Bitcoin, Tron, and Ethereum might be in green at spot rates, but other emerging trends could end the current streak, reverting prices back to red. According to onchain data, there has been a sharp decline in USDT activity on top smart contract platforms like Ethereum and Tron. Despite this drop, meme coins, especially Galaxy Fox (GFOX), are in green, turning attention and defying analysts’ bearish sentiment.
USDT Minting On Ethereum and Tron Falling: Will Price Follow?
At press time, crypto traders are upbeat following the surge of Bitcoin, Tron, and Ethereum prices over the weekend. Tron, of note, is one of the top performers, at least in the top 20, pushing its valuation to the top 12.
TRX is up an impressive 15% from June lows at spot rates and could extend gains following the breakout above $0.12. The comprehensive close above May 2024 highs is decisive and is at the back of rising trading volume. As things stand, there could be more room for growth, especially for optimistic TRX bulls targeting February highs at $0.14.
Meanwhile, even with spot Ethereum ETF hopes, ETH bulls are yet to reclaim key resistance levels. As it is, there is strong rejection at $3,700. For the uptrend of Q1 2024 to remain, there must be a sharp close above this line, opening up the coin to $3,900 and, ideally, $4,100 registered in March.
Even as ETH and TRX claw back gains, on-chain data shows that the demand for USDT, the world’s most valuable coin, is waning. In a recent analysis, one analyst said USDT issuance has fallen from $7 billion to $1 billion in less than three months.
It is worth noting that this drop coincides with the contraction of crypto prices after the spike in mid-March. Since then, however, prices have been struggling with leading coins like XRP flash crashing in April. Ethereum, Bitcoin, and even TRX weren’t spared the wrath of sellers from April through to May.
The contraction in USDT minting, especially on Tron, could signal weakness. Over the years, Tron has taken over from Ethereum as the leading platform for minting stablecoins, considering its low fees and high scalability. This drop means crypto demand might be falling, which is a net negative for the broader ecosystem.
Galaxy Fox Is On Fire: GFOX Up 12X In 2 Months
Even amidst market uncertainty, Galaxy Fox is carving its unique path, looking at social media mentions and general activity, especially on its highly anticipated top blockchain game launched in mid-May.
GFOX, the native ERC-20 meme coin priming the vibrant Galaxy Fox, is currently steady and bullish. According to CoinMarketCap, GFOX is one of the leading meme coins, surging more than 12X after bottoming out on May 10.
Analysts are upbeat, banking on more growth in the second half of the year, thanks in part to the recovery in the meme coin market. After the decimation in the last two weeks, the resurgence, led by WIF, has seen the cumulative meme coin market cap approach the $50 billion level.
Amid the surge in activity on Solana meme coins, attention is also on GFOX, a quality Ethereum meme coin.
Unlike alternative meme coins like PEPE, GFOX has utility. The highly sought-after token is crucial in the fully functional and viral Galaxy Fox play-to-earn (P2E) game.
In the Galaxy Fox P2E game, all players have to do is breed, nurture, and battle digital foxes to earn GFOX. All these digital foxes exist as NFTs. They are valuable and can be traded for other NFTs or GFOX.
From the way Galaxy Fox is designed, players are rewarded with GFOX depending on their activity. They can choose to trade GFOX for other tokens or stake them for even more rewards.
For Info about $GFOX, visit Galaxyfox.io
Conclusion: Meme Coin Activity Picking Up Steam
USDT activity on Ethereum and Tron might be down, but this doesn’t mean crypto trading is on a downtrend. If anything, meme coins like GFOX are picking up momentum and could spark a bull run as analysts adopt a wait-and-see approach.
In the next bull cycle, it won’t be surprising for GFOX to extend gains versus ETH and TRX, posting more than 100X gains at peaks.
Visit the Galaxy Fox website today to learn more about the project.
Learn more about $GFOX here:
Galaxyfox.io | Join the Community
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