Top Trending Crypto Coins on DEXTools - Baby Shiba Inu, Wrapped ETH, Test

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Since yesterday, the cryptocurrency market has experienced a slight increase in selling activity. The crypto fear and greed index has undergone a minor correction, decreasing by 2 points since the previous day. The index remains within the fear zone, registering a 39 out of 100 score.

The global cryptocurrency market cap has decreased to approximately $1.05 trillion, marking a decline of 1.43% over the past 24 hours. Bitcoin (BTC) has dropped 1.76%, with its value reaching $26,002. Similarly, Ethereum, the largest cryptocurrency by market capitalization after Bitcoin, has declined by nearly 2%, trading below the $1,650 mark.

Bitcoin has shown signs of stabilization after its significant drop on August 18th. Currently trading above $25,000, there are indications of a bullish correction in the market. This trend could lead to a climb in Bitcoin’s price to around $27,400, with further potential to reach levels like $28,650 or even $30,300.

However, it’s also important to consider the possibility of a bearish reversal. In such a scenario, Bitcoin’s price could experience a decline from its current level of $25,450 down to approximately $24,100.

The overall mood of the market suggests an upward tick for crypto coins. Let us see what the top trending cryptos on DEXtools have for us.

1. Baby Shiba Inu (BABYSHIB)

Baby Shiba Inu ($BABYSHIB) is a decentralized meme coin that pays tribute to the well-known Shiba Inu breed. Launched on August 16, 2023, this coin emerged amidst the buzz surrounding the upcoming main net launch of Shibarium, the anticipated blockchain of Shiba Inu.

The coin operates within a fully decentralized framework with a total supply of 420 million ($420,000,000) $BABYSHIB tokens. Transactions involving $BABYSHIB entail a 1% tax on buying and selling. The proceeds from this tax are dedicated to marketing initiatives and advancing the development of the Baby Shiba Inu project.

The liquidity of $BABYSHIB is perpetually burned, contributing to its inherent value and security. Furthermore, the coin’s contract is renounced, safeguarding investors’ funds to the highest degree.

Functioning as a decentralized and community-driven meme coin, Baby Shiba Inu employs memes to generate change within the crypto domain. Its overarching mission is to recapture the essence of cryptocurrency by emphasizing its core principles, particularly decentralization.

2. Wrapped ETH (WETH)

Wrapped ETH (WETH) is an Ethereum-based token designed to address a key distinction between ETH and ERC-20 tokens. While ETH serves as the native cryptocurrency of the Ethereum network and is not an ERC-20 token, many decentralized applications and platforms in the Ethereum ecosystem require tokens to adhere to the ERC-20 standard for compatibility and integration purposes. This need prompted the creation of Wrapped ETH.

Wrapped ETH operates on the Ethereum blockchain, offering decentralized finance (DeFi) capabilities within the Ethereum network. Its main purpose is to enable easy transfers of assets between the Ethereum blockchain and other blockchains that support the ERC-20 standard. WETH is pegged 1:1 to ETH, ensuring its stability in terms of value. This pegging means that 1 WETH is always equal to 1 ETH, and WETH can be redeemed for ETH at any time.

Since Wrapped ETH follows the ERC-20 standard, it inherits the sustainability and liquidity characteristics of ERC-20 tokens. It can be seamlessly used in various DeFi protocols, liquidity pools, decentralized exchanges, and other Ethereum-based applications. Additionally, the token allows users to exist on multiple blockchains simultaneously and access different price points, which is not feasible with traditional tokens tied to a single blockchain.

The appeal of Wrapped ETH lies in its compatibility with various applications and its ability to bridge the gap between different blockchain ecosystems. This peculiar appeal has garnered interest and investment from the crypto community. The total Wrapped ETH (WETH) tokens supply is 3,900,000 WETH coins.

Hot Pairs on DEXTools

3. Test (TEST)

The TEST token is a unique and accidental creation that emerged during the development phase of a decentralized finance suite of tools by the Italian company Fornace. Originally described as “TESTTOKENDONOTBUY,” the token gained unexpected popularity and a community formed around it, leading to further development and utilization.

The accidental creation of the TEST token led to its adoption by a user base despite the initial intention for it not to be bought. To accommodate the growing interest, the development team created a smart contract for the token, enabling its functionality within the crypto ecosystem. Subsequently, additional decentralized finance tools were developed to enhance the user experience.

One of the notable developments is the “Fools’ tool,” designed to simplify decentralized finance processes for users. This tool enables users to monitor asset prices, utilize crypto exchange aggregators, analyze profits and losses, and access various features. However, access to the Fools tool is limited to TEST token holders.

The TEST token operates on the Binance blockchain with a 12% slippage. Transactions involving the token incur a 12% tax, with 9% of the tax allocated to the platform’s liquidity pool and the remaining 3% redistributed to TEST token holders.

The Fools tool will introduce several new features in the coming months, including multi-chain support, referral programs, multi-language support, and interoperability. Despite its accidental origins, the TEST token and its associated tools have gained attention and are evolving to offer unique features to its user community.

4. Pepe (PEPE)

PEPE is a deflationary memecoin that has gained traction on the Ethereum blockchain. As a tribute to the Pepe the Frog internet meme, the project aims to capitalize on the popularity of meme coins in the cryptocurrency space, drawing inspiration from other successful meme-based cryptocurrencies like Shiba Inu and Dogecoin.

One of the key features of PEPE is its no-tax policy, which differentiates it from other tokens that impose transaction taxes. This policy is intended to make transactions smoother for users. Additionally, the project has implemented a redistributive system that rewards long-term stakes, fostering engagement and participation within the community.

PEPE employs a burning mechanism to maintain scarcity and value, periodically reducing the coin’s total supply. This approach aligns with the broader deflationary concept gaining popularity among cryptocurrency projects.

PEPE experienced a significant surge in its market capitalization, reaching a high of $1.6 billion in late April to May 2023. This surge attracted attention from investors, making early holders millionaires and garnering a strong community following. This phenomenon also led to what some call a “memecoin season,” wherein other memecoins saw dramatic price increases and subsequent decreases.

The PEPE project has outlined a three-phase roadmap for its development. Phase one includes goals such as getting listed on CoinMarketCap and gaining traction on Twitter. Phase two involves securing listings on centralized exchanges (CEXs), which can enhance the token’s accessibility and visibility. Finally, phase three of the roadmap entails achieving listings on “tier 1” exchanges and executing what the team terms a “meme takeover,” indicating an ambitious expansion of their influence within the meme coin space.

As with any cryptocurrency investment, potential investors must conduct thorough research and exercise caution due to the market’s volatility and speculative nature.

What Might Be the Next Top Trending Crypto?

$SONIK has emerged as a distinctive presence in the cryptocurrency landscape by effectively merging the vibrancy of meme culture with the dynamic realm of crypto. This fusion is orchestrated by a team of passionate crypto enthusiasts who share a collective conviction in the power of memes and the untapped potential within the crypto arena. $SONIK aims to propel its digital rocket to new heights, charting an uncharted course through the evolving territories of meme culture and cryptocurrencies.

🦔💨 Ready, set, #SONIK!

gotta buy now – https://t.co/s1fTdXDQCK #MemeCoin #CryptoMemes #Presale pic.twitter.com/iyPnaujjti

— SONIK COIN (@Sonikcoin) August 20, 2023

More than a conventional digital token, $SONIK embodies spontaneity, creative freedom, and limitless opportunities. It draws inspiration from meme culture’s audacity and unfiltered nature, channeling these qualities into a symbol of innovation and boundless potential. This convergence serves as a beacon for those who value exploration, curiosity, and a willingness to push the boundaries of traditional paradigms.

The synthesis of meme culture and the crypto domain within $SONIK creates a platform that resonates with the spirit of unbridled exploration and endless possibilities. Through this fusion, $SONIK offers an avenue for individuals to engage with the world of memes and the evolving landscape of cryptocurrencies, fostering a sense of adventure and camaraderie among its community members.