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Two Ethereum traders achieved a remarkable $120 million in profits in less than a day, thanks to a strategic “looping” technique. At the same time, anticipation is building among the Galaxy Fox investors, who are looking forward to a 450% return as the token approaches the end of its presale. Where can you join the crypto pump, and are $ETH and $GFOX the best altcoins to buy now? Read on to find out.
Looping and Ethereum’s Future
The success of two $ETH traders was facilitated by leveraging a DeFi technique known as “looping.” This method capitalizes on $ETH’s potential by allowing traders to magnify their investments through strategic leveraging.
The essence of the looping strategy lies in depositing $ETH into a lending protocol, borrowing a stablecoin against this deposit, and subsequently converting this stablecoin back into $ETH. This process is repeated to enhance the traders’ leverage on their initial $ETH deposit, effectively multiplying their capital.
In this specific case, the traders maintained a conservative leverage approach of 1-2x, aiming to strike a balance between achieving high returns and mitigating the risk of liquidation.
The future of Ethereum, one of the top 10 altcoins, looks promising, buoyed by several upcoming developments. Notably, the Dencun upgrade is set to reduce transaction costs on layer 2 networks, potentially increasing Ethereum’s attractiveness.
Moreover, the crypto community is keenly awaiting the decision on an Ethereum spot ETF, with major entities like Blackrock and Fidelity showing interest. The approval of such ETFs, mirroring the success of Bitcoin ETFs, could significantly impact Ethereum’s market dynamics.
Currently, Ethereum’s price has surpassed $2,800, which scores a massive 66% growth in a year. Analysts see $ETH at $3,000 in the next few weeks, so those searching for the best altcoins to buy might want to consider placing bets on $ETH.
What Makes Galaxy Fox the Best ICO Crypto?
The market is heating up around Galaxy Fox as well, a new Ethereum-based meme coin that also features a play-to-earn Web3 game. The gaming concept is simple yet lucrative – on weekly and monthly running competitions, those who manage to take the top 20% positions on the leaderboard get rewarded from the prize pool. This pool is raised from in-game asset purchases and is dedicated to rewarding back the community in the game.
Notably, you can also stake $GFOX and secure profits from the Stargate pool. This pool accumulates 2% transaction fees and distributors to the stakers proportionally to the length and volume of their stakes.
Galaxy Fox NFTs – a collection of 3,000 unique pieces – are also about to see the light. These NFTs will be minted on the project’s proprietary marketplace and traded on Opensea. Most importantly, these NFTs will also have a real utility inside the game, serving as boosters for players’ avatars. This utility is believed to help Galaxy Fox NFTs perform well on the market and rise in value over time.
As for the current performance, the project has successfully closed all 7 presale stages and is about to sell out all the allocated tokens in the 8th stage. This massive adoption is boosted by the project’s sensibly structured presale – each new stage starts with an increased price. In numbers, this means that the first-stage investors can see their investment grow by 450% on the launch day.
Considering the 9th and 10th presale stages are still ahead, the chances to profit from $GFOX are still massive, especially considering the additional 15% bonuses for initial investments. So, if you are searching for new ways to generate passive income, consider $GFOX as one of the best altcoins to buy.
Final Remarks
Overall, analysts believe in $GFOX’s future, as its utility and tokenomics are unique, innovative, and something unseen before among similar meme coins or P2E projects. In bull runs, placing your bets on revolutionary low-cap gems is usually seen as an excellent way to make easy and quick profits. And in this case and today’s crypto environment, Galaxy Fox is clearly one of the best altcoins to buy.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
Source: https://finbold.com/eth-traders-bag-120-million-profit-in-24-hours-gfox-heads-for-5-million/