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Despite bullish momentum in some corners of the market, coins such as ai, SOL, and AVAX are currently facing significant headwinds. Meanwhile, GFOXa totally useful meme coin, has raised almost 5 million dollars in its pre-sale.
SOL falls 12.5%
On February 14, 2024, data from CoinMarketCap showed that SOL was trading above $118, its highest price since the beginning of the month. However, the token is currently down 12.5%, falling to $103.49, despite the overall market recovery.
This came as no surprise as other tokens in the Solana ecosystem are also experiencing a drop in price. For example, JUP fell from $0.67 to $0.49 between February 1 and 25, while WIF fell from $0.44 to $0.34 between February 8 and 25.
Similarly, JITO fell from $2.78 to $2.15 between January 14 and February 25.
Although SOL is one of the top tokens in the market today, investors are advised to exercise caution as it shows signs of a possible pullback to the $80 level.
AVAX struggles as token unlocking could drive price down
AVAX is another popular token that has lost ground recently. In the last ten days, it fell from $43.49 to its current level of around $37.00.
AVAX is expected to continue its downward trend in the near future as it looks to unlock a huge reserve of its tokens, worth around $365 million.
During the unlock period, around 9.5 million AVAX will be released to the market, diluting its price possibly below the $35 level.
Galaxy Fox pre-sale approaches $5 million
Galaxy Fox is the meme coin that has been wowing cryptocurrency enthusiasts since it started this year. As a versatile token with multiple use cases, it is gaining popularity and greater preference among other meme coins.
Currently in stage 8 of its pre-sale phase, the token is approaching $5 million and has already raised almost $4 million.
The distribution of GFOX tokens is one of the factors that positions it for success.
The platform has a total of 5 billion tokens in supply, and 70% of them were allocated to pre-sale, while the rest went to the ecosystem, team, competition, and prizes.
Investors who buy and hold GFOX can earn staking rewards. They can also enjoy the token burning mechanism, which reduces the supply of tokens.
Galaxy Fox offers an exciting runner game with a play-to-win financial incentive, rewarding top players with GFOX tokens. The platform also includes in-game collections of NFTs, allowing players to purchase in-game boosters and increase their chances of winning by purchasing those NFTs.
The current pre-sale stage will end in the coming days, as more than 94% of the tokens allocated for the stage are already sold.
Conclusion
As SOL and AVAX face market challenges and possible downtrends in the near future, investors are exploring GFOX. The project has raised almost $5 million in its pre-sale.
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