3 Altcoins Are Showing Signs Of Waking Up, Bitcoin price Drops
Three DeFi and NFT-related tokens GHST, CNS and TLM are showing signs of accumulation, as the market’s bearish mood to post double-digit gains in the past two days.
Wider cryptocurrency markets had another day of struggle on July 15 as the price of the leading crypto asset Bitcoin (BTC) dropped to its so called “final support zone” near $31,000, which prompted traders to issue dire predictions about the future should bulls fail to hold this level.
However, relatively unknown altcoins like Aavegotchi (GHST), Centric Cash (CNS) and Alien Worlds (TLM) recorded positive gains in the past 48-hours time frame and appear to be in a stealth accumulation mode.
Aavegotchi soars ahead of DinoSwap release
Aavegotchi (GHST) is a DeFi-focused nonfungible token (NFT) that operates on the Aave protocol and allows users to utilize in-game avatars called Gotchi’s as collateral to earn staking rewards.
According to data from TradingView the price of GHST has rallied 21% from a low of $0.997 on July 14 to an intraday high at $1.21 on July 15 as its 24-hour trading volume doubled from the previous day.
Aavegotchi’s Twitter feed suggests that the newfound enthusiasm for GHST is a result of the upcoming release of DinoSwap, a multi-chain farming protocol that helps attracts and builds liquidity on existing automated market makers (AMM).
Token holders have recently been able to earn an extra yield on the Polygon (MATIC) network, which has helped drive liquidity and trading volume higher, resulting in the price appreciation seen in GHST.
Centric Cash up amid migration to Binance Smart Chain
Centric Cash (CNS) is another altcoin that has managed to post a positive gains in an otherwise red market, possibly due to its successful migration to the Binance Smart Chain (BSC).
CNS is a dual-token protocol that offers rewards for adoption in the form of a fixed hourly yield and “stabilizes over time as it self-regulates token supply to meet ongoing changes in demand,” according to the project’s website.
The project’s migration away from the Tron blockchain to the BSC was done as a way to help increase exposure and trading volume through gaining access to the wider Binance ecosystem.
As a result of the increased attention and trading volume that CNS garnered following the migration, its price rallied 36% from a low of $0.0003 on July 14 to an intraday high at $0.00042 as traders looked to acquire tokens and supply liquidy for its launch on PancakeSwap.
Alien Worlds shows signs of waking up
Alien Worlds (TLM) has also outperformed the field this week. The blockchain gaming platform provides a DeFi-connected NFT metaverse where users can collect and play with unique digital items in an environment that stimulates economic competition and collaboration between players.
The price of TLM skyrocketed by 307% over the past week, rising from a low of $0.08 on July 9 to an intraday high at $0.33 on July 15 with a 24-hour trading volume of $884 million.
While there has not been a major protocol announcement that is readily identifiable as the cause for increased momentum, the project’s Twitter feed shows a handful of new NFT releases recently that can be earned through gameplay, as well as an announcement that the planet Binance will soon be added to the Alien Worlds ecosystem.
— Alien Worlds Official (@AlienWorlds) July 9, 2021
Overall, projects that include NFT functionality and a select few DeFi protocols continue to perform well while the large-cap projects in the crypto market are negatively impacted by Bitcoin’s repeat excursions to the $31,000 level.
