The global crypto market capitalization has risen by 0.63% to $1.07 trillion in the last 24 hours. It is a consistent improvement of the crypto market’s rise, as monitored in our reports. A significant surge in trading activity has accompanied this remarkable uptick in market capitalization. In the last 24 hours, the total crypto market volume rose to an impressive $29.97 billion, representing a 60.69% increase in trading volume.
Decentralized finance plays a pivotal role in the crypto market. Its 24-hour trading volume reached $2.28 billion. This constitutes 7.60% of the total crypto market volume over the same period.
Stablecoins have also been critical in the crypto market’s recent trading surge. Its total volume currently stands at $27.49 billion. This accounts for 91.70% of the entire crypto market’s 24-hour volume.
The Bitcoin dominance currently stands at 49.05%. This marks a slight increase of 0.04% over the day.
Global stocks experienced a decline at the close of business on Monday. The 10-year Treasury yield hovered near a 16-year peak as concerns grew over the potential impact of the Federal Reserve’s prolonged stance on higher interest rates on U.S. consumers.
Several factors contribute to these concerns, including the rise in oil prices, the looming threat of a government shutdown in less than two weeks, and the ongoing United Auto Workers strike affecting the Detroit Three automakers. These factors collectively threaten the robust U.S. economy, which still has elevated inflation.
Next Cryptocurrency to Explode
While the market has already factored in the likelihood of a rate hike following the conclusion of the Federal Reserve’s two-day policy meeting scheduled for Wednesday, the possibility of additional rate hikes remains uncertain.
1. Wall Street Memes (WSM)
With just six days remaining, the opportunity to participate in the highly anticipated meme coin launch of 2023, Wall Street Memes (WSM), is dwindling. The next cryptocurrency to explode is closing its long-drawn presale.
Wall Street Memes, known as WSM coin, has already managed to amass an impressive $25 million in funding. This achievement is attributed mainly to its thriving community, boasting over one million members, including notable interactions with tech mogul Elon Musk. The project aims to capitalize on the GameStop stock democratization movement and inject its vitality into the world of cryptocurrencies.
As if getting a mortgage wasn’t hard enough already pic.twitter.com/rFvr2Kp9W1
— Wall Street Memes (@wallstmemes) September 18, 2023
According to information on the Wall Street Memes website, the project will embark on its first-tier centralized exchange (CEX) listings in just eight days. Though unconfirmed, rumors suggest that at least two of these listings will be among the top 10 global exchanges. The crypto community is abuzz with speculation regarding which crypto exchanges are on the horizon, with some speculating that Binance could be one of them.
Even if Binance is not among the initial listings, securing partnerships with top exchanges at this early stage could pave the way for a future listing on Binance and set the stage for explosive price action upon launch in just over a week.
The presale for Wall Street Memes is still ongoing, presenting a time-sensitive opportunity for interested parties to secure their allocation. The native token, $WSM, is currently priced at $0.0337, with the potential for substantial gains, possibly reaching tenfold its current value.
Wall Street Memes differ from your typical low-utility memecoin seeking only viral attention. While not publicly announced, the project is believed to have several significant products in the pipeline, poised for release after securing listings on major centralized exchanges.
The project’s core objective is to empower Main Street in its battle against Wall Street, with cryptocurrency leading the charge. Wall Street Memes has already unveiled its first product—a staking functionality introduced less than a week ago, which has garnered significant support from the community.
A substantial 343 million $WSM tokens have been staked to date, offering an annual percentage yield (APY) of 58%, as displayed on the staking dashboard. This equates to 34% of the tokens allocated to the presale now being locked in the staking pool smart contract.
Wall Street Memes has set a maximum token supply of 2,000,000,000, with half of this supply (1 billion tokens) available in the ongoing presale. The tokenomics plan allocates 20% each for decentralized and centralized exchange liquidity, 50% for marketing efforts, and 30% for community rewards.
The substantial allocation for marketing underscores the project’s serious ambitions. Furthermore, 20% of the total $WSM token supply is designated for staking rewards, drawn from the 30% allocated to community rewards.
Staking is essential as it offers a passive income stream and encourages long-term coin holding. Additionally, it can help mitigate selling pressure when the coin is listed on exchanges, further strengthening the project’s outlook.
Visit Wall Street Memes.
2. eCash (XEC)
In a surprising turn of events, eCash led the market gainers early on Tuesday. The token is up by over 14% and currently trades at $0.00002657.
eCash (XEC) represents the rebranded iteration of Bitcoin Cash ABC (BCHA), which itself originated as a fork of both Bitcoin (BTC) and Bitcoin Cash (BCH). It distinguishes itself as a “cryptocurrency tailored for electronic cash transactions.” eCash’s primary objective is to serve as a seamless medium for conducting payments for goods and services. This rebranding took place on July 1, 2021, and has since strived to set itself apart from its predecessor.
One notable departure from its predecessor is eCash’s introduction of “bits” as its base units, replacing the somewhat cumbersome decimal places used by Bitcoin Cash ABC. For instance, instead of sending 0.00001000 BTC, you would send a straightforward 10 bits when using eCash.
Furthermore, eCash incorporates a consensus layer based on proof-of-stake (PoS) known as “Avalanche.” It’s important to note that this is distinct from the blockchain platform Avalanche (AVAX).
🚀 PayButton for eCash is here! 🎉
— eCash (@eCashOfficial) September 13, 2023
Upon its rebranding, eCash announced its intention to facilitate the conversion of all BCHA coins into XEC at a fixed ratio of one to one million.
The reason behind the latest rise is unknown, but traders should watch events closely. Its trading volume in the last 24 hours exceeds $145 million as it gives signs of the next cryptocurrency to explode.
3. Stacks (STX)
Stacks rose 18% after Grayscale’s victory against the US SEC concerning the Bitcoin ETF. Stacks, known for enabling businesses to construct applications on the Bitcoin network, clearly benefited from the positive market sentiment generated by this legal win.
A glance at the current technical analysis for STX reveals a somewhat neutral sentiment. Oscillators present a mixed picture, with 8 out of 11 indicators reflecting a neutral status, while 3 suggest a ‘Buy’ position. Notably, key indicators like the Relative Strength Index, Stochastic %K, and Commodity Channel Index all hover in neutral territory, with values of 55.1725, 66.1161, and 57.8098, respectively. However, the Average Directional Index (14) leans towards a ‘Buy’ signal with a value of 29.8958.
Moving Averages offer a varied perspective. Of the 15 provided, 6 advocate a ‘Buy’ position, with both Exponential Moving Averages (10, 20, 30) and Simple Moving Averages (10, 20) signaling a ‘Buy.’ Conversely, the Exponential and Simple Moving Averages spanning 50, 100, and 200 periods lean towards ‘Sell’ positions.
In terms of derivatives analysis, the overall sentiment appears mixed. The Stacks STX derivatives market has witnessed a notable surge in open interest, rising by 66.19% to reach $41.90 million. Long/short ratios, however, paint a diverse picture, with a 0.9275 ratio in the 24-hour period, 0.7103 for Binance STX/USDT accounts, and 1.43 for OKX STX accounts.
2023 will go down as the year it clicked for people that you can build on Bitcoin 🧡
— stacks.btc (@Stacks) September 19, 2023
The eagerly anticipated Stacks Townhall, scheduled for September 6th, promises to unveil the latest developments from Bitcoin Layer 2 builders. The agenda encompasses the introduction of sBTC, advancements in Stacks Core development, revealing details about the Nakamoto Release, and announcing critical bounties, all demonstrating the project’s commitment to innovation and growth.
While Stacks remains dedicated to nurturing the next generation of Bitcoin developers, their ambitious goals extend to optimizing transaction times, aiming for a swift 5-second benchmark while preserving Bitcoin’s finality. The impending launch of sBTC underscores Stacks’ unwavering commitment to pushing the boundaries of what’s possible in cryptocurrency.
4. Toncoin (TON)
In the past week, Toncoin (TON) has witnessed an impressive surge of more than 40%, currently trading at $2.42—a level not seen since mid-April. This substantial price rally has propelled TON into the elite group of the top 10 cryptocurrencies by market capitalization, signaling its surging momentum and the heightened confidence of investors.
A pivotal factor fueling Toncoin’s recent price ascent is its integration with the popular messaging platform Telegram. Telegram, renowned for its massive user base exceeding 800 million users, has seamlessly incorporated The Open Network’s self-custodial crypto wallet, aptly named “Ton Space.”
As highlighted in a Forbes article, this strategic move has empowered Telegram’s vast user community to engage in transactions using TON. With such an extensive and direct reach to Telegram’s user base, investor confidence in TON has soared, contributing significantly to the recent surge in the coin’s value.
Toncoin has demonstrated remarkable resilience, concluding in the green for three out of the last four weeks—a testament to its sustained positive momentum, even amidst challenges the broader cryptocurrency market faces.
The Open Network (TON) is putting crypto in every pocket. By building a Web3 ecosystem within Telegram Messenger, TON is giving billions the opportunity to own their digital identity, data, and assets.
Telegram: https://t.co/sLqovWV2qx#Toincon $Ton $Toincon #Ton pic.twitter.com/bS2RgnmHnu
— TON Community News (@Toncoin_Army) September 14, 2023
The growth trajectory appears promising as Telegram’s user base continues to expand. The integration of TON positions it favorably for further price appreciation in the upcoming months as it taps into the ever-expanding audience within the Telegram ecosystem.
Ends Soon – Wall Street Memes
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