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The next crypto bull run appears to be imminent, with Bitcoin and large-cap altcoins poised to push towards all-time highs.
Tether continues to mint USDT, indicating that the crypto market could see substantial buying pressure from whales. Tether minted another $1 billion worth of USDT today.
Meanwhile, the weaker-than-expected PPI inflation for July has sparked a broad-based rally in stocks and crypto. The Bitcoin price has rallied by nearly 3% and is attempting to flip the $61k resistance.
However, the next crypto bull run will be led by altcoins and meme coins. In fact, smart money investors are already stacking new meme coins such as Crypto All-Stars and Pepe Unchained, hunting for 10x to 100x returns.
Tether Mints USDT, PPI Inflation Cools Down
As previously mentioned, Tether minting USDT is indicative of buying pressure from whales.
Indeed, whales and institutions have been buying the dip. Data from CoinShares reveals that digital asset investment products saw inflows of $176 million last week, with Ethereum products contributing the majority at $155 million.
Similarly, the spot Ethereum ETF weekly inflows turned positive for the first time last week, indicating that Grayscale outflows are tapering down and institutions are buying the dip.
This increasing buying pressure could largely be attributed to the Federal Reserve’s expected interest rate cuts starting in September.
Indeed, the CME FedWatch is now favouring a 50 bps rate cut in September, a decidedly bullish scenario for Bitcoin and crypto prices. This comes after the PPI data released today revealed that inflation levels are inching towards the Fed’s 2% target.
Indeed, both the headline PPI figure and the core data came out weaker than expected.
As previously mentioned, the Bitcoin price has jumped up to $61k after the PPI release. However, investors will now close watch Wednesday’s CPI.
Another better-than-expected inflation data will very likely guarantee a 50 bps rate cut in September, something which the market hasn’t priced in yet. Notably, the market has been pricing in only a 25 bps rate cut up until recently. Indeed, a weak CPI tomorrow could spark a crypto bull run.
In this scenario, the Bitcoin price will likely flip the $61k resistance, paving the way for a new all-time high. However, altcoins and new meme coins will likely offer higher returns in the coming months.
Investors Hunt for 100x Returns With New Meme Coins
Investors are seeking a repeat of the meme coin mania that was seen during the bull market earlier this year. With fresh capital expected to enter the market after the Fed’s rate cuts, new meme coins could print substantial returns in the coming months.
For instance, experts believe that a new meme coin – Crypto All-Stars (STARS) – could offer 10x returns after its launch.
Indeed, STARS is off to a strong start, raising nearly $350k in its presale in just 2 days. Smart money investors have been impressed by its unified staking program – MemeVault. This will allow holders of several top meme coins such as Pepe and Dogecoin to stake their coins and earn staking rewards.
STARS presale buyers can already earn passive income, currently at an APY of over 5000%.
Similarly, smart money investors are stacking Pepe Unchained (PEPU), another high-utility meme coin that is launching its own Layer-2 blockchain. The native Layer-2 chain tackles the high trading costs on Ethereum while also offering high staking rewards.
Unsurprisingly, PEPU has raised over $8.6 million in its ICO. Experts believe that Pepe Unchained will continue its strong performance after the presale as well and may end up offering 100x returns to early buyers.
Source: https://finbold.com/tether-prints-1-billion-usdt-and-ppi-inflation-cools-down-is-the-next-crypto-bull-run-imminent/