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The crypto market gained early on Saturday after the abysmal loss of Friday. The market capitalization now stands at 0.20% higher than the previous day. For various policy reasons, the crypto market fell into heavy losses over the week. The short-lived gains have not done much to reverse the bearish trend.
Global stocks rose on Friday. Traders tried to get over the concerns of interest rate hikes. The US Federal Reserve said the rate hike is still ongoing, but it will be careful when there is an increase again.
During his remarks at the Jackson Hole conference, Jerome Powell said inflation was still very high. He also said that the Federal Reserve still has a lot of ground to cover before it achieves price stability.
Powell also noted that economic uncertainties require agile monetary policies. It is, however, important that the Feds proceed with caution.
The speech caused stocks to rise marginally towards the close of Friday’s session. The Wall Street gains resonated across other markets in the globe. On the other hand, bond investors stepped back on their rate hike bets for November and December. Treasury yield traded close to a break-even point.
Next Cryptocurrency to Explode
Crypto traders will attempt to go harder next week. The total effect of the Jackson Hole conference should be felt in the stock and bond markets.
1. Sonik Coin (SONIK)
SONIK has raised over $540,358, and the momentum is growing. Investors are vigorously championing the token to propel it into the ranks of explosive cryptocurrencies. Effectively, SONIK is the next cryptocurrency to explode.
SONIK has always stood out as a more enticing prospect for crypto enthusiasts than a few others because it offers something that many meme coins lack – a passive income stream through its stake-to-earn utility. Up until now, presale buyers have staked around 16.5 billion tokens, yielding an annual percentage return of 145%. The team anticipates combining its viral potential and earnings capacity will position Sonik Coin as a leading meme coin. As boldly stated on its website, Sonik Coin aspires to become the fastest meme coin to skyrocket from $0 to a $100 million market cap.
Too fast? Too bad! It’s $SONIK, baby!
💨 https://t.co/s1fTdXDQCK pic.twitter.com/sSujzVxock
— SONIK COIN (@Sonikcoin) August 26, 2023
“The spirit of spontaneity and limitless possibilities,” as explained in the whitepaper, encapsulates what $SONIK embodies, aligning perfectly with the untamed meme culture.
Sonik Coin’s presale has exceeded the $465,000 mark, with investors continuing to flock in before the project reaches its hard cap, set just below $2.1 million. The early buying window will close when the presale achieves this milestone or the presale countdown concludes (currently at ten days).
In the presale phase, Sonik Coin makes 50% of its total token supply available, which amounts to 299,792,458,000 tokens. The aim is to raise slightly less than $2.1 million. Interestingly, this numerical figure mirrors the speed of light in meters per second, symbolizing the swift pace at which its Sonik character races toward a $100 million market cap.
Sonik Coin has attracted funding recently, even amidst a broader crypto market downturn. This illustrates the ongoing demand from investors for a coin with the potential for virality and substantial gains.
Several noteworthy factors should be considered when assessing the potential height to which SONIK could ascend. Firstly, the presale values the coin at a relatively modest $4.2 million, leaving ample room for exponential growth.
For instance, if $SONIK accomplishes its goal of swiftly surging to a $100 million market cap, presale investors could witness gains of approximately 24x. And if the token reaches a market cap of $200 million, presale investors might experience gains in the vicinity of 50x.
Supported by a seasoned team and a robust marketing push, the token’s awareness on crypto Twitter will keep expanding, significantly enhancing the prospects of a price surge.
Visit Sonik Coin.
2. Sui (SUI)
The native token of the digital asset ownership platform, Sui Network, SUI, experienced a notable 8.59% surge to reach $0.59 early Saturday. This price increase was part of a broader network rally that propelled its value by 17.96% over a week. Despite the broader market instability, the token is putting up such a show, making it a major contender for the next cryptocurrency to explode.
The concurrent rise in trading volumes was an exciting development accompanying the price rise. This suggests a healthy momentum in the SUI token market. SUI’s daily trading volumes on a 24-hour adjusted basis reached $195.4 million, outpacing even the top ten cryptocurrencies by market capitalization.
While the increased trading volumes underscore demand for the token, it’s essential to consider a few short-term bearish factors. For instance, the price chart indicates an overbought condition in the relative strength index (RSI). An RSI reading above 70 often prompts traders to secure profits and exit positions. While an overbought RSI alone doesn’t guarantee a bearish reversal, it could contribute to a temporary pause before the possibility of another upward movement.
Santiment, an on-chain data provider, also issued cautionary signals. Developer activity on the platform experienced a decline in the past two weeks. However, social engagement, represented by the blue vertical bars, showed signs of revival in the previous two days, possibly driven by the excitement around the Sui Kiosk.
If SUI’s momentum stalls, it might face a potential 8% decline. Conversely, if trading volumes continue to rise, a plausible target could be above the resistance-turned-support level at $0.71.
In a recent announcement, the Sui Kiosk was introduced as a “decentralized system for commerce applications” within the network, comprising distinct Kiosks. These Kiosks serve as shared objects owned by individual parties, facilitating the storage and listing of assets for sale alongside custom trading functionalities like auctions.
The team elaborated that the Kiosk system empowers participants to establish online stores and trade digital assets, including NFTs. Furthermore, users can implement royalty policies that are automatically enforced, providing creators with earnings from their creations.
3. NEAR Protocol (NEAR)
Over the past 24 hours, NEAR Protocol’s native token NEAR has experienced a notable 3.06% increase in value. This upward movement is attributed to the recent announcement of crypto exchange Nexo’s integration with the Near network. This significant integration allows users to deposit and withdraw NEAR tokens on the Nexo exchange conveniently.
The rise in NEAR’s value amid the ongoing market instability is remarkable. The integration with Nexo has generated excitement within the community, driving increased investment into the token.
In addition to the Nexo integration, another development adding to NEAR’s momentum is the partnership between Tokenproof, a startup facilitating connections between brands and audiences through token-based experiences, and Near Protocol. This partnership, announced on Tuesday, involves the integration of Tokenproof into the Near Protocol Blockchain Operating System. This system allows developers to create and engage with various applications.
Through this collaboration, users of the Near Protocol can link their wallets with the Tokenproof app. This linkage will allow users to unlock various online and in-person experiences, enhancing their engagement with the ecosystem. This positive development showcases the continuous expansion of NEAR’s utility and adoption.
4. Curve DAO Token (CRV)
Following a prolonged decline that followed a significant exploit causing turmoil within the Curve Finance ecosystem, CurveDAO (CRV) has shown a modest resurgence in its value. This comes after initial predictions that the Curve DAO token might plummet to zero.
The DeFi landscape faced a catastrophic event on July 30, resulting in the theft of over $61 million from Curve Finance pools utilizing the Vyper programming language. This incident sent shockwaves through the DeFi markets, leading to a 20% decline in CRV’s value. The aftermath of this event has cast uncertainty on the once-promising Curve Finance project.
However, amidst the prevailing concerns, signs indicate an ecosystem is gradually recovering. Notably, the recent CurveDAO proposal #394 aimed at whitelisting the DeFi protocol PrismaFi garnered substantial engagement from the DAO community. This proposal saw the second-highest voter turnout in the history of CurveDAO, highlighting the ecosystem’s resilience during its journey toward recovery.
In light of these recovery efforts, the current market price of the CurveDAO token sits at a notably low level of $0.47. Despite the challenges, the ecosystem’s ability to bounce back and garner active participation in governance decisions reflects a determined revival.
Wall Street Memes – Next Big Crypto
- Early Access Presale Live Now
- Established Community of Stocks & Crypto Traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Rated Best Crypto to Buy Now In Meme Coin Sector
- Team Behind OpenSea NFT Collection – Wall St Bulls
- Tweets Replied to by Elon Musk
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