Crypto has shocked the world yet again, and as open interest heats up, it is clear that risk-on market participants will be active in the coming two years. Speculative appetite is up, and following the Bitcoin ($BTC) Spot ETF anticipation, dramatic industry repricing is somewhat expected.
Elsewhere, it seems that anybody who bought a Solana ($SOL) Saga seems to be in for a nice surprise. The reason behind is that each phone came with a certain number of BONK, which is currently worth a lot more than when the phone was launched. Meanwhile, Galaxy Fox – an up-and-coming presale is nearing $2 million in raised funds.
Saga Sales Turnaround: A Strange Success Story
Saga, a mobile phone released by Solana, was the first piece of hardware created by a layer one blockchain. Although sales were dismal and founder Anatoly even backpedaled on the product, stating it was an experiment in a podcast, the enormous surge of $BONK has breathed new life into the market.
Each phone comes loaded with an airdrop of 30 million $BONK, and if Bonk prices keep going up, the Solana phones will be worth a lot more. Not bad for a phone that costs $599. The rampant increase in $BONK’s valuation has single-handedly reversed the fortune of the Saga and driven the phone from a lack of sales to being sold out. A secondary market has even emerged, with people paying thousands of dollars for new, unopened Sagas.
Will Bonk become retrospectively the best meme coin in 2023? For those early enough, certainly, but memecoins have a pre-ordained life cycle, and when Tier 1 centralized exchanges list them (Binance and Coinbase), the trade might already be too crowded.
Galaxy Fox ($GFOX) Aims At $2 Million, Next Step $5 Million
Galaxy Fox continues raising and has blown past its competitors when it comes to funding. Steadily closing in on $2 million and with $5 million as the next target, the natural question is just how high this P2E token can go.
This play-to-earn token is expanding the boundaries of what it means to be a P2E project. Instead of just the top-ranked players earning rewards, Galaxy Fox has enabled the entire community to earn thanks to its introduction of staking rewards.
Beyond this, the ecosystem provides novel ways for skilled market actors to generate profit, including an NFT marketplace. NFTs grant in-game stat bonuses, and logic dictates that as the prize pool for its runner game grows larger, the floor price of NFTs will climb as the stat boosts they confer grow more valuable.
Some are already optimistic, citing the protocol’s intricate taxation system, which funds staking payouts, the liquidity pool, and the Treasury. Taxes funding staking rewards means no long-term inflation. Tokenomics are actually deflationary, allowing value to accrue steadily over time. The Treasury funds ecosystem development initiatives, meaning more activity will equate to more new users.
The meta in the last quarter of 2023 has certainly been memecoins, and Bonk’s outrageous performance offers testament to this statement. Heading into 2024, this trend might remain intact, and GameFi is expected to become another dominant market vertical.
Learn more about $GFOX here:
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