Moving forward, we’ll look at what the BitMeme crypto project is all about, and we’ll do so by taking a closer look at the project’s website and socials. Here, it’s important to distinguish between what BitMeme might become and what it currently is. Since the BTM token is the only tangible aspect of this memetic project, we’ll look at it more closely. Aside from checking out its tokenomics, we’ll also look at $BTM’s price action.
With the gist of the BitMeme crypto project under your belt, you’ll be able to decide whether or not it deserves your attention. Perhaps, you’ll even decide that it might be a good idea to get a bag of the BTM token. However, before we let you run off and buy $BTM, we’ll ensure you are aware of the ultimate altcoin-investing edge. The latter comes in the form of real-time, on-chain data, and for that, we’ll show you how to use Moralis Money token pages to inspect these sorts of insights for BTM and other alts.
What is BitMeme Crypto and the BTM Token?
The BitMeme crypto project is an attempt at creating a meme coin and its own cryptocurrency network by forking Bitcoin. The word “attempt” is important here since the project hasn’t taken any actions toward achieving that. So far, all we have is the BitMeme team’s vague plan presented on the project’s official website. However, the BTM token – an ERC-20 cryptocurrency on the Ethereum chain – went live on June 28th, 2023.
Since the token doesn’t have any particular use case yet, it’s fair to classify it as a meme coin. Plus, BitMeme’s official website, as well as its Twitter account, clearly indicate the memetic nature of $BTM.
So, now that you know not to take this project too seriously, we can take a closer look at BitMeme’s plan.
The BitMeme Crypto’s Plan
If you visit the project’s official website, you’ll see the “BitMeme is the first Bitcoin Fork branded as a meme coin” statement. By now, you know that this is a bit misleading – after all, BitMeme as a Bitcoin fork, for now, lives only in theory. And, if you visit the “About BitMeme” section, the website points that out.
So, at the time of writing, BitMeme is a future Bitcoin fork that plans to use SHA-256 (a 256-bit secure hash algorithm) as the network consensus. As a Bitcoin fork, BitMeme will adopt the leading cryptocurrency’s properties. Hence, it will be open-source, public, and there will be no central authority. If BitMeme succeeds, its network should be run solely by “meme-ers” worldwide. So, nobody will control the network, and everyone will be able to take part.
As the three main benefits of this potential future network, BitMeme lists fast peer-to-peer (P2P) transactions, worldwide payments, and low processing fees.
In our opinion, the fact that BitMeme offers its official whitepaper, which is a complete copy of Bitcoin’s whitepaper, is a bit concerning.
Looking at the above image, you can also see that the author, contact, and website URL were also changed. And, if you are wondering who Memetoshi is, according to BitMeme, they are Satoshi’s only child:
The BTM Token Closeup
All information provided by BitMeme must be taken with a grain of salt. After all, there are memetic bits all over the project’s website. But when it comes to the BTM token, there’s no question about whether or not the token is real. We can use various tools to verify the token’s blockchain address. For instance, here’s the Etherscan page for the BitMeme crypto token:
By investigating the token’s smart contract, we can also confirm that it was minted on June 28th, 2023. The token is also traded on Uniswap, which means anyone with a Web3 wallet (e.g., MetaMask) and some ETH can get their bag of $BTM.
Since BitMeme aims to be a Bitcoin fork, it’s a bit strange for the project to start by creating a token on Ethereum. However, in the “Proof It Works” section on “bitmeme.org,” the project explains the purpose of this action. According to the team’s words, this move allows them to grow and prove there is a large-enough community interested in making BitMeme a reality.
$BTM Tokenomics
Looking at the above Etherscan screenshot, you can see that there are only 21,000,000 coins of $BTM. In this regard, the BTM meme coin follows the lead of BTC, which has the same total supply. For a meme coin, that is a pretty low total supply. Note that most meme tokens come in hundreds of billions or trillions of instances. But essentially, this just means that the price per one $BTM will be higher compared to most other meme coins with similar market caps. Speaking of market cap, BitMeme launched at $400,000.
Furthermore, the token has no sell or buy tax. Plus, 18 million BTM tokens have already been burned. As such, the circulating supply of $BTM is only three million, which has the following allocation:
- 500k $BTM for the early holder
- 500k $BTM for Bitcoin airdrop
- 400k $BTM for marketing
- 300k $BTM for the core team (not doxxed)
- 300k $BTM for exchange listings
- 500k $BTM for staking
- 500k $BTM locked for liquidity
Warning: Given the minimal circulating supply, the team controls the majority of the tokens (the core team allocation, marketing, exchange listings, staking, as well as airdrops). Of course, if they respect their promise and use those allocations properly, this may turn out well. However, at this stage, this requires additional caution.
Nonetheless, it’s worth mentioning that the token’s smart contract doesn’t have any red flags. Additionally, it has been renounced.
BitMeme Crypto’s Price Action
At the time of writing, the BTM token has been trading for a little less than two days. This obviously means that there’s not much data to work with. As such, we decided to look at a 15-minute $BTM chart, which you can see in the image above.
The asset started trading on Uniswap on June 28th, 2023, at the opening price of $0.2006. In its first minute of trading, the price jumped to as high as $2.1592. This price remains the token’s current all-time high (ATH). However, $BTM didn’t stay there long, as it pulled back down to $0.5839 in the second minute. But let’s focus back on the above 15-minute chart.
After the initial 10x-plus pump, the price found local support at the $0.63-ish level after one hour and 45 minutes of trading. From that support, $BTM increased by more than 90% again to reach $1.2130, followed by a pullback to the $0.68-ish region.
From that point, the asset ranged between this new support and the $0.82-ish area for eleven hours. Then, the aforementioned support gave up, and eventually, even the one at $0.63-ish. In fact, $BTM went as low as $0.2766 on June 29th, 2023. From that level, the token’s price offered another 100%-plus run over the next four hours and a half.
However, the cryptocurrency pulled back down again to the $0.35-ish level. The latter continues to hold as we write this sentence. If this support manages to hold, we could see a double-bottom pattern occurring. And, if the latter were to play out, we could potentially break through the resistance at the $0.63-ish region.
All in all, the price of the BTM token remains at a potentially solid entry level.
$BTM’s Potential
We can only speculate when it comes to the BTM token’s potential. So far, you can already see that it has some positive and some negative aspects. So, if the people wouldn’t want to get involved because the BitMeme team controls too many tokens, $BTM’s price would obviously reflect that and would stay on the lower side. On the other hand, if the project pulls off some good marketing stunts and creates a spark among Bitcoin fans that also love meme coins, in combination with the token’s low supply, the price could soar.
How high could $BTM’s price go? Well, we’ve seen many meme coins cross the $100-million market cap level. That kind of success would put the price of BTM at $33.
However, if the BitMeme team and community actually manage to create a Bitcoin fork and brand it as a meme coin, $BTM could easily follow in the footsteps of the leading meme coins (PEPE, SHIP, and DOGE). So, in the next bull run, it could potentially match these tokens’ previous ATH market caps. That would put one $BTM at $493, $13,700, and $24,600, respectively.
Of course, the likelihood of that happening is extremely low, but it is possible!
Should You Buy the BitMeme Crypto?
Since only you know your risk tolerance and your financial situation, it’s up to you to answer the above question. This article should help you come up with a solid answer!
The above-covered sections can (sort of) qualify as fundamental analysis (FA) and technical analysis (TA). While both FA and TA can be useful to help you determine if an asset deserves your attention, you should never base your entries solely on them. Instead, make sure to always consider pumpamentals – the on-chain momentum!
If a token has an increasing on-chain momentum (e.g., an increasing number of net buyers), the price will move to the upside. On the other hand, if the asset’s on-chain momentum is decreasing, the price will typically go down.
Moralis Money lets you look at the token’s real-time, on-chain data to base your timing on that valuable insight.
With the ultimate blockchain analytics tool, you can inspect individual tokens, including the BitMeme crypto. All you need is a token’s address, and Moralis Money’s search option will redirect you to the relevant page. However, to make things even simpler for you, you can explore the Moralis Money BitMeme crypto page via the interactive widget below.
Aside from BTM’s real-time, on-chain data, this is where you can explore other aspects of this project. As such, Moralis Money token pages are great tools for DYORing alts.
However, as pointed out previously, the individual token pages are Moralis Money’s secondary function. Its primary function allows you to spot the best altcoin opportunities early. So, use the tips in the next section and start finding tokens before they pump!
Beyond the BTM Token with Moralis Money
- Tip #1: Select one of Moralis Money’s preset filters to generate your first dynamic list of altcoins with potential:
- Tip #2: Start running unique queries by experimenting with different combinations of Token Explorer metrics, their values, and timeframes:
- Tip #3: All Token Explorer metrics are useful; however, the following ones should return great results:
- Coin Age
- Market Cap
- Buyers, Experienced Buyers, Experienced Net Buyers
- Security Score
- Tip #4: Hit the “Save Query” bottom once you find winning queries and start running them on autopilot:
- Tip #5: Once you spot altcoin opportunities, research individual alts before entering your positions:
- Tip #6: Moralis Money supports multiple chains (Ethereum, BNB Chain, Polygon, Arbitrum, Fantom, etc.). So, don’t forget to explore opportunities cross-chain!
- Tips #7: Learn to make the most with Moralis Money Beans.
You can start taking action on the above tips by visiting Moralis Money’s homepage right away. Or, simply use the interactive widget below!
Will the BitMeme Crypto Be the Next PEPE? On-Chain Price Analytics for BTM Token – Summary
By this point, you know what the BitMeme crypto project is all about. You know that at this stage, it is yet another ERC-20 meme coin. However, you also learned that it does have the potential to become something more. After all, if the stars were to align for the BitMeme team, BitMeme could become the first Bitcoin fork branded as meme coin.
We also took a closer look at the BTM token’s tokenomics, distribution, and price action in this article. Plus, we provided you with the Moralis Money BTM token page. So, you now have all the information and tools you need to decide whether or not you should buy $BTM.
Nonetheless, we also provided you with some very useful tips that will help you go beyond BitMeme. After all, Moralis Money’s core function is all about finding crypto gems! As such, use these tips and get ready for the upcoming bull market!
