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For months, the crypto market has been on a rocket-fueled bullish trend, with Bitcoin reaching new all-time highs and pulling the price of other cryptocurrencies along with it – particularly memecoins, which have raged like wildfire. However, the past few days have seen major price retracements across the market, led by $BTC’s strong downward momentum. Still, a few coins such as $SOL, $NEAR, $TON, and the popular memecoin $GFOX have managed to perform relatively well this week and avoid the worst of this storm.
$SOL
Solana ($SOL) was designed in March 2020 as a cheaper alternative to the Ethereum network. Over the last few weeks, $SOL has had an impressive price surge of over $200 for the first time since December 2021, almost 25% less than its all-time high in November 2021.
It is not a surprise that the increased demand for Solana-based tokens has influenced the surge in the network’s activity and subsequently $SOL’s price. Over the last few weeks, the Solana network has seen a surge in the number of SPL tokens.
As of the time of writing, $SOL is trading at $166 with a 24-hour market cap of $82.18 billion. While that may sound like a significant drop, past trends show that whales often seize this opportunity to capitalize on profits and sell their holdings. So, the current $SOL downturn may result in a massive move by whales to buy the dip in the coming weeks. Looks for prices to rebound after the carnage has settled down.
$NEAR
NEAR Protocol is a layer-one blockchain designed as a community-run cloud computing platform. This protocol was designed to address poor transaction speeds, low throughput, and poor interoperability. Since the token’s presale in April 2020, the network has functioned as a secure platform to manage high-value assets.
$NEAR has gained its utility from the many projects built on the NEAR Protocol. The total supply of $NEAR is $1 billion, and it has been utilized for transaction fees, staking, validator nodes, and governance votes over the last 4 years. Despite a dip in price over the weekend, it can be said that there’s still hope for investors as the trading volume for $NEAR is still waxing strong. As of the time of writing, $NEAR is $6.11 and has a 24-hour trading volume of $1,316,802,443. The coin is down over 25% on the week, however it’s still up almost 50% over the past two weeks.
$TON
TON Network’s native token, Toncoin ($TON), has gained over 70% in the last 30 days. The token’s sporadic rise can be attributed to Pavel Durov’s announcement of an initial public offering (IPO) for Telegram in February 2024. You would recall that Ton Network originated as a spinoff from Telegram in 2018. However, due to some legal hitches and regulations from the SEC in 2020, the project was developed by the TON Foundation, with no direct affiliation to the social messaging platform. Despite this, Telegram endorsed the TON network to pay group creators 50% of its ad revenues.
The recent announcement from Telegram was speculated to increase $TON’s price. The token went from $2.72 to $4.38. Durov, who is the founder of Telegram, has reiterated his belief in the strength of the IPO to democratize access to Telegram’s value. He also mentioned earlier in March that Telegram’s 900 million users were a strong community to support the success of the IPO.
Despite Telegram’s support for $TON, there have been speculations that the token’s price surge is merely a reflection of the broader market rally led by Bitcoin. As of the time of writing, $TON is $3.77 with a 24-hour trading volume of over $222 million. It is one of the very few coins that has managed to show a slight increase in the past 24 hours, despite the market bloodbath.
$GFOX
The Galaxy Fox was launched in October 2023. Despite being one of the most recent tokens in the memecoin niche, the token has gained attention in the crypto market with its presale records. Having sold over $4.7 million worth of $GFOX, the network has indicated that it is here for the long ride.
$GFOX is a hybrid memecoin with both the features of memecoins and the utility of traditional cryptocurrencies. The network offers a captivating play-to-earn (P2E) Web3 endless runner game that gamers and crypto enthusiasts will enjoy. The game features weekly competitions with exciting prize pools where the best players can earn huge rewards. These rewards can be exchanged for GFOX tokens.
Galaxy Fox has created multiple utilities to combat the limitations of typical memecoins. The network’s features include an NFT marketplace, staking options, and deflationary tokenomics through token burns.
The total supply of GFOX tokens is 5 billion, with 3.5 billion allocated for the presale. At stage 10 of its presale, it’s safe to say that over 3.4 billion tokens have already been purchased by investors. The token’s purchase rate is a clear indication of strong investors’ interest in the token. Judging by its presale performance, $GFOX will be worth 100x its current price after its listing on DEXs.
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Final Thoughts
A lot of tokens are trending this season, but $GFOX stands out for its impressive utility and features. At only $0.00364, $GFOX is an affordable memecoin with multiple utilities and it offers massive potential profit opportunities for early investors. Join the Telegram community today to maximize this offer.
Learn more about $GFOX here:
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