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Shares were weighed down on Friday by the latest US jobs data. Traders were taken aback by the unexpected reports, therefore, the market ended the week with a downtrend. The US Federal Reserve is yet to find a permanent solution to rising inflation rates. The Fed is expected to raise rates this month and next after waiting last month.
The consequences of the stock market crash were felt almost immediately in the crypto market. The crypto market is currently up 0.20% according to CoinMarketCap. Data from CoinMarketCap also shows the impressive progress of the crypto market today. Investors are actively looking for alternative investments. They are also supporting new crypto projects.
Whether or not the crypto market will retain the attention of investors in the long run depends on a number of factors. First, investors should have enough faith in the market to hold the asset for the long term rather than sell it in a jiffy. An increase in market activity once individual tokens increase in value will also increase their appetite for riskier assets.
Larger global financial markets will be tracking events in the world’s largest economy to see how it affects other markets. Rising energy and food costs are also putting pressure on economies across the euro area. These factors influence investors’ appetite for the crypto market in various ways.
the next cryptocurrency to explode
1. Thug Life (Thug)
Amidst the stupendous victory of regular crypto assets, regardless of category, projects going through the presale phase are also performing surprisingly well. Since AiDoge was completed ahead of schedule, some of the other projects took off right along with it. Specifically the memecoin projects.
Thug Life is on our radar for the time being. The project has raised nearly $700,000, selling at $0.0007.
The hype spread around this particular asset is quite different. It is tagged “baller’s memecoin”. It embraces and promotes hip-hop “thug life” as exemplified by music stars in that genre of music.
This project is making fun of the missed opportunities to invest early in some Memecoin projects. These include projects like Pepe. It urges the crypto community to adopt a gangster attitude to face the situation.
While the funds raised by the recently launched presale indicates the popularity it has gained so far. The hard cap of the project is $2 million. This means that it will not stretch as long as some others. Investors interested in the gangster look may want to jump on the Thug Life train right now.
2. Bone Shiba Swap (Bone)
Shibaswap’s BONE is at the top of the list of gainers today because of the incredible innovations going on around it. Investors are looking ahead with relative enthusiasm.
Shiba Inu’s head of development, Shitoshi Kusama, announced on Friday that the Shiberium mainnet will be released in August. According to him, it will be released along with Worldpaper. This led to a 25% increase in Shiberium’s gas token price in the past 24 hours. Gas token, BONE, and native token, SHIB, have since then broken key resistance levels together and are ready to rally.
While making the announcement, Kusama said that the expected Shiberium L2 protocol could be launched during the Blockchain Futurists conference to be held in Toronto next month. The enthusiasm of SHIB holders can be felt everywhere on social media. They are asking the question “wen shiberium”? On almost every Twitter post related to the Shiba Inu.
Note that the Shiberium project has been in the development phase for several months. The first fruits of the development team’s efforts were seen in the launch of the PuppyNet testnet.
To date, the PuppyNet testnet has crossed 25 million transactions. The increase in such transactions on Shiberium shows that there has been an increase in demand for the network. The direct effect of this is that it drives up the price of SHIB and BONE in the long run.
Once Shiberium is launched, the Shiba Inu ecosystem will become more decentralized. The community will then take over the process of decision-making and direction of the ecosystem. Investors who want to be a part of this future and have not yet bought BONE may want to do so now.
3. Avalanche (AVAX)
Heading into the weekend the Avalanche started to perform exceptionally well. It is one of the top cryptocurrencies whose price has skyrocketed in the last 24 hours. According to CoinMarketCap, the asset is up over 8% today alone and is trading at $13.73. It is now showing incredible strength against Bitcoin and Ethereum. The current price of the asset is close to its daily high of $13.77. The market is now expecting the price to move above the daily high and beat it by a considerable percentage before the weekend ends.
AVAX has now surpassed the key resistance level of $13.69. The market will be closely watching whether it will sustain at its current price level for long. It briefly fell below its resistance level before rising again. But technical information is indicating that the coin is now in the bullish zone, perhaps for a short period of time.
The 9-day exponential moving average of AVAX was seen strongly crossing over its 20-day exponential moving average over the past 24-hours. If this bullish momentum is sustained, the $13.69 resistance line could turn into support within the next 48 hours. If there is more buying pressure, we could see the coin rising to $15.35 in about a week.
However, if AVAX fails to sustain above $13.73 for a long period of time, it could face a downside risk in the coming days. We can see a retracement to the 9-day exponential moving average line. If this trajectory continues, AVAX could reach $12.93.
Expected effort from traders and investors is required to maintain the gains made. Investors who want to be a part of this should join the train.
4. AppCoin (APE)
ApeCoin is one of the favorites of the market this year and it is making an impressive impression. The asset, APE, is currently up 7.08% on the market and is selling at $2.01. The next cryptocurrency to explode is showing signs that it could reach $5 sometime this year.
After a brief decline in the past 48 hours, the rally that Apecoin saw within 24 hours shocked and reassured the market at the same time. As a result, investor confidence is on another level.
As an ERC-20 utility and governance token, ApeCoin plays an important role in the APE community. AppCoin started garnering a lot of attention when NFTs gained momentum and dominated the crypto sphere.
To prevent it from floating around and being at the mercy of inconsistent market factors, ApeCoin developers implemented strategies that will improve the utility of the token. Such strategies include giving third-party developers the ability to integrate its use into their own games, services, and any other projects they may be working on. Furthermore, they came up with a fund within the ecosystem that will support any project that uses the coin.
These implemented initiatives contribute greatly in propelling ApeCoin to prominence. They also associate the token with the growing demand for NFTs and other ecosystems associated with them. The ApeCoin development team has established itself as an important part of the larger crypto market by building partnerships and with the necessary resources.
Wall Street Memes – The Next Big Crypto
- Early Access Presale Live Now
- Established community of stock and crypto traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Ranked Best Crypto To Buy Right Now In The Mem Coin Sector
- The team behind the OpenSea NFT collection – Wall St. Bulls
- Elon Musk replied to the tweets
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