As DEX markets remained supercharged following the Uptober rally, Bishop token (BISHOP) has undertaken a sensational 25x moon-shot rally, following a stealth launch on November 7, but could this new Bitcoin ETF project be a better alternative?
Recent weeks have seen a huge trend in explosive DEX-launched tokens, with countless moon-shots garnering significant attention, including the ever-popular APX, SAMBO Bot, Baby Meme, REFUND, XDOGE and IO.
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0xa01bC17D6C787326d56F68ADd3e66663Dbc25010 pic.twitter.com/feckcB4h88— Bishop (@BishopEthCoin) November 8, 2023
The Bishop token is a meme coin boasting an aggressive growth-focused roadmap, with the coin concept playing on the movement of price charts – which typically see diagonal movements – like a Bishop piece in chess.
BISHOP Price Analysis: As Bishop Token Explodes 25x – Will This Skyrocket Pump Continue or Crash?
As Bishop token price mounts a well-defended retracement move, BISHOP is currently trading at a market price of $0.61 (representing a 24-hour change of +2,112%).
This comes following a stunning launch at just 5pm on November 7, which saw BISHOP token magnetise instant market traction as price surged +3,500% in the opening 2-hours.
By 7pm, just two-hours into trading, price undertook a substantial -50% retracement move, with BISHOP bulls establishing a strong support zone between $0.45 and $0.50
.
Solid footing here saw price rocket up on a further 117%, bringing overall gains for early backers to an alluring +2,500% or 25x.
However, with substantial gains amassed, a serious retracement move was triggered at 11PM as delighted DEX traders took profit – sending price grinding down back to lower support at $0.45 over the next 6-hours.
Strong support around $0.45, which was well-defended once more for an impressive 6-hour period, that has since 8AM on November 8 triggered an emerging second-rally leg that has so far climbed +86% out of consolidation – teasing markets with the potential of further gains.
And this remains an alluring prospect with Bishop token still poised for upside potential at a lowly $535k market cap, which suggests as much as a 10x return from here is still on the cards (assuming this project grows to a $5m mcap).
With 683 holders, and $250k in liquidity locked (representing around 50% of market cap), there is a clear incentive to buy – and this is reflected in Bishop token’s transactions, which continue to be dominated by buy pressure (representing 68% of current transactions).
But, while DEX traders are taking substantial risks betting big on uncertain no-utility meme coins, traders are flocking to a new Bitcoin alternative presale that could make it big in the next bullrun.
This Bitcoin Alternative Token Could Skyrocket Amid Bitcoin ETF Bullrun – Don’t Miss Out
A new Bitcoin alternative presale launched this week, offering eagle-eyed traders the opportunity to make it big on unfolding Bitcoin ETF rumors, without having to eat the $35,000 cost of becoming a wholecoiner.
Bitcoin ETF Token ($BTCETF) is currently trading at a market price of $0.005 in funding round stage 1 with an alluring $70,000 raised in the opening day of the presale.
Designed and built with skyrocket potential in mind, this promising token aims to bank big on market excitement surrounding the ongoing applications for Bitcoin spot ETFs.
Aiming for a hard-cap of $5m in presale funding, the early-stage of this emerging project’s presale offers investors a unique opportunity to get in during this early entry point, which could set the stage for life-changing gains.
Ride the ETF Rally with Ease: Bitcoin ETF Token is a Critical Component in Every BTC Trader’s Toolbox
Indeed, Bitcoin ETF isn’t simply a useless meme coin, beyond taking aim at the biggest narrative in crypto – BTCETF has a major utility: Bitcoin ETF news alerts.
The token’s dApp offers traders a live-feed of the latest Bitcoin spot ETF information and news, with sophisticated technology tracking applications real-time at the SEC, and high-speed bots monitoring social media for the latest breaking ETF news.
But a simple feed of Bitcoin spot ETF news only highlights a fraction of Bitcoin ETF token’s potential, with easy-access to real-time update alerts offering sharp traders the opportunity to make market-beating returns stress-free; being amongst the first to hear about privileged Bitcoin Spot ETF news.
This could enable traders to position themselves appropriately in seismic Bitcoin market movements, making Bitcoin ETF token a critical component in every BTC trader’s tool-box this Winter.
Surging Interest in Bitcoin Alternatives Leaves $BTCETF Poised for Stunning Growth as Bitcoin Heads High
Project tokenomics are bolstered by ambitious plans for the incorporation of staking rewards that incentivise long-term holding, alongside a burn mechanism, which will enhance $BTCETF as a ‘digital gold’ alternative, by creating a deflationary mechanism in price.
Set for stage 3 of the Bitcoin ETF project roadmap, an initial burn mechanism will be introduced amid a well-marketed DEX launch, imposing an initial 5% burn tax on transactions – this will be reduced by -1% each time a Bitcoin ETF news milestone is reached.
However, plans are afoot for a larger burn mechanism in stage 4, in a move that will see 25% of token supply burned overtime, this will be conducted in 5% burn intervals – with each supply-side reduction taking place as a Bitcoin ETF news milestone is met.
The milestones for the burn mechanism are as follows:
- Milestone 1 – $BTCETF Trading Volume hits $100m – burn tax on transactions reduced from 5% to 4%, and 5% of total supply is burned.
- Milestone 2 – First Bitcoin ETF is approved by SEC – burn tax on transactions is reduced from 4% to 3%, and a further 5% of total supply is burned.
- Milestone 3- First Bitcoin ETF launch date – burn tax on transactions is reduced from 3% to 2%, and a further 5% of total supply is burned.
- Milestone 4 – Bitcoin ETF assets under management (AUM) hits $1bn – burn tax on transactions is reduced from 2% to 1%, and a further 5% of total supply is burned.
- Milestone 5 – Bitcoin price hits $100k – burn tax on transactions is reduced from 1% to 0%, and a further 5% of total supply is burned.
This will create a gradual decrease in total supply, eventually leaving around 70% of BTCETF in circulation, with the supply side reduction inducing upside price growth.
And that is without considering the potential for token value accrual driven by demand from traders for access to the ETF news dApp and the ever-present demand for Bitcoin alternatives.
Indeed, 2023 has seen explosive growth in Bitcoin related tokens – with markets showing a real appetite for BRC-20 ordinal tokens, Bitcoin Cloud Mining, and Bitcoin derivatives.
So don’t miss your chance to get in early ahead of the next major Bitcoin rally leg.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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