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Bitcoin has continued its upward trajectory today, maintaining yesterday’s uptick. At $65k, Bitcoin boasts a remarkable 3% surge in the past 24 hours. This notable surge has propelled its market capitalization to an impressive $1.28 trillion.
Consequently, bullish momentum has also extended to other tokens in the crypto market. Conflux, Ondo, Ethena, and Pyth Network emerge as top gainers today, showcasing the widespread momentum propelling digital assets forward. We analyze these coins to determine their profitability.
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ONDO is experiencing an upward trend in the short term, trading over 440% above its YTD price. Meanwhile, Ethena’s impressive 14% surge in 24 hours signals a distinct shift in investor sentiment towards the token
Furthermore, Solana’s recent blockchain ventures are gaining notice. Among them is Mega Dice (DICE), a gaming and gambling token swiftly gaining popularity since its presale commenced. In less than two weeks, Mega Dice has raised over $700,000, indicating significant interest in this novel concept.
1. Pyth Network (PYTH)
PYTH recently lost a significant portion of its gains to the bearish trends in the crypto market. However, the token has recovered significantly and is now valued at $0.5662. Its market cap and trading volume have also responded with a 9% and 67.7% surge, respectively. This metric has seen it outperform several of the top cryptocurrencies today.
Meanwhile, Pyth Network was one of the crypto tokens that amassed significant value in the early days of the bull market. At the market’s peak, PYTH had a value of over $1. Analysts have predicted that the token will soon recapture this value if it maintains its current price trajectory.
Nevertheless, PYTH is one of the crypto tokens to watch in this market. At press time, the token is on a reversal trend with over 8% gain in the last 24 hours. Besides, PYTH has also seen some increase in trading volume against the overall trends in the market.
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Typically, this price action suggests the return of investor interest in the asset, which can cause a marginal price increase. Also, the current price of PYTH is relatively closer to the ATH value than most altcoins. The possibility of breaking the ATH in the near term could substantially impact the market perception of PYTH potential.
Therefore, investors looking at crypto tokens for short-term trading opportunities should include Pyth in their watch list, as the token has the potential for further upside. Moreover, Pyth Network offers a unique service in the crypto industry, meaning that its assets will continually remain in demand.
2. Mega Dice (DICE)
Mega Dice, an established casino, has raised over $700,000 in its presale for the new $DICE token, which aims to transform GameFi. This token rewards current users and attracts new ones, playing a crucial role in Mega Dice’s gamification plan. Remarkably, Mega Dice plans to become the pioneer in crypto casinos, offering daily rewards based on platform performance.
Solana’s recent blockchain ventures are gaining notice. Among them is Mega Dice (DICE), a gaming and gambling token swiftly gaining popularity since its presale commenced. In less than two weeks, Mega Dice has raised over $700,000, indicating significant interest in this novel concept.
The Mega Dice presale has been remarkably successful thus far. The project has achieved a substantial funding milestone, demonstrating a strong demand for its token. Due to their accessibility and limited availability, people are keen to acquire $DICE tokens.
At present, each $DICE token is priced at $0.069. Those interested can link their wallets and swap SOL, ETH, or BNB for $DICE tokens. Mega Dice has sold 11,241,690 $DICE till date.
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Meanwhile, they have allocated 15% for player airdrops, 15% for liquidity pools, and 15% for the Casino’s $DICE pool. Another 10% will serve as rewards for token stakers, and the remaining 10% is earmarked for marketing and other agreements.
Mega Dice ensures that the presale is inclusive. Post-presale, they aim to list $DICE tokens on decentralized exchanges (DEXs), potentially enhancing their popularity.
3. Ondo (ONDO)
Ondo employs blockchain tech to make top-notch financial services available to more people. It works on turning tangible assets into digital tokens and builds financial rules using these tokens. Ondo collaborates with key online service providers to provide users with essential services like handling money and safekeeping assets.
Despite today’s bearish market, ONDO stands steady at $0.8732, rising by 8.78% in the past 24 hours. It has also increased by 48% over the previous month while maintaining over 440% YTD increase.
Meanwhile, the token’s price prediction is optimistic. Nonetheless, the Fear & Greed Index is 72, indicating investors are bullish. The coin might find it challenging to surpass $1.24, but if it does, it could aim for $1.63.
📣 Ondo Points for @solana participants of the "USDY Liquidity Provider" and "USDY Holder" campaigns are now being displayed, and Ondo Points earned throughout the last week have been updated in the dashboard!https://t.co/Zpl0PkJWic pic.twitter.com/fNVHSU7Cut
— Ondo Foundation (@OndoFoundation) May 3, 2024
Conversely, a price drop could test support levels at $0.47 or even lower at $0.09. The path of ONDO’s price will depend on overall market trends and how investors feel, so stakeholders should stay attentive and ready to adjust their strategies.
4. Ethena (ENA)
Ethena Labs recently partnered with Binance, Bybit, OKX, and Bitget Wallets. Now, users can store Ethena’s stablecoin, USDe, in these wallets. Additionally, Ethena offers a 20% bonus to customers who stake USDe using these wallets.
Experts believe this collaboration will simplify staking for ENA users and attract more stakers, increasing activity on the ENA network. However, since the announcement, ENA has seen a 36% decrease due to market volatility caused by tensions in the Middle East. Despite this, analysts predict ENA could rise to $4.81 as more people stake USDe for the generous rewards.
Furthermore, Ethena remains in the spotlight thanks to its synthetic dollar system. The upcoming week is crucial for ENA because planned token unlocks could cause significant price swings. The token gained 13.74% in the previous 24 hours to trade at 0.914%. It also trades above its 200-day SMA.
Based on community feedback the $ENA liquidity lock has been simplified to further align incentives for longer term participants
Users can now lock $ENA to receive a scaled sats boost up to 100% based on the amount of $ENA locked relative to USDe positions pic.twitter.com/FW6wHxe4z5
— Ethena Labs (@ethena_labs) May 3, 2024
Furthermore, over $46 million worth of ENA tokens, making up 3.76% of the total supply, will become available. This news has led to speculation and reminders of past issues with crypto projects like Terra, making people curious about the market’s response.
5. Fantom (FTM)
Due to its innovative consensus algorithm, Fantom retains its position as one of the top crypto in the DeFi token category. Today, the token has positioned itself as one of the market’s most gaining and promising coins.
The token recovered from a bearish pit spanned over the previous week to trade at $0.722. This uptick indicates a YTD surge of 70% and a 24-hour gain of 9%. Meanwhile, a greed index of 71 has relieved the initial pressure from the bears, which previously forced a price decline.
Furthermore, investors can expect a breakout in the coming weeks due to the recently announced Gas Monetization program. The program offers to distribute gas fees as a bonus to projects in the ecosystem that generate the highest gas fees. According to its Twitter update, Fantom Foundation will set aside 85,000 FTM quarterly.
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The canonical stablecoin project is another emerging initiative on the platform that will increase the future value of FTM. News from the Phantom reveals that the stablecoin, USDC.e, aims to ensure liquidity availability for DEXs on the FTM platform.
Consequently, Fantom would likely see more use cases in the future. Already, projects are taking steps towards securing the first movers’ advantage. The return of the bull market would likely give FTM the fuel it needs to take the next leg up.
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