In the latest sudden DEX pump, a spin-off Wrapped ALGO (XALGO) coin has climbed +1,000% in just 24-hours, but with price now reeling, this other crypto might be the next to explode.
This comes as recent months have seen a huge trend in explosive DEX-traded token moves, with countless moon-shots garnering significant attention, including the ever-popular APX, SAMBO Bot, Baby Meme, TIME, ROCKY and IO.
Here's a leak for #ALGO AND #SOL~
The @GlitterFinance ALGO X SOL bridge is coming live in the next couple of weeks!
You will be able to wrap $algo and $sol, connecting both chains for the first time!
Wrapped #Algorand has landed on #Solana already
https://t.co/qzG0xPAUdB— mrbluesky.algo (@MrblueskyAlgo) July 5, 2022
Taking on the mask of the popular Folk Finance DeFi project’s XALGO token, this spin-off appears to have been stealth launched with little to no marketing, but based on Raydium blockchain.
XALGO Price Analysis: Can XALGO Breakout of Long-Standing Descendant Trading Channel?
As price stabilizes after the seismic pump, XALGO is currently trading at a market price of $0.2175 (representing a 24-hour change of +1,169%).
Yesterday’s huge pump, followed a catastrophic downtick on November 29, which saw XALGO price hammer-down to rock-bottomed support at $0.014 in a dramatic -91% move.
However, against a backdrop of an incredibly low market cap of just $25k – and even weaker trading volumes, the major dip has been eaten up quickly – leaving price poised for a re-test of upper trendline resistance.
Yet, breaking through resistance here could be easier said than done, with the upper trendline stemming from major historical resistance, which since February 2023 has formed an impenetrable layer for price action.
With XALGO price seemingly trapped under this steeply descendant trading channel hopes remain low, although it is crucial to note that only a small influx of trading volume could set the stage for a huge run.
Indeed, comparable pumps often push up to multi-million market caps, so if XALGO was to post gains up to a $1m market cap that would represent a 40x return from here.
This highlights the allure of this emerging play, and it seems markets are taking notice with buy pressure representing 70% of transactions over the past 24-hours.
But with upper trendline resistance overheard, XALGO also represents a high risk play, and this is driving some in the market to seek out similarly lucrative but safer plays like crypto presales.
One such project making waves is Bitcoin ETF token, which is surging in presale due to market excitement around anticipated Bitcoin Spot ETFs.
This XALGO Coin Alternative Token Could Skyrocket Amid Bitcoin ETF Bullrun – Don’t Miss Out
A new Bitcoin alternative presale launched this week, offering eagle-eyed traders the opportunity to make it big on unfolding Bitcoin ETF rumors without having to eat the $37,000 cost of becoming a whole-coiner.
Bitcoin ETF Token ($BTCETF) is currently listed at a market price of $0.006, with an alluring $2,130,344 raised in the opening weeks of the presale.
Designed and built with skyrocket potential in mind, this promising token aims to bank big on market excitement surrounding the ongoing applications for Bitcoin spot ETFs.
Aiming for a hard cap of $5m in presale funding, the early stage of this emerging project’s presale offers investors a unique opportunity to get in during this early entry point, which could set the stage for life-changing gains.
Ride the ETF Rally with Ease: Bitcoin ETF Token is a Critical Component in Every BTC Trader’s Toolbox
Indeed, Bitcoin ETF isn’t simply a useless meme coin, beyond taking aim at the biggest narrative in crypto – BTCETF has a major utility: Bitcoin ETF news alerts.
The token’s dApp offers traders a live feed of the latest Bitcoin spot ETF information and news, with sophisticated technology tracking applications real-time at the SEC, and high-speed bots monitoring social media for the latest breaking ETF news.
But a simple feed of Bitcoin Spot ETF news only highlights a fraction of Bitcoin ETF token’s potential, with easy-access to real-time update alerts offering sharp traders the opportunity to make market-beating returns stress-free; being amongst the first to hear about privileged Bitcoin Spot ETF news.
This could enable traders to position themselves appropriately in seismic Bitcoin market movements, making Bitcoin ETF token a critical component in every BTC trader’s tool-box this Winter.
Surging Interest in Bitcoin Alternatives Leaves $BTCETF Poised to Outperform $XALGOToken
Project tokenomics are bolstered by ambitious plans for the incorporation of staking rewards that incentivize long-term holding, alongside a burn mechanism, which will enhance $BTCETF as a ‘digital gold’ alternative, by creating a deflationary mechanism in price.
Set for stage 3 of the Bitcoin ETF project roadmap, an initial burn mechanism will be introduced amid a well-marketed DEX launch, imposing an initial 5% burn tax on transactions – this will be reduced by -1% each time a Bitcoin ETF news milestone is reached.
However, plans are afoot for a larger burn mechanism in stage 4, in a move that will see 25% of token supply burned overtime, this will be conducted in 5% burn intervals – with each supply-side reduction taking place as a Bitcoin ETF news milestone is met.
The milestones for the burn mechanism are as follows:
- Milestone 1 – $BTCETF Trading Volume hits $100m – burn tax on transactions reduced from 5% to 4%, and 5% of total supply is burned.
- Milestone 2 – First Bitcoin ETF is approved by SEC – burn tax on transactions is reduced from 4% to 3%, and a further 5% of total supply is burned.
- Milestone 3- First Bitcoin ETF launch date – burn tax on transactions is reduced from 3% to 2%, and a further 5% of total supply is burned.
- Milestone 4 – Bitcoin ETF assets under management (AUM) hits $1bn – burn tax on transactions is reduced from 2% to 1%, and a further 5% of total supply is burned.
- Milestone 5 – Bitcoin price hits $100k – burn tax on transactions is reduced from 1% to 0%, and a further 5% of total supply is burned.
This will create a gradual decrease in total supply, eventually leaving around 70% of BTCETF in circulation, with the supply-side reduction inducing upside price growth.
And that is without considering the potential for token value accrual driven by demand from traders for access to the ETF news dApp and the ever-present demand for Bitcoin alternatives.
Indeed, 2023 has seen explosive growth in Bitcoin-related tokens – with markets showing a real appetite for BRC-20 ordinal tokens, Bitcoin Cloud Mining, and Bitcoin derivatives.
So don’t miss your chance to get in early ahead of the next major Bitcoin rally leg – connect with the project on X (Twitter) and Telegram for more details.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post xALGO Coin is Up 1,000% in 24 Hours and This Other Crypto Might be Next to Explode – Here’s Why appeared first on Cryptonews.
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