Grayscale still holds more than $21 billion in BTC. Many investors have been locked into their investments due to poor withdrawal policy, and GBTC has the highest fees of any spot product. Bitcoin has fallen more than 15% since the day of the ETF approval, which marked the local top.
However, Dogecoin (DOGE), Solana (SOL), and Bitcoin approach reversal levels while a new presale, Galaxy Fox (GFOX), nears $3 million.
Galaxy Fox (GFOX) Nears $3 Million
Galaxy Fox is a new P2E project that integrates elements from the memecoin genre. Its presale closes in on $3 million, and investors have snapped up more than 2.4 billion tokens. Galaxy Fox’s P2E component is a Web3 runner game where players compete globally. The top-ranked players (those ending in the season in the top 20% of the leaderboard) earn prizes directly exchangeable for GFOX tokens.
Players who want to increase their chances of winning the prize pool can purchase one of 3,000 unique NFTs. All holders gain in-game stat bonuses and can trade these on Galaxy Fox’s in-house NFT marketplace.
GFOX token holders can stake their tokens in the Stargate module and earn rewards. Stargate accrues 2% of all ecosystem transactions, funding staking payouts with taxes instead of inflationary emissions. Galaxy Fox’s token burn periodically removes tokens from circulation, providing deflationary pressure. An easy staking process and deflationary rewards.
Dogecoin (DOGE) Approaches Key Level
Dogecoin is crypto’s oldest memecoin, and its price has bounced multiple times at the $0.078 range. This level has been a critical support for DOGE in the last three months, and if it goes below the next strong support level is $0.07. DOGE has not traded below this $0.07 level since last October, and this is a crucial reversal level.
Solana (SOL) Bounces At $80
SOL declined nearly 40% from its peak on December 25th, 2023, briefly dipping below $80 on January 23rd and has now bounded back above $90.
Bitcoin (BTC) Holding Support At $40,000
Price has fallen by roughly 15% since the day of the approval, with wicks down to $38,000. $40,000 is a psychologically important level, and Bitcoin’s next critical support is at $38,000.
Closing Thoughts: Major Tokens Approach Reversal Levels
Other major altcoins are approaching reversal levels. How these tokens perform at crucial support levels informs market participants of whether long-term trends will be broken or respected. Galaxy Fox’s presale continues with its TGE later this year.
Learn more about GFOX here:
Galaxy Fox Presale | GFOX Community
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