Top Crypto Gainers on 12 February – IMX and XMR
The crypto market posted an impressive performance over the weekend as Bitcoin broke above the $48,000 level.This price rally is supported by liquidity from spot ETFs. On Thursday, February 8, Spot ETFs recorded an inflow of over $400 million.
Also, the upcoming Bitcoin Halving and the Lunar Chinese New Year have contributed to boosting positive investor sentiments. As BTC approaches $49,000, some altcoins have also recorded impressive gains in the last 24 hours.
The value of these altcoins correlates with the price of Bitcoin and is also driven by exciting developments in their ecosystem. Vital details about the top-performing cryptocurrencies today are below.
Immutable X (IMX) - The Ethereum L2 for NFTs
IMX is up in the last 24 hours, trading at $2.95 with a 9,2% increase. This confirms that more investors are buying the tokens. Besides the daily gains, IMX has recorded a 35.8% increase in the past week.
One exciting thing about IMX is that it is now a prominent Web3 and gaming hub with over 220 highly funded games hosted in its ecosystem.
In 2023, Immutable has grown into the leading web3 gaming ecosystem, with more than 220+ highly funded games.
2023 was a massive year for Immutable and the Immutable ecosystem.
Regardless of being in a bear or bull market, Immutable continues to build.... pic.twitter.com/jdPZm9subC
- Immutable (@Immutable) February 10, 2024
The surge in ecosystem developments began on Immutable X in 2023 after its remarkable partnership with Polygon.Also, other collaborations with Amazon, MeritCircle, and BuildOnBeam continued to attract investors to the ecosystem.
Moreover, the developers say AAA games will launch on Immutable X this year.
The goal is to make digital ownership accessible to every player by assisting game studios to build captivating games.Also, the Immutable zkEVM is another exciting prospect in the ecosystem that offers users the best tech kit for games.
According to the developers, this zkEVM is rolling out in phases, and more updates will come later in 2024. As of today, IMX shows a strong bullish pattern on the daily chart that will likely persist in the coming days.
IMX Records Higher Highs On Daily Chart, Will The Rally Continue?
IMX is in an uptrend on the daily chart, recording impressive gains after overcoming resistance at $2.71 on February 11.The coin has flipped the $2.71 resistance level to support and is currently attempting to break above the $2.94 level. A break above this level will send the asset up to $3.
Also, the upper wick of today's candle is touching the upper band of the Donchian Channel (DC), which confirms a strong bullish pattern. Additionally, the Relative Strength Index (RSI) indicator is rising in the overbought region with a value of 75.73, which confirms bullish dominance.
Therefore, IMX will likely break above the $2.94 price level in the coming days to increase to $3.
Monero (XMR) -The Privacy Focused Blockchain
Monero (XMR) is known as the top cryptocurrency focusing on privacy. It's backed by a strong decentralized system and proven technology. Even though its market value is just $2.18 billion, Monero remains a robust project. As of February 12, its price is $117.7.
Past data shows that XMR started dropping from February 6. This recent decrease is because of rules from the government, and Binance is planning to take it off its platform.Binance will stop using Monero (XMR) starting February 20.
This news made Monero drop by 23.02% in just one day, now worth $122.26.
Binance had a few reasons for doing this, like worries about trading amount, how easy it is to exchange, how stable it is, and if it's safe. This move has upset people who own Monero (XMR).
Also, Binance claimed that they won't give back any money deposited once Monero is taken off. This has made people worry about the future of XMR. So now, investors are looking for other places to invest.
But with its predictable inflation rate below 1% annually, there's potential for Monero's crypto value to soar, potentially reaching a market capitalization of $10 billion.However, achieving this milestone hinges on positive community and user base developments despite existing challenges such as liquidity shortages.
XMR Dips to Its All-Time Low- Is There Potential for Recovery?
In the chart above, the consecutive red candle stick shows how investors' sentiment toward the delisting announcement affected Monero's coin (XMR) on February 6, 2024.
After Binance announced that XMR would no longer be available on the exchange starting from February 20, fear gripped investors, causing them to seek other investment alternatives.
This triggered the massive SELL orders on February 6, which resulted in the drastic bearish turn of the XMR market. The Relative Strength Index (RSI) plunged from the neutral level to the oversold market region (below 30) following this news.
Also, the upper and lower bands of the Bollinger Bands diverged far off from each other, hinting at the high volatility rate of the market. Despite the bearish trend XMR has commenced, a few investors are optimistic, expecting potential recoveries for the coin.
The green candle stick formed on February 7 shows the strong activities of buyers in the market, anticipating recovery for XMR's price.
This optimism boosted the coin, restoring its RSI to the neutral region at 36.41. If more positive investors stay with XMR, it could recover in the future, rewarding them with tangible gains.
Since XMR is an ideal asset when it comes to security, privacy, and zero traceability, investors craving anonymity could tag along with this asset despite its market condition at hand.
Meme Kombat (MK) -The Battleground for Fascinating RewardsThe buzzing, unique crypto project that is blending meme-based battles with play-to-earn features, Meme Kombat, has garnered remarkable success.Its presale campaign is making waves, boasting over $8.6 million and gearing up for an early 2024 launch.
We're 85% of the way there fighters!
LFG
$8.5 million raised. pic.twitter.com/dNEYZ9YQ6u
- Meme Kombat (@Meme_Kombat) February 10, 2024
With investor interest soaring, participants are rushing to secure their spots in the future of crypto gaming before the project hits its $10 million hard cap.
Could MK Be the Next 100x Meme Token?
Meme Kombat stands out by mixing gaming and fighting themes with useful features, all run by its own $MK token.It's different from other meme tokens because it offers a complete platform where $MK is used for different things, like joining battles and earning rewards through betting and staking.
The platform plans to keep people interested and growing by having different seasons with new stuff to do.As the presale gets closer to ending, Meme Kombat is doing well, and its active community shows it's likely to do great when it officially launches.
As Meme Kombat gets ready to launch, with a thorough check and a lively community, people are excited about how it could change meme tokens and offer a fun gaming experience.
Most importantly, Meme Kombat is open about who its developers are, which helps people trust it more.It's easy to get involved in the project because you can use different ways to buy it, and the fees are low.
Sponge V2 (SPONGEV2) - The Return Of A Community Favorite TokenIf you missed out on $SPONGE V1, don't miss out on #SpongeV2!
Time to stake your $SPONGE!
#MemeCoin #Web3 #Altcoins #BullMarket #Bullish #Trade pic.twitter.com/oNwatR7ihw
- $SPONGE (@spongeoneth) February 10, 2024
Sponge V2 is the relaunch of the successful $SPONGE token launched in 2023 that contributed to the famous meme coins rally.So, with speculation of a bull run, the SPONGEV2 token is positioned to reward its holders once more.
Sponge V2 has gained extra utility from its new Play-to-Earn (P2E) weekly game, making it more than just a memecoin. The game is a weekly game that comes in free and premium versions and will attract more gamers in the crypto community to the ecosystem.
Also, gamers can earn SPONGEV2 tokens directly from gameplay, giving the tokens more utility.Recently, Sponge migrated from V1 to V2 for a more rewarding and exciting experience for users. Notably, staking remains a vital part of the Sponge V2 ecosystem.
SPONGEV2 Crosses Important Staking Milestone
Sponge V2 relies on staking to reward its community with an automatic buy-and-stake feature present.Currently, over 8.16 billion $SPONGEV2 tokens have been staked, and the reward rate stands at 1512%.
This will likely attract more investors to the ecosystem and preserve the long-term value of the tokens.
SPONGEV2 holders can access the staking dashboard to view the status of their tokens, and also the token unlock date. According to the tokenomics, 43.09% of the total supply is dedicated to staking rewards.
This is quite a generous portion for stakers who stand a chance to earn massive rewards.
So, if you are interested in joining other investors, rush to the official website and grab as many tokens as they can before it becomes the next big thing.
What Next?Sponge V2 hopes to build on the success of the Sponge V1 token and surpass its race to a 100 million market cap.So, extensive efforts are going into marketing and community building to get better results and improve adoption.
Sponge V2 plans to list on top exchanges such as Binance and Coinbase in addition to other exchanges it is already listed on.The token is well-positioned to benefit from a bull run if the market reacts positively to upcoming events.
VerdictAnother fascinating market cycle is ongoing in the crypto market as the buyers continue to sustain the rally.Bitcoin's impressive recovery in the last few days hints at a possible return to its all-time high value.
While BTC may be out of reach for most investors, some altcoins are still affordable and posting more impressive returns.
Therefore, investors can diversify into these altcoins for profitable returns.Overall, 2024 might be the year BTC finally rallies close to $100,000, although these predictions are merely speculations.
Also, price volatility remains a constant factor in the crypto market. So, investors must apply proper risk management techniques.
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