Top Crypto Gainers on 14 February – PYTH and BLUR
Many crypto projects, including meme tokens, are garnering impressive attention from key players and market traders in the crypto space.As a result, the 24H trading volume of the broad market has spiked to $ 82.5 billion with an 81.51% increase.
Also, most assets are projecting favorable future outlooks in the short term, while others hint at bullish pumps in the coming weeks.
Either way, holders of these assets have massive returns to enjoy. Today, February 14, 2024, some of the top gainers worth monitoring are PYTH, BLUR, SPONGEv2, and Meme Kombat.
Analyzing these crypto assets is vital to comprehend their real-time moves and potential price actions to remember when trading.
Pyth Network (PYTH) - Top dApps Real-time Data Provider for Web3 Protocols
Real-time data access is critical in the fast-moving landscape of decentralized finance (DeFi). Pyth Network is the go-to Oracle solution for supplying quality data streams across over 50 blockchains.
By bridging isolated blockchain networks with vital external data, Pyth unlocks new possibilities for developers building decentralized applications (dApps).These dApps can now tap into accurate, real-world information to power new functionalities and use cases.
In the past, oracles focused mainly on aggregating data by scraping" various online sources. Pyth moves far beyond this, delivering elite-tier data directly from premium providers.
The network also leverages Solana's speed to update data feeds every few hundred milliseconds.
This unique approach has cemented Pyth as a leader, powering 48% of all decentralized exchange (DEX) trading volume globally.More developers are using Pyth, making it the go-to oracle.
Today, the Pyth community got excited, and the price of its token, PYTH, shot up by almost 12% to $0.6678 each.
At the same time, trading volume soared by 44% to over $228 million.This happened because the community voted to approve a constitution for the new Pyth DAO, a big step towards decentralization. Now, the DAO is in charge of deciding how Pyth works.
Today, the Pyth Network community has voted on-chain to approve the Pyth DAO Constitution.
This Constitution describes the decision-making framework for the Pyth DAO and the governing framework for the holders of $PYTH.
Learn more below:
What is the Pyth DAO Constitution?The... pic.twitter.com/aTQ1JW7xT2
- Pyth Network
(@PythNetwork) February 13, 2024
The community played a massive role in making this happen by actively shaping the protocol's future. Pyth Network is becoming even more critical in the DeFi world by providing top-notch data, and it's bringing in more projects while adding new features.
Backed by an energized community, the protocol is positioned as a long-term leader in advancing blockchain innovation in the Web3 data frontier.
PYTH Sits Above the Bollinger Bands - Are More Rallies Ahead?
Since February 8, the price of PYTH has steadily risen, forming seven consecutive bullish candlesticks.This upward momentum resulted in a new record high of $0.67 today, which surpasses the previous all-time high.
The surge in price resulted in a breakout from the $0.50 resistance zone.
If the upward trend of PYTH continues, the next resistance level to watch for is $0.76, representing a 16% increase from the current price.The coin trades above the upper, middle, and lower Bollinger bands, which serve as dynamic supports and resistance levels.
By breaking above the upper band, PYTH could record more rallies as buyers take advantage of today's price action. Also, the Relative Strength Index (RSI) is predominant in the overbought market region (above 70).Thus, PYTH's rally potential is high.
It could record more price gains in the coming days, driving its value toward the new resistance level at $0.76. However, it's important to note that despite optimistic forecasts for PYTH's price, there's a possibility of a reversal, as with every cryptocurrency.
A 24% decline to the $0.50 horizontal level could occur if that happens.
Blur (BLUR) - The Decentralized NFT Marketplace
BLUR also benefits from the positive trend in the crypto market, with a 13.9% gain to trade at $0.74 in the last 24 hours.Also, BLUR has gained 28.7% this week as the crypto market transitions into a bullish phase.
Blur's utility as an NFT marketplace will likely attract more investors to the ecosystem to accumulate the tokens.
According to defillama.com, Blur's TVL is currently at $166.1 million, and its market cap is $990.15 million, close to $1 billion. Also, 2,344 active addresses hold BLUR tokens as they grow in utility and adoption.
Today, BLUR shows a solid bullish pattern on the daily chart as more buyers accumulate the tokens in anticipation of a bull run.
BLUR Forms Higher Highs on Daily Chart, Will The Rally Continue?
BLUR has formed three consecutive green candles on the daily chart as the buyers continue to build momentum. BLUR rallied after a brief retracement from February 10-11, including a green candle on February 12.
Also, it has posted significant gains today, flipping the $0.69 resistance level to support.
Currently, BLUR is testing the $0.75 resistance level, and a break above it likely increase its price to $0.76.Also, BLUR is trading above the Parabolic SAR indicator, a strong bullish signal confirming that the buyers are in control.
Additionally, the RSI indicator is rising to the overbought region with a value of 68.58. If the RSI enters the overbought area, BLUR will break above its nearest resistance level to continue its rally.
Sponge V2 (SPONGE) - The Utility-Based MemecoinWhen it's only Wednesday and you've absorbed too much damp
#Crypto #MemeCoin #100x #Web3 pic.twitter.com/EiKS2BfvVO
- $SPONGE (@spongeoneth) February 13, 2024
Sponge V2 is an exciting crypto project built from the Sponge V1 series with improvements. One remarkable improvement is including a Play-to-Earn (P2E) game for extra utility in the ecosystem.
This game will enable participants to earn SPONGE tokens directly from gameplay, likely attracting more investors.
Staking Is Vital to Sponge V2's Ecosystem
Sponge v2 relies on a staking framework like the V1 to reward its holders. It supports a buy-and-stake feature where purchased tokens are staked automatically.
So, staking is essential to preserve the long-term value of SPONGE, and the tokens are staked in a secure pool.
Over 8.28 billion tokens have been staked at a reward rate of 1303%. Also, according to tokenomics, over 43.09% of the total supply is reserved for staking rewards. These exciting rewards encourage SPONGE holders to stake their tokens for massive rewards when unlocked.
Sponge V2 Roadmap Shows Great Potentials AheadAccording to the roadmap stage 1, the $SPONGE token staked in the V1 staking pools was bridged to V2 in a smooth process early in February.Also, the sponge game research is ongoing, as is the race to attract more liquidity (absorb the damp"). Next, stage 2 will feature SPONGEV2 token claims by holders.
Also, listing on bigger and better exchanges is a top priority and will likely massively boost the value of $SPONGE.Further, the game development will continue, and the developers will aim to move the project to 10,000 holders.
Finally, stage 3 will feature Tier 1 centralized exchange (CEX) listings and the Sponge Game App launch.
This app will make the game accessible to users on their devices.Meanwhile, the race to a $100 million market cap will dominate this stage, and more liquidity will come in from new investors.
According to YouTube Analyst Crypto Nation, Sponge V2 is a potential 100X memecoin.
Also, SPONGE V2 will likely benefit from the improvement in the crypto market and Bitcoin's rally above $50,000. If it launches amidst a bull run, it will reward early investors massively. So visit the presale page to grab as many tokens as possible before it spikes.
Meme Kombat - Unique Crypto Project with Meme-based Battles
This innovative crypto project revolving around meme-based battles and a play-to-earn (P2E) model has raised over $8.73 million. Now, it's setting up for an early 2024 debut.
With high investor interest, people rush to secure their stake before the project hits its $10 million cap. If you're tired of speculative meme coins that deliver more hype than utility, this new gaming-centric project can shake up the status quo.
Growth Variables for $MKMeme Kombat offers a robust platform where its native $MK token powers a range of activities beyond just trading.Users can actively participate in AI-adjudicated battles between famous meme coin mascots and earn rewards by betting on match outcomes.
This transparent adjudication mechanism ensures provably fair battles, unlike before, among crypto-gaming projects. For a more passive approach, staking $MK tokens yields attractive 109% APY rewards while demonstrating community commitment.
This platform fosters enduring utility and engagement by merging combat gaming themes with meme coin appeal. It takes inspiration from fighting video games, with seasons" that introduce fresh battle modes, characters, and features over time.
Also, with strategic development phases, there's no stagnation while expanding the arena battles' scope and intensity. Combined with plans to incorporate trending memes and influencer partnerships, Meme Kombat is positioned for viral attention from launch and beyond.
The 80% of $MK already staked pre-launch and massive presale funding interest point to enthusiastic user adoption from day one.As the presale wraps up, excitement is palpable for the project's launch as the next must-play phenomenon.
Final ThoughtsThe crypto market has become bullish as Bitcoin breaks above $51,000. With the current momentum, BTC will likely return to its all-time high value soon.
Also, altcoins correlated to Bitcoin's price are rallying and likely to enter an altcoin season.
This is quite an interesting prospect for investors who missed out on Bitcoin and can accumulate these altcoins ahead of the bull run.If the positive phase lingers, then traders in long positions will likely make a profit. However, proper research and risk management remain vital tools for crypto investments.
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