Bitcoin and Ethereum were down today, but not for the entire altcoin market. Despite the fact that Ethereum founder Vitalik Buterin emptied his entire wallet, we included the crypto that made 30x in this article. The other 5 altcoin projects that rally with the news of the day are as follows…
CoinFLEX’s restructuring plan raises this altcoin project by double digits
Crypto exchange CoinFLEX, which came to the fore with the news of bankruptcy, said on March 6 that it received approval from the Seychelles courts for a restructuring plan. In 2022, the exchange filed for restructuring after struggling to repay an $84 million debt from crypto investor Roger Ver.
The exchange’s native cryptocurrency, FLEX, has been on the decline for a long time amid the negative news flow. But it has been on the rise since it was revealed that OPNX, the new bankruptcy claims exchange developed by CoinFLEX co-founders Zhu and Davies, will be a utility token. The FLEX price has gained more than 20% at one point in the last 24 hours after CoinFLEX’s restructuring plan was approved.
Mask Network (MASK) gained 30% with these 3 catalysts
He is one of the rally candidates today in Mask Network, which aims to integrate crypto money payments into social media platforms. MASK price has gained 27% on the day and has reached above its $4 local high. We have included the main developments that triggered the price increase in this article of Kriptokoin.com.
This altcoin project is the sponsor of the national fighting championship in Germany
Bitcoin’s native decentralized financing, DeFiChain, announced that its community has voted to sponsor the National Fighting Championship (NFC) this year. In charge of the mixed martial arts (MMA) fighting league in Germany and the German version of the widely known Ultimate Fighting Champion (UFC), NFC is scheduled to host six live events in 2023.
DeFiChain (DFI), which is ranked 221 by market value, was short-lived in response to the news. Upward movement of up to 3% found resistance at $0.5. DFI is currently down slightly from the last 24 hours. The effect of the news can be seen from the thin upper wick below.
Floki (FLOKI), listed on new exchanges, price up 11%
FLOKI saw a new listing less than 24 hours after India-based WazirX announced it would list. Sinagapore-based Digifinex exchange announced the listing of a FLOKI/USDC pair to make Floki more accessible to exchange users.
#FLOKI perpetuals is live on DigiFinex!
You can now trade $FLOKI with up to 100x leverage on the DigiFinex exchange!
DigiFinex has also listed a FLOKI/USDC pair to make #Floki more accessible to users of their exchange! https://t.co/BbNAcVqdAS
— FLOKI (@RealFlokiInu) March 7, 2023
The listing news had the expected impact on the price, with the FLOKI price gaining 11% at one point in the past 24. The rally has cooled off a bit at the moment, with FLOKI keeping its daily gains around 5%.
This altcoin project, which was expected to rally, fell hard
MakerDAO, the management token behind DAI, has seen a 37% drop in trading volume and a 3.7% drop in token price in the last 24 hours. Sales follow major proposed changes to Maker’s management structure. Following the Tornado Cash sanctions last year, MakerDAO co-founder Rune Christensen warned of a similar fate for the decentralized stablecoin platform. In Christensen’s view, government officials would sooner or later target MakerDAO.
Maker’s Endgame offering aims to empower the DeFi platform running on Ethereum, allowing users to create and trade collateral-backed stablecoins in cryptocurrencies with the platform’s governance and stability provided by the native token (MKR). MKR price is reversing its trend amid the new recommendation.
Meanwhile, some critics are concerned that the proposal creates a potential algorithmic death spiral for DAI, similar to what happened during the Terra/Luna UST collapse.
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