BTC, ETH dips shake the market while memecoins provide relief to investors

As the crypto market experiences volatility, investors are turning to Galaxy Fox, a new altcoin with real-world utility, amid the downturn of major coins like Bitcoin and Ethereum.

The cryptocurrency market has been a rollercoaster ride for investors lately. The global market cap has dipped closer to the $2 trillion mark, plunging by 8.14%. The Fear and Greed Index (FGI) has shifted to 38 points that denotes a state of fear among investors. Although there isn’t a single clear factor behind this drop, there is still hope for a rebound. This ongoing downturn might be a good opportunity for investors looking to buy at lower prices. 

With memecoins becoming the talk of the town, investors are looking for real-world utility altcoins to get some gains. With Dogecoin and Shiba Inu down by 20% last week, cautious investors are now turning towards this new altcoin called Galaxy Fox for quick gains.

Bitcoin and Ethereum lose momentum

Bitcoin has taken a significant hit as it is trading below $57k levels now. It has dropped by 6% in the last 24 hours and 11% over the past week. While short-term predictions remain somewhat optimistic, the current market conditions do not support a quick rebound.

Ethereum is also facing similar challenges as the price has slipped to $3k levels and is down 10% in a day and 16% in the past week. Despite hopeful news about the US SEC approving a Spot Ether ETF, Ethereum has not done better than Bitcoin. The decline in Bitcoin is partly due to the anticipated repayments by Mt. Gox to its creditors. Because the repayment process has not officially started, a few small Bitcoin transfers have been made.

Spotlight on memecoins

Memecoins are often driven by community support and trends. Those which rely solely on market speculation are also feeling the heat. The global market cap for memecoins has dropped by 19%. The top meme tokens have seen major losses with Dogecoin and Shiba Inu decrease by 18% and 19% respectively. Dogecoin’s market cap is now around $13.5 billion which is down from $17 billion. 

But the real-world utility coins are doing far better than other coins in the market. Because they have actual things for investors, these coins are here to stay. One such crypto is Galaxy Fox with its Play-to-Earn gaming model, NFT staking, and token burn feature. The most exciting feature of Galaxy Fox is its P2E gaming platform.

The platform features a web3 runner game where players can earn GFOX tokens by getting top ranks. Players can also increase their chances of winning by purchasing Galaxy Fox NFTs. These are helpful in providing more strengths during the gameplay against opponents.  At the end of each GFOX season, the top 20% of players on the leaderboard receive in-game currencies as rewards.

Galaxy Fox has a unique collection of over 3000 NFTs. The Galaxy Fox NFT collection includes characters from the Galaxy Fox gameplay. Moreover, the marketplace allows users to buy and sell NFTs for an exciting gaming experience.

Another unique feature of Galaxy Fox is its token burn mechanism. A fixed percentage of tokens are permanently removed from the market to make sure the demand and supply remains in balance. This process reduces the overall supply of GFOX tokens so that they become valuable over time. It’s a clever way to increase and enhance long-term value for the tokens in the market.

With every transaction, 2% of the total value is automatically added back to the Galaxy Fox Stargate. Holders receive an equivalent share of the Stargate’s rewards over time. This system creates a powerful incentive for users to hold onto their tokens. Overall, it is the leading memecoin with a real-world utility for all investors.

Conclusion

The recent downturn with market correction of Bitcoin and Ethereum has shaken investor confidence. However, memecoins with utilities might offer some relief. Among them, Galaxy Fox stands out as an attractive option. It has a Play-to-Earn gaming platform, for earning and entertainment at the same time.

To learn more about GFOX here, visit the Galaxy Fox presale and join the community.