The crypto market spun a surprise on Saturday by reversing its week-long loss. The market capitalization is currently up by 0.08%. But trading volumes in the last 24 hours are down by 16.11%. Bitcoin also lost its market dominance further by 0.04%. It’s a mixed feeling from our previous post.
Stock markets ended Friday on a mixed note while investors kept weighing the inflation reading for July. They are considering if the inflation signs were telling more about interest rates. Friday’s closing dealt a heavy blow to S&P 500 and Nasdaq as the latter lost 2% for the week.
New data from producers gave more insight into the inflation trajectory. It also offered a perspective on the possibility of an interest rate reprieve from the Feds. According to the government, producer prices increased by 0.3% higher than expected in July. However, the inflation level was lower this time than recent heights.
Some market observers see that price pressures are beginning to ease. It, then, spreads the hope that the Feds may not raise rates at their next meeting.
The Next Cryptocurrency To Explode
Irrespective of what happens, the crypto market needs a heavy fund inflow. Investors would also require more confidence before that happens.
The gain percentages of individual tokens are pretty low compared to what would happen in a bull market. It shows that bulls are not entirely in control. A significant break is expected to happen.
1. Chimpzee (CHMPZ)
The Chimpzee presale has raised over a million dollars and calls for some celebration. This is why the platform has unveiled some perks for investors. The perks include a token burn and an airdrop.
The team behind Chimpzee is now in the middle of dropping about ten million CHMPZ tokens. The airdrop will correspond to the size of individual investors’ holdings. The project’s website also states that it has burned 100 billion tokens and plans to burn more.
The token sells at $0.00085 at this phase of the presale. After the presale, the airdrop tokens will be added to investors’ wallets during the Token Generation Event. Chimpzee has set its exchange listing price at $0.00184. It is a 2.17x higher price than its current price.
Chimpzee is an eco-friendly crypto platform allowing its users and supporters to earn a passive income while saving animals and fighting climate change. It will feature a shop-to-earn Chimpzee merchandise store, an NTF marketplace, and a P2E game called ‘Zero Tolerance.’
🦍🔥Calling the #ChimpzeeArmy!🌟
➡️Current Value – $0.00085
🚨Stage 10 Rate – $0.00095
💰Future Listing Price – $0.00185
— Official Chimpzee Project (@RealChimpzee) August 12, 2023
Chimpzee is living up to its name as a charity-focused Web3 project as its presale progresses. The project recently donated $20,000 to the WILD Foundation. It is a significant support for their efforts in saving black jaguars.
Before the donation, the project had already planted 1,200 trees in Brazil. It also planted 20,000 trees in Guatemala and donated $15,000 to save elephants.
There are still many organizations on Chimpzee’s list it wants to reach out to.
The platform unveiled some of its memorabilia recently. They include T-shirts and other items. The items will be sold through its merchandise store. Some charities will benefit a certain percentage of the interest generated from the sales.
That makes shopping on Chimpzee not a mere shopping experience but a means to donate.
2. Shiba Inu (SHIB)
Shiba Inu is revealing investors’ wave of interest. It shows that they are pouring what they have into the memecoin while they exercise caution. This attention magnet may become the next cryptocurrency to explode. The uptick only has to be sustained for a considerable time.
Binance’s SHIB futures have also received higher open interest. The interest surpassed double its standard to hit $101.65 million this month. According to Coinglass, it is the highest it has raised since February. SHIB futures have a size of 1000 SHIB on every contract. It has a leverage of up to 25 times.
SHIB has increased its market value by almost 32% last month. It raised about $6.58 billion in that time as there are hopes of a new layer 2 launch. The launch will help the token take away the tag of a memecoin as it will have more utility.
The higher market capitalization and open interest indicate that Shiba Inu may have a new inflow. Historically, this development presages Bitcoin’s weakness.
SHIB has witnessed its open interest rising above $100 million at least seven times since it began. The first six times were local Bitcoin price tops. The pattern reflects what happens in the traditional market.
Past performance, however, does not guarantee future results, and some analysts expect Bitcoin to resume the uptrend.
3. ApeCoin (APE)
ApeCoin has become one of the best-performing cryptocurrencies in the last 24 hours. The token has risen by more than 9%, and its price also rose about the $2 mark. Its market capitalization is up by 9.09% to $704.7 million at the time of this report. Whereas its trading volume is up by 128.62% to $110.2 million.
Like all other assets, the next cryptocurrency to explode is fighting its way through the bear trend. As the native token of the Bored Ape Yacht Club, ApeCoin dropped sharply as the NFT market lost steam. Since APE’s utility is tied to the NFT marketplace, they are expected to move up and down together.
However, APE is obviously beginning to find other utilities outside NFT purchases. The fund inflow would help it execute more functions now that the token is receiving more attention. The coming days will show how effective the APE token is while it struggles out of the bear trend.
4. Gala (GALA)
Gala (GALA), the native token of Gala Games, has shown remarkable stability amidst recent developments in its ecosystem and the broader cryptocurrency market.
As of the 8th of August, 2023, GALA was sold at $0.02331. It experienced a slight decline of 2.7% from its 24-hour peak of $0.02395. It also decreased by 3% from its 7-day all-time high of $0.02406. But the token’s trading volume remained significant. It has surpassed $77 million within the last 24 hours.
Despite this temporary price dip, GALA’s recent movements have captured the attention of investors, signaling a growing interest in the token. This surge in price coincided with the August 4 revelation regarding the extensive utility of the GALA token within the Gala Chain. Jason Brink, Gala Games’ President of Blockchain, confirmed that GALA would serve as the designated gas token for all transactions on the Gala Chain, bolstering its significance.
Additionally, the Gala Games unveiled a strategic collaboration with Elixir Games on the 2nd of August, 2023. These developments further enhance the utility of Gala Games and are expected to impact the price of GALA positively.
Market analysts have provided a price projection for GALA, estimating it to range between $0.038 and $0.042, with an upper limit of $0.042, indicating a potential for further price appreciation. It sells at $0.02313 as of the time of this report.
5. Frax Share (FXS)
Frax Share is also doing exceptionally well on Saturday despite its travails. Up by more than 4.7% and selling above $6, it is the next cryptocurrency to explode.
This will give investors a new impetus to stake their funds in the project further because it shows new prospects.
Frax Finance is a platform specifically developed to maintain the stability of the Frax stablecoin. To consistently stay at the $1 mark, Frax requires a mechanism of support.
The Frax Share cryptocurrency, represented by the ticker symbol FXS, is minted when the Frax stablecoin surpasses the one-dollar threshold. On the other hand, FXS tokens are burned if the value drops below $1.
In 2020, Frax Finance was founded by Sam Kazemian, a computer programmer, in collaboration with Stephen Moore, who had previously served as an adviser to Donald Trump.
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