Polygon (MATIC) continues to lose its edge in the market, recording a 31.7% plunge on the monthly chart. Despite attempts at price recovery last week, MATIC is struggling to make its way ahead. The key resistance at $0.7 has rejected the coin multiple times over the month, squashing the dreams of a rebound to $1.
Is Polygon Losing its Market Relevance?
MATIC, which currently ranks 13th in terms of crypto market cap, has a cascade of sell-offs on the horizon if it fails to reinstate the confidence of investors. One of the key factors that have worked against Polygon is Robinhood’s decision to delist cryptocurrencies that are on the radar of the SEC.
Polygon 1-month price overview, 28 June 2023, CoinMarketCap
MATIC is not alone in its plight. High-cap cryptocurrencies like Cardano and Solana are also tarnished by the SEC turbulence. In the lawsuits against Binance and Coinbase, these crypto assets were labeled as unregistered securities by the SEC, increasing their vulnerability to anti-crypto regulations.
But Polygon is the most affected by the ongoing developments since it has been losing its market relevance with the entry of more energy-efficient blockchains. Ethereum’s journey toward a greener blockchain ecosystem has also posed a threat to the side chain. As Polygon continues to dispirit the market, investors are moving to greener patches that hold better potential yields.
Bitcoin Cash Gains 114.1% in Two Weeks
Bitcoin Cash is the showstopper this month, and for the right reason. The token has gained 114.1% in the last fourteen days, tapping into the broader market upturn.
Bitcoin Cash 1-month price overview, 28 June 2023, CoinMarketCap
Social interest in the project has been soaring after it was listed on the institutional-backed crypto exchange EDX Markets. At one point, the price of BCH rose to $226.44, which is the highest the coin has recorded in a year. The other coins to make the elite list are bitcoin (BTC), ether (ETH) and Litecoin (LTC).
The project is backed by traditional-finance heavy-weights like Fidelity Digital Assets, Charles Schwab and Citadel Securities. It currently ranks 17th in terms of crypto global market cap.
As the confidence in high-cap assets like Polygon, XRP, SOL, and ADA continue to deteriorate, investors have found a safe haven in BCH. That explains its rise to prominence, especially since the announcement of the SEC lawsuits. Investors who prefer blue-chip assets, in particular, are hoarding BCH.
Bitcoin Cash doesn’t have a lot of steam left, however. A price correction is due for the coin in the coming week, which will lead to a sharp dip. The chances of the coin maintaining its momentum are slim as it already boasts a large market cap of $4.3B.
Wall Street Memes is on the Verge of a Meme Coin Break-Out
Another cryptocurrency that is breaking records is Wall Street Memes. The meme coin that has yet to be launched is now in the presale stage and has surged past the $11M milestone already. It has kindled a meme coin mania even before going live on exchanges.
There are three factors that have primarily worked in favor of Wall Street Memes.
- Wall Street Memes token’s key highlight is its vibrant online community, which shares hilarious memes that critique financial institutions, governments, investors, and traders. With 1-million+ followers from around the world, the community wields significant influence, especially among people in their late twenties and early thirties who also happen to be more responsive toward meme coin manias.
- Wall Street Memes took its first step into the Web 3.0 market with an NFT collection titled Wall St. Bulls. Interestingly, it was sold out in just 32 minutes, sending waves of euphoria in the market. It went on to demonstrate the community’s hold in the market. That has led investors to predict a 25X-30X price surge for the token on its initial exchange listings.
- Tech mogul and meme coin fan Elon Musk has actively engaged with the Wall Street Memes community on multiple occasions in the past. This has elevated its visibility in external markets, attracting investments from a wider audience.
The WSM presale is racing ahead at a fast pace and has raised $11M already. It is divided into thirty stages with a gradual price hike. If the presale maintains momentum, the tokens will sell out in the next few days.
While WSM is predicted to explode on its launch, it has substantial long-term relevance. The community-reward system of the project, which takes 30% of the total token supply, will encourage investors to hold their tokens even after the initial momentum mellows down.
The token is predicted to enter the top-3 meme coin chart within days of its launch outstripping Pepe, and earning up to 70-100X returns over the next month.
But the chances of WSM overthrowing SHIB are slim, despite the growing social media interest in the project. Although the performance of Shiba Inu has been largely lukewarm in 2023, the Wall Street Memes community can’t match the strength of the SHIB army.
Other altcoins to keep an eye on
Listed below are more cryptocurrencies that have been in the spotlight this month. All these projects are in the presale phase, and thus have larger room for growth.
- yPredict (YPRED): The AI-powered marketplace offers crypto price predictive models. They are designed by top AI developers, quants, and analysts, empowering traders to regain their statistical advantage in the crypto market that is currently saturated with manipulative bots and algorithms.
- Launchpad XYZ (LPX): LPX serves as the native token of a Web 3.0 hub that acquaints users with crypto yields across various niches. The project’s primary goal is to improve the crypto user experience, and in turn lower the entry barrier to the market. It features a wide range of tools to achieve this, including an NFT marketplace, a play-to-earn gaming hub, a library offering metaverse experiences, a Web3 wallet, an NFT decentralized exchange (DEX), and a trading terminal, among others.
- Ecoterra: Green cryptocurrencies are an excellent investment this year, as they have wide scope for mainstream adoption through global celebrity and brand partnerships. Ecoterra’s recycle-to-earn ecosystem is dedicated to boosting climate action through crypto incentivization.
We’ve achieved a remarkable $100K increase in just 1️⃣ DAY 💰
We have now reached a total of 🎉 $5,500,000 RAISED 🎉
Join the #Presale now before stage 8 ends ⬇️https://t.co/1fYkPOsPYG pic.twitter.com/hmN3Y13V5T
— ecoterra (@ecoterraio) June 27, 2023
