Crypto Capo was finally proven right, and Bitcoin ($BTC) fell to $8,900 on BitMEX in a flash crash. This price action was isolated to a single exchange, and luckily, for all $BTC investors, the current price remains well above $60,000. Freak events like this will become more common as trading gets more aggressive, and in the height of a bull market, weirder and weirder things start to happen.
Sentiment for memecoins is at all time highs, with Galaxy Fox ($GFOX) smashing past $5 million. This presale shows no sign of slowing and has been listed among the top 10 cryptos to buy now. Why did $BTC fall on BitMEX, and why are memecoins the zeitgeist of this current cycle? Time to dive in.
Bitcoin ($BTC): BitMEX Flash Crash to $8,900
BitMEX is a centralized exchange founded by crypto legend Arthur Hayes and a famously degenerate exchange that unlocks super high-leverage trading. Liquidity levels on this CEX are not what they used to be, and when a seller unloaded 850 Bitcoin ($BTC), the price crashed down to $8,900.
Worth noting that this occurred on BitMEX’s spot market and is simply what happens when a large seller pushes through an order in a single transaction instead of multiple small orders on a centralized exchange with thin liquidity. For example, if this sale had occurred on Coinbase or Binance, it would have been nothing more than a blip. Bitcoin continues to be a top crypto to buy this cycle, with ETF inflows supporting price and the halving coming soon.
This flash crash to $8,900 was a freak event and speaks to the active liquidity levels on BitMEX as opposed to Bitcoin itself, which maintained an average global price of $67,400 during this violent wick.
Galaxy Fox ($GFOX) Smashes $5 Million in Funding
Galaxy Fox has smashed $5 million in its presale, and this hybrid protocol is starting to take over the world. GameFi and memecoins will drive this cycle, and all of the top 10 cryptos to buy now exist in these verticals. Investors are realizing that $GFOX unlocks exposure to the growth of both narratives, and it is quickly becoming a top crypto to invest in.
Integrating a play-to-earn game into a classic memecoin has proven a winning decision, and now investors enjoy high-octane upside with entertainment on the side. The financial incentives present in Galaxy Fox’s Web3 runner game provide a natural onramp into the ecosystem, and anybody skilled enough to end the season in the top 20% walks away with a cash prize. Staking rewards are the other big earning opportunity in this galactic ecosystem, and anybody can head to the Stargate module to put their $GFOX tokens to work.
Excitement is rapidly building for the retail launch, with the presale already 90% sold out. Post-launch, all growth mechanisms will activate, including the token burn, which will steadily reduce the available supply on open markets. Success in building early momentum is the most reliable indicator of future performance, and Galaxy Fox’s performance to date signals that a wild price discovery phase is incoming.
Closing Thoughts: $BTC & Memecoin Dominant Cycle
An exogenous influence has defined this cycle- Bitcoin Spot ETFs. Naturally the best ROI opportunities are memecoins and $BTC. Why? TradFi is buying Bitcoin, and retail investors will pump memecoins when they return to markets. It is no coincidence that most of the top 10 cryptos to buy now are meme projects.
Galaxy Fox is a classic example of a protocol that launched this cycle with that special 100X juice. Memecoins are ready to rip, and $GFOX is a future market leader that is still available in its presale. Trades don’t get much easier than this.
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