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With Bitcoin maintaining its position near the $70k mark, the altcoin market is witnessing a surge. This presents a potential golden opportunity for investors to explore promising assets. This week, you can watch these three cryptos: Stacks (STX), Floki (FLOKI), and Injective Protocol (INJ).
#1 Stacks (STX)
Stacks serves as a Bitcoin Layer for smart contracts, facilitating their utilization alongside Decentralized Applications (dApps) with Bitcoin as an asset and settlement currency on the Bitcoin blockchain.
Utilizing Proof-of-Transfer consensus and Clarity language, Stacks possesses comprehensive knowledge of the entire Bitcoin state, allowing it to access Bitcoin data at any point.
All transactions on the Stacks layer are automatically hashed and settled on the Bitcoin L1, with Stacks blocks secured by 100% Bitcoin hash power. To reorder Stacks blocks or transactions, an attacker would need to reorganize Bitcoin itself.
The price of Stacks (STX) on WazirX is INR 192 today. According to CoinMarketCap, the 24-hour trading volume is $130,621,991, with a circulating supply of 1,466,520,203 STX and a market cap of $3,252,950,581.
Stacks crypto has surged after breaking out of a correction phase, finding strong support near the $1.8 level and rallying toward $2.5. This breakout, accompanied by a 28.9% surge this week, signifies a bullish trend reversal. The uptrend is reinforced by a substantial increase in volume inflow, which spiked by 35.3% to $309.5 million, according to coinmarketcap.com.
#2 Floki (FLOKI)
Floki (FLOKI), the people’s crypto and utility token within the Floki Ecosystem, emerged from the Shiba Inu community, inspired by Elon Musk’s Shiba Inu.
Floki Inu, driven by community enthusiasts, pursues four pivotal utility projects. These include:
- Valhalla, an NFT gaming metaverse,
- a suite of decentralized finance products under “FlokiFi,”
- an NFT and merchandise marketplace called FlokiPlaces, and
- an educational platform titled the University of Floki.
With a vision for long-term autonomy and decentralization, Floki engages in strategic partnerships, builds utility into the token, and develops use cases for the Floki brand through NFTs, games, and decentralized finance features. Partnerships with notable projects like Chainlink, Trader Joe, and ApeSwap for the FlokiFi Locker underscore Floki’s commitment to a multifaceted and robust ecosystem.
The price of Floki (FLOKI) on WazirX is INR 0.02435 today. According to CoinMarketCap, the 24-hour trading volume of FLOKI is $417.49 Million, with a circulating supply of 9.56T FLOKI and a market cap of $2.57 Billion.
FLOKI has experienced a surge in prices following its achievement of reaching 417,400 holders on the BNB Chain. In response to this milestone, the memecoin unveiled a new reward scheme, offering holders the chance to claim interest rewards in FLOKI tokens. Additionally, FLOKI’s strategy includes a token burn mechanism tied to the reward scheme, aiming to tighten the token supply and potentially boost its price over time.
Furthermore, FLOKI’s commitment to philanthropy is evident in its plan to build schools in India, building upon successful projects in other developing countries. Through a combination of financial strategies and philanthropic efforts, FLOKI demonstrates its commitment to community development and value creation.
#3 Injective Protocol (INJ)
Injective Protocol is a finance-focused blockchain offering an open, interoperable layer-one solution that drives the development of next-generation Decentralized Finance (DeFi) applications. These applications encompass decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more.
What sets Injective Protocol apart is its provision of robust core financial infrastructure primitives, including a fully decentralized, MEV-resistant on-chain order book. Notably, all types of financial markets, such as spot, perpetual, futures, and options, operate entirely on-chain. Furthermore, Injective Protocol’s decentralized cross-chain bridging infrastructure is compatible with Ethereum and non-EVM chains like Solana.
The price of Injective Protocol (INJ) on WazirX is INR 2,578.074 today. According to CoinMarketCap, the 24-hour trading volume of INJ is $138,554,470, with a circulating supply of 93,400,000 INJ and a market cap of $2,574,227,589.
Injective Protocol (INJ) is experiencing a surge in prices as it forms an ascending triangle pattern, indicating potential bullish momentum. Buyers seem to have an advantage with the 20-day EMA gradually turning up and the RSI entering the positive zone. If INJ/USDT breaks above $29.93, it could rally to $36.50 and even reach the pattern target of $41.74. However, a downside scenario could unfold if the price falls below support at $18. Recent price action indicates bearish pressure near $29.93, but sustained momentum above this level could lead to a new uptrend. Conversely, a break below the 50-SMA may favor the bears.
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.
