BTC and ETH drops shake the market as memecoins provide relief to investors

As the cryptocurrency market experiences volatility, investors are turning to Galaxy Fox, a new altcoin with real-world utility, amid the decline of major coins like bitcoin and ethereum.

The cryptocurrency market has been a rollercoaster ride for investors lately. The global market capitalization has approached the $2 trillion mark, with a crash of 8.14%. The Fear and Greed Index (FGI) has moved to 38 points, denoting a state of fear among investors. Although there is no single clear factor behind this drop, there is still hope for a rebound. This ongoing recession could be a good opportunity for investors looking to buy at lower prices.

Now that memecoins have come into the spotlight, investors are looking for altcoins with real utility to make profits. With Dogecoin and Shiba Inu dropping 20% ​​last week, cautious investors are now turning to this new altcoin called Galaxy Fox to make quick profits.

bitcoin and ethereum lose momentum

bitcoin price has taken a hit, as it is now trading below $57,000. It has fallen by 6% in the past 24 hours and 11% over the past week. Although short-term predictions remain somewhat optimistic, current market conditions do not favor a quick recovery.

ethereum is also facing similar challenges, as its price has fallen to levels of $3,000 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 performed better than bitcoin. bitcoin’s drop is partly due to the planned repayments by Mt. Gox to its creditors. Because the repayment process has not officially started, some small bitcoin transfers have been made.

Memecoins in the spotlight

Memecoins are typically driven by community support and trends. Those that rely solely on market speculation are also feeling the pressure. The global market cap of memecoins has fallen by 19%. The top meme tokens have suffered significant losses, with Dogecoin and Shiba Inu declining by 18% and 19% respectively. Dogecoin’s market cap is now around $13.5 billion, down from $17 billion previously.

But real-world utility coins are performing much better than other coins in the market. Because they have real things for investors, these coins are here to stay. One such cryptocurrency is Galaxy Fox with its Play-to-Earn gaming model, nft staking, and token burning feature. The most interesting feature of Galaxy Fox is its P2E gaming platform.

The platform features a web3 runner game where players can earn GFOX tokens by achieving top positions. Players can also increase their chances of winning by purchasing Galaxy Fox nfts. These are useful for providing more strengths during gameplay against opponents. At the end of each GFOX season, the top 20% of players on the leaderboard receive in-game coins as a reward.

Galaxy Fox has a unique collection of over 3000 nfts. Galaxy Fox’s nft collection includes characters from the Galaxy Fox game. In addition, the marketplace allows users to buy and sell nfts for an exciting gaming experience.

Another unique feature of Galaxy Fox is its token burning mechanism. A fixed percentage of tokens are permanently removed from the market to ensure that demand and supply remain balanced. This process reduces the overall supply of GFOX tokens so that they gain value over time. It is a smart way to increase and improve the long-term value of the tokens in the market.

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

Conclusion

The recent market correction and decline in bitcoin and ethereum has shaken investor confidence. However, utility memecoins could offer some relief. Among them, Galaxy Fox stands out as an attractive option. It features a Play-to-Earn gaming platform, to earn and entertain yourself at the same time.

For more information about GFOX here, visit the Galaxy Fox pre-sale and Join the community.