The week starting October 17 gives the market an opportunity to recover slightly, while 2 altcoin projects are getting more. After the new Twitter announcements, activity started in these 2 altcoins.
Here’s the reason behind LUKSO’s 56% rally
Over the past week, the Ethereum-compatible LUKSO token has been the biggest gainer, up 56% to $7.51. The reason for this is based on a Twitter poll by its founder, Vogelsteller. Vogelsteller had marked the first half of 2022 for the LUKSO mainnet launch in November 2021. However, it has not made any updates on the mainnet since then. Now, on October 18, a tweet from Vogelsteller’s personal Twitter hints that the team is about to complete the preparations. This led new buyers to the LUKSO token to give them another opportunity.
The project founder opened a poll asking the community to vote on the percentage of supply LUKSO should have.
How much you think the LUKSO Foundation should own at the network start.
— Fabian Vogelsteller (@feindura) October 18, 2022
Volgelsteller noted that deciding the percentage of retention will affect other factors such as overall supply and financing-related issues.
In summary:
– ~60% means we start with 100M LYX total supply
– ~10% means we start with 35M LYX total supplyEveryone gets the 1:1 LYXe conversation to LYX, nothing changes here.
— Fabian Vogelsteller (@feindura) October 18, 2022
Altcoin price rose more than 50% in a short time
Volgelsteller’s tweet gets investors into action. LUKSO (LYXe) price gained 6% in just 7 days as the long silence broke. It is currently seeing a slight correction. Meanwhile, despite the heavy influx of funds, the ATH price is still a long way from $97.05.
Other altcoin boom of the week: Klaytn (KLAY)
On the other hand, Klaytn surprised investors yesterday with a massive 100% breakthrough in just a few hours. The continuation of the rally put the cryptocurrency first in terms of 24-hour profitability. Hints for the explosion come from the project’s official Twitter account. According to the ongoing proposal shared on the project’s governance portal, users must decide to cut their current block rewards by a third or leave them as they are now. The results of the management vote will be announced on October 25.
The voting was initiated by the Klaytn team with the aim of reducing the volatility impact currently seen in the macro market. If the vote passes, the reward per block will remain at 6.4 KLAY instead of the current 9.6 KLAY. You can find more details about the project in this article of Kriptokoin.com.
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