As bears grip the crypto market, strategic investors are looking for ways to mitigate the losses and maintain their profitability. One of the tools that has come in handy during the volatile period is staking.
Staking on platforms like Ethereum (ETH), Bitcoin Minetrix (BTCMTX), and SPONGE are popular, despite the broader market movements.
24% of Ethereum Supply is Staked
Ethereum crosses another significant milestone as the percentage of ETH supply in staking hits 24%. The statistics indicate that ETH investors are holding tight onto the passive income stream, rather than chasing after fleeting market movements.
Ethereum price action, source: CoinMarketCap
Although the current bull market turned many ETH portfolios profitable, staking returns give them a better positioning in the investment. It reflects the increasing confidence in the project’s development and the road ahead.
Total Ethereum staked, source: CryptoQuant
With the launch of the Shapella upgrade, withdrawal functionality was enabled for staked Ethereum. It allowed validators and stakers to cash out their staked ETH along with the accumulated rewards.
But despite that, investors continue to stake ETH and tap into the passive income opportunity, quelling fears of a price collapse.
The growing adoption of Ethereum’s Proof-of-Stake mechanism hints at a robust price action for the world’s largest altcoin this year. Although Ethereum has lost 5% of its value over the last seven days, things are expected to pick up soon.
The positive development of spot Bitcoin ETFs and the upcoming Bitcoin halving hint at a market surge that will soon unfold. Like Bitcoin, Ethereum stands to gain substantially from the next series of rallies.
Stake-to-Mine on Bitcoin Minetrix Goes Viral
Bitcoin Minetrix ($BTCMTX) is a new cloud mining project that simplifies access to the sector. It turns bitcoin mining into a source of passive income for retail participants.
Regardless of the technical expertise and capital, anyone can join the ecosystem by staking $BTCMTX tokens. The presale of Bitcoin Minetrix is close to the $9M milestone, as investors continue to seize the passive income opportunity amid the bear market.
The fluctuations in the BTC market and the evolving ETF landscape have also led to the surge in traffic to the $BTCMTX presale. The stake-to-mine initiative is dedicated to streamlining BTC mining, making it more inclusive and accessible to a broader audience.
A User-Friendly Dashboard for Passive BTC Mining
On the stake-to-mine dashboard, individuals who stake their tokens will receive BTC mining credits in return. These mining credits, distributed as non-transferable ERC20 tokens, are safeguarded against thefts and hacks. They can be burnt to earn BTC mining rewards.
Although the traditional mining sector proves lucrative, it is currently confined to those with significant investment capital and technical expertise. Its limited accessibility contradicts the decentralized ethos of the market.
In addition, Bitcoin Minetrix stands as a formidable alternative to prevalent cloud mining platforms, known for their elevated risk of scams. They often demand initial hardware investments and contractual commitments as well, driving away investors looking for a passive source of income.
A Straightforward Approach Adds to the Appeal of $BTCMTX
The straightforward process of staking BTCMTX tokens and earning BTC mining rewards makes the project a compelling investment this year. BTCMTX is well-positioned to capitalize on the period of growth and expansion that is predicted to set off soon in the crypto market.
Top crypto analysts, including Austin Hilton and Michael Wrubel, have highlighted the project’s significance, featuring it on their widely followed YouTube channels.
The $BTCMTX presale is now in its final phases. For strategic early investors, this is the last chance to secure the most favorable entry point into the investment.
SPONGE Stake-to-Bridge Portal Sees Influx of $5.3M
The SPONGE Stake-to-Bridge Portal achieves another remarkable milestone, crossing the $5M milestone. At the time of this writing, the total value of $SPONGE staked on the portal stood at $5,370,606.
<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>We were just getting started with Sponge V1. Don't miss your chance to join <a href=”https://twitter.com/hashtag/SpongeV2?src=hash&ref_src=twsrc%5Etfw”>#SpongeV2</a>! 🧽🧽🧽🚀<br><br>🧽 Proven 100x potential<br>🧽 12,000+ Holders<br>🧽 10+ Exchanges <br>🧽 30k Strong community<br><br>Get ready to absorb more DAMP! 💦<a href=”https://twitter.com/hashtag/Web3?src=hash&ref_src=twsrc%5Etfw”>#Web3</a> <a href=”https://twitter.com/hashtag/Crypto?src=hash&ref_src=twsrc%5Etfw”>#Crypto</a> <a href=”https://twitter.com/hashtag/AltcoinSeason?src=hash&ref_src=twsrc%5Etfw”>#AltcoinSeason</a> <a href=”https://t.co/4YghSPit8e”>pic.twitter.com/4YghSPit8e</a></p>— $SPONGE (@spongeoneth) <a href=”https://twitter.com/spongeoneth/status/1748027620074180777?ref_src=twsrc%5Etfw”>January 18, 2024</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>
SPONGE is bridging to SPONGEV2 soon, marking the new phase of its journey. As part of it, the project is planning to launch a play-to-earn game themed around the meme coin.
SPONGE has recorded a 23.18% surge on the daily chart as it continues to gather momentum. Investors are actively participating in the stake-to-bridge portal to earn SPONGEV2 tokens.
During its launch in 2023, the first version of the token went on a near 100X surge. The track record of the meme coin is behind the surge in traffic to the new version. Investors staking SPONGE will be eligible for bonus SPONGEV2 tokens on its launch.
SPONGEV2 is cited as one of the most promising meme coins of 2024 by leading crypto publications. If the new ecosystem unfolds as planned, SPONGEV2 has the potential to make its way to the top meme coin chart.
