Compound Surges 200% From June Lows, But Can It Reach $100? Not Before Wall Street Memes Hits $15 Million

Compound (COMP) has surged by a staggering 200% since the lows set in June, allowing the cryptocurrency to set new highs for 2023 at $70.

The primary driving force behind the COMP surge is due to whales re-entering top DeFi protocols after the US Federal Reserve paused its rate hikes and a new project announcement from its founder – causing a flurry of investment.

Despite the extraordinary growth of COMP, analysts believe new up-and-coming tokens still provide better short-term prospects.

For example, Wall Street Memes is making its own impact in the industry, with the project expected to hit its $15 million fundraising milestone before COMP hits $100.

Compound Finance Surged 200% Since June After Superstate Funds Announcement and Whale Activity.

Compound Finance is certainly the leading DeFi protocol in terms of growth over the past month.

The token set a new 2023 low at $23.30 in June 2023. However, it’s since reversed and surged by over 200%, helping it to set a new 2023 high at $70 this week;

The primary driving force behind this epic growth is due to whales turning their attention to DeFi lending markets after the US Federal Reserve paused its interest rate hiking rampage.

Protocols like Compound allow whales to earn a yield through algorithmically set interest rates in decentralized lending markets while retaining capital efficiency.

In addition, the surge has been further propelled by the recent announcement of Superstate Funds, a new company created by the founder of Compound that intends to bridge traditional markets with blockchain ecosystems.

The Superstate Funds project will bridge traditional markets with blockchain ecosystems by buying short-term government debt and tokenizing it on the blockchain. The new product is expected to comply with regulatory requirements, opening the doors for new institutional investment into the space.

The interesting aspect of the new project is that there is no mention of a new token, leading traders to believe it will be driven through COMP – leading to a flurry of investment into the token.

Compound also announced the introduction of a new CEO, Jayson Hobby, who had previously worked as a product designer at Coinbase and Uber.

COMP Price Analysis: Can it Reach $100?

So, the overarching question is if COMP can reach $100.

Well, the token certainly has the momentum to reach the level, and there’s not too much resistance along the way to hit the goal.

The following chart shows COMP from March to the current date;

We can see that the token broke a long-term descending trend line toward the end of June and continued on its epic 200% surge toward $70.

It has since dropped slightly, finding support at $58.50 – provided by a .236 Fib Retracement.

Looking ahead, the first resistance lies at $64 – the previous 2023 high. This is followed by resistance at $70.90 and $80.

Beyond $80, resistance lies at $83.50 (1.272 Fib Extension), $90.30 (1.414 Fib Extension), $95, and $100 (1.618 Fib Extension).

On the other side, support lies at $58.50, $52.30, $50, $47.30, and $42.30.

While the road to $100 is relatively clear, there are still better opportunities in the market for short-term returns that are much higher than the 50% COMP would provide if it reached $100. Let’s take a look at them.

Which Altcoins Are Also Gaining Traction in the Market?

With tokens like PEPE and PEPE 2.0 causing mayhem in the memecoin sector, it’s not surprising to learn that memecoins are the talk of the town again.

Although the prominent PEPE and its clones have provided thousands of percent worth of returns, those types of gains are now unavailable for investors entering today.

Nevertheless, a few up-and-coming projects are expected to provide similar 100x returns, with Wall Street Memes and Thug Life Token leading the way.

Let’s take a closer look at them both.

Wall Street Memes – The Most Sought-After Token in the Memecoin Space in 2023

Wall Street Memes is the latest project touted as being the next memecoin sensation and is quickly becoming the fastest-growing presale after crossing the $12.8 million milestone this week.

The project seeks to make a mockery out of the greedy capitalists on Wall Street and the traditional financial system through a bank of hilarious memes while providing the opportunity for speculation in the cryptocurrency market.

WSM, the token behind the project, is quickly becoming one of the most sought-after tokens in the memecoin space as investors are curious to see its long-term prospects due to its ability to establish a huge community and attract the attention of billionaire tech moguls like Elon Musk.

The CEO of Tesla and Twitter has interacted with the Wall Street Memes Twitter profile on multiple occasions, commenting on the brutal truth behind the hilarious memes posted surrounding our traditional financial system;

The interactions from the billionaire caused a flurry of investment into the project as investors believe further interactions will cause WSM to skyrocket once the token is listed on major tier-1 exchanges.

Furthermore, investors are confident in the team’s capabilities of pushing WSM to success due to their solid understanding of fundamentals that cause memecoins to soar.

Besides the hilarious memes, the team has refused to allocate any tokens for themselves in the presale to ensure the entire token supply is in the hands of the community.

As a result, half of the token supply is being sold in the presale, with the other half reserved to add liquidity to exchanges and provide community airdrops – demonstrating the team’s long-term commitment to the project.

Finally, the project has already amassed a cult-like following, attracting over one million people across its social media handles.

The hilarious and truthful nature behind the memes regarding traditional finance has made Wall Street Memes the go-to source for the most entertaining trading and finance-related memes, generating over 40 million impressions per month.

The huge cult-like following also puts WSM in a solid position to be listed on major tier-1 exchanges as soon as the presale ends, with experts believing Binance and OKX might be the first to scramble and list the token to take advantage of the huge trading volume.

Overall, the unique fusion of internet culture, meme-based humor, and decentralized finance has created the perfect balance of hype and FOMO to help Wall Street Memes become the next sensation in the memecoin sector – setting the foundation for substantial 100x returns.

Buy WSM Today

Thug Life Token – The Ballers’ Memecoin With a Unique Level Playing Field and Huge 10x Potential

Another memecoin that’s making waves in the market is Thug Life Token. This project is described as the ballers’ memecoin based on the timeless Thug Life movement popularized by icons like Snoop Dogg in the 1990s.

The project is designed for those who have been played by their favorite influences while trying to hustle and navigate the brutal degen crypto markets – helping them to turn previous losses into wins.

Thug Life Token wants to turn the bitter landscape of dumped presales into a prosperous space by creating a strong and united community to rally behind it and bring it to new heights.

The project is touted to provide impressive 10x returns due to its unique presale structure, which allows investors to get positioned on a level playing field.

Instead of having multiple price points in the presale, investors all have the opportunity to buy THUG, the native token, at a single price of $0.0007. This is designed to act as an incentive for long-term holding, as everybody starts at the same level.

Furthermore, the project has implemented a solid hard cap of around $2 million, meaning there is a limited time to get positioned in the token.

Based on the presale price and the total supply, the Thug Life market cap will start at $2.94 million once launched – setting the foundation for huge growth potential.

For example, the market cap would only need to reach $15 million to provide 5x returns for presale investors – a relatively easy achievement reached by most memecoins during a memecoin mania.

In addition, the team has announced it will lock the liquidity pool for three months following its launch using Team Finance – demonstrating their knowledge of how the memecoin space works and preventing any potential rug-pulls.

Overall, THUG provides a uniquely designed presale opportunity for investors and has the potential to provide substantial returns very quickly.

Buy THUG Today