Report

Crypto Investors turn to Coins like Big Eyes Coin as Bitcoin stays comatose and Silvergate remains in deep waters

By EWN • Published: 10 Mar 2023 • 10:45

Things are looking great for Big Eyes Coin (BIG). The meme coin has continued to record a successful presale and draw in more eyeballs.

Its innovative ways of keeping fans and investors engaged have also set this feline-themed coin apart from its mates.

On the other hand, since dropping 5% early on Friday, Bitcoin’s (BTC) price has been flat, and analysts are now looking beyond the giants for greener pastures.

The leading cryptocurrency by market cap decreased from $23,400 to $22,000 as a result of problems at the crypto-friendly bank, Silvergate Capital (SI).

Bitcoin struggling to push through

The first week of March saw a decline in the bullish optimism of Bitcoin traders as important on-chain measures offered resistance.

Now, BTC is testing the $22,000 level once more after teasing investors with a cool $23,000 plus price point. This may benefit a wave of short sellers. However, some analysts predict that the price of Bitcoin may go as low as $19,000 if the short sellers’ strike price materialises.

A few bullish experts continue to predict that BTC will reach $25,000 in the near future, despite on-chain statistics revealing a few factors that could prevent price growth above certain thresholds.

Market players’ worries about interest rate increases by the Federal Reserve and rising inflation are significant macro headwinds for Bitcoin, and as a result, investors are considering the time value of money (TVM) of their BTC investments.

In addition, crypto’s favourite bank, Silvergate, is having big troubles which isn’t helping the market.

What is happening to Silvergate?

Silvergate Capital (SI), formerly an important financial partner for the crypto businesses, is now in danger of failing.

Originally founded in the late 1990s as a community bank in California, Silvergate made the switch to cryptocurrency a decade ago in order to provide traditional financial services to cryptocurrency businesses like exchanges.

Although “other deposit-related services remain operating,” the California-based corporation said Friday evening that it is halting its Silvergate Exchange Network (SEN).

Due in large part to the failure of important clients like FTX and the associated hedge fund Alameda Research in November, Silvergate experienced both financial losses and regulatory inquiries.

Coinbase, Galaxy Digital, Crypto.com, Circle, and Paxos have responded by announcing they’ll quit using Silvergate. Because cryptocurrency is so dangerous, few institutions will deal with it, and the majority of conventional banks don’t allow crypto clients to transact in dollars round-the-clock.

Therefore, the issues with Silvergate affect the entire crypto sector.

A Treasure Hunt Like No Other

As the world around it goes up in flames (a tad overly dramatic, but you get the point), Big Eyes Coin is having a party.

The meme coin just launched a vault pin, which gives users the opportunity to earn up to 5,000% more BIG tokens when they purchase a loot box. The pin is 819, and one is expected to input it before making a purchase.

This comes barely a week after it introduced a new loot box that could help one win up to $1 million worth of BIG, the Excali-Paw Chest, which goes for $100,000.

The other boxes are the Saver tin for $100 with a potential of $1000 winnings, the Cute Box worth $1000 but ready to reward one with up to $10,000, then there is the Kitty Vault for $5,000, which can cruise up to $25,000, and the Saiyan box trading places for $10,000 but generously holding up to $100,000 worth of BIG tokens.

Unlike any risky endeavour, the loot boxes are foolproof because everyone is guaranteed to get at least a minimum of the amount they put in. You can’t get less, only equal to or more.

Bottom Line

With the crisis facing Silvergate and BTC’s dwindling prices, the headlines are not optimistic. But as we have seen over the years, crypto is resilient. It has weathered a lot of storms and will probably still have some more in the future; however, this has not prevented success stories from emerging. Many believe coins like Big Eyes Coin will bring a breath of fresh air to the market in due time.