Top Crypto Gainers on August 23 – SUI, SHIB, And NEAR
The global crypto market continues to retrace as the bears tighten their grip. The total market cap today stands at$1.08 trillion, a 0.75% decline in value in the past 24 hours.
The persistent bearish trend from August 17 reflects on most crypto assets, with Bitcoin trading at $25,823 within the same timeframe with a 0.8% drop in its value in 24 hours.
BTC's market cap is $503 billion, and its dominance is 43.36%. Market downtrends often increase fear levels among crypto investors, leading to further seller dominance.
However, despite the present decline, some cryptocurrencies record gains driven by a thriving ecosystem and positive investor sentiments.Here are the top gainers and some insights on their next possible price moves in the coming days.
Sui (SUI) - The L1 Blockchain For Digital Asset Ownership
SUI's price trades at $0.57, with a 5.7% increase in 24 hours. Also, it is up by 3.5% in the last seven days.
The Sui Hackathon event began on August 16. It will run till September 31, with Shayan from the Sui Foundation presenting a brief introduction to the 2023 Liquid Staking Hackathon and the importance of liquid staking to the ecosystem.
These events attract developers to the SUI ecosystem, boosting SUI's price.
Additionally, the Sui Foundation announced an upcoming builder house event in Singapore slated for September 15-16.These events create opportunities for Sui builders worldwide to meet and collaborate, thus boosting the overall value of the ecosystem.
SUI Attempting A Recovery Rally
Source: Tradingview.com
SUI found critical support at the $0.51 price level after falling into a downtrend between August 20-21.It has formed a large green candle on the daily chart today, showing an increase in buying pressure, and is approaching the upper band of the Bollinger Band (BB), confirming a return of the bulls.
Also, the Relative Strength Index (RSI) indicator is 48.81 and rises from the neutral zone as it approaches the buy zone 70. If the RSI enters the buy zone, the bulls will likely rally above the $0.60 resistance level.
Furthermore, the Moving Average Convergence/Divergence confirms the recovery crossing over its signal line with the green Histogram bar displaying a buy signal. SUI will likely build on its gains if the bull sustains its charge.
Shiba Inu (SHIB) - The Burn Ecosystem
SHIB trades at $0.00000822 with a 4.0% increase in its value in the past 24 hours. However, it shed 16.3% of its price gains in the last seven days.
Shiba Inu developers announced the launch of the long-awaited Shibarium Mainnet, an Ethereum L2 scaling solution, on August 16, sending the SHIB army into a frenzy.
Builders on #Shibarium
!!#SummerOfShibarium pic.twitter.com/rn3PZvTkpV
- KURO
SHIBARMY JPN
(@kuro_9696_9696) August 15, 2023
This launch comes after months of testing, with over 21 million wallets created on the platform. Shibarium introduces a new consensus mechanism called Proof-of-Participation (PoP), where validators are selected according to the size of their SHIB holdings.
Shibarium's launch is likely the main reason driving the price surge for SHIB today, with further increases expected once the crypto community understands Shibarium's full features.
According to an announcement from the Shibarium developers, they encountered unexpected traffic due to its massive popularity; therefore, the project is scaling up to accommodate the surge.
The report states that Shibarium received millions of tasks within moments with a massive inflow of transactions in a single block.
This traffic forced Shibarium to activate its fail-safe mode to protect customers' funds. The developers assured users that multiple plans were in place to overcome this challenge.
Shibarium could likely be the catalyst for another SHIB bull run based on the massive interest it generates in the crypto community.
SHIBARIUM Launch Likely Driving SHIB's Recovery
Source: Tradingview.com
SHIB shows signs of a recovery on the daily chart, finding support at the $0.00000796 price level. After enduring a price slump from August 19-21, SHIB is on the path to recovery.
However, it trades below its 50-day and 200-day Simple Moving Averages (SMA), although its price gains today could make it re-test the $0.00000856 resistance level. A break above this level will confirm a price recovery for the asset.
The RSI hints at price neutrality, suggesting that the bears and bulls are evenly matched, moving sideways with a value of 43.41.
The MACD is still below its signal line; however, the fading red Histogram bars hint at a positive trend reversal ahead. SHIB will likely rally in the coming days to post more positive sentiments based on the hype surrounding the newly launched Shibarium platform.
Near Protocol (NEAR) - The L1 Cloud Computing Platform
NEAR trades at $1.18, with a %4.95 increase in its price in the past 24 hours. However, it lost 4.7% of its market gains in the last seven days.
NEAR Digital Collective announced today that there are only eight days left for users to verify their personhood on I-AM-HUMAN to vote in their upcoming elections.
Only 8 DAYS LEFT to REGISTER & VERIFY your Personhood on I-AM-HUMAN to be eligible for voting in the NDC Elections!
Don't miss out on shaping the future of #NEAR.
REGISTER now: https://t.co/5ExxIYqvGeNominees, rally your community to complete IAH, ensuring their... pic.twitter.com/bkxEwskBdR
- NDC - NEAR Digital Collective (@neardc) August 23, 2023
Also, they encouraged nominees to rally community members to complete their verification so they could participate in governance through voting. Such community-based activities will likely boost the ecosystem and positively influence the price of NEAR tokens.
Additionally, Tokenproof partnered with the NEAR foundation, integrating with the NEAR protocol blockchain.
With this partnership, NEAR users can easily connect their wallets to the Tokenproof app for better online experiences. Developers and brands building on the NEAR ecosystem can integrate Tokenproof into their projects.
This exciting partnership opens the door to Web3 possibilities in the two ecosystems, giving NEAR protocol a positive outlook and likely influencing the NEAR token's price.
NEAR protocol's determination to become a Web3 hub for developers is a good strategy to sustain the ecosystem in the long term and boost its overall value.
NEAR Testing $1.17 Resistance Level
Source: Tradingview.com
NEAR trades close to the $1.17 resistance level, and a break above it will move the asset into an uptrend. It has formed two consecutive green candles on the daily chart after finding support at the $1.11 price level.
However, NEAR has tried unsuccessfully to trade above the $1.17 resistance for the last four days. Also, it is still trading in the lower region of the Donchian Channel (DC), suggesting that the sellers are still in control of its price action.
However, today's positive momentum hints at a possible recovery ahead for the asset as the upper wick of today's candle has broken above the $0.17 resistance zone.
Also, the MACD's Histogram bars are fading from red, hinting at a possible trend reversal for the assert in the coming days.
This positive sentiment is confirmed by the Stochastic Oscillator displaying a value of 43.27 and rising as it approaches the overbought region of 80. Although NEAR is volatile today, if its candle closes above the resistance level, it confirms a price shift to the upside.
Sonik Coin (SONIK) - The Speedy Memecoin
Sonik Coin is a sensational memecoin project on a mission to reward its early holders by achieving a market cap of 100 million in record time. The project bears similarities to successful memecoin projects like HarryPotterObamaSonic10Inu, which attained a $200 million market cap in less than 100 days.
Such an impressive record implies that Sonik Coin launched in the heat of the memecoin season, showing determination to reward its early investors.
$SONIK is the memecoin token powering this crypto revolution and has its total supply capped at $299.79 million, drawing a comparison to the value of the speed of light and confirming the race to prominence for the project.
Although it has no affiliations with the Sonik the Hedgehog franchise or Sega games, it is still a special project taking investors on a thrilling ride.50% of the supply is dedicated to the presale, 40% for staking, and 10% for maintaining liquidity in the Sonik Coin ecosystem.
$SONIK Presale$SONIK is on presale, stirring up massive interest in the crypto community with over $360,000 raised out of its goal of $2.09 million. Investors must act fast since the presales are less than 12 days from their conclusion when the tokens are sold out.
Not cool. not fast.
13 days left, join now: https://t.co/s1fTdXDQCK pic.twitter.com/BBnHSOwvsN- SONIK COIN (@Sonikcoin) August 23, 2023
Each SONIK token is worth $0.000014, allowing investors to accumulate these tokens before a potential price increase after listing.Users can connect to the Sonik Coin presale website and purchase the tokens with Ethereum or USDT.
Sonik Coin Staking Shows Long-Term PotentialsSonik Coin developers created an innovative staking program to preserve the value of the tokens and boost the ecosystem's performance. Investors who stake their tokens can get an impressive APY%, with 40% of the total supply dedicated to rewarding stakers.
These staking rewards will be distributed to stakers over four years and calculated based on an individual's percentage in the staking pool and APY.Over 13.22 billion SONIK tokens are staked in the ecosystem, with the APY at 181%. The massive number of staked tokens shows a growing interest from the crypto community in Sonik Coin.
Additionally, staking ensures that users refrain from engaging in massive dumping once the token is listed on exchanges.Respected crypto analyst Crypto Zeus analyzes Sonik Coin in a YouTube video showing its features and potential to reward investors.
Wall Street Memes (WSM) - The Revolution Of The Retail Traders
>>>Visit Wall Street Memes Presale
Wall Street Memes is a next-generation revolutionary meme coin project determined to reward investors who are smart enough to cash in on WSM tokens.
With over $26 million raised so far in the presale, it is likely the most successful presale in 2023, with a vibrant crypto community driving it to achieve success.
Capital capitalists and whales with large holdings of expensive crypto tokens control the crypto market. WSM hopes to redistribute that power to retail traders, preaching that greed benefits its community.
WSM PresalesWSM is on presale, and each token is worth $0.0337 in this final presale stage. With over 26 million raised, investors need to accumulate these tokens fast to benefit from a potential price surge after it is listed on exchanges.
WSM is 34 days away from listing on multiple tier 1 exchanges, which will likely surge its value. It implies that the presales will wrap up by September, and investors will count their investment return.
WSM tokens are easily purchased by connecting a secure crypto wallet to the official website and completing the purchase with ETH, BNB, USDT, or bank card options.
Users can stake their WSM tokens after purchase, with over 187 million tokens already staked. Presently, the staking APY is 107% at a rate of 75 WSM per block.
Users who stake their tokens get a share of these rewards calculated based on the percentage committed to the WSM Staking pools.Staking confirms that the token is transitioning from just a mere memecoin to a token with massive utility backed by a community driven by greed to succeed.
What Lies Ahead?
>>>Visit Wall Street Memes Presale
WSM road map covers the exciting plans for ecosystem members and overall development. In the first phase, the focus is on smart contract development, security, and community building.
A strong following on Telegram, Twitter, and Discord proves this phase successful. Also, branding, marketing, and WSM merchandise are part of the first stage roadmap.
The second stage starts with the token launch and quality partnerships with meme creators, influencers, and top content platforms.Also, token listing on popular DEX and CEX will follow, enabling holders to trade their tokens easily. Awareness campaigns will also continue during this period.
The third stage will unveil the WSM gated community, where members can access exclusive content, early updates, and quality interactions.
Also, a $1 billion market cap goal is a target for this stage, alongside increased liquidity and accessibility for WSM worldwide.
ConclusionCrypto trading could be challenging, especially in bear markets, when fear suppresses greed. Investors are often wary of liquidating their portfolios, leading to low trading volume and insufficient liquidity.
However, some tokens still perform well today, backed by an unrelenting community and a drive to sustain positive development in their ecosystems.
Also, presale tokens offer another channel to diversify investments and earn potential rewards with a price increase.
Nevertheless, investors must always understand the risks associated with investing in crypto and conduct proper research and risk management to succeed. The golden rule is only to invest what you can afford to lose.
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