There’s been an overall decline in the memecoin market, with top cryptocurrencies by market capitalization, including FLOKI, WIF, and DOGE, taking a nosedive as bearish pressure intensifies. Part of this shift in the market has been driven by the new cryptocurrency investment 1Fuel, which has caught the fancy of investors.
1Fuel has been the buzz of the market because of its recent milestone achievement, hitting $2 million in token sales, and the real-world solution it offers with its cryptocurrency wallet.
Analysts believe that with the amount of traffic 1Fuel is receiving, it’s likely to establish a new all-time high in weeks, crossing $3 million with a significant increase from its current token price of $0.018. Let’s dive into it.
Memecoin market takes a hit: FLOKI, WIF, and DOGE plunge
The memecoin market in the past 24 hours has seen a major price decline, dropping 15.98%, with the market cap falling by $69.51 billion during this period as the drop intensified.
Top cryptocurrencies FLOKI, WIF, and DOGE had been key drivers behind these market losses, with monthly drops of approximately 43%, 58%, and 25% respectively, bringing their market capitalizations to $8.34 billion, $657.68 million, and $18.33 billion, respectively.
There’s been a massive sell-off of FLOKI in the past weeks, with three consecutive weeks of selling. During this period, $5.15 million worth of the asset has been sold, according to Coinglass. On the chart, the selling activity has seen a slight rebound, trading into $0.00001303 and now reclaiming $0.00001605.
WIF has been on the same downward streak, with the decline intensifying following the sale of a substantial amount of the asset worth $1.07 million in the past 24 hours. Stalkchain showed that WIF was the most sold memecoin on February 7 by smart money, with a total of $764,110 sold during this period.
DOGE has had the most significant bearish trend in the market. According to the exchange liquidation map on the chart, there’s a total of $95.16 million in sell orders placed around $0.2759. Typically, when such a high liquidation level exists on the chart, traders in the market ensure selling activities are high to avoid getting liquidated.
With the fundamentals and technical path to a rally appearing slim for memecoins, analysts have turned toward 1Fuel as having the most potential in the market for a major price rally.
1Fuel’s real-world solution drives major traffic among investors
The attention 1Fuel has gained over the past weeks has been driven by investors’ interest in its comprehensive DeFi use cases. 1Fuel’s cryptocurrency wallet combines several unique features expected to make it stand out among other wallets in the market.
The enablement of one-click cross-chain transactions in the wallet is expected to be a major game-changer. This would allow users to transfer tokens across different chains, eliminating major hurdles associated with traditional wallet transfers involving the same token on different blockchains. This new process removes the need for multiple bridges and cryptocurrency exchanges, making transactions faster and lowering trading fees.
1Fuel’s cryptocurrency wallet would come with a peer-to-peer (P2P) exchange, allowing the conversion of crypto assets into fiat and vice versa. This provides a seamless way to convert profits from trading to preferred fiat or efficiently buy crypto assets using fiat currency. The best part? 1Fuel will offer crypto cards to users for real-world payment and purchases!
Conclusion
As stage 4 commences in full swing, analysts predict a high influx of traders in the market will lead to a complete purchase in a matter of a few trading days. The best time to invest in 1Fuel’s presale was in stage 1 but the second best time is now.
Join smart money investors to add 1Fuel tokens to your portfolio today!
To Find Out More About The 1Fuel Presale, Use The Links Below:
Website: https://1fuel.io/
Telegram: https://t.me/Portal_1Fuel
Twitter/ X: https://x.com/1Fuel_
