The altcoin aims to be among the top 20 cryptocurrencies in 2024. Hence, why Bitcoin holders are jumping ship. However, it is still in question if Avalanche will take a hit. The safest option right now is Raboo, keep reading to find out more.
Bitcoin struggles to retain Investors
Despite recent price volatility, the total open interest in Bitcoin is remaining stable at about $29 billion, a level last seen in June. This stability coincides with a 4% increase in the price of Bitcoin over the last month, after it dropped as low as $53,905. After prices fell more than 5% on July 4, open interest reached a peak of $40 billion. In this context, the total number of outstanding derivative contracts that remain unresolved is represented as open interest.
The news from Bitstamp directly contributed to the most recent decline in the price of Bitcoin to $64,625. The exchange attested to having received the assets and promised to complete the returns promptly. A comprehensive plan is anticipated to be released separately. The market's expectation and volatility are increased by rumors that the refunds will be paid out by July 25th. These uncertainties have caused Bitcoin holders to jump ship.
Avalanche: bulls seem to be taking over
Holders have been impressed by Avalanche (AVAX) this month, with its rise from $22.3 to just under $33. Avalanche encountered difficulties at the 100-day SMA, though, and was rejected after poking just above. Right now, Avalanche is trading around $26.36, so that's the price to keep an eye on. In the event that this is defeated, an Avalanche pump to $37 might occur.
But in the last 24 hours, Avalanche has somewhat declined, possibly as a result of the recent announcement that Joe Biden is withdrawing from the 2024 presidential run, which briefly alarmed Avalanche holders and the larger cryptocurrency market. Long-term effects of this are doubtful, and Avalanche is still a fantastic option for conservative investors hoping to gain two to five times their investment by 2025.
If there is more rejection, Avalanche might find support at about $28, and negative forecasts point to a drop to $25.
Raboo raises $2 million in presale
Raboo is a new AI meme coin that has drawn a lot of attention following its remarkable 60% presale spike. It is predicted to be the next big cryptocurrency, and has all the makings for a spectacular pump this year, with thousands of investors, over $2 million raised, and a rise from $0.003 to $0.0048 already. With any luck, Raboo will grow to be within the top 20 cryptocurrencies in 2024.
Users can make money while communicating with other like-minded meme coin enthusiasts within the SocialFi community. Raboo is well-positioned in the lucrative AI meme market, a specialized field currently valued at over $1.2 billion that is expected to expand quickly as AI technology advances. Raboo combines AI with memes, hosting entertaining competitions on a regular basis where $RABT token holders can utilize its generative AI tool.
Savvy social media individuals now have an innovative way to monetise their posts with Raboo's Post-to-Earn program, and early investors will soon get even sweeter deals thanks to impending NFTs and large staking returns. Experts predict that the overall 233% presale gain is merely a prelude to a possible 100x jump later this year, given the rapid growth in talk surrounding Raboo.
Conclusion
While Bitcoin and Avalanche are putting their investors in doubt, Raboo is presenting opportunities for massive gains. This new AI meme coin has already made a name for itself despite still being in its presale. Analysts expect the price of Raboo to grow 233% during the presale, and 100x on launch day.
