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Bitcoin (BTC) briefly broke past $112,000 after the debut of the Trump-backed American Bitcoin on Nasdaq. But the rally was short-lived, with BTC pulling back almost immediately and rewarding a familiar 110k engagement.
Meanwhile, casual investors and whales are focusing attention elsewhere, with Moonshot MAGAX (MAGAX) offering impressive presale momentum. Nearly 300 million tokens have already been sold across the first two presale stages, making investors pretty excited.
Bitcoin (BTC) briefly spiked past $112K when American Bitcoin, a subsidiary of Hut 8 Corp., debuted on Nasdaq. Hut 8 has become one of the closely watched corporate players in the Bitcoin ecosystem and has a strategic reserve of 10,667 BTC worth about $1.2 billion in current prices.
The American Bitcoin listing was widely called a symbolic boost for Bitcoin's adoption in US financial markets. Yet, the price of the cryptocurrency didn’t sustain above $112k. It peaked at $112,018.19, only to face immediate sell pressure. By press time, the price had already hit $110,890.34, down 0.28% in the last 24 hours.
Although Bitcoin has been trying to break resistance, it is still trading between $110,582 and $112,600. Investors remain cautious, especially since all the key indicators show mixed sentiment.
The daily trading volume slid 18.2% to $62.12 billion, suggesting weakening momentum. But Bitcoin’s overall market cap rose by 1.25% to $2.23 trillion. Bitcoin dominance also fell to 58.38%, as some investors have been diverting their capital to other coins.
Interestingly, September has always been a volatile month for Bitcoin. August ended in the red, so bulls are hopeful that September could cause green. But without sustaining a breakout above $112k, traders say that Bitcoin might deliver one of its weakest months of the year.
As Bitcoin stagnates, retail investors are now interested in Moonshot MAGAX (MAGAX), a new AI-powered meme-to-earn token. The project has now sold 296,012,212 MAGAX coins across its Stage 1 and Stage 2 presales, showing that there’s strong investor confidence.
Currently priced at $0.000293 in Stage 2, MAGAX is nearing the 300 million milestone, and momentum has been building rapidly. MAGAX remains appealing due to its meme-to-earn ecosystem, where users can get paid and rewarded for creating and promoting content.
The MAGAX token has several important utilities other than as rewards. It can be held for profit, as analysts predict that the token will grow by 166x once it’s publicly listed. With deflationary tokenomics, the supply of MAGAX coins will decrease over time.
Everyone that holds MAGAX tokens can also stake the coin to earn passive income within the ecosystem. They can also vote on important project decisions, like policies and upgrades. Basically, MAGAX will function as the medium of exchange across the ecosystem, fueled by Loomint AI.
With nearly 300 million tokens already sold, analysts argue that Stage 2 is offering a chance for investors who want high growth potential. Once Stage 3 begins, the price will climb to $0.000318, making the current round the lowest price ever for early investors.
Early forecasts predict that MAGAX could deliver up to 166x after its listing, especially because of the innovative combination of memes, AI, and community incentives. As BTC battles resistance near $112K, MAGAX’s rapid presale suggests that retail investors are looking towards the next generation of meme coins.
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