On-chain data represents one of the most valuable tools for any crypto investor. Distributed ledger technology’s open and public nature allows users to track and map all transactions occurring. In practice, this means any market participant can observe capital formation and flows.
Glassnode data shows strong potential for Ethereum (ETH), Bitcoin Cash (BCH), and DigiToads (TOADS). Large wallets have been accumulating these tokens, hinting they could be some of the best altcoins to invest in over the coming months. Special attention must be paid to TOADS, which has rapidly become a rising star, and the on-chain data shows aggressive participation in its presale. Notably, from wallets created in 2018, meaning seasoned market actors are the origin of this buying pressure.
DigiToads (TOADS) Roaring Presale Crosses $6.2 Million
DigiToads has emerged and established itself as a leader amongst new DeFi projects thanks to its unique dual token model blending memecoin virality with utility in what analysts quickly dubbed a ‘third generation memecoin utility hybrid.’
The marketing of DigiToads is all meme flavored, with a cute mascot, but the protocol underneath this shiny exterior is full-bodied utility. The protocol’s ecosystem, known as The Swamp, features angles for all types of crypto investors. This multi-faceted nature has been critical in the presale success, which has raised more than $6.2 million.
Toad-Cade, the play-to-earn game, attracted GameFi enthusiasts who want to turn their gaming acumen into cash. They will have the chance to do so by battling toad NFTs in the arena with an in-game store allowing the customization of their toad’s attributes.
Traders have been a surprisingly large participation group due to the Platinum Toads initiative. This novel mechanism lets the best on-chain traders keep 10% of all profits they make by trading a portion of the TOADS’ treasury. Great for the traders and additionally excellent for all community members who benefit from the returns only possible trading cryptos.
NFT enthusiasts flooded the presale due to the launch of DigiToads’ NFT Staking mechanic, which turns non-fungible tokens into revenue producers. The Swamp also includes a native DEX, charity initiatives, monthly trading competitions, and airdrops.
All of these features get tied together into a deflationary token, and this scarcity adds excellent long-term value accrual explaining why DigiToads has quickly outshone all the other new ICOs going to market.
Ethereum (ETH) Transitions to Become Dominant Settlement Layer
The macro swing towards Ethereum (ETH) and away from alternative layer ones continues. Emerging layer two scaling solutions such as Arbitrum (ARB), Optimism (OP), and soon Coinbase’s Base all settle on Ethereum (ETH). This feeds value back to $ETH holders, and the on-chain data from Glassnode shows that more prominent investors continue to buy $ETH en masse.
This heavy accumulation indicates that these large and well-capitalized players expect Ethereum (ETH) to perform exceptionally in the coming bull market, and analysts’ price predictions support this theory. Additionally, all the new top altcoins of this cycle have either launched directly on Ethereum (ETH) as ERC20 coins or on layer twos, indirectly strengthening the network. Analysts forecast $ETH targeting an upper-range high of $4,810.68 in 2024.
Bitcoin Cash (BCH) Institutional Play
Bitcoin Cash (BCH), the often forgotten hard fork of Bitcoin (BTC), has also seen heavy accumulation. Glassnode displays several wallets scooping up large amounts of $BCH, and the prevailing thesis amongst analysts is that these players are looking to dump on TradFi investors.
The crypto exchange backed by Charles Schwab and Fidelity, EDX, will allow the trading of only four assets, and Bitcoin Cash (BCH) is among them. Crypto whales have front-run the TradFi money managers and look to them as the central counterparty of this trade. Analysts’ forecasts’ for Bitcoin Cash (BCH) see the asset trading between $407.24 and $489.64 in 2024.
Closing Thoughts: Follow the Money
On-chain data lets any investor follow the smart money; investment groups with resources, time, and superior market knowledge. The accumulation of $ETH, $BCH, and $TOADS provides a bullish signal for their long-term performance. Best of all, DigiToads is still in its presale, allowing investors to catch this token early.
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