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The crypto market continues with its retracement from yesterday, with a 1.5% decline in the total market cap. However, the value is $ 1.21 trillion, and BTC’s market cap is $562 billion.
Bitcoin has dropped below the $29,000 level to trade at $28,867. However, it still controls a significant market share, with its dominance at 46.38%.
Although BTC is in the red, some altcoins and memecoins still record impressive gains today. Here is a list of the top gainers and exciting developments within their ecosystem likely driving their recent gains.
Bitcoin Gold (BTG)
Bitcoin Gold (BTG) shows a slight retracement to trade $17.48, a 6.5% decline in its price in the last 24 hours. However, its seven-day gain shows 27.5% on its price, and its one-month gain is 5.2%.
There is no known reason for the sudden spike in BTG’s price. However, crypto influencer Satoshi Talks, in a Tweet, noted that BTG surged 37% in 24 hours to trade at $19, recording its highest single day since July 2022 on July 31, 2023.
📈 #BitcoinGold ( $BTG ) surges 37% in 24 hours, hitting $19 – its highest single-day gain since July 2022!
🌟While the exact reason for the rally remains mysterious, it seems to stem from a renewed interest in smaller tokens, including #memecoins. pic.twitter.com/lG20a9nGm9
— Satoshi Talks (@Satoshi_Talks) July 31, 2023
He believes that while the exact reason for the rally remains mysterious, the rising interest in smaller tokens, including memecoins, might be driving the present gains.
The network seems to have never recovered from the double spend attack on 51% of its framework, making its surge take investors by surprise.
BTG Retraces Slightly As Bulls Retain Control
BTG is trading in an uptrend on the daily chart despite the formation of a red candle. Its bull run on July 31 moved its price to the $19 level, but it has retraced to $17 today.
The $17.28 price level supports its price as it attempts to break above the $21.44 resistance level. It is trading above its 50-day and 200-day Simple Moving Averages (SMA), confirming the bullish sentiment on the chart today.
Its Relative Strength Index (RSI) value is 61.45, close to the overbought region of 70. The RSI dropped sharply today to renter the channel as the buying pressure slowly declines. However, the retracement could be temporary. BTG’s Moving Average Convergence/Divergence (MACD) is above its signal line, also expressing a bullish sentiment.
The green Histogram bars are fading, hinting at a price decline. BTG will likely retrace in the short term before it recovers to the upside if the bulls resume their rally.
Rocket Pool (RPL)
RPL is trading at $30.17, an increase of 3.6% on its price in the last 24 hours. The decentralized staking pool relies on Ethereum and is probably benefitting from developments in its ecosystem.
According to Rocketpool’s biweekly update on July 18, rETH supply increased by 3.7% to 479,668, an annual growth of 97%. Also, the active Minipool count increased by 2.2%, and the node operator count grew by 1.7% to 3,052.
These updates show ecosystem growth and are likely the reason behind the price gains for the token.
RPL Shows Signs Of Recovery Today
RPL is rallying on the daily chart to shake off pressure from the bears. It found support at the $28.94 price level as it attempts to break above the $32.07 resistance.
Its candle today has a long upper wick showing that the bulls are attempting a break above its closest resistance level. However, it is still trading in the lower region of the Donchian Channel (DC), expressing a bearish sentiment. Despite the bearish outlook, the candle’s wick is in the upper region of the DC, hinting at a possible price recovery.
Also, its RSI value is 36.59, close to the oversold region of 30. The RSI indicator is rising as the bulls seek to push the asset to the buy zone.
The MACD confirms the recovery today, crossing above the signal line and expressing a bullish sentiment confirmed by the green Histogram bars. RPL will likely rally in the short term if the bulls uphold its price momentum.
Stacks (STX)
Stacks is trading at $0.598 with a 0.6% gain on its price in the last 24 hours. Its 7-day gains are modest, with a 1.7% increase recorded.
According to a Twitter thread on July 27, Bitcoin functions best with the help of Stacks. Using its smart contract capabilities, the full BTC potential can be unlocked.
1/ Bitcoin's true magic comes alive with the help of @stacks. ✨
Thanks to its smart contract capabilities, we're able to unlock untapped BTC potential.
🧵Let's delve deeper into why Stacks makes us incredibly bullish on #bitcoin DeFi 👇 pic.twitter.com/aI9VBoFsXL
— Hermetica | Bitcoin DeFi (@HermeticaFi) July 27, 2023
Stacks help users to generate yield on Bitcoin using DeFi vaults. These vaults do not depend on token emissions and generate yield across market cycles. The process is handled transparently with open-source audited smart contracts and full custody to users.
Also, the Stack development team noted the exciting developments occurring in the Bitcoin ecosystem, mainly the creation of several scaling solutions.
According to their Tweets, Bitcoin relies on scaling solutions to overcome several limitations, such as network congestion and high transaction fees.
Bitcoin requires scaling solutions to overcome limitations such as high transaction fees, network congestion, and slow transaction block time.
These solutions deliver scalability, smart contract programmability, and an improved user experience.
— Velar (@VelarBTC) July 27, 2023
The two major Bitcoin scaling solutions are Layer 2’s (L2) and sidechains. Sidechains are scaling solutions that operate parallel to the Layer 1 (L1) parent chain. It allows users to move assets from the L1 to the side chain.
Stacks focuses on DeFi, NFT, and smart contracts using a consensus mechanism linked to Bitcoin that empowers users to stake the $STX token and mine BTC.
The developers teased the incoming launch of a two-way peg protocol for sBTC tokens enabling BTC holders to participate in the ecosystem without selling their BTC tokens.
Also, each sBTC token is backed by an equivalent amount of Bitcoin held in a transparent smart contract. Stacks, in a bid to give back to its growing community, is hosting a Bitcoin pitch competition tagged Ready Layer 2.
It is the first ever Bitcoin Layer 2-focused pitch competition where users submit their best ideas to win prizes. The winner will take home $5,000 cash or crypto and other incentives, while the second and third runner-ups will receive consolation prizes.
Additionally, Stacks is hosting a Bitcoin Builder’s Primer course to help beginners tap the vast potentials of BTC’s ecosystem and develop modern DApps. These activities within the Stacks ecosystem likely drive its positive price performance in the past week.
STX Under Bearish Pressure
STX is in a sideways trend today, forming a green candle as more traders enter long positions in the market. It found vital support at the $0.58 level, but the bears at the $0.61 price level keep on limiting their price gains.
It is trading close to the lower band of the Bollinger Band (BB); the constriction of the band hints at a price drop ahead for the token. Its RSI value is 39.67, close to the oversold region 30, also confirming the prevalent bearish pressure today.
The MACD indicator has dropped below the signal line, confirming the return of the bears. However, the Histogram bars are fading off, suggesting that the retracement might be for the short-term. STX will likely overcome the bearish pressure to rally again in the coming days.
Chimpzee (CHMPZ)
Chimpzee is an eco-friendly crypto initiative that promotes environmental preservation, combat deforestation, and preserve endangered species.
The project aligns with the global drive for a safer environment and protecting and restoring the Earth’s natural vegetation cover.
🚀💰Don't miss your last chance to get $CHMPZ in Stage 8 of the #Chimpzee #Presale!⏳🌟
Current Price – $0.000775 💎🔥
Stage 9 Price – $0.00085 💹🚀🌳Join hands to protect our planet's precious #Ecosystem and cherish our beloved wildlife!🐾https://t.co/Geog3EVuMC#EcoCrypto pic.twitter.com/yj3tw30TkI
— Official Chimpzee Project (@RealChimpzee) August 1, 2023
Chimpzee has raised over $1.06 million from its ongoing presales, with each token worth $0.000775 in the eight stages.
To celebrate this milestone, the project is hosting a 10 million CHMPZ token airdrop with only 6.29 million tokens left. Also, there is a 125% bonus on every purchase made, ending on August 1, 2023.
Future Plans
According to the developers, $CHMPZ, the utility token of the platform, will undergo two burn events to limit its total supply. The first one will occur after the presale, where all unsold tokens will be burnt.
Experts believe that the burn mechanism will likely boost the price potential of the token above 10x its original value. The second burn event will occur when a user buys the Chimpzee NFT passport, and the tokens used for the NFT purchase will be burnt.
Chimpzee offers its users a zero-tolerance game that embodies the storyline of the project. Users can earn CHMPZ tokens in the Play-to-Earn Mode (P2E), making it a fun-filled platform.
Also, an NFT marketplace will be introduced after its launch, where users can trade NFTs to realize a profit based on a Trade-to-Earn (T2E) mechanism.
Launchpad XYZ (LPX)
Launchpad XYZ is a quality tool for trading giving traders useful insights to maximize their profits. Its User Interface relies on AI for its operations, making it more appealing to crypto users with its innovative features.
Launchpad XYZ is moving Web3 growth and expansion among its users while focusing on decentralization and user independence. $LPX is the utility token on this platform for unlocking the benefits of this ecosystem.
Based on the roadmap, its focal point is raising capital for new projects, granting them a launch pad in the market. It is a trader’s best friend providing insights, news, and analysis will live data feeds to maximize profits.
Crypto trading is a competitive space, with trading bots and whales influencing most of the market. Launchpad XYZ gives traders market insights that give them an advantage over other traders and competitors.
Also, users access news, historical data, and live feeds to improve their trades. These features assist traders to place more profitable trades and gain an understanding of the crypto market.
Also, the terminal feature aids users to execute trades at peak market conditions to realize the most profit. It trades at high speed, with a reduced margin of error for best results.
Launchpad XYZ users get access to learning opportunities to gain vital knowledge on the web3 ecosystem with automated insights and valuable analysis.
Users get information on the token’s potential based on the platform’s AI technology tool. It also protects users from low-liquidity projects and rug pulls.
Presales
Launchpad presales are ongoing and one of the leading events in the crypto space in 2023 based on its potential and utility. A price increase follows at every new stage, leading to rewards for early investors.
1LPX token is worth $0.0445 in the present stage; by the next stage, the price will increase to $0.046. The presale is above the $1.22 million benchmark out of its goal of $1.55 million. Early investors will likely receive great returns once it lists on exchanges.
🚀 The #LaunchpadXYZ Meme Contest is now live! 🚀
Submit your funniest #Crypto meme for a chance to win $100! 🔥
Here's how to enter:
1️⃣ Follow us on Twitter
2️⃣ Like + RT
3️⃣ Comment with your meme below⏰ Winner announced Friday 4th of August
Good luck! 👏 #Giveaway #Web3 pic.twitter.com/ZCMpDV0Ezy
— Launchpad.xyz (@launchpadlpx) July 31, 2023
Also, in a bid to give back to its users, Launchpad XYZ is holding a meme completion on Twitter, with a lucky user taking home the $100 prize money. The winner will be announced on August 4, 2023.
Wall Street Meme (WSM)
Wall Street Meme (WSM) is a memecoin project that declares war on capitalism and seeks to reward regular traders.
Inside look at the FOMC meeting pic.twitter.com/Yws3bATLwf
— Wall Street Memes (@wallstmemes) July 26, 2023
It is gaining relevance in the crypto space with its focus on memes and turning them into profitable investments. It gives small-scale investors opportunities to make a profit, protecting them from whales’ monopoly and market manipulation.
Wall Street Memes is a top presale in 2023, with token accumulations ongoing as investors scramble to join the project before it launches.
It is born from the desire for the internet to conquer capitalism inspired by Gordon Gekko’s belief that greed is good and his secrets of raising wealth from seemingly worthless stocks.
According to the founders and developers, Wall Street Memes hopes to give users equal opportunities to trade goods and services and exchange branded $WSM merchandise.
Memecoins rallied in 2023, with $WSM seeking to be the next beneficiary of the memecoin success recorded.
It relies on blockchain technology to keep a transparent network for its users. Ultimately, its goal is to tokenize the revolution of the common crypto trader, drawing comparison to the historic Gamestop Fiasco and the Wall Street Bets revolution.
Based on its roadmap, the listing on reputable crypto exchanges is the next target once the presales conclude. Also, Wall Street Meme (WSM) gives its users many features that make it a top crypto project.
$WSM is a meme coin for the regular masses. It provides its users fun-themed meme activities such as meme contests and active social media engagement. It relies on blockchain technology to fast-track its transactions. Therefore, it eliminates the limitations of traditional financial systems.
Also, its users benefit from the decentralized finance model storing their tokens in private crypto wallets. The platform is safe, and assets are not exposed to attacks from hacks.
The WSM community continues to grow as more investors join the platform daily. Its relevance will spur other users to join to avoid missing out on the next meme coin success.
WSM Presales
The Wall Street Memes $WSM has moved to a new price, and each token is worth $0.0328, with a price increase to $0.0331 coming up in the next stage.
UI is above $21.1 million and approaching its target of $21.98 million at this stage. The present presale stage will expire in less than a week.
ImmutableX (IMX)
Immutable X is trading at $0.79 at 4:33 PM EST with a 5.6% gain on its price in 24 hours. Also, its 7-day gain is 13.0%.
Upbit, a South Korean crypto exchange, unveiled plans to list $IMX tokens. However, they only accept deposits from Ethereum’s network. Also, data from TokenInsight confirms that announcement aided the present rally observed in IMX’s price.
Additionally, Weracle, a Singaporean developer of the popular mobile game Endless Frontier, is perfecting to launch their latest game release EF Defense on Immutable.
This announcement was confirmed in a Tweet by Immutable’s team. Endless Frontier has over 30 million downloads and over $80 million in revenue.
🛡️@ef_defense is committed to Immutable zkEVM, powered by @0xPolygonLabs
Their team developed and built Endless Frontier which has garnered critical acclaim with 30M+ downloads & $80M in revenue.
They also worked on the cultural phenomenon, Metal Slug, which is beloved by a… pic.twitter.com/Ks6MV0RtLa
— Immutable (@Immutable) July 27, 2023
This game is the latest release and is available for download on iOS and Android. IMX’s price will likely receive a boost from this exciting new partnership with and supply blockchain integration to the gaming ecosystem.
EF Defense is a play-to-earn (P2E) game offering its users earning opportunities with captivating visuals and Web3 gameplay. Immutable announced a new partnership with Helika Analytics on July 27. This alignment aims to provide Immutable with quality analytics to optimize in-game experiences.
On August 1, Immutable announced their plans to support the future of Web3 gaming with Zero-Knowledge proofs. The Zero Knowledge layer enables users to build the ultimate sandbox game with zero roadblocks aiding trustless gameplay mechanics and secure asset interaction at low cost.
IMX On A Bull Run
IMX is trading in an uptrend today as it ascends to the upper region of the Donchian channel (DC), showing a bullish sentiment. However, the bears are resisting its rise at the $0.8 price level after it found support at $0.74
Its RSI value is 62.98 and rising to the overbought region of 70, showing strong buy pressure for the asset today as the sellers retreat.
Also, IMX’s MACD confirms the bullish sentiment today, with a spike above its signal line showing the bulls are in control. The green Histogram bars confirm the prevalent bullish sentiment. It will likely continue its rise till the bulls drive the rally into the overbought region.
Conclusion
The top gainers today benefit mainly from progressive developments within their ecosystem. Investors and traders often rely on sentimental analysis moving their stakes to the trending and bullish projects.
Also, the presales offer investors a chance to join a project early for guaranteed paper gains when the token finally lists on exchanges. However, the crypto market is volatile, reacting swiftly to news events and retracing or gaining based on a combination of global factors.
Crypto trading and investments require proper research and risk management techniques to break even and profit.
Related
- Stablecoin Bill Advanced in US House Despite Opposition From Democrats
- SEC Chair Gary Gensler Says Crypto “Rife with Fraud” and “Hucksters”
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