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With Bitcoin price struggling, this article looks into ChowWow, the new Solana meme coin that is set for massive rallies in presale
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Bitcoin continued its downtrend this week, dropping briefly below $95,000 before rebounding above $98k. In the past week, the price of BTC has traded between $101,732 and $94,713, with the Bitcoin market cap dropping from $2.0b to $1.94b.
Since Bitcoin’s price surged to an all-time high of $109,114 on January 20, the popular cryptocurrency has been in a consolidation phase while struggling to break through the $110,000 resistance zone.
With Bitcoin finding it difficult to reclaim the $100,663 critical support zone, investors have continued to search for profitable altcoins that can guarantee short, and long-term returns. A new meme coin, ChowWow (CHOW), is among the tokens catching investors’ attention, with many projecting as high as 10x returns in presale.
Can Bitcoin price set a new ATH in Q1?
Crypto analyst Crypto Rover on X tweeted that Bitcoin’s price has broken the fallen wedge pattern, a typical bullish pattern that could trigger a rally toward the $106,000 mark in the coming days. Confirming that, Crypto analyst Mister Crypto claimed that the Bitcoin crypto price is breaking out, which could trigger bullish momentum.
Looking at the Bitcoin chart on Tradingview, the support and resistance lines are converging in a classic bullish pennant pattern, suggesting that the BTC price might be heading to the moon soon. The RSI is also 47, signaling that Bitcoin is not yet in the overbought territory. However, market stats show that Bitcoin trading volume is red, suggesting that investors are exercising caution.
While the top crypto coin is struggling in the market, Lookonchain data shows that MicroStrategy bought another 7,633 BTC ($742m) at an average price of $97,255 last week, signaling that whales are using the current dip to accumulate the crypto. If Bitcoin is able to flip the 30-day SMA ($100,663), which happens to be the next resistance zone, it could set a new ATH in Q1.
ChowWow attracts investors in presale, set for a huge rally
The crypto industry has witnessed an explosion of meme coins driven by community engagement and viral marketing. At the end of 2024, 22 of the top 200 cryptos by market cap were meme coins, with Solana-based coins dominating the chart. According to CoinMarketCap, the meme coin market cap stood at $73.94b, ranking as the third-highest crypto niche after DeFi, signaling the influence of meme coins in the crypto industry.
Among the cryptos witnessing massive adoption is ChowWow (CHOW), a new Solana-based meme coin that promotes financial freedom for the masses. Unlike other coins, which thrive on hype and speculation, ChowWow is backed by a play-to-earn feature and a staking pool. Having been developed in Solana, it will inherit the network’s transaction speed and cheaper fees, unlike Ethereum.
On the play-to-earn platform, players are rewarded for in-game achievements that can be redeemed for real-world value. This helps to promote community engagement and boost the adoption of the ChowWow ecosystem. Already, 10% of the total supply has been allocated for it, while the CHOW token is used for in-app purchases, making it a utility token.
Individuals will also benefit from the staking pool, which currently offers up to 8–15% APY for staking their tokens and bringing liquidity to the ecosystem. The interest is paid monthly in CHOW tokens. Inspired by the Chinese Chow Chow dog breed, which is believed to bring luck and prosperity to people, ChowWow’s aim is to ensure that everyone earns.
To stabilize the CHOW price, the team has unveiled a token burn and buyback mechanism that aims to decrease the supply, making it deflationary in nature, just like Shiba Inu. Investors can buy the CHOW native token for just $0.008, with the price set to increase soon.
Conclusion
With Bitcoin’s price fluctuating, investors are prioritizing low-cap cryptos that can return quick profits in the short term. The low price of ChowWow and the presale advantage make it one of the most promising emerging meme coins today.
To learn more about ChowChow, visit the ChowWow presale.
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This article first appeared at crypto.news
