Top Crypto Gainers on 7 February – DYM and SNX
The crypto market has remained relatively unchanged in the last 24 hours as Bitcoin retreats below $43,000.One factor contributing to BTC's price decline is the declining miner reserves as the halving approaches in April.
So, miners are selling more tokens to boost profit ahead of this halving event.
But while BTC struggles to recover its 2023 highs, some altcoins still display impressive gains in the last 24 hours.These top gainers rely on positive investor sentiments to record remarkable gains today.
Dimension (DYM) - The Play-to-Earn Gaming and DeFi Platform
DYM shows intense bullish pressure today, trading at $5.02 with a 41.8% increase in the past 24 hours.Although the developers began working on the project two years ago, it launched for trading on February 6.
Today with the first block and the birth of Dymension, a new chapter of blockchains begins.
One which exponentially accelerates the Interchain, empowering anyone to build and connect their own chain to the crypto economy.
- Dymension (@dymension) February 6, 2024
The first block on the Dymension blockchain launched on February 6. The goal is to boost the Interchain and empower developers to build and connect their chain to the crypto economy.
Some of the upcoming developments in the ecosystem include the Dimension Hub, which introduces the Singularity Point, where the project began.
Also, Dimension will focus on gathering sufficient liquidity to support the first batch of rollups on its main net.In addition, 3D Permissionless RollApps and 4D Internet of RollApps are part of the projects unveiledto the community soon.
Also, Dymension hosted an airdrop gifting its DYM tokens to users who fulfilled specific requirements.
The airdrop created excitement in the crypto community, leading to a surge in the token's value today.
DYM Buyers Continue To Dominate, will It Rally To $5.5 Soon?
DYM has traded in the green since its launch on February 6, with buyers sustaining it above $5. It has found support at $5.09 in the 15-minute timeframe as it attempts to break above the $5.26 resistance level.
A break above this level will move DYM to $5.5 in the coming days.
Also, on the daily chart, DYM has formed two consecutive green candles confirming the bullish pressure on the asset.Also, DYM is trading closer to the upper band of the Donchian Channel (DC), which confirms dominance from the buyers.
In addition, the Relative Strength Index (RSI) indicator is rising out of the neutral zone with a value of 55.94.If the RSI value rises to 60, then the price of DYM will increase further in the coming days.
Based on the indicators, DYM will likely overcome the $5.26 resistance level in the coming days.
Synthetix (SNX) - Decentralized Liquidity Provider
The broad market pump positively impacts Synthetix, the decentralized liquidity provisioning platform. Data from Coinmarketcap shows that the overall market has a 7.18% increase in its 24-hour trading volume, settling above $45.97 billion.
Also, the market cap is around $1.65 trillion, up by 0.69%.
As a result, Synthetix coin (SNX) is now sitting at $3.28, up by 4.32%. Furthermore, its 24H trading volume has increased by 63.18% to $33.9 million. Given the positivity in the broad market, investors and traders expect further gains for SNX in the coming days.
Although there are no significant updates or developments within the protocol, there have been massive positive reports in Synthetix Perps so far.
According to the protocol's team on the X platform, the 7-day Total volume is up to $289 million, and the average daily volume is $41.4 million.
Synthetix Perps Data Report:
- 7-Day Total Volume: $289 million
- Average Daily Volume: $41.4 million
- Lifetime Perps Volume: $44.57 billion
- Lifetime Fees: $34.90 millionData from January 29th to February 5th pic.twitter.com/5wMq1HL4qR
- Synthetix
(@synthetix_io) February 6, 2024
Again, the volume of the lifetime perps is now at $44.57 billion, with its lifetime fees around $34.90 million. Considering this increase, investors envision more growth for the protocol and its token's value.
Simple Moving Averages Hints at Dynamic Support and Resistance Levels for SNX - What's Expected?
In the chart above, Synthetix (SNX) is trading between its 50-day and 200-day Simple Moving Average, creating a mixed market trade. The 50-day SMA above the coin's price hints at a short-term bearish market trend.
As a result, the coin could consolidate around the $3 level before the next big potential move.
Meanwhile, the 200-day SMA below SNX's price hints at an overall bullish market trend in the long term. Therefore, any pullback toward this 200-day SMA level will trigger a rally, as buyers could wait to enter the market at its discounted level.
Again, the Relative Strength Index (RSI) at 49.68 points upward, indicating strengthening bullish momentum. If buyers increase their pressure in SNX's market, the RSI could hit the overbought region (above 70).
However, given the potential impact of the resistance at the 50-day SMA level, the coin's RSI could plunge toward the oversold region (below 30) if selling pressure increases.
Considering these mixed market signals, adopting proper risk management strategies is advisable to make safe trades in the volatile crypto market.
Sponge V2 (SPONGEV2) - The Dynamic Ecosystem For Gaming and Staking Rewards
Sponge V2 is a second chance for many investors who didn't buy into the first version when it emerged. Sponge started its journey in the memecoin season of 2023 with the launch and eventual success of version 1.
However, version 1 had to be discontinued to pave the way for Version 2, which has extra utility and long-term value.
The Sponge V1 enjoyed massive success with over 13,000 holders and quickly raced to a $100 million market cap. However, there was no utility for the memecoin.
Sponge V2 introduces a Play-to-Earn weekly game where users earn SPONGEV2 tokens directly from gameplay. This game will attract more investors to the Sponge community, boosting its value.
Recently, on February 5, the Sponge V1 was discontinued after some security concerns were observed. Over7.45 million tokens are staked and bridged to V2 as investors transition to this new exciting phase.
SPONGEV2 tokens can be purchased from the official website and staked automatically until the claiming period.
Vital Updates for Sponge Token HoldersAccording to Sponge developers, Version 1 has been officially discontinued, and Version 2 has been launched on Polygon.
Also, all decentralized Sponge V1 token holders who did not stake their tokens can claim an equivalent amount of V2 tokens when claiming it is live on the official website.
Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon!
Learn more about the token details below
https://t.co/TCdxgXx40w
1/3 pic.twitter.com/YZzXOlKmHY
- $SPONGE (@spongeoneth) February 6, 2024
Additionally, a new and tradable V2 staking pool was created at the same price as the V1 pool before it was discontinued. Therefore, $SPONGE holders can trade the V2 tokens before claiming begins.
Furthermore, decentralized users who did not commit their tokens to a staking pool can see them on the dashboard after a few days. The delay is likely because of the processing of the blockchain data taken in the snapshot.
Sponge V2 has completed the transitioning phase, and its goal is to soak up liquidity and launch on top exchanges.Early investors will reap exciting rewards when Sponge V2 launches on top centralized exchanges due to a surge in its overall value.
Interested investors should visit the official website to join other proactive investors on the Sponge train.
Meme Kombat (MK) - Revolutionary GameFi Project with Enriching Utility
Meme Kombat ($MK) is revolutionizing the crypto space with its groundbreaking gaming ecosystem, where iconic meme characters battle it out in a first-of-its-kind arena.
This project's integration of meme battling and wagering makes this project unique, attracting a diverse crypto audience.
Semi-FinalsWojak, Floki, Mong, and Milady were eliminated and we have our new match ups:
Sponge
Pepe
Pepe 2.0Vote for your winners below
- Meme Kombat (@Meme_Kombat) February 7, 2024
With a hard cap target of $10 million, Meme Kombat's fundraising is gaining momentum rapidly as contributors rush to secure their stake in the future of crypto gaming.
The native token $MK is available at a discounted price of $0.279, leading to a staggering increase of over 2,500% in just eight weeks.
Combining gaming, wagering, and meme coins, this game project taps into some of the most lucrative sectors of the crypto industry.The promise of a $25k giveaway further fuels excitement and contributions to the project.
Growth variables Pushing $MK AheadMeme Kombat offers token holders the opportunity to participate in battles and wagering by depositing their tokens. Rewards are available for battling and wagering activities, adding to the platform's appeal.
HUGE
- Meme Kombat (@Meme_Kombat) February 6, 2024
With its upcoming Season 1 launch featuring 11 meme characters and plans for Season 2, the project team promises ongoing excitement and engagement for its community. Its expansion plans, including new game modes and partnerships, hint at even more significant potential.
The platform's appeal extends to crypto enthusiasts seeking projects with real-world use cases and engaged customer bases. The project aligns with three hot segments in crypto: gaming, betting, and meme coins, tapping into a market worth billions of dollars.
With its total token supply strategically allocated and a fully audited smart contract, Meme Kombat ensures security and reliability for its contributors. The project's vibrant art and engaging community further enhance its appeal, catering to many meme coin enthusiasts.
It stands out as a revolutionary project in the crypto space, offering something for everyone across various meme coin communities.Whether you're a Pepe fan, Shiba Inu, or Sponge fan, this new iGaming platform promises excitement, rewards, and endless fun.
So, if you're searching for an opportunity to buy low and possibly sell high or gain more with little investment through gaming, Meme Kombat has got you covered. Simply grab as many $MKs as you can to join the excitement.
ConclusionAccording to the Crypto Fear and Greed Index, greed is the prevailing investor sentiment in the market. This implies that the big players are in an accumulation phase ahead of the next rally.
However, the market has no certainty, and prices can change anytime.As such, investors must research and apply proper risk management to prevent losses from sudden changes in price trends.
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