The Crypto market has recently experienced volatility, with Bitcoin leading from time to time, setting new highest highs (ATH), and other moments of decline have been attracting attention. However, the dependence of crypto tokens on Bitcoin queues is decreasing as external market factors increase the impact on these tokens.
As a result, Beincrypto analyzes three cryptography stories that are gaining momentum.
Fan token
Fan tokens were fueled by the ongoing Formula One season and popular soccer leagues, up 11.24% on average. These sporting events sparked great excitement, fostered investor interest, increased the demand for fan tokens, and became one of the hottest cryptography stories.
The Alpine F1 team’s fan tokens have exceeded $2, seeing a 57% surge in the last 24 hours. This growth is attributed to the growing attention surrounding the Formula 1 season. The impressive performance of the token highlights a strong correlation between sports fan engagement and crypto values.
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The rising demand for fan tokens indicates the potential for further growth, but investors must be cautious. A decline in enthusiasm and changing market sentiment can lead to a decrease in token value. Monitoring ongoing interest in sporting events is important for assessing future price trends.
CEX token
CEX tokens are up 5.49% this week despite Bitcoin falling from the recent $124,474 ATH. Tokens such as Huobi, Cronos and Okx native tokens are one of the top performers. This surge highlights the resilience of centralized exchange (CEX) tokens, even amidst the market slump.
OKB took a lead between CEX tokens last week, surgening at an impressive 131%. At the time of writing, OKB is approaching a support level of $105. If Altcoin ensures this support successfully, it will pave the way for further upward movement and potentially hit new highs.
However, if market sentiment changes and investors start selling shares held, OKB could experience a price drop. A break below $105 support could result in a fall below $77, negating bullish outlook and signaling a potential reversal of its price trajectory.
Bonk.Fun Ecosystem Token
Bonk.Fun LaunchPad tokens have seen an increase in bullishness recently. Competition with Pump.Fun Tokens has also contributed significantly to the price hike of Bonk.Fun Tokens, with investors actively taking part in increasing demand.
The unhelpful (unhelpful) tokens leading Bonk.Fun tokens have skyrocketed 32% in the last 24 hours, up 74% last week. Above $0.296, the token is pushed to $0.364. The ongoing uptrends indicate a growing interest among investors, with tokens taking advantage of recent bullish activities within the market.
However, if it is not useful through $0.296 support due to increased sales pressure from investors, it may erase some of your recent profits. A sudden drop below this level could negate bullish narratives and indicate further price drops.
The third cryptography story to watch out for the third week of August first appeared in Beincrypto.
