Top Trending Crypto Coins on DEXTools

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Amid ongoing trading activities, the crypto market capitalization is currently trying to record more gains. The market is now down by 1.09% over the last 24 hours, with traders exerting efforts to steer the market into more favorable territory. Although the overall market performance may appear subdued, a few crypto assets are displaying relatively strong performances and solidifying their positions. These will form the base of the top trending coins.

The trending cryptocurrencies on DEXTools align with the sentiments of other cryptocurrency market observers. Across various categories, there are crypto assets that are demonstrating strong performance, attracting the attention of traders and investors to their respective networks. While their strengths may vary, their true potential can only be fully understood by engaging with these assets.

Chinese investment fund operators are actively exploring alternative sources of capital in regions like the Middle East and beyond, according to fund managers. This strategic shift has the potential to reshape the direction of investment flows, uncommonly as diplomatic tensions and other uncertainties prompt many US investors to reduce their exposure to China.

Seven prominent China equity funds, encompassing hedge funds and mutual funds with a combined asset value exceeding $500 billion, informed Reuters that they have embarked on visits to the Middle East this year with the goal of securing investment, with three of them doing so for the first time.

The retraction of US investors and businesses from the Chinese market, driven by various risks and uncertainties, has compelled Chinese funds to seek diversification in their sources of capital, reducing their reliance on US investments.

This quest for fresh capital has the potential to impact Asia’s hedge fund landscape, where Chinese firms currently account for over half of the market share. Additionally, it could prompt brokers and ancillary service providers to adjust their focus to cater to the growing demand for services related to the Middle East.

1. Wall Street Memes (WSM)

The prominent top trending cryptocurrency, Wall Street Meme, announced that it will buy back $1 million worth of WSM tokens in a program set to commence on October 11 at 18:00 UTC.

Going by the platform’s recent tweets, these repurchases are already in progress, with $1 million worth of tokens scheduled to be transferred to the rewards wallet on October 11, aimed at funding community incentives.

These buybacks are expected to exert short-term upward pressure on market demand, potentially benefiting the near-term price outlook for WSM. Importantly, it’s worth noting that these buybacks will not result in token burning, so the supply of WSM will remain unchanged. Nevertheless, the increased allocation for community incentives is poised to support the long-term growth of the Wall Street Memes community, ultimately enhancing the prospects for the WSM token price.

2 DAYS TO GO UNTIL A MASSIVE $1M OF BUYBACKS IS COMPLETED! 🔥 $WSM 🚀

Buy Now ➡️ https://t.co/ffr2clEknx pic.twitter.com/TYzb8bsABF

— Wall Street Memes (@wallstmemes) October 9, 2023

WSM has consistently been on DEXTools’ leaderboard since the day it launched. Investors have so much confidence in the token’s ability to lead the market gainers for a long time to come.

2. Ocean Token (OCEAN)

Ocean Protocol (OCEAN) is currently valued at $0.291360, accompanied by a 24-hour trading volume of $59,041,593.90. This reflects a decrease of -2.56% in the price over the last 24 hours and a -6.67% decline over the past seven days. The circulating supply of Ocean Protocol is approximately 430 million OCEAN tokens, contributing to a market capitalization of $126,269,171.

The daily trading volume for Ocean Protocol (OCEAN) currently stands at $55,687,836, indicating a substantial increase of 404.90% compared to the previous day. This suggests a recent surge in market activity.

The highest historical price paid for Ocean Protocol (OCEAN) was $1.93, recorded on April 10, 2021, over two years ago. In comparison, the current price is approximately -84.71% lower than the all-time high.

On the opposite end, the lowest recorded price for Ocean Protocol (OCEAN) was $0.01284832, registered on August 11, 2019, approximately four years ago. In contrast, the current price represents a significant increase of roughly 2,196.80% from the all-time low.

Ocean Protocol (OCEAN) holds a market capitalization of $125,610,958, securing its ranking at #204 on CoinGecko today. Market capitalization is derived by multiplying the token’s price by the circulating supply of OCEAN tokens, with 430 million tokens actively tradable on the market.

The fully diluted valuation (FDV) of Ocean Protocol (OCEAN) stands at $408,065,667. This figure represents the theoretical maximum market capitalization, assuming that the full allotment of 1.4 billion OCEAN tokens is currently in circulation. The realization of this fully diluted valuation could take several years, depending on the token’s emission schedule.

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— Ocean Protocol (@oceanprotocol) October 10, 2023

In terms of price performance compared to its peers, Ocean Protocol (OCEAN) has exhibited a 7.10% decline in the past seven days, putting it behind the global cryptocurrency market, which experienced a 0.70% downturn. Furthermore, it underperformed when compared to similar cryptocurrencies within the Polygon Ecosystem, which remained relatively stable with no change.

The sentiment within the community appears to be bullish, with over 100% of users expressing a positive outlook for Ocean Protocol (OCEAN) today.

3. Banana Gun (BANANA)

Banana Gun (BANANA) is another cryptocurrency that has been making headlines in the market. It has created a credible alternative investment within the crypto landscape when traders search for the most trending cryptocurrency.

As of the latest data, Banana Gun (BANANA) is currently priced at $6.72. However, over the past 24 hours, the cryptocurrency has experienced a notable decline of 9.05%, while the slide has extended to 11.09% over the last seven days. Such price fluctuations are common in the volatile world of cryptocurrencies, and they reflect the dynamic nature of this market.

Banana Gun (BANANA) has seen a 24-hour trading volume of $962,402.82, indicating active trading activity within the cryptocurrency. Notably, this volume represents a substantial 74.40% increase from the previous day, suggesting heightened market participation.

In terms of market capitalization, Banana Gun holds a value of $16,120,783, ranking it at #697 on CoinGecko. Market capitalization is calculated by multiplying the token’s price by its circulating supply, which, in the case of BANANA, stands at 2.4 million tokens available for trading.

Banana Gun’s all-time high price of $13.60 was achieved on September 17, 2023, just 22 days ago. However, the current price of $6.72 represents a 50.62% decline from this peak. On the other hand, the all-time low of $6.31, recorded on October 10, 2023, approximately two hours before this analysis, reflects a 6.48% increase compared to the lowest price in its history.

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The fully diluted valuation (FDV) of Banana Gun (BANANA) is estimated at $66,528,886. This calculation considers the maximum market capitalization, assuming the entire supply of 10 million BANANA tokens is in circulation. However, it’s important to note that the realization of this fully diluted valuation may take several years, depending on the emission schedule of BANANA tokens.

Despite the current situation, the market is bullish about BANANA. Bulls are merely contending with the overall market situation and not BANANA in particular. A recovery is expected soon.

What Might Be The Next Top Trending Crypto?

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