Top Crypto Gainers on August 22 – OP, RUNE, And RPL
Theglobal crypto market still suffers the effects of the August 17 decline, with a total market cap of $1.09 trillion and a 0.1% drop. Meanwhile, Bitcoin has settled at $26,061 within the same timeframe, with a 0.2% gain in its price in the last 24 hours.
But the asset is down by 11.2% in the last seven days showing that the bears are active in the crypto market. Also, Bitcoin's market cap stands at $508 billion, with a dominance of 46.39%.
Altcoins are the top gainers in today's trading session. These coins' performance is hinged on positive investor sentiments and progressive developments in their ecosystem.
Optimism (OP) - The Layer 2 Ethereum Solution
OP price is $1.56, with a 0.9% increase in its price in the last 24 hours. Also, its seven-day gains are 3.6%. It implies that the bulls are still active and intent on driving a rally for the asset, although the slight increase hints at bearish resistance.
Optimism developersannouncedon August 18 the potential release of an Optimistic NFT this week, dropping on the Build On Base platform as part of their Onchain Summer campaign to showcase the talents of artists and builders in their ecosystem.
Collectors rejoice: an Optimistic NFT is dropping on @BuildOnBase next week as part of their #OnchainSummer campaign showcasing some of the incredible artists and builders creating onchain.https://t.co/yytPRvlNgJ
- Optimism (
_
) (@optimismFND) August 18, 2023
Also,150 OP tokensare available in a quest created by Taho xyz, a Web3 wallet provider, which will also attract massive attention to the optimism ecosystem.
OP Facing Bearish Resistance At 23.6 Fib Level150k OP is up for grabs in this quest put on by open source and community owned Web3 wallet @taho_xyz in collaboration with @StargateFinance and @VelodromeFi.https://t.co/Qv36j5TaEu
- Optimism (
Source: Tradingview.com
OP is trading in an uptrend on the daily chart riding on the wave of buying pressure on its price today. It has formed a fifth consecutive green candle on the daily chart bouncing back on August 18 to resume an uptrend.
However, the bears at the 23.6 Fibonacci Level ($1.54) are intent on limiting their price gains. The upper wick of its candle has moved above this level and could signal a continuation of a positive price movement for the token.
Also, the Relative Strength Index (RSI) is 52.56 in the neutral zone, demonstrating rising pressure from the buyers as it moves toward the overboard region.
OP found critical support at $1.36 as the bulls pushed to break above the nearest resistance level. It will likely continue on its uptrend if it closes above the $23.6 Fib level in the next few days.
THORChain (RUNE) - The Reliable DEX Liquidity Protocol
RUNE trades at $1.62 today (10:10 am EST), with a 2.3% decline in its price in the last 24 hours, indicating a possible consolidation phase. However, its seven-day gains still stand at 6.8%, suggesting that the buyers remain active despite the decline.
Meanwhile, THORChain reported that nearly 1000 RUNE tokens were burnt from derived asset liquidity fees. According to THORChain community member Harry, 272 thousand RUNE tokens have been burnt, with more token burns expected in the ecosystem within the coming weeks.
These token burns could help combat inflation in the ecosystem and drive RUNE's price gains this week.
Almost 1000 $RUNE burnt from derived asset liquidity fees.
Continually burning the liquidity fees here pays down the long-tail risk of inflation. https://t.co/ZoMvyMAQNK pic.twitter.com/MSfBd1gewK- THORChain (@THORChain) August 22, 2023
Also,THORChain lending is live, and users can borrow assets against BTC or ETH with no interest, liquidations, or expiration. According to theannouncement, the lending fees will be 100% waived for users who utilize the feature.
Lending is here!
Borrow any asset against $BTC or $ETH with 0% interest, no liquidations, and no expiration.
Open a loan: https://t.co/ZJY0sM62ar
THORSwap's lending fees will be 100% waived for the first wave of loans.
(THORChain slippage applies)
What you need to know:... pic.twitter.com/piJGHhJnKu
- THORSwap
#BetterThanCEX (@THORSwap) August 21, 2023
However, the amount available for borrowing depends on the Collateralization Ratio (CR), which ranges between 200%-500%. As more loans are obtained, the CR rises per pool, so less can be borrowed per collateral amount.
The minimum loan period is 30 days, and users cannot repay the loans to redeem their collateral before the specified time. Also, users canborrow over 1000 assetssupported by THORSwap in a single transaction.
Additionally, loans can be partially repaid, but the collateral is only returned after full repayment.
Even if the collateral value increases, more debt cannot be added to the same loan. However, additional loans can be opened if you have existing loans. These features make THORChain stand out as one of the top liquidity and lending pools in the crypto sphere.
Buyers Begin To Retreat As RUNE Enters Consolidation Phase
Source: Tradingview.com
RUNE enjoyed positive price action in August, largely unfazed by the general bearish sentiment in the crypto market. However, it faces resistance at the $1.77 price level as it enters a retracement phase. The bear's attempt to force a retreat will likely send RUNE to retest the $1.42 support level. If this level holds, the RUNE will pivot to the upside to continue its uptrend.
Although RUNE has formed a second consecutive red candle on the daily chart, it trades above its 50-day and 200-day Simple Moving Averages (SMA), suggesting massive buying interest from its investors.
Also, its RSI value is 72 in the overbought region above 70. However, the RSI indicator is declining, confirming the bearish sentiment as it attempts to re-enter the channel.
It implies that traders hoping to cash in on the impressive gains are taking profit and closing long orders. However, if the bulls sustain their charge, RUNE will likely shed some gains in the coming days before resuming its rally.
Rocket Pool (RPL) - The Decentralized Ethereum Staking Pool
RPL has a value of $24.21, with a 2.5% decline in its price in the last 24 hours. Also, its price has declined by 8.6% in the past seven days, indicating an increase in bearish pressure for the asset.
Rocket Pool held a Twitter AMA on improving development knowledge on August 22 to add more value to their ecosystem. Users will share insights on the importance of decentralization in Ethereum staking with a question and answer session.
Keen to improve your DVT knowledge? Join our next Community Call to hear Langers & Mav chat with special guests from @ssv_network about the importance of decentralisation in Ethereum staking
Drop your questions below & join the Twitter Space @ 11am UTC on 22 August pic.twitter.com/7NacNIDw6c
- Rocket Pool (@Rocket_Pool) August 21, 2023
Furthermore,Rocket Pool will hold a seminar their General Manager Darren Langely hosted on staking insights between 13-14 September 2023. These community events could boost Rocket Pool's exposure and positively impact RPL's price and adoption long-term.
RPL Drops Below Support Level As Bears Return
Source: Tradingview.com
RPL struggles under the weight of bearish pressure sending it below the $25.31 support level. The bears at the $29.02 resistance level proved too strong to allow a rally, and it now records further decline on the daily chart.
It is trading in the lower region of the Donchian Channel (DC), confirming an increase in selling pressure for the token. Also, the RSI is in decline, fast approaching the oversold region with its value of 33.10, indicating that the sellers are in control.
The MACD is dropping below its signal line, confirming the bearish sentiment on RPL. With its drop below the $25.31 support level, RPL will likely record further price dips in the coming days.
Sonik Coin (Sonik) - The Fastest Memecoin With Staking rewards
Sonik Coin is a speedy meme coin project determined to race to prominence in the crypto space and rapidly achieve a market cap of 100 million. Sonik Coin relies on the power of its growing community to achieve success and execute its exciting roadmap.
This project draws comparisons with Sonik the Hedgehog, a popular gaming and TV series. However, Sonik Coin is unique in its own right and focused on riding the wave of the meme coin season and bringing success to its investors.
Sonik has its total supply capped at approximately 299.79 billion tokens, equivalent to the numerical value of the speed of light. It symbolizes the developer's focus on achieving exponential success in a short while.
According to tokenomics, 50% of the total supply is for presale, 40% for staking, and 10% for securing liquidity.SONIK, the token powering this exciting project, will be open to token claims on the same day of its listing.
Roadmap Shows Exciting PotentialSonik Coin has a simple roadmap with well-detailed phases for its community. Its first stage encompassed the token, staking development, presales, and Meme Creation.Stage two covers the Staking launch, marketing campaign deployment, and the SONIK BOOM SELL OUT.
Finally, the third stage shifts its focus to community building and quality interactions, staking rewards, and the race to a 100 million market cap in a short while.
Sonik Presale And Staking Solution Adding Value To The Ecosystem
SONIKis on presale with less than two weeks to wrap up the event. The presales offer investors opportunities to accumulate tokens for potential listing rewards after the eventual listing.
Each token is worth $0.000014, which is quite affordable for this fun-themed speedy meme coin. Interest is soaring in the crypto community, with over $310,000 raised from the presale goal of $2.09 million.
Users can purchase these tokens by connecting their secure crypto wallet and completing the transaction with ETH or USDT.
Sonik Coin offers users an instant staking feature option after a token purchase. 40% of the total supply is dedicated to staking rewards distributed over four years to users proportional to their percentage of tokens in the staking pool and the APY.
Presently, the APY is 208% with over 11.53 billion tokens staked, showing rising investor interest in benefitting from this opportunity. Sonik Coin's success relies largely on adoption from the crypto community and its ability to attract top investors and list on reputable exchanges.
Wall Street Memes (WSM) - The Revolution Against Capitalism
>>>Visit Wall Street Memes Presale
Wall Street Memes is a meme coin project aiming to tokenize the street movement against rampant capitalism in society. It encourages the retail traders to rise and compete with the whales, backed by the statement that greed is good. Wall Street Memes seeks to transform seemingly worthless meme coins into valuable tokens based on their utility in the ecosystem.
Staking with WSM Gives Additional ValueWSM tokens supportstaking for extra rewards calculated based on your percentage in the WSM staking pool and the APY.Presently, over 174 million tokens are staked, with an APY of 115%, a massive return on investment for early investors who take advantage of this feature.
Also, staking contributes to the overall value of the ecosystem, preserving the value of the $WSM tokens and preventing mass shorting among investors after listing due to its perceived future value.
WSM Presales And Airdrop Rewarding InvestorsWSMis on presale with over 25 million raised, arguably the most successful presale in 2023. Investors have just 35 days left to join this exciting presale and take advantage of the affordable price before the token lists on exchanges.
>>>Visit Wall Street Memes Presale
At this stage, 1 WSM token is worth $0.0337. Investors can purchase these tokens with ETH, USDT, BNB, or bank cards. The project is primed for success with over 1 million active community members, 40 million monthly media impressions, and unlimited memes.
Also, Wall Street Memes is hosting anairdrop eventfor users who complete simple tasks to share in the $50,000 airdrop. With over 80,000 entries and 101 days left, investors can still take advantage of this opportunity to earn rewards.
WSM Roadmap Shows PotentialAccording to theWSM roadmap, the first phase covers smart contract development, community building, branding, marketing, and merchandise. The second stage covers the token launch, partnerships, listings on DEXs and CEXs, and awareness campaigns.
The third phase carries the most exciting prospect launching the gated community, where users can access exclusive content and quality interactions.
Also, the market cap goal is $1 billion to unleash the true power of Wall Street Memes. If that goal is achieved, the next target is listing on top centralized exchanges (CEXs), boosting liquidity and the global adoption of the project.
Wall Street Memes seems primed to break records judging from its presale success and rising utility.
ConclusionThe crypto market is recovering as the bears loosen their grip. While some tokens still trade in the red, others post impressive gains, moving to a more bullish phase. Also, some exciting presales enable investors to join a project early for rewards from a potential price surge after listing.
Despite the positive outlook in some ecosystems, investors must apply proper risk management techniques to prevent the total liquidation of assets.
The post Top Crypto Gainers on August 22 - OP, RUNE, And RPL appeared first on The Tech Report.