TLDR:
Cryptocurrency products have ended a week with outflows for the first time in weeks. Ethereum (ETH), one of the top crypto coins, saw more than $13.6 million in net outflows as the crypto market corrected.
Despite the net outflow, some top altcoins like Ripple (XRP) and NuggetRush (NUGX) recorded significant inflows. Let’s find out why these altcoins have managed to attract investors amidst a waning sentiment across the global crypto market.
The drop in investor sentiment post BTC ETF approval has culminated in the first outflow from crypto products in months. CoinShares reported that over $20.8 million left crypto products in the third week of January.
According to the report, Ethereum suffered the second biggest outflows. The leading altcoin recorded outflows of $13.6 million, which were only surpassed by Bitcoin. The bearish sentiment has also been highlighted by the poor price performance of Ethereum in the market.
On the weekly chart, the price of ETH has declined by 12.5%. As a result, Ethereum’s price has tumbled to the $2,200 level for the first time since early January. This decline has also forced several investors to migrate to other altcoins performing better in the market.
With a decline in ETH, the focus is now on NuggetRush (NUGX), a cryptocurrency ICO project which has already sold over 162 million tokens in a few weeks. NuggetRush features a unique merger of play-to-earn gaming, meme coins, and DeFi elements. With this, the P2E gaming platform aims to revolutionize the meme coin market.
NuggetRush will guide players through an immersive gaming atmosphere that aims to replicate the reality of the gold rush. The game is unique because it promotes partnerships and face-to-face sessions among members. Players are further incentivized to create teams of people as they scale their mining operations, searching for gold and other valuable minerals.
The rewards NuggetRush issues to players are not only virtual. The NuggetRush offers tokens that can be exchanged for real money and gold, making it one of the top DeFi projects. Being a community-based project, the team has in its plans to pass the ownership of smart contracts to the players once the game is launched.
With a scheduled launch this quarter, NuggetRush has been building a head of steam. From a starting price of $0.01, the ERC20 coins, NUGX, are now valued at $0.018. With a very unique project and massive community support, experts have forecasted that NUGX could see a 50x surge before its launch, making it one of the best meme coins to invest in.
Ripple (XRP) is another top altcoin that has managed to retain investor confidence amidst the decline across the market. The CoinShares report highlighted that XRP products recorded inflows of over $500,000, taking its year-to-date inflows to $4 million.
Unlike NugetRush, XRP hasn’t been able to evade the market-wide slump, though. The price of the Ripple coin has decreased by 11% on the weekly chart. Bulls in XRP have, however, held the $0.5000 support level, which is crucial for upcoming uptrends.
The increasing demand for NuggetRush (NUGX) is partly due to the falling prices of Ripple (XRP) and Ethereum (ETH). With numerous use cases and an intriguing game, market analysts have predicted NUGX will rank among the top DeFi coins in 2024. Because of this, it’s a fantastic opportunity to join the project now before its Q1 launch.
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