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The global market capitalization has experienced a notable rebound, reaching 1.06 trillion dollars, which represents an increase of 1.32% in the last 24 hours. It is a positive development considering what happened in the market in Thursday.
In the last 24 hours, the total trading volume in the cryptocurrency market has decreased by 4.19%, standing at $25.5 billion. The decentralized finance sector accounts for $2.36 billion within this volume, representing 9.24% of the crypto market's total daily trading volume. Additionally, stablecoins contribute significantly, with a volume of $23.96 billion, making up 93.97% of the total 24-hour trading volume of the cryptocurrency market.
Bitcoin (BTC), the leading cryptocurrency, has seen an increase in its dominance over the cryptocurrency market. It currently has a hold of 48.58%, reflecting an increase of 0.40% in the last day.
Asian stock markets experienced declines on Friday, driven primarily by a drop in technology stocks amid rising tensions between the United States and China. At the same time, the US dollar was on track for its longest winning streak in nine years, as investors braced for higher US interest rates for the foreseeable future.
In Europe, stock futures signaled a possible rally on the open of the markets. Eurostoxx 50 futures indicated an increase of 0.21%, while those of the German DAX registered an increase of 0.18%. By contrast, FTSE futures fell slightly by 0.07%.
The next cryptocurrency to explode
Investor attention was particularly focused on Apple's European suppliers (AAPL.O) following recent news that China restricted the use of iPhones by government employees. Apple had witnessed a sharp drop in its market capitalization, losing approximately $200 billion in two days. On Friday, concerns over protectionist measures added to downward pressure on shares of Asian suppliers.
1. Wall Street Memes (WSM)
On May 26 of this year, Wall Street Memes, recognized for its viral memes on platforms such as Instagram and Twitter, announced its foray into the world of meme currencies. The initial exchange offering (IEO) of the meme coin is scheduled for September 27, and the pre-sale phase has already attracted more than $25 million in funding.
How do they keep flexing? pic.twitter.com/QVDvM7dsfb
- Wall Street Memes (@wallstmemes) September 7, 2023
This foray into cryptocurrencies is not the company's first; In 2021, Wall Street Memes gained recognition with its “Wall St Bulls” NFT collection, which surprisingly sold out in just thirty minutes. In 2023, the company boosted its NFT efforts by including its Wall St Bulls Ordinals NFTs in Magic Eden.
The initial price of each $WSM token was $0.025 and has since risen to $0.0337. The pre-sale phase is expected to conclude in the coming weeks, followed by the IEO shortly after.
With a significant social media following of one million followers, Wall Street Memes has garnered considerable support for its meme currency project.
The company has laid out a clear roadmap for its meme currency. The entire supply of tokens will be distributed to the community, with half designated for pre-sale and the rest split between liquidity and community rewards. Currently, 289 million tokens have been added to the staking pool, projecting an estimated Annual Percentage Yield (APY) of 69%.
Notably, Elon Musk has engaged with Wall Street Memes on Twitter. However, he does not confirm anything, leading to speculation that WSM could be listed on major exchanges in the future, similar to other trending meme coins.
Visit Wall Street Memes.
2. XDC Network (XDC)
XDC Network, formerly XinFin Network, represents a blockchain platform that combines the most advantageous attributes of public and private blockchains. Its main objective is to facilitate efficient financial services using cutting-edge blockchain technology and a solid infrastructure.
The network operates based on a Delegated Proof-of-Stake (XDPoS) consensus mechanism, offering fast transaction processing, interoperability, and enhanced security capabilities. With a remarkable ability to handle up to 2000 transactions per second (TPS), it also expands support for interoperable smart contracts. It integrates seamlessly with Ethereum Virtual Machine (EVM), allowing users to expand their projects effectively.
The XDC network enjoys strong support from a diverse spectrum of participants, including digital wallets, decentralized applications, and cryptocurrency exchanges.
To reach a valuation of $10, XDC would need to experience a 333x increase. At this point, XDC's market capitalization would stand at $138.44 billion. Assuming a constant growth rate of 25% per year, it would take approximately 8.6 years to reach the $10 milestone.
Considering the precedent set by Bitcoin, which saw a remarkable 1,400x growth in a decade, it is conceivable that a cryptocurrency like XDC would achieve a 333x expansion in a period of 8 to 9 years. Therefore, under favorable market conditions, there is a reasonable chance that XDC will reach the $10 mark within the specified period and become the next cryptocurrency to explode.
The token is currently up 4.14% on Friday, according to CoinMarketCap.
3. Chronos (CRO)
The native token of the Cronos blockchain, Cronos (CRO), has seen a price increase of 3.01% in the last 24 hours, reaching $0.0516. This places CRO in the top 50 cryptocurrencies by market capitalization, with a total market capitalization of $1.30 billion. This analysis delves into the essential metrics that influence CRO price dynamics and offers insights into possible future movements.
First of all, CRO trading volume in the last 24 hours is $1.12 million, indicating sustained interest in the cryptocurrency. There has been a small price drop of 0.27% in the last hour, probably a slight correction after the day's gains. Taking a broader perspective, CRO saw a drop of 3.82% over the past week and a more substantial drop of 13.54% over the past month. In the last six months, the losses have been more pronounced, reaching 30.84%.
Examining the CRO price chart reveals a prolonged downtrend from its all-time high of $0.96 in November 2021. However, focusing on the short-term 4-hour chart reveals the emergence of a possible reversal pattern. CRO has formed a double bottom around the $0.048 level, aligning with its 2022 lows. This double bottom pattern and the recent break above $0.05 indicates strengthening bullish momentum.
An early break above the $0.06 level would validate the start of a new uptrend, which would likely push CRO towards its previous all-time high in the next 9 to 12 months.
4.Dash (DASH)
Like many other cryptocurrencies, DASH continues to be significantly influenced by market fluctuations and exhibits a high level of vulnerability. Expert opinions and price predictions about the future potential of DASH vary, making its growth trajectory notoriously unpredictable. However, it cannot be completely ruled out that the DASH price could show consistent growth over time.
DASH is currently valued at approximately $26.32, indicating an opportune time for investment, particularly for savvy swing traders. To get a deeper insight into DASH price forecasts, it is advisable to delve deeper into its historical performance.
One of the advantages of DASH lies in its wide listing on many exchanges, which improves its sustainability. The token has demonstrated a strong trading volume of $35.7 million in the last 24 hours. While many experts view it as a bullish asset, DASH garners reviews from millions of people, positioning itself as a preferred digital asset option.
Read more.
Wall Street Memes: The Next Big Cryptocurrency
- Early Access Presale Live Now
- Established community of stock and cryptocurrency traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Rated the best cryptocurrency to buy now in the Meme coin sector
- Team behind the OpenSea NFT Collection - Wall St Bulls
- Tweets answered by Elon Musk
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