Top Crypto Gainers on October 5 – AAVE, RUNE, And RNDR
Although crypto assets are volatile, they continue to grow in relevance and adoption based on their utility. According to statistics from Grand View Research, the crypto market is expected to grow by 12.5% by 2030. These statistics reveal the rising interest in crypto investment over the years.
However, cryptocurrencies are subject to several factors, including inflation, which boosts or depresss investors' sentiments, leading to price fluctuations.
The crypto market cap is approximately $1.13 trillion today, October 5, UP 1% in the last 24 hours. Today's crypto top gainers include AAVE, RUNE, and RNDR. These tokens benefit from exciting developments in their ecosystem, boosting investor sentiments.
Aave (AAVE) - The Decentralized Crypto Lending Platform
AAVE is in an uptrend today, October 5, trading at $69.1 as of 7:28 a.m. EST, with a 6% 24-hour increase. It has gained 12% in the last seven days, confirming rising pressure from the buyers.
Aave's price gains today are likely linked to the latest boost in crypto market cap and the recently-announced Aave Grants winners. Notably, Aave rewarded eight unique projects for driving innovation in the ecosystem.
Congratulations to the 8 new Aave Grants awarded during August!
These teams are building a range of unique projects that are all centered around @AaveAave or accelerating @GHOAave adoption in some way.
Let's dive into a thread and learn more about them:
pic.twitter.com/4mN2MttLwv
- AaveGrants.lens (@AaveGrants) October 4, 2023
One of the winners of this grant is Compass Labs, a DeFi research platform enabling investors to use smart contracts. Also, including AAVE in their ecosystem will boost the potential of the ecosystem.
CIAN Protocol, another winner, hopes to boost the development of the DeFi sector using AAVE as the core lending protocol. This grant encourages engagement in the AAVE ecosystem and is likely one of the factors driving its rally.
AAVE Rallies On Daily Chart as Buyers Increase MomentumAAVE shows notable gains on the daily chart as buyers vie to force more rallies. Its price has formed a second consecutive green candle with a long upper wick.
The buyers have refused to relent, aiming to break above the $72.4 resistance level. Notably, AAVE found support at $65.8, rising as it attempts to move above the $72.4 resistance as buying pressure increases.
Also, the Relative Strength Index (RSI) is 60.4, approaching the overbought region, confirming the buyers' charge. Although the MACD is still above the signal line, the bullish histogram bars are fading, suggesting the buying momentum is dwindling and a negative trend reversal might soon occur.
If the sellers mount more pressure, AAVE will remain below the $72.4 resistance. However, if the RSI rises above 60, it will be a potential entry point for new long positions.
THORChain (RUNE) - The Top Cross Chain Decentralized Exchange
RUNE trades at $2 on October 5, recording a slight increase of 1.7% on its price as of 8:42 am EST. Also, it has recorded a 14.8% 14-day price increase, confirming a rise in buying interest in the past week.
RUNE's strides must have been facilitated by positive investor sentiments triggered by a recently released quarterly report by THORChain. The reports showed massive network improvements in the third quarter of 2023.
With Q3 at a close, a report detailing the quarterly progress of the @THORChain core protocol has been published
Lending, Streaming Swaps, & much more shipped
Total Volume: $2.38b
Liquidity fees collected: $3.38mRead the full report on Medium: https://t.co/tvlO7VAxgG
- THORChain (@THORChain) October 4, 2023
According to the report, the total volume of transactions is $2.38 billion, representing a 114.4% increase.Also, the total liquidity in the ecosystem increased by 29.1% from $99.41 million to $128.4 million. Overall, THORChain's ecosystem report shows massive improvements.
It likely boosted investor confidence, leading to a price spike for the token.Despite the positive price momentum, RUNE seems to be under pressure from the bears attempting a price decline.
RUNE Struggles with Bearish Pressure. Will A Retracement Occur Soon?
RUNE has found critical support at $2 as bearish pressure at $2.14 slowed its early rally.The lower wick of today's candle is touching the median band of the Donchian Channel, implying the sellers will likely force a price decline in the coming days.
Furthermore, the RSI confirms this bearish sentiment, displaying a value of 59.96 and dropping from the neutral zone to the oversold region.If RUNE drops below the $2 resistance level, the asset will likely move to the oversold region, meaning more dips.
However, its retracement might be positive for the next few days as its ecosystem statistics might trigger a recovery.
Render (RNDR) - The GPU Solution for Artists and Creators
RNDR's price at 9:39 am EST is $1.71, with a 2.8% increase in the last 24 hours. Its seven-day gains are 13.6%, reflecting investors' positive sentiment for the token.RNDR's gains today coincide with the recently released update of the VR experience scaled for Twitter.
The VR experience (scaled for Twitter). This one is very emotional for me: https://t.co/0xUIn0zaHV
It took 8,000 @rendernetwork tokens to render this experience.
I'm forever grateful to @JulesUrbach for donating the tokens so I could create this experience. There's nothing like... pic.twitter.com/jbmRaJK3RD
- David Ariew (@DavidAriew) October 4, 2023
Remarkably, the VR experience took 8000 RNDR tokens to create the improvement. David Ariew, the project developer, expressed gratitude to the donor of the RNDR tokens for his contribution.
He noted that the improvement cur the project time from a month to within a few days. Impressively, the project will be auctioned at the Digital Art Fair in Hong Kong.This improvement helps to boost RNDR's utility and overall value.
RNDR Faces Resistance at $1.73; Will The Bears Prevail?On the daily chart, RNDR attempts a break above its nearest resistance level. RNDR flipped the $1.65 resistance level to support on October 1, with its price showing volatility in between.
Despite the bullish stride, RNDR faces resistance at $1.73 as the seller limits its rise. Although the upper wick of today's candle has broken above this resistance, the red candle suggests that the sellers are still active.
Also, the RSI indicator displays a value of 65.8, moving in a sideways trend to show traders' indecisiveness. However, the RSI is approaching the overbought zone and will likely move above 70 if the buyers rally above $1.73.
Meanwhile, RNDR's MACD still displays a buy signal confirmed by its bullish Histogram bars. Traders should pay attention to the close of today's candle to confirm if the buyers will regain control.
Meme Kombat (MK) - The Gaming and Utility EcosystemMeme Kombat is an innovative crypto gaming platform that hopes to engage its community with meme battles and crypto betting. Its native token, MK, runs on Ethereum and models its staking mechanism, offering users access to staking opportunities for passive income.
Just checking in
pic.twitter.com/6orQM8qQDv
- Meme Kombat (@Meme_Kombat) October 4, 2023
Many crypto pundits are bullish on MK's growth potential. According to YouTube analyst Jacob Crypto Bury, MK is the next potential 10X cryptocurrency with exciting rewards for users.MK's utility in the ecosystem makes a strong case for its long-term value.
Notably, MK holders can participate in battles, wager, and stake their tokens for prizes.Meme Kombat's presale is ongoing, with each token worth $1.67. As of today, October 5, the presale has raised over $300,000, showing massive investor interest as it nears the $1 million target.
Given the rapid progress, the presale could end in a few days, a limited window for interested participants. Users can opt for ETH or USDT to complete their purchase once they connect to a secure crypto wallet.
Betting and Wagering Drawing Interest from the Crypto Gambling CommunityAccording to a Yahoo! Finance report, crypto-related gambling will peak at $93 billion by the end of 2023.Meme Kombat is determined to benefit from this large market share, offering gamblers opportunities to win prizes.
It's been a banger of a day, hasn't it? Gotta love Mondays in #web3 #MemeKombat pic.twitter.com/M9bn3ze84B
- Meme Kombat (@Meme_Kombat) October 2, 2023
Furthermore, Gamers can compete and bet in several modes, such as direct betting, side betting, and player vs player modes.Whatever the game mode, users will earn MK tokens as rewards and enjoy high-level competition in an active community.
Users can bet on specific in-game events for additional rewards.Meme Kombat harnesses blockchain technology for the decentralized processing of battles and real-time updates. Moreover, it leverages Artificial Intelligence to conduct battle modes and give dynamic visuals to users.
Staking Boosting MK's Long-Term ValueMeme Kombat has an impressive anti-inflationary mechanism, which is staking. Notably, this staking is automated, and all tokens purchased are moved to a staking pool till after the presales.
However, these rewards are based on the APY at the time of purchase, visible on the Meme Kombat staking page. Notably, each wallet must re-stake its tokens to claim the staking rewards accumulated during the presale.
Meanwhile, users who opt to withdraw all their staked tokens during the presale will forfeit their share of the rewards. Again, those who opt to withdraw their tokens must withdraw all, as partial withdrawals are not supported.
Impressively, 30% of the total supply (3.6 million tokens) is set aside for staking and battle rewards. These rewards will encourage users to participate in long-term holding of MK tokens, thus reducing price volatility.
Notably, staking operations are managed using secure smart contracts, providing transparency and automation. Users can also allocate their staked tokens for betting to add flexibility to the ecosystem. Based on its utility and strong community, Meme Kombat will likely be one of the successful projects in 2023.
ConclusionToday's top gainers rely on strong backing from their community and progressive ecosystem developments.While cryptocurrencies still experience occasional problems, such as hacks and fraud, global adoption is still rising.
Also, a volatile market offers investors opportunities to make a profit in a short time frame. However, trading comes with risks, and proper research and risk management are essential.Furthermore, investors can opt for presale tokens such as Meme Kombat as an alternative way to realize profit.
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