As on-chain crypto prices continue to surge, there’s been a surprising development in the market. Amidst global risk concerns ignited by recent political tensions in the Middle East, the latest buzz surrounds the explosive growth of Snorlax token (SNOR). The Pokemon-themed digital asset saw a colossal +500% increase within a short span, defying the usual market dynamics.
SNOR, still a newborn in the market, launched at 13:00 on October 9 with an initial dull growth of +50%. However, the token experienced a sudden spurt of +72% within an hour, primarily driven by a sudden influx of trading volume worth over $985k. DEX traders, always on their toes to make the most out of volatile market trends, were quick to invest in SNOR, which further escalated the trading volume and prices.
Now, it seems like SNOR has entered a phase of -7.5% localized retracement. However, with a market cap of a mere $390k and over 250 holders emerging, the prospect of a good entry point is quite evident. If things go in favour, the price could hit its all-time high of $0.000475 again, reflecting a potential +35.55% increase.
Meanwhile, the risk factor is equally prominent. SNOR could experience a drop down to $0.0001875, reflecting a potential -46.49% decrease. This leaves SNOR with a risk-to-reward ratio of 0.76, an entry point that could benefit from further retracement.
On the other side of the story stands Bitcoin Minetrix (BTCMTX) – an initiative focused on tokenised Bitcoin cloud mining. As the first-ever tokenised Bitcoin cloud mining platform, BTCMTX operates on the highly trusted and secure Ethereum blockchain. It decentralizes the profits from Bitcoin mining, redirecting them from large corporations to individual retail investors. Setting a new standard in the industry, BTCMTX provides the possibility to tap into the potential surge in Bitcoin’s value expected with the upcoming Bitcoin halving event.
BTCMTX presale is already attracting significant interest. With an astonishing amount of over $880k raised towards its $1.54M target, early investors can get a piece of this evolving stake-to-mine solution at a competitive price of just $0.011 per token.
In summary, with evolving digital assets like SNOR challenging conventional market behaviours and initiatives like BTCMTX promising a new, secure mining solution, the crypto landscape is set for some serious redefinition. However, it’s always critical for investors to bear in mind that with high rewards come high risks. Crypto remains a high-risk asset class, and it’s paramount to fit them into investment strategies accordingly.
Source: Cryptonews
