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MUX Protocol experienced a significant pump and dump over the weekend, shortly after hitting its 2023 highs. Did you manage to exit your position early?
MCB token experienced a 10% surge on Sunday, followed by an equal decline the next day, and is now consolidating around $12.
MUX Protocol Rises by 10% Before Dumping
MUX Protocol (MCB) has experienced volatile price action resembling a pump-and-dump situation in the past week.
The token experienced a bottom wick at $14 on July 15, then rebounded, reaching $17 the next day. However, its volatility persisted, dropping by 10% on Sunday after a previous 10% pump the day before.
MUX Protocol’s value reached $12.1 at 5:15am EST, reflecting an 18.31% decrease in market capitalization, now at $46.3 million, and a 20% surge in trading volume, amounting to $548k.
The Reason Behind the Pump and Dump
MUX Protocol’s recent price movement remains unclear, and the latest tweets from the project fail to clarify. While most posts on their Twitter page focus on MUX Protocol’s rise as a top 5 derivatives protocol, specific reasons for the recent price action are yet to be disclosed.
MUX Protocol is quickly catching up as one of the top 5 derivatives protocols by Volume and Fees.
it presents something unique amidst the fragmented liquidity across derivatives protocols
Is @muxprotocol being undervalued atm?
— Surf (@0xsurferboy) July 22, 2023
Investorsobserver designates it as a high-risk investment, causing concern among investors due to its extreme volatility.
MUX Protocol Has a Bullish Year Till Now
MUSK Protocol began 2023 at $3.4 and has experienced a bullish year, surging by 250% in February before undergoing a minor correction and resuming its upward trajectory.
In July 2023, Musk Protocol surged to its highest point of the year, hitting $23.76, marking a remarkable 543% year-to-date increase.
After an initial surge, the token entered a corrective phase with a battle between bears and bulls evident from the number of red candles indicating bearish dominance.
MUX Protocol Price Prediction – Can it Go Up?
MUX Protocol’s price chart displays a monthly descending triangle pattern, signaling a decline in asset demand.
Since July 13, the token has formed lower highs, suggesting a potential further decline. The current trend indicates the possibility of reaching an even lower high. These developments signal a potential breakdown, which occurred shortly after the token reached its 2023 highs.
MUX Protocol needs to surge by a remarkable 424% to reach its previous all-time high of $82, but current conditions suggest that such an increase is unlikely in the near future.
The token’s MACD histogram is currently negative, and its RSI is gradually declining from the overbought zone, suggesting reduced interest from the community in this asset.
MUX Protocol Alternative – BTC 20
BTC20 is a presale crypto gaining momentum thanks to its promise of delivering an Ethereum-based Bitcoin.
This token follows the oldest cryptocurrency tokenomics to the tea, even right down to its total supply, which is 21 million.
The project aims to sell 6.05 million of the total supply via its two-staged presale round, in which the price of the BTC20 will remain the same at $1. The remaining 14.95 million tokens will be placed inside a liquidity contract, from which they will be released as staking rewards.
BTC20 uses a staking equivalent to mining by delivering investors a greener alternative to Bitcoin. With its tokenomics and name, BTC20 attempts to repeat Bitcoin’s history. And in the current meme coin-centric era where tokens focusing on memes and marketing are winning, BTC20 has 10x potential.
🚀 $1.5M Raised! 💰🎉
Big news! The $BTC20 #Presale just crossed the $1.5 million mark! 🎊
Join us in revolutionizing staking and building a sustainable future with #BTC20! 🌐🌿
Don't miss out! Get your $BTC20 #Tokens now: https://t.co/N56IcYsKHq #Crypto #Staking… pic.twitter.com/Nw3rjuhJaB
— BTC20 (@BTC20Token) July 24, 2023
The token is also ready halfway through its presale and has raised more than $1.5 million. Interested parties can visit btc20.com to participate.
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