Whale Transfers 1 Million $RNDR to Binance, Sparking Sell-Off Fears; $GFOX Soars Above $3.2 Million
Investors would be wise not to ignore tokenomics or token distribution. The latter, while a particularly advanced on-chain metric, will allow anybody to see altcoins in a completely different light. When whales own a large supply, there is always the chance of a large selloff, which could tank the token. The best cryptocurrencies to buy [...]
Investors would be wise not to ignore tokenomics or token distribution. The latter, while a particularly advanced on-chain metric, will allow anybody to see altcoins in a completely different light. When whales own a large supply, there is always the chance of a large selloff, which could tank the token. The best cryptocurrencies to buy are those with distributed ownership where no single party exerts too much control.
A whale transferred 1 million Render ($RNDR) tokens to Binance, sparking sell-off fears. At the same time, Galaxy Fox ($GFOX) soars above $3.2 million, and its fair launch mechanism is a winner for altcoin enthusiasts. Time to dive into the world of tokenomics and token distribution.
Render ($RNDR) Massive Token Transfers to Binance
Render has created an open and decentralized marketplace for GPU rendering power. The concept is simple. Connect the supply side with the demand side and use the $RNDR token as the medium of exchange. The demand for GPU is up only, and Render has shown fantastic relative strength and was listed as one of the top 5 cryptos to invest in during Q4 2023.
However, Kenetic Capital, one of the largest holders of $RNDR, has been sending massive volumes of the token to Binance. Whenever a large holder sends their tokens to a centralized exchange, it means they plan to sell. Render really started moving in October last year, going from $1.67 all the way to $5 in December. Kenetic Capital obviously saw this as a good time to take some money off the table.
Due to the open nature of blockchains, this presents two troubles. First, the selloff pressure from large token holders does tank price. Second, because investors know that large holders are selling off, they also start to sell. And fear is incredibly dangerous in markets.
Galaxy Fox ($GFOX) Fair Launch ICO
Galaxy Fox is following a fair launch mechanism and selling 70% of $GFOX’s total supply to presale participants throughout the ICO. On-chain data shows a wide variety of presale investors, and none of them control a significant percentage of the total supply. As Galaxy Fox approaches its TGE analysts expect an explosive price discovery phase.
A small cap launching in the current conditions with distributed ownership is easily one of the best cryptocurrencies to buy heading into 2024. Galaxy Fox has also pioneered a new genre by combining elements from memecoins and play-to-earn projects. This new hybrid model delivers entertainment and upside in equal measure, and judging from the $3.2 million raised in the presale, investors like what they see.
The addictive runner game enables players to earn real cash prizes and forms the perfect onboarding funnel for new users. The tokenomics ensures constant value accrual via deflation, and Stargate, Galaxy Fox’s rewards hub, provides a place for anybody to unlock passive income. This straightforward and hands-off approach to earning makes $GFOX an ideal crypto for beginners, and its location in the memecoin narrative promises an excellent 2024.
Narrative trades are becoming increasingly important as the bull market progresses. $GFOX is one of the only tokens of the market that provides exposure to both the rising interest in memecoins and the GameFi narrative. On top of that, it is still in its presale and has distributed ownership.
Closing Thoughts: Participate in the Galaxy Fox ICO and Avoid Whales
Any major altcoin has a collection of whales and VCs who bought for peanuts and are waiting to dump on retail. From a holder’s perspective, those with distributed ownership are the best cryptocurrencies to buy.
ICOs are the last equitable investment opportunity for crypto natives, and this helps explain their surging popularity in recent months. Galaxy Fox could quickly print 100X returns this year, and anybody keen to taste the upside of a small cap launching in bullish sentiment can participate in the presale today.
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