Top Crypto Gainers on August 31 – MKR, DOGE, MNT, And GRT
The crypto market still holds most of its gains this week, with a market cap of $1.13 trillion despite a 0.57% retracement in the last 24 hours.
This retracement likely reflects the slight decline in Bitcoin's price by 0.6% in the last 24 hours. BTC's price trades at $27,241, with a market cap of $530 billion and a dominance of 46.96% today.
Despite BTC's status as the number one ranked cryptocurrency, some altcoins record more impressive gains.These gains likely result from positive investor sentiments for the tokens and developments within their ecosystem.
Maker (MKR) - The Governance and Software Ecosystem
MKR's price trades at $1.153, with a 10.2% increase in the last 24 hours. Also, it is up by 5.7% in the past seven days, hinting at a surge in buying pressure for the token.
On August 29, Maker announced their plans to introduce SubDAOs in Korea. According to the announcement, Maker will sponsor the Ethereum Conference in Korea between September 1-3 through the spark protocol.
We are sponsoring @ethconkr with Spark Protocol.
Are you coding?
Discover our hackathon bounties and develop your expertise as you build on top of Maker SubDAOs and Spark Protocol. pic.twitter.com/o4H3dEwHUw
- Maker (@MakerDAO) August 29, 2023
Also, the first SubDAO event will take place in Seoul on September 3, where individuals will discuss the future of the Maker and interact with the builders, creating the first SubDAOs.
Maker relies on a community-based approach and the power of a DAO to execute changes in its ecosystem. These events will likely drive ecosystem growth and boost the adoption and price gains of MKR tokens.
MKR Breaks Above 50-day SMA
Source: Tradingview.com
MKR is trading above its 50-day Simple Moving Average (SMA), forming a bullish engulfing pattern with a large green candle on the daily chart.This candlestick pattern implies that the buyers have the upper hand and will sustain MKR's rally.
Also, MKR is above its 200-day SMA, hinting at a positive price outlook in the coming weeks. The bulls have broken above the $1087 resistance level after finding support at $1019, resulting in an uptrend.
The Relative Strength Index (RSI) shows a value of 55.27 but confirms the bullish sentiment rising from the neutral zone to approaching the overbought region of 70.
The Moving Average Convergence/Divergence (MACD) displays a weak buy signal supported by its fading red Histogram bars.MKR will likely continue on its rally in the coming days if the bulls sustain their charge.
Dogecoin (DOGE) - The Biggest Meme Token
DOGE's price trades at $0.06, indicating a 2.5% increase in the last 24 hours. Also, the asset has been up by 4.8% in the past seven days, benefitting from the positive outlook of the crypto market and the rising interest in meme coins.
What could be fueling the price gains?
On August 23, Elon Musk sparked the Dogecoin ecosystem into a rally with a Tweet stating that X is a dog and a Doge-friendly place.
X is a dog & Doge friendly place!
- Elon Musk (@elonmusk) August 23, 2023
DOGE rallied and subsequently dropped after that Tweet within an hour. However, the mere speculation that Musk will likely integrate Dogecoin as a payment token on Twitter (X) is likely driving the price gains observed.
Also, the recovery of the general crypto market reflected on most altcoins, with DOGE also benefitting from this rally.
DOGE Facing Resistance at $0.068
Source: Tradingview.com
DOGE has formed a green candle on the daily chart as the buyers attempt to break above the $0.68 resistance level. It found critical support at $0.065 and attempted to break into the upper region of the Donchian Channel (DC) to confirm the bullish trend.
The RSI indicator is in the neutral region with a value of 48.44 and moving in a sideways trend. It implies that traders are indecisive in the market today, and DOGE's price gains might last for the next few days.
The MACD is above its signal line, displaying a buy signal confirmed by its Histogram bars. DOGE will likely remain below the $0.068 resistance level until more buyers enter the market to force a break above this level.
Mantle (MNT) - The Ethereum Layer 2 Scaling Solution
MNT's price is $0.4, with a 2.7% price increase in the last 24 hours. Also, it is up by 8.15 in the last seven days, hinting at buyers' dominance in the market.On August 31, Mantle released its ecosystem highlights for the month six weeks after the launch of its Mainnet.
Mantle's Monthly Recap | August 2023
This month has been one to remember with so many notable initiatives, from an exciting proposal ft. @LidoFinance
to the launch of Mantle Journey, + more!
Find out more below
https://t.co/yLqzJvskdF#BuildonMantle pic.twitter.com/dN9orRJ5VF
- Mantle (@0xMantle) August 31, 2023
According to the blog post, Mantle Network achieved a high in TVL on August 8 at $92.2 million, with over 75,000 users and 180,000 transactions processed.
Also, the Mantle team hosted some AMAs with collaborators to move the project to the global spotlight for developers and other users worldwide.
A total of 17 AMAs have been conducted in the ecosystem. Also, Mantle unveiled the open-access system, Mantle Journey, to track and index ecosystem activities for individuals to distribute incentives based on miles earned.
Community members can accumulate Mantle Journey Miles when they complete specific tasks such as transactions and bridging in the ecosystem.
Mantle will distribute a $20 million $MNT reward pool to all MJ Miles holders at the contest's end and host a 500,000 MNT launch event to reward participants.
Also, according to the developers, the first 5000 users to mint an MJSBT with the minting transaction ending with a certain number from 0-9 randomly drawn from the event will win 100 MNT tokens each.
500k $MNT Event: The Lucky Hash
The first 5,000 users to mint an MJSBT, of which minting transaction hash ends with a certain number (randomly drawn at the end of the event from 0-9)
Now, how does that sound?
- Mantle (@0xMantle) August 29, 2023
These rewards increased investor interest in Mantle, with over 50,000 community members joining the Mantle Journey in less than 48 hours. It is likely one of the factors driving MNT's price gains today.
MNT Facing Resistance at $0.456
Source: Dextools.io
MNT is trading close to the upper band of Bollinger Band (BB) on the one-hour chart, expressing a bullish sentiment.Also, the Bollinger Bands are expanding, suggesting that MNT will record further price increases today.
The green candles on the chart suggest buyers' dominance today.
MNT found support at $0.452, and the bulls attempted to overcome the $0.456 resistance level.The RSI indicator is in the overbought region with a value of 79.56, confirming that the buyers are controlling MNT's price moves.
However, the RSI is retracing and might drop from the overbought region, implying that opening new long positions is risky.The MACD confirms the positive trend rising above its signal line to display a strong buy signal, and the green Histogram bars show that the bulls are in control.
Although MNT is on a positive price path, it will likely retrace when the sellers re-enter the market in the coming days.
Graph (GRT) - The Top Indexing Protocol
GRT price is trading at $0.09, representing a 1.0% increase in the last 24 hours.It has lost some of its gains in the last seven days, hinting at resistance and a possible return of sellers to force a price decline. But some network-specific developments could further boost its rally today.
On August 29, the Graph Foundation announced the launch of its Chain Integration Process (CIP), a unique method for adding new chains to the Graph Network.
The CIP enables any community member to propose new chains for integration and fast-track the existing chains.This CIP supports the network's drive for true decentralization and requires a user's chain to be compatible with the Graph Node.
After a user submits an integration proposal, it will be tested and validated. Next, if the testing phase is successful, the user can apply for Mainnet integration.Also, the Graph Foundation, on August 28, announced the decision for the ecosystem to scale with Arbitrum.
The Graph continues to scale on @arbitrum
After the recent announcement of enabling 5% of all indexing rewards on L2, a GIP has been proposed with the goal to increase rewards until 100% of indexing rewards are on Arbitrum.
Learn more & participate:https://t.co/bx15Slrj7w
- The Graph (@graphprotocol) April 21, 2023
The goal is to expand the Graph's accessibility in the Web3 ecosystem and escape from the high gas fee issues on Ethereum.
According to the developers, phase 3 of the scaling process is complete, with L2 Transfer Tools now available for users.These tools aid users in Delegation, Subgraph Transfer, Curation Signals, and other important aspects of scaling.
Over 88,900 subgraphs have been deployed on the Graph protocol, showing massive interest in the crypto community. These updates will likely boost the ecosystem and GRT's price since the token powers activities in the ecosystem.
GRT Faces Stiff Resistance at $0.093 As Sellers Re-Enter Market
Source: Tradingview.com
GRT is trading in a sideway trend on the daily chart as the sellers mount pressure to keep it below the $0.093 resistance level. It found strong support at the $0.088 price level, sparking hope of an uptrend.
However, the RSI indicator is moving sideways, suggesting traders' hesitation in the market as buying pressure begins to fade.Also, GRT is still in the lower region of the Donchian Channel, a sign that sellers are now active in the market and limiting further gains.
The MACD shows bullish pressure today, rising above its signal line. Also, the Histogram bars are green, suggesting that the buyers are still active in the market.GRT will likely remain in its sideways trend till the bulls can overcome the $0.093 resistance and force a rally.
Wall Street Memes (WSM) - The Leading Memecoin Community
>>>Visit Wall Street Memes Presale
Wall Street Memes is a leading memecoin project determined to support the internet's triumph over capitalism using creative and fun memecoins.WSM, the utility token of this ecosystem, runs on the Ethereum blockchain, making it ERC-20 compliant. Also, it supports a staking mechanism similar to Ethereum's.
Users can immediately buy and stake their tokens at an APY of 79%. With over 252 million WSM tokens staked, it indicates rising interest from crypto users in this feature due to the high staking rewards.
According to the developers, the rewards are shared based on the percentage of tokens a user commits to a staking pool.
WSM to Launch Merchandise Store
>>>Visit Wall Street Memes Presale
WSM plans to launch merchandise where community members can show their swag and unleash their support for the movement.The store will feature caps featuring slogan memes for money to spread publicity.
Also, mugs, T-shirts, and sweatshirts are part of the store, keeping the community engaged.
Also, WSM is hosting a $50,000 airdrop to give back to its community. These rewards will be shared among five users at $10,000 each.Users must complete tasks such as following WSM on their social media handles and purchasing some WSM tokens.
WSM Presales Coming To An EndWSM presales are approaching a successful conclusion with over $25 million raised. The token is 26 days from listing on Tier-1 exchanges, leading to a potential price surge.
Investors can still seize the opportunity ahead of this listing to accumulate $WSM at $0.0337 per token.Users can purchase WSM tokens with ETH, USDT, BNB, and bank cards when they connect a secure crypto wallet to the presale page.
Wall St Bulls NFT Collection Boosting Ecosystem Value
>>>Visit Wall Street Memes Presale
Wall Street Memes has an elite NFT collection called the Wall St Bulls. It embodies the bullish nature of the project with a collection of 10,000 unique NFTs on the Ethereum blockchain.
These NFTs have unique utility and will soon feature in the options market as their rarity increases. Also, holders can access Walk Street Interns and Wall Street Assets NFT collections.
Wall Street Bulls boasts 35% unique ownership and 3,540 owners with a total volume of 1,874 ETH. These NFTs are partly behind the surge observed in the Wall Street Meme community.
According to Jacob Crypto Bury, a YouTube Vlogger and crypto analyst with over 20,000 subscribers, WSM presales are a major success in the crypto sphere with great prospects.
ConclusionThe crypto market still retains most of its gains after recovering from the August 17 slump. Some altcoins rank among the top gainers today, relying on a spike in buying pressure and other positive developments in their ecosystem.
Also, some presale tokens offer investors a chance to join a vibrant community and take advantage of the presale to benefit from a potential price surge.
Investors must always remember that trading comes with risks and apply proper risk management techniques and personal research for the best decisions.A trader must discover the best method to maximize profit and minimize losses.
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