Top Crypto Gainers on 5 March – XEC and SHIB
The crypto space is volatile, and without a doubt, the prices of digital assets within this sector deviate from expected price trends. However, today, March 5, the broad market sentiment is positive, and therefore, many digital assets are being gained amid some losers behind the scenes.
According to Coinmarketcap, the market leader, Bitcoin, has reached $66,460 at 5:01 am EST with a daily increase of 1.81%. Following this surge, many other altcoins are gaining traction, with 4 key gainers blooming in the spotlight: XEC, SHIB, SMOG, and SPONGEv2.
Besides catching the eyes of profit-seeking investors, how far can these top crypto gainers grow? To answer that, let's get into their revolutionary projects, innovative strides, collaborative efforts, and performance metrics.
eCash (XEC) Garners Traction with its Million Dollar Infrastructure, Chronik
eCash (XEC), previously known as Bitcoin Cash ABC (BCHA), has been creating a buzz in the cryptocurrency world, with its price showing big movements.
The price now is at $0.00007802, up by 60.13%. Also, its 24-hour trading volume is up by 1570.31%, settling above $1.4 billion.
eCash (XEC) stood out lately, with its price shooting up by a whopping 117.44% in just a week. This surge has grabbed the attention of traders and investors, leading to more activity in the XEC market.
The main reason for eCash's price going up is its million-dollar crypto infrastructure and its focus on being electronic cash that's secure and easy to use.
Chronik is a 1 million Dollar Crypto-Infrastructure
eCash $XEC devs have developed it with the intention not just to use it for the eCash ecosystem, but also to streamline integration with other Bitcoin Satoshi clients, like $BTC $BCH $DASH $LTC or even $DOGE.
Some projects... pic.twitter.com/HlguKZuotU
- eCash
Community (@eCashCommunity) March 2, 2024
It's trying to set itself apart from its previous version, Bitcoin Cash ABC (BCHA), and make a mark in the world of cryptocurrency.
On Twitter, the project's community provided insights into their $1 million infrastructure, Chronik, as a powerful tool for streamlining integration with other Bitcoin Satoshi clients."
According to the tweet, the project's developers intend to make Chronik a reliable indexer for BTC, DASH, BCH, DOGE, LTC, and others that will integrate the infrastructure.
Looking ahead, experts are optimistic about the project's future. With its focus on being scalable, fast, and user-friendly, eCash seems well-positioned to meet the growing demand for digital payment solutions.
Analysts think its price could keep rising in the coming days to months, hitting new highs as more people start using and understanding it.
XEC Uphold Short and Long-Term Bullish Market - Can The Resistance Obstruct the Rally?
The price action represented in the candle stick chart above shows that XEC's overall market trend is bullish in the short and long term. As such, it's expected to record new prices in the coming days and weeks.
It has formed two consecutive green candles, trading above its 50-day and 200-day Simple Moving Average (SMA), a bullish sentiment confirming the coin's potential for price rallies.
Combining these, XEC is expected to push above the $0.00009522 horizontal resistance.While the coin remains bullish in the long and short term, traders should look out for entry points with extreme care.
In the chart above, XEC's Relative Strength Index (RSI) is at 91.27 in the overbought region (above 70). This is a bullish signal; however, it suggests incoming price correction.
As such, adequate risk management practices and strategic trade setups should be in place when entering any trade.
Shiba Inu (SHIB) - The Dog Themed Crypto Token
The price of Shiba Inu (SHIB) has had an incredible jump today, shooting up by 60%. Also, over the past nine days, its price has surged by more than 380%, reaching a high not seen in two years at $0.00004574.
Although there was a brief drop, the cryptocurrency quickly bounced back, showing strong momentum in the market. What could be causing this big increase?The recent surge in the price of Shiba Inu (SHIB) can be attributed to several factors.
Firstly, the indirect influence of high-profile figures like Elon Musk" has played a significant role.Musk made a tweet as far back as February 26 about returning to the meme grindstone." Since then, several meme coins, including SHIB, have had a positive market performance.
Furthermore, meme coins, including SHIB, have gained momentum as they become central to a community-driven speculative trend.These coins are often described as a Skill-based Global Lottery Platform" characterized by unique market dynamics shaped by community engagement, skill, and luck.
Their global accessibility and simplicity make them attractive to new investors, thus expanding the market base and contributing to their volatile price movements. Another variable impacting Shiba Inu is the overall market surge caused by Bitcoin's rally.
BTC's rally, especially after the ETF approval by the US SEC, has a ripple effect on the entire cryptocurrency market. This approval has enhanced BTC's credibility among traditional investors and triggered a broader market rally.
Let's push
$SHIB pic.twitter.com/DoIvdKX7gr
- | SHIB.IO
(@LucieSHIB) March 5, 2024
Additionally, with the upcoming halving event in April, there's anticipation of further bullish sentiment.
SHIB Break Out from Long-Term Choppy Trend - Can The Uptrend Last Longer?
The candlestick chart above reflects a bullish trend in both the short and long term for SHIB's market.It's trading above the 50-day and 200-day SMA, suggesting that new price highs are within reach in the days ahead.
Observing the consecutive green candles since its breakout on February 29, SHIB has recorded a new series of higher highs and higher lows, indicating an uptrend market. As such, the coin has a strong potential for price rallies in the long run.
With these factors combined, SHIB is anticipated to surpass the horizontal resistance level at $0.00004586. Additionally, the RSI stands at 98.36, indicating overbought conditions (above 70). While this is a bullish signal, it also suggests a potential price correction on the horizon.
Therefore, traders should implement effective risk management strategies before entering any positions.
Smog Token (SMOG) - The Dragon-Themed Token with Exciting Rewards
Smog Token is an exciting crypto project that launched on Solana in February 2024. The main aim of the project is to reward its loyal community by hosting the biggest airdrop event on Solana.
These airdrops are distributed to members of the crypto community that hold SMOG tokens or stake the tokens. Also, there are several tasks to participate in that qualify a user to receive the airdrop.
Since its launch, SMOG has continued to break new records, racing to 40,000 holders in just a few weeks.
What Makes Smog Token Unique?Smog Token's non-discriminatory approach to distributing its airdrop across several ecosystems sets it apart.Also, its limited token supply of 1.4 billion tokens confirms that it will likely increase in value once the demand increases.
Additionally, SMOG launched during a bullish phase of the crypto market, where Bitcoin is teasing a return to its all-time high value.Furthermore, Smog Token embodies the fiery nature of the dragon, which coincides with the Chinese Year of the Dragon.
This dragon theme adds to the project's fun side, attracting more investors to the ecosystem.Another feature that sets SMOG apart is staking, which adds utility to the tokens. So, SMOG holders have an opportunity to earn passive income at an APY of 42%.
On the price charts, SMOG continues to record massive gains.
How is SMOG Performing in The Market Today?
SMOG's performance in the market in the past week is quite impressive. It has gained 122.6% in the last seven days and currently trades at $0.114, with a 10.8% spike in the last 24 hours.
Based on the current investor sentiment, which is largely positive, SMOG will likely continue to record gains in the coming weeks.
Also, SMOG's value is close to $1 and will likely reach this level before the end of 2024. This is impressive compared to other established meme coins like SHIB, which still have multiple zeros to overcome.
Overall, SMOG is a token to watch out for in 2024 and will likely reward early investors who take advantage of its fair price.
Sponge v2 (SPONGEV2) - The Return of a Community FavoriteDid you miss #SpongeV2 as well, anon?
Stake your $SPONGE today!
#MemeCoin #Web3 #AltSeason #Crypto pic.twitter.com/1mkn5zjEvA
- $SPONGE (@spongeoneth) March 4, 2024
The liquidity pool attack on SPONGE V1 came as a wake-up call, forcing the developers to launch Sponge V2 on Polygon.Sponge V2 has extra utility embedded in its weekly Play-to-Earn (P2E) game, which is set to launch soon.
Additionally, the low fees and fast transactions on Polygon are ideal for a gaming ecosystem such as Sponge V2.
Also, the improved staking pools in the Sponge V2 ecosystem come with extra staking rewards. Over $3.99 million of Sponge V2 tokens have been staked or bridged, confirming rising investor interest.
According to the roadmap, the project's ultimate goal is to soak up liquidity from the competitors in the crypto market.
To achieve this lofty goal, Sponge V2 aims to list with top crypto exchanges to expose the tokens to more investors and attract liquidity.
Sponge V2 is a Top Gainer in The Market Today
SPONGE is in the green today, gaining 11.5% on its price to trade at $0.00186. A close look at the price chart confirms that investors are accumulating the tokens as altcoins and meme coins begin to rally.
Also, SPONGE has gained 28.6% on the weekly timeframe. These positive figures suggest that it will likely continue to rally in the coming weeks. Impressively. SPONGE rallied to a new all-time high value of $0.001867 today, March 5.
Based on its recent performance, it will likely continue to rise on the charts, yielding exciting rewards for investors.
Final ThoughtsWith Bitcoin trading above $66,500, a return to its all-time high value will likely occur in the coming weeks.This is an encouraging sentiment for investors who benefit from the positive price action of altcoins like Ethereum and meme coins like Shiba Inu.
Also, with the Bitcoin Halving approaching in April, another price surge will likely occur in the market, leading to massive gains.Nevertheless, we advise investors to conduct proper research and minimize risk exposure due to the volatile nature of cryptocurrencies.
The post Top Crypto Gainers on 5 March - XEC and SHIB appeared first on The Tech Report.