The global crypto market lost most of its gains in the last 24 hours on September 1. The total crypto market cap has declined from $1.13 trillion on August 31 to $1.09 trillion today, representing a 3.8% drop.
Market leader Bitcoin lost its grip on the $27,000 price level to trade at $26,070 within the same time frame, representing a 4.3% price decline in the last 24 hours.
BTC’s market cap stands at $507 billion, with a dominance of 46.5%. This decline is likely one of the reasons behind the retracement in the general market.
However, some altcoins still show positive price movement based on favorable investor sentiment and developments and innovations within their ecosystem.
Find the top gainers today below.
THORChain (RUNE) – The Top Liquidity Protocol
RUNE’s price on September 1 is $1.59, representing a 1.9% gain in the last 24 hours. Also, its seven-day gain is 4.4%, showing a positive outlook for the token among investors.
On August 31, Thorchain developers announced that Stablecoins are now supported on THORSwap earn. The new THORChain saver’s vaults available are USDT, BUSD and USDC, where users can earn a native yield on stablecoins with no impermanent loss.
Stablecoins 💰 now supported on @THORSwap Earn!
Introducing new @THORChain Savers Vaults:$USDT, $BUSD & $USDC (Ethereum & #Avalanche).
Earn Native yield on Stablecoins with no added $RUNE exposure or impermanent loss.
Try today 👉 https://t.co/wU22NK78YT
Park your… pic.twitter.com/zJRvQksdJp
— THORSwap ⚡ #BetterThanCEX (@THORSwap) August 31, 2023
According to the developers, Stablecoin Earn is the next stage in the evolution to a truly bankless Web3 future. Also, deposits can be withdrawn at any time with no penalties. This addition is likely driving RUNE’s gains in the past week.
Bulls Return to Resume Uptrend
Source: Tradingview.com
RUNE has formed a large green candle on the daily chart to recover from the price pullback recorded between August 30-31. It found support at $1.4 and faces resistance at $1.6.
A break above this resistance level will confirm a resumption of the uptrend and buyer’s dominance. RUNE is trading above its 50-day and 200-day Simple Moving Averages (SMA), expressing a bullish sentiment for the coming days.
The Relative Strength Index (RSI) has a value of 59.29. However, it is rising out of the neutral zone as more buyers enter long positions today.
Although the coin’s MACD is below the signal line, the red Histogram bars are fading, confirming the buyers’ reentry into the market. RUNE will likely continue on its rally till it breaks above the $1.6 resistance level in the coming days.
Maker (MKR) – The DAO Protocol and Software Platform
MKR’s price on September 1 is $1,164, with a 1.5% gain in the last 24 hours. Also, it shows impressive gains of 15.95 in the last seven days, hinting at the possibility of further price gains for the asset.
In a recent development, a product built on Makers, Spark Protocol, sponsors the Ethereum Conference in Seoul, Korea. There will be numerous bounties and prizes to be won and a discussion on the launch of the SubDAO in Korea.
This move will likely boost users’ activity in the Maker ecosystem and the price of MKR tokens.
MKR Approaching The $1191 Resistance Level
Source: Tradingview.com
MKR is in the green on the daily chart, forming a second consecutive green candle with a higher high. It found critical support at $1125 and is approaching the $1191 resistance level. A break above this level will move the asset into an uptrend similar to its rally between July 15 and August 1.
MKR is in the upper region of the Donchian Channel (DC) as buyers pile pressure on the asset’s price. Also, the RSI value is 56.31, rising from the neutral zone and approaching the overbought region of 70.
It offers traders a potential entry point for long positions ahead of further rally for the asset.
The MACD has crossed its signal line, and the green Histogram bars forming suggest a buy signal. MKR will likely continue its rally in the short term until the bulls re-enter the market to force a decline.
Toncoin (TON) – The Open Network
TON’s price on September 1 is $1.75, with a 3.5% increase in its price in the last 24 hours. It has gained 22.2% in the last seven days, suggesting that the buyers are active in the market.
On August 31, TonX studio’s top TON venture in the Asian region, founded by early TON developers and investors, is joining the TONZ accelerator program.
“TON Foundation Demo Day #2: @TonX_Studio Joins Existing Accelerator Partners”https://t.co/133rrH13SM
— TON 💎 (@ton_blockchain) August 31, 2023
This program aims to create innovative solutions to empower the TON ecosystem. TonX joins the lists of existing TON accelerators, such as Gotbit and Tonstarter.
Also, Toncoinfund, with a $250 million TON reserve, invested an undisclosed amount on a notable launchpad platform hosted on TON. These developmental strides will likely boost the value of TON tokens based on their increased utility.
Also, on September 1, TON announced a contest for developers who can create a dashboard on the TONAnalytica platform to match certain requirements. These requirements include creativity and originality, data visualization and effectiveness, insights, and analysis.
💎 500 TON contest by @redoubt_web3
Remember my TON analysis with ChatGPT? The creators of the platform that made it possible rewarded me with 75 TON for it. Now there is a contest for real pros. All you need: some SQL and data analysis skills
📆 Till September 30, you can… pic.twitter.com/jlp2xgFsQG
— metaverserk.ton (@metaverserk) September 1, 2023
The first position will receive a reward of 100 tons, the second 75 tons and the third to fifth 50 tons. These rewards will attract more developers to the ecosystem, thus boosting TON’s price. Another notable event occurred on August 24. TON developers announced a new project, Believers. ton, enabling users to lock their TON in smart contracts for five years.
Believers.ton is a community-driven effort for more transparent and predictable $TON tokenomics which started with decentralized distribution through mining.
A new initiative allows users to lock their $TON into the Believers.ton smart contract for 5 years, while others can… pic.twitter.com/DnafFNK2t9
— TON 💎 (@ton_blockchain) August 24, 2023
Also, other community members can donate TON as a reward to users who locked their tokens. This community-based effort shows a deep level of collaboration in the TON ecosystem. It can positively impact TON’s price if large holders participate.
The TON Foundation also pledged to support the initiative by sending 1 million TON as rewards for depositors. Locking these tokens will likely increase their scarcity and boost the long-term value of TON.
TON Price Action Shows Low Trading Volume
Source: Tradingview.com
TON has found critical support at $1.4 on the daily chart as the bulls continue to sustain its rally. The Parabolic SAR is underneath the candle for today, confirming a bullish sentiment for the crypto.
Also, the MACD displays a buy signal rising above its signal line, and the green Histogram bars show that the buyers are still in control of TON’s price.
Despite the bullish sentiment, TON shows limited trading activity evident from the small-sized candles formed today compared to the bullish engulfing pattern on August 30. Also, the RSI is moving sideways at 49.77, showing trader indecision today.
TON will likely continue with limited trades till the bulls rally again to break above the $1.5 resistance level or it drops below the $1.4 support.
Sonik Coin (SONIK) – The Speedy Memecoin Presale Ending in Three Days
>>>Visit Sonik Coin Presale<<<
Sonik Coin is a speedy crypto presale determined to race to a $100 million market cap and rewards its early investors.
This meme coin seeks to replicate the success of meme coins like $PEPE, SPONGE, and HarryPotterObamaPacMan8Inu that raced to a $200 million market cap in less than 100 days.
Sonik Coin is not affiliated with the popular Sonik the Hedgehog and Sega franchises but enjoys a unique following in its own right.
According to tokenomics, $SONIK has a total supply of approximately 299.79 billion tokens, similar to the value of the speed of light, showing its commitment to bringing speedy profit for investors. 50% of this supply is for the presales, 40% for staking rewards, and 10% to ensure liquidity on the platform.
Sonik Staking Speeding Up Investor’s Profit
>>>Visit Sonik Coin Presale<<<
$SONIK supports a buy and stake feature where users can earn additional rewards and preserve the value of the tokens in the ecosystem. At 9:56 am EST, the total token staked is approximately 33.6 billion $SONIK at an APY of 71% better than the average 5-10% rate.
Also, stakers will receive a share in 40% of the total supply dedicated to staking rewards over four years. Extending the reward period ensures that excess tokens are not in circulation and preserves the value of their ecosystem.
Staking also restrains users from dumping their tokens once $SONIK lists on crypto assets, boosting its long-term potential.
SONIK Presales Fast Advancing with Three Days Left
>>>Visit Sonik Coin Presale<<<
SONIK presale is ongoing, with three days left before it sells out. Investors are now in a late accumulation phase to purchase the tokens before the eventual listing on Uniswap and other exchanges.
Investors have committed over $950,000 to the presale as it approaches the $2.09 million benchmark. 1 SONIK token is worth $0.000014, and investors can purchase the tokens with ETH or USDT once they connect to a secure crypto wallet.
A potential price surge will likely follow after the listing, rewarding early investors in the project. According to the developers, approximately 149.9 billion $SONIK tokens will be sold in the presale phase. Sonik Coin relies on the strength of its community. According to this YouTube vlogger, it shows massive potential in the memecoin space.
>>>Visit Wall Street Memes Presale <<<
Wall Street Memes is the top-ranking presale in 2023. According to the developers, the mission is to empower the everyday trader to disrupt the traditional financial landscape.
How I feel after placing a free $5 trade pic.twitter.com/YBuIriDPJ0
— Wall Street Memes (@wallstmemes) August 31, 2023
Based on their tokenomics, Wall Street Memes have allotted 50% of the total supply to marketing, 30% for community rewards, 10% for CEX liquidity and 10% for CEX liquidity.
The project relies on the strength of its community to achieve success while interacting with fun memes along the way. However, based on its utility, WSM is beyond a memecoin.
Staking Boosts WSM Tokens Value
WSM supports a buy-and-stake feature for users to avoid inflation within its ecosystem and preserve the project’s long-term value.
WSM operates on Ethereum’s network; therefore, it is ERC-20 compliant. It also replicates the staking feature on the Ethereum network to give its users additional rewards.
Approximately 259 million WSM tokens were staked, showing massive investor interest in the project. These WSM tokens are staked at an APY of 77%, an impressive reward leading to the surge in staked tokens.
Staking rewards are distributed based on an investor’s percentage in a staking pool and the APY.
WSM Presale
>>>Visit Wall Street Memes Presale <<<
WSM presale is in its advanced stages, with just 25 days left before the presale ends and the potential listing on Tier-1 exchanges.
WSM presale has raised over $25 million, showing massive interest from the crypto community.
1 WSM token is worth $0.0337 and can be purchased by connecting a secure crypto wallet that contains ETH, USDT or BNB. Users can also complete the purchase with a bank card.
Wall St Bulls NFT Likely Driving Ecosystem Growth
Source: Opensea.io
The Wall St Bulls NFT collection adds more value to the ecosystem as crypto enthusiasts can purchase and hold these unique digital art tokens.
This NFT collection contains 10,000 unique NFTs hosted on the Ethereum blockchain. Also, holders can trade in the Option Market with their bulls.
Additionally, these bulls grant users access to free NFT collections affiliated with the project, such as The Wall Street Interns and Wall Street Assets.
Also, after the token lists on exchanges, the focus will move to community empowerment initiatives. Users can access a Gated Community to enjoy exclusive benefits such as early updates and quality interactions.
Also, the focus will be on attaining a market cap goal of $1 billion to showcase the true strength of the community and reward investors. In this phase, the developers will boost liquidity, global reach, and adoption to make the revolution worldwide.
Conclusion
The crypto market shows price volatility, losing some gains earlier in the week. Today’s retracement is down to shifting investor sentiment, although some altcoins still rank among the top gainers.
Also, volatility gives investors opportunities to make a profit, although some investors prefer more stable markets to trade. Memecoins are another sector where investors can diversify their holdings. Some ongoing memecoin presales allow investors to join a promising project early and benefit from a potential price surge.
However, all investments carry a certain amount of risk; therefore, investors are advised to conduct proper research and apply risk management techniques. Overall, one of the golden rules of crypto investment is only to invest what you can afford to lose.
Source Link
