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Recently released US jobs data left stocks unchanged on Friday. Traders were shocked by the unexpected reports, therefore the market ended the week lower than it started. The US Federal Reserve has yet to find a lasting solution to the escalating inflation rate. The Feds are expected to raise rates this month and next after waiting until last month.
The result of the stock market crash was felt almost immediately in the crypto market. The crypto market is currently up 0.20% according to CoinMarketCap. Data on CoinMarketCap also reveals an impressive outflow from the crypto market today. Investors seem to be actively looking for alternative investments. They also promote new crypto projects.
Whether the crypto market will hold investors' attention for the long term depends on a number of factors. First, investors must have enough confidence in the market to hold assets for the long term rather than throwing them away at the slightest jolt. Increased market activity will also increase their appetite for risky assets once the value of individual tokens strengthens.
The great global financial market will continue to monitor events in the world's largest economy to see how it influences other markets. Rising energy and food costs are also putting eurozone economies under pressure. These factors influence investors' appetite for the crypto market in various ways.
The next cryptocurrency to explode
1. The Thug Life (THUG)
Amid the big win for regular crypto assets, regardless of category, projects in the pre-sale stage are also doing incredibly well. Since AiDoge rounded up ahead of schedule, a few other projects have picked up the pace. Memecoin projects in particular.
Thug Life is currently under our radar. The project raised nearly $700,000 while selling for $0.0007.
The hype around this particular asset is quite different. It is labeled the "baller memecoin". It embraces and promotes the "thug life" of hip-hop, exemplified by music stars in this genre of music.
The project pokes fun at missed opportunities to invest in certain memecoin projects early on. These include projects like Pepe. He urges the crypto community to adopt the attitude of a gangster to deal with the situation.
While the presale was launched recently, the fund it has raised underlines the popularity it has gained so far. This project has an absolute cap of $2 million. That means it won't hang around for long like some others. Investors looking to rock a gangster look might want to jump on the Thug Life bandwagon right now.
2. ShibaSwap Bones (Bones)
ShibaSwap's BONE topped today's list of winners because of the incredible innovations surrounding it. Investors look to the future with relative excitement.
Shiba Inu Development Manager Shytoshi Kusama announced on Friday that the Shibarium mainnet will launch in August. According to him, it will be released alongside the Worldpaper. This caused the price of the Shibarium Essence Token to jump 25% in the past 24 hours. The gas token, BONE, and the native token, SHIB, have together broken through key resistance levels since then and they are preparing for rallies.
During the announcement, Kusama noted that the expected Shibarium L2 protocol could be launched at the Blockchain Futurist Conference to be held next month in Toronto. The excitement of SHIB wearers was felt everywhere on social networks. They asked the question "wen Shibarium"? On almost every Shiba Inu-related Twitter post.
Note that the Shibarium project has been in the development phase for many months. The first fruit of the development team's efforts was seen in the launch of the Puppynet testnet.
To date, the Puppynet testnet has crossed 25 million transactions. Such an increase in transactions on Shibarium shows that there is an increased demand for the network. The direct effect is that it increases the price of SHIB and BONE in the long run.
Once the Shibarium launches, the Shiba Inu ecosystem will become more decentralized. The community will then take over the decision-making process and direction of the ecosystem. Investors who want to be part of that future and who have not yet purchased BONE may want to do so now.
3. Avalanche (AVAX)
Avalanche started to do exceptionally well heading into the weekend. It is one of the major cryptocurrencies that has seen its price skyrocket in the last 24 hours. According to CoinMarketCap, the asset is up over 8% today and is trading at $13.73. It is now showing incredible strength against Bitcoin and Ethereum. The current price of the asset is near its daily high of $13.77. The market now expects the price to break above the daily high and beat it by a considerable percentage before the end of the weekend.
AVAX has now broken above the major resistance below which it was standing at $13.69. The market will be watching closely if it stays at its current price level for long. It had already fallen below its resistance level for a brief moment before rising again. But technical information is pointing to signs that the token is now in a bullish zone, perhaps for a short time.
AVAX's 9-day exponential moving average has been observed to cross with bullish force its 20-day exponential moving average over the past 24 hours. If this bullish momentum holds for long, the $13.69 resistance line could turn into support within the next 48 hours. If there is more buying pressure, we could see the token hit $15.35 in about a week.
However, if AVAX fails to hold above $13.73 for an extended period, the next few days could see it turn risky. We could see it falling back to the 9-day exponential moving average line. If this trajectory continues, AVAX could hit $12.93.
Sustaining the gains made requires the effort of traders and investors as expected. Investors who want to be part of it should join the train.
4. ApeCoin (APE)
ApeCoin is one of the market favorites this year and it is making an impressionable mark. The asset, APE, is currently up 7.08% in the market and is selling at $2.01. THE next cryptocurrency to explode is showing signs that it could hit $5 at some point this year.
After a slight descent over the past 48 hours, the rally ApeCoin has seen within 24 hours has left the market stunned and confident at the same time. Investor confidence is therefore on another level.
As an ERC-20 utility and governance token, ApeCoin plays an important role in the APE community. ApeCoin started to get a lot of attention when NFTs gained momentum and dominated the crypto space.
To ensure that it does not float and is not at the mercy of inconsistent market factors, the developers of ApeCoin have implemented strategies that will improve the usefulness of the token. These strategies include giving third-party developers the ability to incorporate its use into their games, services, and any other projects they may be working on. Additionally, they have created a fund within the ecosystem that will support any project using the coin.
These implemented initiatives contribute greatly to the rise of ApeCoin. They also align the token with the growing demands of NFTs and other ecosystems associated with them. ApeCoin's development team has positioned it as an important part of the larger crypto market by establishing partnerships and offering the necessary resources.
Wall Street Memes - Next Big Crypto
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