Stocks fell early on Friday after their short sprint. The US dollar gained despite indications that the Feds will keep rates high. The unemployment data showed fewer unemployment claims in the US. The less than 280,000 figure, though, made economists believe there is a significantly low employment rate.
Friday also saw Chinese authorities announcing plans to increase electronic and automobile sales. The plan is an attempt to shore up the failing yuan. It, however, does not impress investors who expect more stimulus. The move will see regions in the country encouraged to increase their vehicle purchase while second-hand car sales will also be aided.
Whereas in Japan, inflation has reached a peak. The country’s core inflation remained above the Bank of Japan’s 2% benchmark for 15 months. There is currently no sign that the central bank is going to change its policy.
Due to global financial movements in the last 24 hours, the crypto market also dropped points. It slid by 0.41% to a market capitalization of $1.2 trillion. The rate is off from the records of our last next cryptocurrency to explode post. The market may put up further activities as we head into the weekend. Investors will be watching out for any impetus on the policy stage.
The Next Cryptocurrency To Explode
The market’s trading volume rose by 12.94% in the last 24 hours to secure $36.5 billion. Hopefully, there will be more activities over the weekend to push the market capitalization back up. If that does not happen, then bears may find a chance to raise their heads.
With most top crypto assets in the green, a bullish momentum may be around the corner. Whale activities around some assets like Cardano may also help to boot activities. Importantly, investor sentiment and appetite from the last few days must be sustained.
1. Chimpzee (CHMPZ)
Chimpzee is a fantastic crypto idea largely riding on the waves of its utility. Its focus on environmental sustainability naturally endears ecosystem lovers to what it sells.
Chimpzee promises to join in the fight against deforestation, animal poaching, and degradation. Using blockchain technology to take up environmental campaigns is a move that will take it deeper into many hearts.
Chimpzee’s platform features games where players participate in eco-friendly activities. They build an army and use game features to rescue animals and fight poachers, for example.
The platform’s presale is on the last day of its 7th stage. So far it has raised close to a million dollars while selling at $0.0007. According to the project’s plan, part of the money it raises will be used to finance other projects actively pursuing ecological sustainability.
🔥The monumental #Chimpzee burn announcement is here! Time to make it right!🚀🔥
🔥 Total supply will be reduced to under 60 billion tokens therefore also increasing the value of $CHMPZ!💎
🔥 3 Burn Events: 1️⃣ Within 24 hours of this announcement, 2️⃣ $1M raise milestone, 3️⃣… pic.twitter.com/oxKLmTOkxj
— Official Chimpzee Project (@RealChimpzee) July 19, 2023
For its tokenomics, Chimpzee burned some of its CHMPZ tokens recently. CHMPZ is the native token of the Chimpzee network and it is used for in-game transactions. Burning tokens will reduce the number of those tokens in circulation and create scarcity. This scarcity is what is banked on to increase the token’s value.
The number of CHPMZ tokens in circulation has been reduced to less than 60 billion. Chimpzee said via its Twitter page that there are 3 activities meant to coincide. The first is that the project should have raised $1 million. Secondly, the token distribution should begin as planned as nothing changed. Thirdly, investors should keep buying the asset.
The platform also announced that users can now personalize their avatars to be used on Chimpzee. They can do this with the AI Avatar Generator app. It is an encouragement to have users join the community for ecological sustainability.
2. Maker (MKR)
The next cryptocurrency to explode today is Maker (MKR) as it is one of the market leaders this Friday. Selling at $1,140.15 and up by 16.37%, MKR is heading for a bull run.
The latest price surge is been connected to the activities of two firms around the protocol. They are CMS Holdings and Andreessen Horowitz.
The latter was noticed to have deposited some MKR tokens into the Coinbase crypto exchange. It is assumed that the firm wants to sell them. It is said that Andreessen Horowitz deposited up to 12,864 MKR tokens worth $12.6 million into Coinbase. It also transferred 6,900 MKR tokens worth $8 million into a crypto wallet. It is speculated that those assets may soon find their way into Coinbase or another exchange. Right now, the firm is said to have 12,396 MKR tokens in its custody worth about $14.4 million.
CMS Holdings, on the other hand, is an investment company with a special focus on decentralized finance and blockchain generally. The firm lodged 525 MKR tokens worth $614,000 into Binance just 2 hours before the price surge began.
Before that, CMS Holdings withdrew 1,325 tokens from both Bitget and Binance. The average price of the withdrawal at that time was $793/MKR. For now, the company holds about 800 MKR tokens estimated at $936,000.
The sharp shift experienced by these big players contributed immensely to the price action MKR is seeing. The market kept reacting to the large movements with more trading volumes. It consequently led to higher prices.
Investors may want to jump on the current wave to increase their holdings. It’s important to do so as one is not sure when MKR will hit a bull run.
3. Theta Network (THETA)
The Theta Network’s THETA is another cryptocurrency showing value right now. The rate of activities the community is seeing pushes it to be the next cryptocurrency to explode. Analysts are also seeing it in the same way. Investors are likely to get the return on investment satisfaction they seek when they invest in this asset.
Theta Network’s Operations Specialist, Wes Levitt, hosted on BlockDown Festival. Levitt discussed Theta’s engagements in Web3 and what should be expected. The appearance made it clear that the network can boast of a solid community. It owes a lot of its progress to the activities of its community.
As of the time of this report, THETA sells at $0.818 as it is up by 5.94%. The past week saw the asset dip to $0.70 but it is staging a rally again.
THETA gained by 26% in the last 30 days and 8.6% in the last 7 days. Analysts are predicting that the asset’s price can rise to $1.09 before the end of this year. This is a call to traders and investors to buy in before the price jump becomes a reality.
4. Polkadot (DOT)
Polkadot’s native token, DOT, has risen as high as 7.58% within the last 24 hours. As of the time of this report, the token sells for $5.48, showing magnificent strides. It has a market capitalization of over $6.8 billion. With that, it remains in the top 10 cryptocurrencies by market capitalization.
The network has seen a trading volume of over $233 million in the last 24 hours. This shows that there has been strong interest in the token from market players. 24-hour analyses are important indicators that point to increased activities. It also shows how traders are aligning while waiting for further gains.
Now that Polkadot is surging, it appears to be the best time to buy. DOT price is still below its all-time high while current signs point to a steady uptrend. Long-term investors may want to accumulate positions at this level. The asset will potentially generate huge returns in the event that the bull run continues.
Right now, the Polkadot rally may just be beginning.
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