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The crypto market has a positive outlook today, recovering from the decline on August 1. The global crypto market cap is $1.23 Trillion at 7:55 am EST, representing a 1.465 rise in its price in the last 24 hours.
Bitcoin remains the apex cryptocurrency with a massive influence on the market outlook due to its large market cap of $574 billion today, with a dominance of 46.67%.
Also, BTC is trading at $29,528 at 7:58 am. EST, with a 2.4% increase in its price in the last 24 hours. Some altcoins also show some due to activities within their ecosystem and trader sentiment.
Here are the top gainers for today and exciting developments in their ecosystem likely influencing their price action.
Maker (MKR) – The Role Model for On-Chain Liquidity
MKR is traded in the green on August 2. Its price was $1,315 at 8:20 a.m. EST, with a 7.8% increase in the last 24 hours. It has gained 14.6% in its price in the past week, signifying rising buy pressure.
On August 1, Maker announced the plans of Polygon Labs to use Spark Protocol on the Polygon ZkEVM chain.
This proposal aims to support Spark/DAI growth on the Polygon zkEVM Mainnet Beta through this collaboration with the Maker protocol.
It creates special use cases and supports public infrastructure to host the rising demand for safety.
According to maker Polygon, its high gas efficiency is one of the newest chains that have expressed interest in hosting the spark protocol.
The Spark Protocol is an advanced DAI-focused lending engine that relies on Maker’s liquidity to fuel operations.
Polygon, with its high gas efficiency, is one of the newest chains interested in hosting Spark Protocol.
Spark Protocol is the advanced DAI-centric lending engine, leveraging Maker's liquidity to fuel its operations.
— Maker (@MakerDAO) August 1, 2023
This collaboration will help DAI attain new heights. With a TVL of over $30 million and a growth rate of 12,500%, Spark is the ideal platform to boost DAI’s growth. It will likely influence MKR’s price positively.
Polygon zkEVM would help DAI to reach new highs.
With a TVL of over $30 million and a growth rate of 12,500% in two months, this proposal aims to leverage Spark's predictable rates and boost DAI within the Polygon zkEVM chain. pic.twitter.com/dkQ5fJU9TW
— Maker (@MakerDAO) August 1, 2023
Also, the SteakFi team published the latest Protocol Economics Report on August 2, revealing MakerDAO’s economic performance for June 2023.
The @SteakFi team has published the latest Protocol Economics Report, covering the performance of June!
Let's take a look at the key highlights from MakerDAO's economic performance in the previous month.
— Maker (@MakerDAO) July 31, 2023
According to the report, Maker DAO recorded massive success in 2023 with a cash flow of 2.8 million DAI and net protocol earnings of 2 million DAI.
• Revenue
June 2023 was Maker Protocol's best month of 2023.
The month concluded with a cash flow of 2.8 million DAI (excluding RWA off-chain revenue) and net protocol earnings of 2 million DAI. pic.twitter.com/C6WH9aQiTh
— Maker (@MakerDAO) July 31, 2023
Also, the amount of Real-World Assets (RWA) collateral supporting DAI increased in June, setting a new record with a value of 1 billion DAI.
• Real-World Assets
In June, the amount of RWA collateral supporting DAI experienced continued growth, surging to a new record of 1.87 billion DAI. pic.twitter.com/PQ1PFHOFM6
— Maker (@MakerDAO) July 31, 2023
This report shows that the network is in a strong position financially and is likely a reason behind its price increase.
Bulls Dominating the Market
MKR trend line confirms that the asset is in an uptrend on the daily chart. It is trading above its 50-day and 200-day Simple Moving Averages (SMA), a bullish trend for the asset in the coming days.
Its Relative Strength Index (RSI) value is 71.60 in the overbought region above 70, confirming the bullish trend and the strong buy sentiment in the market. The bulls are not relenting and continue to sustain the buying pressure in the overbought zone.
Also, the Moving Average Convergence/Divergence (MACD) is above its signal line and expresses a strong bullish sentiment.
MKR is trading close to the $1337 resistance level after finding support at $1223.48. A break above it will move to tokens to claim higher highs.
MKR will likely continue on its rally in the short term before it retreats from the overbought region for consolidation at some point, a sentiment expressed by the fading green Histogram bars.
Traders must be wary of bear traps as retracement could be brief for a short consolidation phase, not a sell signal.
Stacks (STX) – Reliable Smart Contract Bitcoin Layer
STX is trading at $0.610 at 11:28 am. EST, representing an increase of 2.6% in its price in 24 hours.
Stacks developers announced a Bitcoin Pitch competition on July 28, where users will learn, create, and pitch their ideas for improving the ecosystem.
The prices will range from $5,000 for the winner to $2,500 and $1000 for the second and third-place positions. This contest will likely boost its price as more users seek to join the contest and the ecosystem.
Also, the ecosystem’s quarterly report was released on August 2. According to the report, Stacks’ market cap is up 53.3% in the Year-To-Date (YTD) value driven by Bitcoin Ordinals and other activities.
The TVL attained its yearly high of $36.0 million, which can be attributed to the new bridges connecting Ethereum, BNB, ALEX B20, and USDT.
However, the Nakamoto release is still developing and aims to reduce block times, benefitting DeFi UX and helping Bitcoin liquidity issues.
Also, sBTC is still developing to give Stacks access to massive BTC liquidity via a trusted bridge.
Stacking was disabled for two cycles due to a bug in the stacking contract and re-activated in May. Overall, Stacks is positioned to meet the demands for Bitcoin programmability coming mainly from Ordinals and Trade-Fi interest.
This report can potentially support an STX rally in the coming days since it is largely positive.
Also, Allbridge released a Stacks token bridge connecting Stacks to 19 chains that include Ethereum, Polygon, and Solana. The work is backed by support from Daemon Technologies and Stacks Foundation grants.
This is another positive for the ecosystem and will also contribute to the positive movement of STX price based on its increased functionality.
STX Battling with The Bears at The $0.624 Resistance Level
STX is under severe pressure from the bears as it attempts to break above the $0.624 resistance level. However, the bears are active in the market as they still trade in the lower region of the Donchian Channel (DC), expressing a bearish sentiment.
Also, its RSI value is 47.36 in the neutral zone between the oversold region of 30 and the overbought region of 70. The indicator moves sideways, reflecting traders’ indecision and the keen contest between the bears and bulls today.
However, the MACD hints at an eventual price recovery as it ascends above its signal line and the Histogram bar changes to green.
STX will likely move to the upside if the bulls overcome the bears at the $0.624 resistance level.
Injective (INJ) – The Leading Finance Blockchain
INJ is trading at $8.08 at 4:47 pm EST with a 2.4% increase in its price in 24 hours. Its 7-day gains stand at 1.8%.
In a tweet, Injective gave its community tips for its auction on August 2. According to the information, 40% of trading fees on all trades executed on the Injective exchange dApps go to the dApp owners.
Had a few questions as to how the @Injective_ auction works, so here we go:
1) 40% of trading fees on all trades executed on the Injective exchange dApps go to the dApp owners,
2) Remaining 60% goes to the auction basket,
3) Each week, auction bidders bid for the collection of… pic.twitter.com/MO0wvhpgBs
— KAYO 🥷🐉 (@xHBKAYO) August 2, 2023
The remaining 60% of the trading fees enter the auction basket; auction bidders bid for asset collection from the previous week’s basket each week. These bids are placed with INJ tokens, boosting their price and value.
Also, when the auction closes every Wednesday, the winner receives the auction basket, and their INJ tokens are burnt and removed from the supply.
On July 29, Injective announced the launch of Project X.
Had a few questions as to how the @Injective_ auction works, so here we go:
1) 40% of trading fees on all trades executed on the Injective exchange dApps go to the dApp owners,
2) Remaining 60% goes to the auction basket,
3) Each week, auction bidders bid for the collection of… pic.twitter.com/MO0wvhpgBs
— KAYO 🥷🐉 (@xHBKAYO) August 2, 2023
Users can generate passive income by staking their INJ tokens with an APR of 14.96%.
5/10 One of the ways to generate passive income on Injective is #staking. Apart from staking rewards (current APR is 14.96%), $INJ stakers:
• contribute to the blockchain's security
• gain voting rights for participating in Injective governance
• become eligible for potential… pic.twitter.com/rC7JWL8ib6— Iryna | Everstake 🥷 (@iryna_everstake) July 29, 2023
Stakers contribute to blockchain security, gain voting rights for participating in on-chain governance, and are eligible for future airdrops.
Injective offers users access to analytical tools like the Injective Hub, Injective Explorer, and Smart Stakes analytics dashboard.
5/10 One of the ways to generate passive income on Injective is #staking. Apart from staking rewards (current APR is 14.96%), $INJ stakers:
• contribute to the blockchain's security
• gain voting rights for participating in Injective governance
• become eligible for potential… pic.twitter.com/rC7JWL8ib6— Iryna | Everstake 🥷 (@iryna_everstake) July 29, 2023
The rising utility of the INJ token in the ecosystem and beyond drives its price gains.
INJ Bears Losing Grip On the Market
INJ has formed a second consecutive green candle on the daily chart to shake off bearish pressure and move to the upside.
The bears at the $8.27 price level have limited their gains, but it found critical support as $7.89 above its 50-day SMA expressing a bullish signal.
Also, it trades above its 200-day SMA, suggesting that the bulls will likely return to force a long-term rally for the token.
Although the Stochastic Oscillator is close to the oversold region of 20 with a value of 23.9, it retraces into its channel, hinting at a possible recovery.
The MACD is still below its signal line, implying that sellers dominate the trading positions. However, the fading red Histogram bars confirm the return of the bulls.
INJ will likely rally in the coming days if it breaks above the $8.27 resistance level in the short term.
Bone (BONE) – The Unique Governance Token Aiding The SHIB Ecosystem
BONE is trading at $1.59 at 5:04 pm EST. It has gained 2.9% on its price in the past 24 hours, with its seven-day gains at 23.6%.
Its price action is affected by activities with the Shiba Inu ecosystem, and it relies on the SHIB Army to drive its gains.
BONE’s rally started after its listing on Changelly on July 20. It is now available on the spot and is tradable with over 500 altcoins.
$BONE has landed on @Changelly_team 🚀Unleash your #ShibArmy spirit and let your bark be heard through the Doggy DAO! 🗳️ 🐾 https://t.co/USmvub25ii
— Shib (@Shibtoken) July 21, 2023
Also, according to Shibburn, 2.9 Billion SHIB tokens were burnt in July, creating a positive ripple effect in the ecosystem. The burns occurred in 412 transactions, showing massive activity in the ecosystem.
🔥🔥🔥 2,094,566,264 $SHIB tokens have been burned in the month of July with 412 transactions. #shib pic.twitter.com/9qK8JweQgY
— Shibburn (@shibburn) August 1, 2023
Data from Puppyscan.io reveals that the Shibarium testnet exceeded 34 million transactions on August 2. The long-anticipated launch will likely send all Shiba Inu affiliated tokens into a bull run similar to the effect of halving on some other networks.
We just pass 34 million transactions! 🔥🔥🔥 #shib #bone #leash #bad #SummerOfShibarium pic.twitter.com/RFiSW5aLn8
— Pher.Shib (@phertoshi) August 2, 2023
Crypto analyst Ali Martinez revealed on Twitter that over 3.30 trillion SHIB tokens were withdrawn from top crypto exchanges in July. The value of these tokens amounts to $28 million.
#ShibaInu | In July, 3.30 trillion $SHIB were withdrawn from known #crypto exchanges, worth around $28 million! pic.twitter.com/k5TWVMVzUh
— Ali (@ali_charts) July 31, 2023
Based on investors’ sentiments, whales and other large holders often withdraw their tokens when they plan to hold them for the long term. These tokens are withdrawn to cold wallets.
The massive withdrawal reduces the selling pressure on the token and helps to build price gains over time.
BONE’s price often correlates to the price of SHIB, and its positive performance in the past week is likely affiliated with this development.
Also, Shytoshi Kusama, the lead developer, announced a new token launch along with Shibarium and encouraged some celebrities to join him in Toronto, Canada, at the Blockchain Futurist Conference.
$Amp #Amp @ampera_xyz @FlexaHQ It was a pleasure meeting you @trspalding @aaron at the #BlockchainFuturistConference pic.twitter.com/MeNDtMi8Vq
— Self Made (@Jkspry75) August 25, 2023
This conference will take place between August 15-16, 2023. Also, Kusama sent out a personal invitation to Elon Musk, a notable figure in the dog-themed crypto space. These collaborations will help to boost the value of $SHIB and BONE.
$Amp #Amp @ampera_xyz @FlexaHQ It was a pleasure meeting you @trspalding @aaron at the #BlockchainFuturistConference pic.twitter.com/MeNDtMi8Vq
— Self Made (@Jkspry75) August 25, 2023
Overall, BONE benefits from the increased activities within the ecosystem as more users adopt the tokens.
BONE Holds unto Price Gains
BONE is in an uptrend, forming higher highs despite the attempt from the bears to force a retracement. It is trading above the upper band of the Bollinger Band, expressing a strong bullish sentiment.
BONE rallied after finding strong support at the $1.2 price level. However, the bears at the $1.6 resistance level intend to limit their gains.
Its RSI value is 77.08 in the overbought region above 70, showing a strong buy signal for the token. The bulls relentlessly drive the token’s price up as more traders enter buy positions in the market.
The MACD is above its signal line, confirming the bullish trend, and the Histogram bars are green, showing a strong buy signal.
BONE will likely continue its positive price movement in the coming days. However, a slight retracement for consolidation is likely before it resumes its uptrend.
yPredict (YPRED)
yPredict is a crypto analytics platform backed by Artificial Intelligence (AI) that provides traders with vital trading insights and helps to maximize trading profit.
Also, it gives developers a platform to promote their elite trading models and realize a profit from their sales.
yPredict gives small-scale traders the right tools to compete against the whales and other market-controlling forces in the crypto market. Also, the platform safeguards its users from joining wash trades and rug pulls.
YPRED Token Offers Access to Platforms features and Massive ROI
YPRED is the utility token powering the AI-trading revolution. It grants users full access to all the exciting features on the platform.
Its presale ranks among the top crypto events in 2023, relying on the recent surge in AI adoption to bring high-quality trading analytics to the crypto space.
Users who hold YPRED tokens gain access to exciting features unavailable on many regular trading platforms.
It provides signals with high accuracy, helping traders reduce their losses. It is highly beneficial to beginners who do not understand the technicalities involved in trading.
Although these signals are not 100% accurate, they improve traders’ general performance, boosting their chances of success.
AI developers can seize this opportunity to market and promote their predictive models on the platform.
yPredict features only models from the top 1% of AI specialists worldwide to retain its top-quality status.
Also, users benefit from sentimental analysis, protecting them from rug pulls and low liquidity projects.
yPredict’s AI suggests the best indicators for trading each crypto coin to make the process more efficient and profitable. Also, it recognizes over 25 distinct chart patterns for several cryptocurrencies.
Users also access data graphs, giving them statistical information for proper market analysis, helping traders make a profit.
Staking is an additional feature on the platform, and users can stake their YPRED tokens for more rewards and passive income streams for participating in network security.
Users also control the amount of $YPRED in circulation, lowering it by staking. This reduces inflation and boosts the token’s long-term value.
YPredict features a Learn-to-Earn (L2E) model rewarding users for learning about crypto trading. Users receive YPRED tokens as rewards for completing educational modules.
It also provides users with a backlink estimator and keyword tool, increasing access to vital data for its users.
These tools boost users’ backlink count and show them tracking their competitors’ trading patterns.
Additionally, the editor gives vital keyword suggestions for trading and analytics.
These keywords make it easy for traders to join trends in real-time. Also, users can search for topics relevant to their trading preferences.
In a Tweet on August 2, yPredict celebrated the $3.28 token presale milestone and invited more users to join the AI-powered platform to benefit from its exciting features.
🚀📈 Exciting times in the world of crypto trading! Introducing yPredict ($YPRED), the revolutionary AI-powered crypto signal firm that's changing the game. With over $3.28M raised in its presale and a groundbreaking trading platform, yPredict is empowering retail traders with… pic.twitter.com/NY0pRBq5vn
— yPredict.ai (@yPredict_ai) August 2, 2023
YPRED Presales Ongoing
YPRED’s presale is ongoing and is in stage 7, with each token worth $0.1. The presale has attained $3.28 million out of its goal of $4.58 million, and the next price increase will move its price to $0.11, creating paper gains of 11.11% for its early investors. It will list at $0.12.
Users can purchase the tokens with ETH, MATIC, USDT, BNB, or bank cards.
Cowabunga (COWABUNGA)
The meme coin rally of 2023 has ushered in a wave of exciting projects that seek to reward early investors, with Cowabunga topping the list.
Cowabunga Coin is an exciting crypto project on presale, drawing inspiration from the successful TV series Teenage Mutant Ninja Turtles (TMNT).
It hopes to associate the positive feelings of TMNT viewers with the project, relying on its captivating roadmap.
The TMNT franchise enjoyed massive success beyond the screen, with dedicated merchandise and toys creating a cult-like followership.
Now, these turtles are here to take the crypto world by storm with a project code-named Cowabunga, just like the TV series Stealth, and a master plan often translates to success.
The Cowabunga team continues its massive expansion, announcing its presence on social media with its Twitter and Telegram accounts and increasing followership daily.
TMNT Driving Cowabunga’s Success
Cowabunga Coin’s token distribution is structured with the famous TMNT characters. Each turtle holds a vital project sector with a total token supply cap of 4 billion tokens.
Leonardo is the group’s fearless leader, handling the presale stage with 1.2 billion tokens reserved for early investors. This provides a potential profit opportunity, with the price likely to increase when it lists on exchanges, thus rewarding early investors.
Donatello handles the smooth transaction processes within the ecosystem and preserves the 800 million tokens for future liquidity. These reserved tokens ensure that trading activities within the ecosystem are hitch-free.
Michelangelo embodies the token’s fun side and community spirit, with 1 billion tokens reserved for community rewards and airdrops.
These tokens will infect the community with joy and all-round happiness, driving massive adoption in the wider crypto community.
Raphael backs the ecosystem with a strong defense reflected by the 600 million set aside for centralized exchange listing.
Like the turtles’ eventual triumph against the Foot Clan, this liquidity safeguards its listing potential on major exchanges, boosting user accessibility.
Casey Jones is the last guardian of the ecosystem, showcasing the spirit of friendship and the importance of allies on this journey with 400 million tokens reserved for key partnerships with notable brands.
Cowabunga Coin plans to use these partnerships to broaden its horizons, enable worldwide adoption, and increase the value of its tokens.
$COWABUNGA, the utility token, is available, presenting investors with opportunities to profit from the presale.
Presales and Ecosystem Goals
1 COWABUNGA token is worth $0.000357 with a minimum purchase of 100 tokens at the benchmark. The presale goal is to raise $500,000 from early investors, likely earlier than expected due to rising interest.
According to its exciting roadmap, the next phase will focus on increasing the coin’s trading volume and driving the expanding community to success.
Next is the anticipated centralized exchange listings with strategic marketing to aid its visibility and adoption.
Investors can purchase these tokens with Ethereum using ETH-compatible wallets, USDT, or BNB, depending on their preferences.
However, Trust Wallet is the best option for mobile users, and Meta Mask is a reliable choice for desktop users.
Early investors can benefit from COWABUNGA’s low price to accumulate many tokens and anticipate its rewards ahead of its eventual launch and likely price increase.
Conclusion
Today’s top gainers benefit from positive factors in their ecosystem and traders’ sentiment with increased trading volume.
Also, the general crypto market outlook is more positive, with market leader Bitcoin showing signs of recovery.
Also, exciting presales are ongoing, offering users opportunities to diversify their investments and join a potentially successful project.
However, all investments carry certain risks, and due to crypto trading volatility, proper risk management techniques and research are vital tools for successful traders.
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