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As the new week starts, let’s look at the cryptos that have taken the spotlight this week. According to various industry experts, Shiba Inu (SHIB), FTX Token (FTT), and Bonk (BONK) are the cryptos that you can watch this week.
Let’s look at the quick overview, price changes, and news updates of these top cryptos of this week.
#1 Shiba Inu (SHIB)
Shiba Inu, launched in August 2020 by its founder Ryoshi, draws inspiration from the adorable dog breed that shares its name. It should not be mistaken for Dogecoin, another crypto featuring the same breed as its mascot. Shiba Inu positions itself as a “Dogecoin killer.”
It is built on the Ethereum blockchain, enabling the execution of smart contracts. Through these smart contracts, Shiba Inu can work with Decentralized Applications (DApps), granting it more functionality. In contrast, Dogecoin needs this capability, making it significantly more limited in its capabilities.
The price of Shiba Inu (SHIB) on WazirX is INR 0.000796 today. According to CoinMarketCap, the 24-hour trading volume of SHIB is $86.77M, with a circulating supply of 589.29T SHIB and a market cap of $5.33B.
Strategic moves and community-driven initiatives fuel Shiba Inu’s imminent growth. Lead developer Shytoshi Kusama’s relocation sparks speculation of market expansions. GroveX’s $5,000 SHIB giveaway and Shibarium integration showcase commitment to Shiba Inu’s innovation. The staggering 2,034% surge in SHIB burn rate within 24 hours underscores community-driven token incineration, solidifying Shiba Inu’s trajectory amidst recent market fluctuations.
#2 FTX Token (FTT)
FTT, the native crypto of the FTX crypto derivatives trading platform, was launched in May 2019. FTX distinguishes itself with features like clawback prevention, a centralized collateral pool, and universal stablecoin settlement. FTT’s versatile functions include creating leveraged tokens, earning VIP discounts based on holdings, and receiving rewards for providing liquidity through futures positions. The ERC-20 FTT coin, initially a transaction reward, now offers benefits like commission discounts and insurance protection during market volatility. The exchange actively supports FTT’s value by regularly buying back and burning tokens using various revenue sources.
The price of FTX Token (FTT) on WazirX is INR 241 today. According to CoinMarketCap, the 24-hour trading volume of FTT is $16,602,507, with a circulating supply of 328,895,104 FTT and a market cap of $905,563,224.
FTX Token (FTT) presents a compelling case for growth shortly. Amidst a challenging crypto market, FTT showcased resilience with a good value increase and a remarkable surge in trade volume in recent times. The altcoin’s stability and high liquidity make it an intriguing option despite the need for investors to monitor intermittent fluctuations.
#3 Bonk (BONK)
BONK, Solana’s pioneering dog-themed coin, prioritizes community inclusivity by airdropping 50% of its supply to Solana users. Launched on December 25, 2022, it spurred a 34% rise in SOL token prices within 48 hours, with trading commencing on December 30, 2022, garnering attention from the crypto community. The team’s core mission is to restore liquidity to Solana DEXs, foster a universal community coin for all Solana dApps, and aim for equal participation in the ecosystem. The project currently has a modest online presence and conducted random airdrops to Solana NFT collectors, developers, and artists.
The price of Bonk (BONK) on WazirX is INR 0.0010393 today. According to CoinMarketCap, the 24-hour trading volume of BONK is $91.76M, with a circulating supply of 63.33T BONK and a market cap of $757.14M.
Bonk’s unique position in the meme coin space, marked by playful branding and exceptional price performance, signifies potential for future growth. Despite its speculative nature, Bonk’s listing on major exchanges and its correlation to the growing Solana ecosystem have fueled substantial gains. As Solana gains traction, Bonk stands to benefit from increased visibility and a potential network effect, positioning it for continued success.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.