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BTC and ETH dips rock the market as memecoins provide relief to investors
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As the cryptocurrency market experiences volatility, investors are turning to Galaxy Fox, a new altcoin with real-world utility, amid the decline of major coins like Bitcoin and Ethereum.
The cryptocurrency market has been a rollercoaster ride for investors lately. The global market cap has dipped closer to the $2 trillion mark, falling by 8.14%. The Fear and Greed Index (FGI) has moved to 38 points, which denotes a state of fear among investors. While there is no single clear factor behind this drop, there is still hope for a recovery. This ongoing slowdown could be a good opportunity for investors looking to buy at lower prices.
With memecoins becoming the talk of the town, investors are looking to real-world utility altcoins to make some gains. With Dogecoin and Shiba Inu both down 20% in the past week, cautious investors are now turning to this new altcoin called Galaxy Fox for quick gains.
Bitcoin and Ethereum lose strength
Bitcoin has taken a significant hit as it is trading below $57K levels now. It has fallen 6% in the last 24 hours and 11% in the past week. While short-term forecasts remain somewhat optimistic, current market conditions do not support a quick recovery.
Ethereum is also facing similar challenges as the price has dropped to $3,000 levels and is down 10% in a day and 16% in the past week. Despite the hopeful news about the US SEC approving a spot Ether ETF, Ethereum has not fared any better than Bitcoin. Bitcoin’s decline is partly due to Mt. Gox’s early repayments to its creditors. Since the repayment process has not officially started, some small Bitcoin transfers have been made.
Highlight for memecoins
Memecoins are often driven by community support and trends. Those that rely solely on market speculation are also feeling the heat. The global market cap for memecoins has dropped by 19%. Major meme tokens have seen major losses with Dogecoin and Shiba Inu declining by 18% and 19% respectively. Dogecoin’s market cap is now around $13.5 billion, down from $17 billion.
But real-world utility coins are doing much better than other coins in the market. Since they have real things for investors to do, these coins are here to stay. One such cryptocurrency is Galaxy Fox with its Play-to-Earn gaming model, NFT staking, and token burning feature. The most exciting feature of Galaxy Fox is its P2E gaming platform.
The platform features a web3 racing game where players can earn GFOX tokens by achieving top rankings. Players can also increase their chances of winning by purchasing Galaxy Fox NFTs. These come in handy to provide more strengths during the game against opponents. At the end of each GFOX season, the top 20% of players on the leaderboard receive in-game currency as rewards.
Galaxy Fox has a unique collection of over 3000 NFTs. The Galaxy Fox NFT collection includes characters from the Galaxy Fox gameplay. Additionally, the marketplace allows users to buy and sell NFTs for an exciting gaming experience.
Another unique feature of Galaxy Fox is its token burning mechanism. A fixed percentage of tokens are permanently removed from the market to ensure that demand and supply remain in balance. This process reduces the overall supply of GFOX tokens so that they become more valuable over time. It is a smart way to increase and enhance the long-term value of tokens in the market.
With each transaction, 2% of the total value is automatically added back to Galaxy Fox Stargate. Holders receive an equivalent share of the Stargate rewards over time. This system creates a powerful incentive for users to hold their tokens. Overall, it is the leading memecoin with real-world utility for all investors.
Conclusion
The recent market correction slump in Bitcoin and Ethereum has shaken investor confidence. However, utility-based memecoins may offer some relief. Among them, Galaxy Fox stands out as an attractive option. It has a Play-to-Earn gaming platform, where you can earn and have fun at the same time.
To learn more about GFOX here, visit Galaxy Fox pre-sale It is join the community.
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