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The global market capitalization has experienced a remarkable rebound, reaching $1.06 trillion, representing a 1.32% increase in the past 24 hours. It is a welcome development given what was happening in the market Thursday.
In the past 24 hours, the total trading volume in the cryptocurrency market has fallen by 4.19% to $25.5 billion. Within this volume, the decentralized finance sector accounts for $2.36 billion, representing 9.24% of the total crypto market’s daily trading volume. In addition, stablecoins contribute significantly, with a volume of $23.96 billion, representing 93.97% of the cryptocurrency market’s total 24-hour trading volume.
Bitcoin (BTC), the leading cryptocurrency, has seen its dominance in the cryptocurrency market grow. It currently has a dominance of 48.58%, reflecting a 0.40% increase over the past day.
Asian stock markets suffered a decline on Friday, mainly due to a fall in technology stocks amid escalating tensions between the United States and China. At the same time, the US dollar was on track to post its longest winning streak in nine years as investors prepared for higher US interest rates in the near future.
In Europe, equity futures signaled a potential rebound in market openings. Futures for Eurostoxx 50 showed an increase of 0.21%, while those for the German DAX showed an increase of 0.18%. Conversely, FTSE futures showed a small decline of 0.07%.
Next cryptocurrency to explode
Investor attention has focused on European Apple suppliers (AAPL.O) following recent news that China would restrict the use of iPhones by government employees. Apple had witnessed a sharp drop in its market cap, losing approximately $200 billion in two days. On Friday, concerns about protectionist measures contributed to downward pressure on Asian supplier stocks.
1. Wall Street Memes (WSM)
On May 26 this year, Wall Street memes, known for his viral memes on platforms like Instagram and Twitter, revealed his foray into the world of meme coins. The meme coin’s Initial Exchange Offer (IEO) is scheduled for September 27, and the pre-sale phase has already attracted more than $25 million in funding.
How are they still bending? pic.twitter.com/QVDvM7dsfb
— Wall Street memes (@wallstmemes) September 7, 2023
This cryptocurrency venture isn’t the company’s first; in 2021, Wall Street Memes rose to prominence with its NFT collection ‘Wall St Bulls’, which remarkably sold out within thirty minutes. In 2023, the company continued its NFT efforts by listing its Wall St Bulls Ordinals NFTs on Magic Eden.
The initial price for each $WSM token was $0.025 and has since risen to $0.0337. The presale phase is expected to be completed in the coming weeks, with the IEO to follow soon after.
With a significant social media following of one million followers, Wall Street Memes has gained significant support for its meme coin project.
The company has laid out a clear roadmap for its meme coin. The entire token supply will be distributed to the community, with half earmarked for presale and the remaining split between liquidity and community rewards. Currently, 289 million tokens have been added to the stake pool, projecting an estimated annualized return (APY) of 69%.
It is striking that Elon Musk engages in Wall Street Memes on Twitter. However, it does not confirm anything, prompting speculation that WSM could be listed on major exchanges in the future, similar to other trending meme coins.
Visit Wall Street memes.
2. XDC Network (XDC)
XDC Network, formerly XinFin Network, represents a blockchain platform that merges the most beneficial features of public and private blockchains. The primary goal is to facilitate efficient financial services using state-of-the-art blockchain technology and robust infrastructure.
The network operates on a Delegated-Proof-of-Stake (XDPoS) consensus mechanism and delivers fast transaction processing, interoperability, and enhanced security capabilities. With a remarkable capacity of processing up to 2000 transactions per second (TPS), it also extends support for interoperable smart contracts. It integrates seamlessly with the Ethereum Virtual Machine (EVM), allowing users to effectively expand their projects.
The XDC network enjoys strong support from a diverse spectrum of participants, including digital wallets, decentralized applications, and cryptocurrency exchanges.
To reach a valuation of $10, XDC would need to experience a 333-fold increase. At the moment, the market capitalization of XDC is said to be $138.44 billion. Assuming a consistent growth rate of 25% per year, it would take approximately 8.6 years to reach the $10 milestone.
Given the precedent set by Bitcoin, which witnessed a remarkable 1,400-fold growth in a decade, it is conceivable that a cryptocurrency like XDC will achieve 333-fold growth within the span of 8 to 9 years. Thus, under favorable market conditions, there is a reasonable probability that XDC will reach the $10 mark within the specified period and become the next cryptocurrency to explode.
According to CoinMarketCap, the token is currently up 4.14% on Friday.
3.Cronos (CRO)
The native token of the Cronos blockchain, Cronos (CRO), has seen a 3.01% price increase over the past 24 hours, reaching $0.0516. This puts CRO in the top 50 cryptocurrencies by market capitalization, with a total market capitalization of $1.30 billion. This analysis takes a closer look at the essential metrics influencing CRO price dynamics and provides insight into its potential future movements.
First, CRO’s trading volume over the last 24 hours stands at $1.12 million, indicating continued interest in the cryptocurrency. There has been a small price drop of 0.27% in the past hour, likely a slight correction after the day’s gains. Zooming out to a broader perspective, CRO has experienced a 3.82% decline over the past week and a more substantial 13.54% decline over the past month. Over the past six months, the losses have been greater: a total of 30.84%.
Examining CRO’s price chart reveals a long-term downward trend since the all-time high of $0.96 in November 2021. However, focusing on the shorter-term 4-hour chart reveals a possible reversal pattern emerges. CRO has formed a double bottom around the USD 0.048 level, in line with the 2022 low. This double bottom pattern and the recent breakout above USD 0.05 indicate strengthening bullish momentum.
A break above the USD 0.06 level would soon confirm the start of a new bullish trend, likely propelling the CRO to its previous all-time high within the next 9-12 months.
4. Dash (DASH)
Like numerous other cryptocurrencies, DASH remains significantly affected by market fluctuations and exhibits a high degree of vulnerability. Expert opinions and price predictions on DASH’s future potential vary, making its growth trajectory highly unpredictable. Nevertheless, it cannot be completely ruled out that the price of DASH may show consistent growth over time.
DASH is currently valued at around $26.32, indicating an opportune time for investment, especially for experienced swing traders. To get a deeper understanding of DASH’s price predictions, it’s advisable to dive into its historical performance.
One of the advantages of DASH lies in its extensive listing on many exchanges, which increases its sustainability. The token has shown robust trading volume of $35.7 million in the past 24 hours. While many experts consider it a bullish asset, DASH collects evaluations from millions of individuals, positioning itself as a preferred digital asset choice.
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Wall Street Memes – Next Big Crypto
- Early access presale now live
- Established community of stock and crypto traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Rated as the best crypto to buy right now in the meme coin sector
- Team behind OpenSea NFT Collection – Wall St Bulls
- Tweets answered by Elon Musk
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