Gorilla, Io.net and Toncoin defy gravity as the focus shifts to SolJu

2024-06-16 15:50:27 ET

It’s been a sea of ​​red in the cryptocurrency sector as concerns over Federal Reserve and Bitcoin ETF inflows continued. Bitcoin remained below $67,000, while most altcoins such as Ethereum, Solana and Cardano slipped lower.

However, not all altcoins collapsed as Toncoin (TON) rose to a record high. Gorilla, a popular meme token, also rallied more than 16% on Monday, while Io.net (IO) erased all its losses last week. Other top performing altcoins included the likes of Jasmy, Brett, and Dogwifhat.

Traders are still focused on the meme coin sector, which has done better than traditional tokens this year.

SolJu

will be a key cryptocurrency token to watch this week.

Why altcoins are plummeting

Most altcoins have fallen heavily in recent days due to Bitcoin’s performance. After rising to nearly $72,000 this month, the coin has now fallen below $67,000. In most cases, many altcoins mirror the performance of Bitcoin.

They also collapsed after the Federal Reserve’s aggressive decision. In it, the FOMC decided to leave interest rates unchanged as widely expected. However, the committee indicated only one rate cut this year, while analysts expected at least two.

The Fed’s decision came just hours after the US release

Encouraging data on inflation

. The headline and major consumer price indexes (CPI) fell slightly in May, according to the BLS. It’s unclear whether the Fed incorporated these numbers into its decision.

Many altcoins have also collapsed due to profit-taking among traders and investors. In most cases, assets tend to retreat after a strong rise in a certain period. For example, a trader recently sold over 1114.7 PEPE tokens after hitting a record high.

Toncoin, Gorilla and Jasmy defied gravity. Toncoin is doing well due to its growing ecosystem while Gorilla, Io.net and Jasmy’s are jumping due to the hype among traders.

Launch of the SolJu fair imminent

SolJu, a new cryptocurrency on Solana, will be the next key token to watch this week when it makes its proper launch. A successful launch is a situation where a token is distributed to all participants without large internal wallets, team allocations and marketing expenses.

SolJu’s fair launch will have a total supply of 100 million tokens, initial liquidity of $12,000, and an initial price of $0.00012.

SolJu aims to infuse different elements to generate hype. First of all, her name is a combination of Solana and Soju, a popular South Korean liquor. South Korea is one of the most active countries in the crypto community.

Secondly, it aims to generate hype, as we have seen recently with Beercoin. At its peak, $BEER had a market capitalization of nearly $300 million, making it the largest alcohol-themed token in the industry.

Third, SolJu hopes to succeed by joining the meme coin hype we’ve seen recently with the likes of Pepe, Book of Meme, and Dogwifhat.

After the trade show launch, developers will aim to grow their ecosystem by performing four key steps: fermentation, distillation, filtration and bottling. The fermentation phase will include activities such as marketing and CMC lists while the distillation phase will have CEX lists and community meme contests.

Filtering will have Tier 1 CEX listings and partnerships, while bottling will see developers launch native Soju products and IP development. Find out more about SolJu

Here

.

The mail

Gorilla, Io.net and Toncoin defy gravity as the focus shifts to SolJu

appeared first

Invezz

Source