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The crypto market capitalization dipped further on Wednesday by 1.19% to rest at $1.16 trillion. The further dip from Tuesday’s number has become a concern to traders. At the same time, stocks in the US are rising considerably.
Economic data have been coming in more robust than the market expected. The recent development led economists to rescind their inflation calls. They now promote strategists on Wall Street and encourage them to become more bullish. Strategists are looking at the US economy as it will catalyze the expected rally.
An economic soft landing is now often in strategists’ discussions. It is a state where economic inflation stabilizes and economic growth does not decline significantly.
Elsewhere, the South African Rand also caught up with economic ease. The currency increased early on Wednesday as it reversed some losses from Tuesday. It currently trades at 19.11 against the US Dollar. That is nearly 0.1% higher than its last close.
South Africa is expected to release its retail sales report for June on Wednesday. Some analysts expect it to fall by 0.2% year-on-year.
In Asia, stocks fell yet again on Wednesday. It followed more disappointment from Chinese data and the need for stimulus from Beijing. The dual events have weighed heavily on investor sentiment for about two weeks.
Europe is also opening lower. The FTSE futures are down by 0.15%.
The Next Cryptocurrency To Explode
The combined effect of all these data leaves the market needing to be more apparent in the final analysis. While investors in the US and some parts of Europe have a measure of relief, it can’t be said for investors elsewhere.
The next cryptocurrency to explode may take a while before it matures. However, certain crypto assets remain consistently on top in the middle of the bear trend.
1. Sonik Coin (SONIK)
SONIK is a new memecoin with the title of the first ‘stake-2-speed’ cryptocurrency. It is currently on presale and sold at $0.000014 at this phase. SONIK holders gain the ability to stake this token via Ethereum-based smart contracts. The presale hopes to hit a market capitalization of $100 million after raising $2 million.
We are fast as fuk pic.twitter.com/QiuYcx0MD3
— SONIK COIN (@Sonikcoin) August 16, 2023
The Sonik project, with its native token, is the next cryptocurrency to explode. As a meme-driven digital asset, it promises staking advantages to its holders and presents unique use cases that position it as a potential enduring investment choice. While other memecoins like Pepe have garnered attention with their substantial rewards, the multifaceted applications of Sonik make it an attractive candidate for long-term involvement.
The project has a total token supply capped at 299,792,458,000 units. Over four years, 40% of it will gradually enter circulation through staking smart contracts. Impressively, the minimum staking commitment is merely seven days. This grants token holders access to secure and accrue rewards over an extended period—unusual within the memecoin landscape. Furthermore, the opportunity to stake tokens starts immediately after the presale period. This initial phase allocates 50% of the token pool to achieve a hard cap funding target of $2,098,547.
Participating in staking now offers the chance to reap an Annual Percentage Yield (APY) upwards of 16,000%. It is important to note that this APY will gradually decrease as the community of staked token holders expands. Another 10% of the token supply will be designated for maintaining liquidity on decentralized exchanges. The allocation will bolster the project’s stability in the face of the typical volatility experienced by memecoins. After the presale, the SONIK token will become accessible for trading on the Uniswap decentralized exchange.
SONIK’s price trajectory is primed for a rapid ascent in the coming months, with considerable attention often lavished upon memecoins after their launch. With decreasing circulating supply and an upsurge in demand, the prospects of the SONIK token reaching a $100 million market capitalization come into view as a realistic future achievement.
2. Sei (SEI)
The Sei Network just got its native token listed on exchanges. This new coin immediately proved that it was the next cryptocurrency to explode, gaining more than 2600% within 24 hours. As of the time of this report, it is now up by 3274.95%.
SEI emerged at the top of the gainers list on CoinMarketCap on Wednesday. It was introduced to the market as a specialized layer-1 blockchain operating within specialized sectors. Built upon the Cosmos framework, its design revolves around optimizing trading functionalities.
Jeffrey Feng and Jayendra Jong founded the project. The Sei network boasts a team of seasoned professionals with experience from companies such as Goldman Sachs and Airbnb.
This project has committed itself to delivering fast transaction finality at 600 milliseconds. It also has a robust capacity of processing 22,000 orders every second. It looks like a decentralized form of NASDAQ. It aims to build a trading ecosystem that seamlessly integrates features of centralized finance with the toolkit provided by decentralized finance.
Since it started, Sei has garnered substantial attention within the cryptocurrency community. The project embarked on an impressive fundraising journey, raising $30 million across two funding rounds. Investors like Jump, Distributed Global, Multicoin, Asymmetric, and Bixin Ventures, have shown their belief in the project’s potential.
Despite reports from Bloomberg indicating a significant downturn in the DeFi sector in January, projects like Sei succeeded. It concentrates on domains like social media, gaming, and carbon credits. These areas help the project exhibit notable enthusiasm for the industry’s possibilities.
3. XDC Network (XDC)
The XDC Network operates as a delegated PoS network. It serves dual roles as both a public and private blockchain. XDC Network facilitates efficient financial services for its users. It does this by harnessing the combined benefits of transparency inherent in public networks and the speed and security associated with private blockchains.
Because of its inherent adaptability and investors’ optimistic expectations, the network has gained renewed attention. XDC Network’s recent performance has defied expectations. It is demonstrating a bullish trend now. It is currently up by 4.29% and selling at $0.062. Although the price is low, it offers considerable hope.
Crypto experts are pushing ahead while they hope that XDC will attract more investment. Despite the ongoing market condition, they anticipate that the token could embark on a different upward trajectory as XDC Network gains more traction and adoption among crypto enthusiasts.
4. Gemini Dollar (GUSD)
Gemini Dollar is another token that is currently trying to raise its head. It reached a gain of 1.15% early on Wednesday. Currently selling at $0.9997, the market is anticipating and waiting for it to cross the $1 margin. Once that happens, investors will have renewed impetus to invest more. It would seal its position as the next cryptocurrency to explode right after that.
The coin will begin a journey toward $1.20 after consolidating the &1 position. But if GUSD fails to cross the $1 line, a downward correction may be imminent.
Established in February 2014, the Gemini Trust Company is a cryptocurrency exchange and custodial platform. It facilitates the acquisition, sale, and secure storage of digital assets. The Gemini Dollar (GUSD) originates from this cryptocurrency exchange and is its native token.
In a significant move, the company got approval from the New York Department of Financial Services (NYDFS) in September 2018 to introduce its stablecoin. The Gemini Trust Company keeps corresponding US Dollar deposits, ensuring a one-to-one backing for the circulating tokens.
At its core, the Gemini Dollar is an ERC-20 token intricately woven into the Ethereum network. Thus, it is compatible with other Ethereum infrastructures, such as wallets. It also boasts smart contracts subject to audits conducted by the security firm Trail of Bits Inc.
Distinguished by its regulatory status under the NYDFS, the Gemini Dollar emerges as a pioneering effort to bridge the gap between conventional financial systems and the dynamic crypto landscape. This stablecoin’s unique feature lies in its complete adherence to regulatory oversight, thus, cementing its position as a pivotal link between traditional and crypto-based finance.
Wall Street Memes – Next Big Crypto
- Early Access Presale Live Now
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- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
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- Team Behind OpenSea NFT Collection – Wall St Bulls
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