There is a generally good sentiment through the crypto market since Wednesday. This followed the slow-down of inflation in certain places. Not that the economies are back to healthy states, inflation just slowed its acceleration. The UK situation is what sharpened investor sentiment the most.
Central banks are still holding on to their plans to raise interest rates but it is not clear when. A lot of financial institutions will naturally wait for the US Feds to make their next move. Investors, however, will take advantage of the current sentiment to enrich their portfolios.
Stock markets are also on the rise across Asia, Europe, Africa, and the US. Crypto boards are filled with mostly green assets and the trending cryptos on DEXTools are not so different. It is hoped that this trend continues and gets better for a long time. Bulls have to consolidate their positions to make up for losses incurred when the market slid.
1. Chainlink (LINK)
Chainlink price saw a sharp rise on Thursday and it benefited from mass activity. Investors were excited about recent news from the platform. They also appreciate the huge whale activity that saw lots of LINK tokens bought. All these are pushing LINK to become the top trending crypto.
LINK’s price has risen to $8.24 as of the time of this report. This is the highest it has gotten since the 20th of April. It is also more than a 65% rise from the lowest point it fell to in June.
There are two major reasons said to be responsible for the rise of LINK’s price. The first is the recent announcement from the Chainlink project developers. They want to introduce a Cross-chain Interoperable Protocol. It is a central upgrade that will connect Chainlink with established financial institutions.
The Cross-chain Interoperable Protocol will broaden LINK’s utility and expand Chainlink’s scope. It will make it possible for banks and other financial institutions like insurance firms to be part of the network. This announcement was made just a month after Chainlink revealed that it was testing how to link banks with the blockchain after it partnered with Swift.
The second reason for the price surge is whale activities. There are signs that whales are buying LINK. according to data, 2 whales bought 788,877 tokens just this week. The acquisition was done by swapping ETH and stETH tokens for LINK tokens. Such whale activities are usually signs of heavy buying to come.
Reports from Coindlass also show that Chainlink’s open interest is on the rise. The platform says the open interest has risen by more than $267 million and they were mostly from Binance.
Open interest is a futures market metric that shows the number of futures contracts held. The higher the figures are, the more bullish the crypto is.
2. Merit Circle (MC)
Merit Circle is a new DAO that seeks to maximize the value of various gaming experiences in the metaverse. This platform is at the juncture of capital, expertise, and the player. These represent the investor, the platform, and the manager.
The project holds a lot of prospects for gamers who use it. The projected returns it is expected to make may translate into huge income for them. Gamers realize the project’s value and other scholarship programs already created. There are more than 500 beneficiaries playing one of the games, Axie Infinity, right now.
Revenue is already flowing into the Merit Circle network. They have also been of immense value to the DAO. It has already also been beneficial to the platform’s liquidity providers and players. More revenue is expected, especially now that the platform is diversifying into other aspects of the metaverse. This will be done by providing new games.
More than that, Merit says it has a good number of partners to help its vision. Some of them are Spartan Group, DeFinance Capital, Yield Guild Games, and others. They are all top players in the gaming industry that have also applauded Merit Circle. According to DeFinance Capital, “Merit Circle is going to be part of the leading guilds to make kings in the land.”
Merit Circle was able to raise $4.5 million during its seed round with the help of its partners. They share the platform’s vision of building a process that can onboard new users and also scale.
Hot Pairs on DEXTools
3. Arkham (ARKM)
Binance recently announced the completion of its Arkham Launchpad via Twitter. The crypto exchange said it will start 5 trading pairs with ARKM, Arkham’s native token. These pairs are ARKM/USDT, ARKM/BTC, ARKM/TUSD, ARKM/TRY, and ARKM/BNB.
There is a total supply of 1 billion ARKM tokens in the market. 50 million tokens were assigned to Binance at a pre-determined price of $0.05.
Binance introduced ARKM tokens for sale on the 11th of July. The token has seen huge demands since then. It got up to 114,454 users to commit over 10 million BNB tokens to it. The result was an overbought rate of 990 times.
Binance took the initiative to introduce a mechanism to limit how much ARKM investors can buy. This, it says, is to protect them from high volatility just in case it happens.
The maximum amount that can be spent on ARKM transactions in the first five minutes is capped at about $0.50. Trading will then proceed without restrictions after that time. Traders who trade ARKM/TUSD are also given the added benefit of not paying maker fees for now. This will encourage more trading activities in the ecosystem.
Through the subscription phase, Binance was said to have analyzed each user’s commitment. The allocation to each user was then based on their available BNB. Only 3 users achieved a hard cap of 300,000 ARKM, the rest was allocated fairly to the remaining users.
An hour after the allocation, the equivalent amount of BNB tokens will be removed from the users’ BNB balance. After the deduction, the remaining BNB tokens and their newly acquired ARKM tokens will be sent to each user’s wallet. This will ensure all users experience a smooth process.
Traders and investors are eager to engage in the new opportunity brought to them. Binance also shows that it prioritizes user experience by introducing the initial price limit.
4. Hoppy (HOPPY)
Another new crypto project on the block is Hoppy with the native token, HOPPY. The top trending crypto on DEXTools was inspired by Matt Furie’s 2004 creation, Hoppy the Frog. It is taking after Pepe coin which took the crypto market by storm when it launched.
According to CoinMarketCap, it is Pepe that took inspiration from Hoppy’s character rather than the other way around. Only a few people realize that Hoppy was the actual frog inspiration that started it all. Furie’s inspiration is said to have risen and ignited by Hoppy to bring Pepe into the light.
Although Hoppy does not have Pepe’s spread, it holds a special place in the heart of its creator. That special place is what the new memecoin hopes to leverage in the market. Hopefully, Hoppy will make such a significant impact as Pepe made and attract so much investment.
What Might Be The Next Top Trending Crypto?
Another memecoin is scheduled to enter the market today Thursday. It will begin its presale at 6:00 pm CET as part of the fast pace of the memecoin space.
The presale is a means of gathering momentum for the project before it enters exchanges. The funds it raises now will be used to advance its cause later.
The new memecoin, Burn Kenny, may want to follow in the footstep of some memecoins before it. Such include Pepe which rose by over 7000% within a few weeks. It may also follow after Mr. Hankey which just concluded its presale and increased by nearly 200% when it got listed on exchanges.
Burn Kenny will be bringing a balance between jokes and actual serious investment. This project is already gathering a large following on Telegram and Twitter. Considering the momentum it is gathering, Burn Kenny may experience a huge outing of a presale. It is possible for its result to surpass that of Mr. Hankey and even Pepe.
There is a total supply of 6 billion KENNY tokens. The project website says 30% of it will be burned when the token is listed on exchanges. Subsequent burns will come up over the years.
The natural response to the burn activity is that the token’s price will jump. Increased demand at this rate will drive the price higher.
Investors and traders should get their portfolios ready to receive the latest token in the market.
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