitcoin exchange, Mt. Gox, transferred billions of Bitcoin causing a wave of concern in the market. It was expected that this would lead to a sudden increase in the selling of Bitcoin.
At the time of writing, Bitcoin is changing hands for $68,294, indicating a 2.10% drop in a week, the price of BTC fell from the mark of $70,000 on Monday.
Source: CoinMarketCap
In 2014, Mt. Gox faced bankruptcy after a huge hack, which was the first significant Bitcoin marketplace.
Mt. Gox, the failed exchange, owes its creditors 142,000 Bitcoin worth 49 billion. The deadline for paying this is October 31, 2024.
Does Mt. Gox’s Bitcoin Move Matter?
Some experts believe that there is very little chance that these bitcoins will suddenly take over the market.
Mt. Gox analyst, spoon man, and X user claim that 80% of the credits will keep their token.
The expert, James Van Straten, mentioned that the market did not face any problems when 1 million tokens went on sale for five months.
Among 1 million BTC that went on sale, 340,000 came from the GBTC ETF, while long-term holders sold the remaining 660,000. Not all the creditors will rush to sell their tokens right away, and Mt. Gox’s share will be 10% of this total.
Due to the drop in prices caused by Mt. Gox transferring billions in BTC, it is a great chance to buy at lower prices.
Earlier this year, BTC was trading at the expected high value of nearly $74,000. So the opportunity of having risk rewards is not favourable.
If the price of Bitcoin falls, here are the few best altcoins to buy.
Pepe (PEPE)
At the time of writing, PEPE is trading at the mark of $0.000015, indicating a 14% rise from the previous week as per the data collected from CoinMarketCap.
The meme coin based on Ethereum is performing better because folks are betting on new Ethereum meme coins after the approval of the ETF.
The $6.8 billion market cap indicates that there are chances that its value will go up as compared to Dogecoin, whose current value is $24.5 billion.
Investing in Pepe is a gesture of belief in the progress of the Ethereum ecosystem.
Dogecoin (DOGE)
If we talk about dogecoin, it is trending higher and gaining popularity.
At the time of writing Doge is trading at $0.1647 based on data from CoiMarkeCap, trying to reach its 2024 high level of above $0.22.
Dogecoin lovers expect a rise of $1 during this cycle. If it happens, then there are chances of gaining 6 times its current worth.
PlayDoge (PLAY)
Some traders prefer to buy tokens early during their presale instead of investing in well-known meme coins.
There is a risk of being an established coin but if you invest in a meme coin presale, it would lead to more profit.
Analysts claim that one of the new mem coins that has the potential is PlayGoge (PLAY). This meme coin is meant for play-to-earn (P2P). It supports a fun and mobile-based game.
PlayDoge (PLAY) is debuting at a low price of just $0.005, with a market capitalization of less than $50 million.
This can become one of the best mem coin investments this cycle, depending upon its popularity.
Sealana (SEAL)
This is another fun meme coin presale on Solana (SOL) that will launch soon and has huge potential.
The endearing, overweight cartoon Seal with a South Park motif got the interest of mem currency investors. It guarantees over $3 million in funding.
