Memecoins roar back! Dogecoin (DOGE) and Bonk (BONK) soar as Galaxy Fox (GFOX) closes in on $4 million. The market leader of the top ten cryptocurrencies, Bitcoin (BTC), is driving this impressive performance.
As BTC rallies towards $50K, memecoins are posting serious gains, with BONK up nearly 25% in the last seven days and GFOX closing in on another 15% price leap.
Bitcoin dominates the market, and its trending direction dictates market direction. BTC breaking past $46,000 for the first time since Spot ETF approvals marked a shift in direction. And Spot ETF demand is driving this demand. ETF trading makes up 15% of the total volume, and on Thursday, the 8th of February, combined inflows were $403 million. Liquidity is migrating on-chain, and investors have an increasing appetite to take risks, as demonstrated by memecoins’ recent performance.
Bitcoin (BTC) Rallies Toward $50,000 While DOGE & BONK Soar
Bitcoin has climbed more than 12% weekly- a staggering feat for such a large asset. Now, crypto investors can forget about BTC leading the top 10 crypto coins. It is ranked globally as the tenth-largest asset class. Demand from ETF issuers is driving this movement. Total inflows to ETFs have already exceeded $2.1 billion since launching on January 11th and already own 3.8% of the circulating supply.
If demand stays constant, there will simply not be enough BTC for all buyers, and the price will continue to appreciate. BTC’s qualities as a bearer asset and a store of value make it the digital equivalent of gold, and demand from institutional buyers solidifies its position as the leading crypto for beginners.
Bitcoin’s positive price action has lifted the rest of the markets up and BONK is up nearly 25$ on the weekly, and DOGE shows signs of resurgence, already up almost 4% on the weekly. Memecoins breaking out has historically signaled the start of a capital rotation to altcoins.
Galaxy Fox (GFOX) Closes In On $4 Million
Galaxy Fox closes in on $4 million, and the total funding for ICOs continues climbing. Galaxy Fox is a hybrid token design taking elements from the memecoin and play-to-earn genres. Its memecoin exterior plays on the classic memeable aesthetic, and its tokenomics display typical memecoin tropes.
The token burn removes GFOX from the open market, and the protocol’s taxation system directs liquidity around the ecosystem. Split evenly three ways between the liqudiity pool, Stargate, and the Treasury. Stargate is where GFOX holders can stake their tokens, and these rewards are fully deflationary. No net new issuance rewards stakers, meaning they earn a yield on a deflationary asset.
Galaxy Fox’s Treasury manages ecosystem development and uses funding to support community initiatives and marketing efforts. The P2E segment is Galaxy Fox’s runner game that rewards the top-ranked players at the end of each season. Additionally, the ecosystem features NFTs granting in-game stat upgrades and a marketplace for secondary trades.
Stage 7 is 99% sold out, and all existing GFOX holders will soon experience a price increase from $0.00198 to $0.002178 as Stage 8 begins.
Closing Thoughts: Risk-On Markets Reward Risk-Taking Behavior
Bitcoin is close to breaking year-to-date highs. BTC, the largest of the top ten cryptocurrencies enjoying sustained upward price action, trickles down into the smaller cap economy. BONK and DOGE rallying is the evidence.
Learn more about Galaxy Fox (GFOX) here:
Galaxy Fox Presale | The Telegram Group | Galaxy Fox on Twitter
The post Memes Roar Back! BTC Rallies Towards $50K; DOGE & BONK Soar as GFOX Closes in on $4Million appeared first on BeInCrypto.