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 programming to autogenerate captions and translate memes into other languages.
Solciety raises $400k in a week
The Solciety presale began a week ago and has already reached an important milestone. So far, the presale has raised $399,588.
The presale would run for 30 days and have ten stages. Early investors enjoyed a heavily discounted price of $0.000963 in the first stage.
The presale is currently in its third stage, with the SCLTY token going for $0.002222. The SLCTY token’s price will increase every 72 hours, with early investors enjoying an astonishing 125% surge in price before the presale ends.
According to the project’s tokenomics, the presale offers 30% of the supply with 3 billion tokens available to early investors. Meanwhile, 20% of the tokens have been allocated to marketing and 10% to community rewards and incentive programs. Finally, liquidity will account for 17%.
Should you buy the SLCTY token?
Meme coins have become an important part of the crypto ecosystem thanks to massive adoption by degens. Solana has become home to some of the crypto ecosystem’s leading meme coins and DeFi protocols thanks to its transaction speed, security, and transparency.
By launching on the Solana blockchain, Solciety is leveraging the network’s features to provide unique utilities to its users. SLCTY is launching in a booming PolitiFi ecosystem and could record massive growth as the elections in the United States and some parts of Europe draw closer.
By allowing users to create their meme tokens and share them on social media platforms, Solciety is promoting quality content creation and encouraging the Degen movement. Its native SCLTY token could become a leading meme coin with the right level of adoption.
