It has been a bumpy ride for Bitcoin and Dogecoin today, but investors continue to buy the new meme coin Crypto All-Stars.
Bitcoin has slumped by 4.37% and Dogecoin by 9.49%. Yet, Crypto All-Stars is cheering as its presale total raise nears $3 million.
BTC and DOGE Take Hit Despite Record-Breaking ETF Inflows
Institutional money is returning to Bitcoin at a record pace, but even that’s not enough to usher it past its $73,750 all-time high (ATH).
Dogecoin is facing a similar challenge, collapsing after tapping a resistance level last touched in May.
This is surprising considering the generous headwind of Bitcoin spot ETF inflows.
The Farside Investments ETF tracker reports $870.1 million inflows on Wednesday and $893.3 million on Thursday.
However, it seems Wall Street got cold feet when BTC found sub-$73K resistance because Thursday’s inflows amounted to a measly $32.3 million.
Currently, BTC is trading at $69,247, down 4.37% today, up 2.76% this week, and 12.02% this month.
All eyes were on Bitcoin’s monthly close yesterday – it was on track to be the highest ever. However, it fell short due to strong selling pressure, returning it to its horizontal trading range.
A record-breaking monthly close would have been nice, but analysts are still bracing for a bullish November.
“Bitcoin has entered another extremely bullish month. A new month has started. November is historically speaking bullish,” wrote Mister Crypto.
Today’s price action and traders’ opinions don’t align – and it’s the same story for Dogecoin.
It’s currently trading at $0.1559, down 9.49% today, up 13.05% this week, and 43.66% this month.
Following Bitcoin’s lead, DOGE found resistance at a long-term resistance level. It crashed after retesting $0.18, which it last rejected in May.
But, like Bitcoin, analysts expect big things in November.
Crypto Daily Trading Signals acknowledges that “everyone is in panic mode” but believes Dogecoin’s selloff is necessary for its long-term uptrend.
The analyst says DOGE is forming a “huge cup and handle on the daily chart,” with a price target of $0.22.
According to analysts, Bitcoin and Dogecoin’s price action isn’t alarming. November will be a bullish month.
This could well be why investors continue pouring funds into the viral Crypto All-Stars presale.
Crypto All-Stars Enables Staking For DOGE and SHIB – Presale Nears $3M
Crypto All-Stars is creating an application we’ve never seen before.
It’s launching a staking protocol that will enable holders of DOGE, SHIB, PEPE, and other meme coins to generate passive income.
The project is causing a stir as meme coin season heats up. It provides an additional revenue stream to crypto’s best-performing narrative.
Users’ earnings will be proportional to the number of $STARS tokens they have, incentivizing them to buy as many as possible.
Meanwhile, supply will be thin because users can also stake their $STARS tokens. This feature is already live and provides an APY of over 500%.
The use case has generated a lot of interest. Analyst Austin Hilton said that “no other meme coin has ever done” what Crypto All-Stars is doing.
Meanwhile, ClayBro says it is “set to soar” and could even see 20x gains after launching on exchanges.
The crypto market has been in freefall today, but Crypto All-Stars is marching torward $3 million total raised.
Coupled with the backing of top analysts, this illustrates the market’s deep appetite and could lead to long-term gains.
The current Crypto All-Stars presale price is $0.0015371, but this will rise in two days.