TL;DR
- The Bitcoin halving has slashed the miners’ block rewards in half, reducing the daily issuance of BTC and likely resulting in a price rally.
- While it is speculative to predict which meme coin will perform best post-halving, Dogecoin and Shiba Inu have historically done well, with potential boosts from technological advances, celebrity endorsements, and community support.
The BTC Halving’s Impact
One of the most important events in the cryptocurrency industry – the Bitcoin halving – occurred the other day. It reduced the miners’ block reward from 6.25 BTC to 3.125 BTC, slashing in half the daily issuance of the primary digital asset.
The mechanism is integral to Bitcoin’s supply system and has a direct impact on its inflation rate. The decreased amount of coins entering the market makes them scarcer. As basic economics dictates, a reduction in supply with the same or more demand results in an increasing price.
The halving happens roughly every four years and historically has been a precursor of a massive resurgence of BTC and the entire cryptocurrency market. As such, we decided to ask ChatGPT whether meme coins will experience such a revival in the following months, as well as which asset of that type will perform the best.
ChatGPT’s Answer
The popular chatbot forecasted that the halving may fuel a substantial green wave in the crypto sector, with the volatile meme coin niche benefiting, too. It claimed that predicting which asset of that kind will be the best performer in the following months is highly “speculative” but reminded that Dogecoin (DOGE) and Shiba Inu (SHIB) witnessed explosive price growth after the previous halving.
Nowadays, though, there are many more meme coins that oppose the dominance of the aforementioned leaders. Notable examples include dogwifhat (WIF), Pepe (PEPE), and Floki Inu (FLOKI), which all have market capitalizations in the billions.
ChatGPT estimated that technological advancements, endorsements from popular figures, and community activity could boost their value toward the top. However, Shiba Inu is the meme coin with the biggest community base, while Dogecoin enjoys the support of Tesla’s CEO – Elon Musk.
Subsequently, the chatbot alerted people to enter the meme coin ecosystem with a grain of salt due to the risks associated with it. If you are about to hop on the bandwagon, please check our dedicated video to avoid some common mistakes related to the matter:
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