Zcash (ZEC) continues to see decent gains as the broader market waits for potential fresh moves ahead of the US Consumer Price Index (CPI) data release.
While ZEC basks in the 35% jump in price over the past week, there’s potential for meme coin Memeinator (MMTR) to follow suit as the industry aims for upside movement.
Zcash is “underrated”, Gemini co-founder says
Zcash is one of the top-performing altcoins this past week, despite most of the attention being on the top two coins.
While Bitcoin’s battle to stay above the $60,000 level and Ethereum’s recovery from lows of $2,100 has the market largely positive, ZEC’s 35% upside during this period has traders looking at the potential for further gains.
The privacy coin trades above $44 after recovering from lows of $29 reached as crypto and stocks sold off last week.
Although gains mirror upward movement across the market, the Zcash community has responded positively to recent developments.
Key among these is the potential switch from proof-of-work to a hybrid consensus mechanism that includes proof-of-stake.
Gemini co-founder Tyler Winklevoss recently voiced support for the move, noting that Zcash is one of the “underrated” cryptocurrencies.
“It brings privacy and decentralization to money, two fundamental building blocks of a free and open society,” the Gemini co-founder added.
With a hybrid model, Zcash will continue to tap into the benefits of PoW mechanism and also bring new investment opportunities for ZEC holders through staking.
Memeinator price jumps 20%
Investors eyeing the expected meme coin surge see Memeinator as a better investment opportunity compared to most of the overhyped projects in the market.
The recent dip across the crypto market saw the MMTR price likely bottom at $0.001412 on Aug. 9, which sees the current price of $0.001681 up nearly 20% from that all-time low.
Despite the MMTR price paring most gains since touching the all-time high of $0.02683 in June 2024, traders are signalling a bullish outlook with the increased buying at the bottom.
If the project lives up to its key selling point of being the annihilator of weak meme coins, the current price level could be a great entry point.
However, meme coins are massively volatile. Macroeconomic conditions and geopolitical tensions are also key factors that traders may have to consider.
The CPI data releases this week could be the first signal.
Memeinator looks to outpace top meme coins
Toshi, Degen and Basenji are some of the biggest gainers in the meme coin market this past week. The meme-inspired tokens have outpaced top dog-themed tokens such as Dogecoin, Shiba Inu and dogwifhat.
However, despite posting relatively smaller gains of just 8% in the past 24 hours and trading negative over the week, Memeinator (MMTR) stands out as a potential long term challenger for top dog-themed meme coins.
The main catalyst could be the Terminator-inspired meme coin’s focus on MMTR utility.
Memeinator has already achieved major exchange listings and offers staking. Meanwhile, the AI integration, gaming and NFTs features add to its overall attraction as a utility-driven token.
To find more about Memeinator, visit the meme coin’s official website.
The post Zcash surges as Memeinator bounce excites traders appeared first on Invezz
