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BTC has seen its worst performance since August, settling to around $42K after a sudden 11% nosedive, as the fall-out has now spilled over into altcoins.
A few stand-outs managed to dodge the bullet at first – but even most of those are now in the red as the downward contagion seems unstoppable. Hedera (HBAR) was one of the few exceptions still in the green by a small 3% over the past 24 hours, as pretty much the entire rest of the market has dumped.
And yet, despite the gloom, there are still some coins performing well – namely presales like Galaxy Fox, a new GameFi/memecoin hybrid that’s captured a lot of attention recently in the market.
Why the GFOX Hype?
Galaxy Fox’s play-to-earn mechanism features a classic runner game where players compete globally to end the season at the top of the leaderboard. The top 20% earn prizes, as this financial incentive acts as an on-ramp into the ecosystem.
Users who want to bolster their chances can purchase one of the 3,000 unique NFTs that grant in-game stat boosts. The classic memecoin token burn gives GFOX a deflationary nature, and the protocol will periodically remove tokens from circulation, increasing their scarcity. A prominent feature of GFOX’s tokenomics is the lack of inflationary pressure. 80% of tokens will be live following the TGE, and even staking rewards in the ecosystem are funded by buy and sell taxes.
A lack of dilution increases the value proposition of entering this project during the presale. Post-launch, participants can stake their tokens in the Stargate module and watch the rewards flow in.
Final Thoughts
Despite the severe turbulence in the market this week, there are a few bright spots – coins like AVAX, SOL and ADA, which took a big hit in the downturn, are already showing positive signs of recovery, as both TIA and ATOM are similarly still showing impressive resilience to the stormy conditions.
Galaxy Fox continues tearing through its presale and has entered Stage 3. GFOX’s current price, $0.001122. Given macro market conditions, including the upcoming BTC halving and an impending Spot ETF, it’s unlikely this downturn will last very long.
Learn more about GFOX here: Galaxy Fox Presale | Community
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Source: https://beincrypto.com/market-recovers-some-ground-after-btc-drops-to-40k/