Key takeaways
- Bitcoin briefly dropped below $59k on Monday as Mt. Gox plans to repay some of its clients.
- Solciety has raised $400k in a week as its 30-day presale begins excellently.
BTC slips below $59k as buyers suffer losses
The cryptocurrency market is having a poor start to the week, with Bitcoin and other major cryptocurrencies currently in the red. Bitcoin, the leading cryptocurrency by market cap, lost more than 4% of its value on Monday and briefly dropped below $59k per coin.
The poor performance comes as Mt. Gox announced repayment plans starting in July that could see more than 140,000 bitcoins dumped into the market. Some investors anticipate that the Mt. Gox bitcoins could lead to a decline in Bitcoin’s price. At press time, the price of Bitcoin stands at $60,520.
What is Solciety?
While the general trend of the market has been bearish so far this week, the market is still in a bullish cycle and interesting projects continue to emerge. One project that investors could keep an eye on is Solciety.
Solciety is a meme coin that seeks to become a leader in the PolitiFi meme ecosystem. According to the development team, Solciety wants to become the very first political party of degens. This meme coin is pegged to the only real-world currency: attention. The project wants to become a platform to spread the degen gospel across the Twitterverse.
Solciety’s development plans
Although Solciety will launch as a meme coin, it will provide value to investors and users. Solciety will offer the Meme Campaigner, a tool that allows users to create their own meme coins. The tool will also offer users over 200 traits, backgrounds, and fonts.
The development team revealed that the tool can allow users to create and share memes on Twitter to earn points. Users will earn one point for every meme shared, the points will be collected and the top ten users will earn presale tokens.
The Solciety presale has begun and will last for only 30 days. The funds raised from the presale round will be channelled towards developing new tools such as Solciety’s AR. The Augmented Reality tool will allow users to view their weird and wonderful meme creations layered over the real world.
Furthermore, some of the funds will go towards developing Solciety’s AI, which will be launched in the first quarter of 2025. The AI will facilitate natural language…