{"id":371067,"date":"2023-01-23T15:33:05","date_gmt":"2023-01-23T20:33:05","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=371067"},"modified":"2023-01-31T09:27:00","modified_gmt":"2023-01-31T14:27:00","slug":"biggest-crypto-gainers-today-january-23-rvn-fxs-memag-fght-cchg-taro","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/biggest-crypto-gainers-today-january-23-rvn-fxs-memag-fght-cchg-taro","title":{"rendered":"Biggest Crypto Gainers Today January 23 – RVN, FXS, MEMAG, FGHT, CCHG, TARO"},"content":{"rendered":"

After pumping for well over two weeks, the crypto market found some stability recently and amidst this, there were still a bunch of tokens that managed to climb up the price ladder. In this article, we’ll take a look at these coins along with several other tokens currently in their presale stage.<\/p>\n

Biggest Crypto Gainers Today January 23<\/strong><\/h2>\n

1. Ravencoin (RVN)<\/strong><\/h3>\n

Ravencoin (RVN) is a software platform that enables users to create a new class of crypto assets, by incentivising a network of computers to operate a system. These assets can include securities, collectables, gold, event tickets, and even airline miles.<\/p>\n

Ravencoin was launched in 2018 as an open-source fork of Bitcoin<\/a>‘s codebase, with modifications to the code to add additional features for different goals. These changes include one-minute block times, a block reward of 5,000 RVN and a maximum supply of 21 billion RVN.<\/p>\n

The network is secured through a variation of the Proof-of-Work (PoW) consensus mechanism called KAWPOW, which aims to lower the barrier to entry to mining on its network. Ravencoin also provides the ability for token creators to message holders of their tokens.<\/p>\n

\"RVN<\/p>\n

Ravencoin has recently reached a crucial point in its market performance, with its price currently up 13% at $0.029, over the week. This has led to speculation that investors may purchase RVN tokens, with the potential for the price to reach $1.00 in the future.<\/p>\n

The Ravencoin price had previously struggled to achieve positive growth due to resistance from moving averages, but RVN bulls were able to break through this resistance. The overall outlook for Ravencoin’s performance remains optimistic, supported by a buy signal from the Moving Average Convergence Divergence (MACD) indicator and an upward momentum indicator.<\/p>\n

However, traders should exercise caution as there is a sell signal on the 4-hour chart indicating a weakening uptrend in the short term. The next confirmation for an uptrend would be an increase above $0.03. The transition to $1 will depend on the performance of the larger cryptocurrency market in 2023.<\/p>\n

2. Frax Share (FXS)<\/strong><\/h3>\n

Frax Share is a governance token of the Frax Protocol, which is an ecosystem that combines algorithmic technology and collateral. The goal of the platform is to create a decentralized algorithmic currency that can replace cryptocurrencies like BTC.<\/p>\n

Frax Share is one of the tokens in Frax Protocol’s ecosystem and is a fractional algorithmic stablecoin, and has both a collateral side & an algorithm-controlled side. FXS can calibrate its collateral ratio depending on the value of Frax Share.<\/p>\n

Despite experiencing growth along with the overall bullish market, Frax Share fell by 90% from its all-time high of $41.09 in January 2022. However, the token has since recovered and has gained 17% over the past week.<\/p>\n

The Frax Share token (FXS) serves as the governance token for the protocol. It is meant to be volatile since it is non-stable, but it holds rights to governance and all utility of the system. It is responsible for dictating the upside and downside utility of the system, where the delta changes in value are always stabilized away from the FRAX token itself.<\/p>\n

\"FXS<\/p>\n

The token supply for FXS was set at 100 million but given the deflationary of the token and the fact that FRAX is minted at higher algorithmic ratios, the token supply will only contract over time. Therefore, as the demand for FXS tokens grows, the token will become more deflationary, consequently, increasing the demand for the token.<\/p>\n

3. Meta Masters Guild (MEMAG)<\/strong><\/h3>\n

Meta Masters Guild<\/a> is a gaming platform building infrastructure to sponsor experienced gamers with scholarships that can be used to participate in play-to-earn games. The revenue generated from these games can then be used for a variety of different things within the ecosystem.<\/p>\n

The community is excited about the potential of the project and has managed to raise over $1 million in the presale so far. The presale is being conducted in a series of different stages, meaning that those who contribute at the earliest stages are able to reap the best rewards and acquire tokens at the cheapest price.<\/p>\n

\"MEMAG<\/p>\n

The project is also building the world’s first dedicated Web3 mobile gaming platform, which is expected to have a focus on fun over tokenization and earning mechanics. It already has three games in development and plans to invite indie studios and developers to join its ecosystem.<\/p>\n

In addition, the project also emphasises creating an in-game currency that will relieve consistent selling pressure on MEMAG that has sunk other P2E tokens. Players will receive GEMS as rewards for their in-game achievements, which can also be used to purchase and upgrade assets and be converted back to MEMAG.<\/p>\n

These approaches are expected to help the project attract a large number of players and investors who are looking for a fun and engaging gaming experience.<\/p>\n

Popular Crypto YouTuber Jacob Bury has recently uploaded a video analyzing the MEMAG project.<\/p>\n