After melting the charts, the OG of crypto may need a breather – here’s what you could buy in the meantime
Crypto markets have been running wild, and Bitcoin ($BTC) has been moving like a small cap in loose monetary conditions. People might not want to hear this, but things need to cool off before another leg up.
Time for a pull-back? After melting charts, the OG of crypto may need a breather. Here’s what you could buy in the meantime. Presales offer a harbour from volatility, and regarding what crypto to buy today, Galaxy Fox ($GFOX) is garnering a lot of attention. This presale gem could let investors dodge the incoming dip and pick up right where they left off with the arrival of meme mania chapter two.
Bitcoin ($BTC) time for a pull-back?
Bitcoin has been melting the charts, and February represented its second-largest candle in history- the largest by a longshot in dollar terms. TradFi money has been driving this wild price action, and institutional demand has been racing ahead of issuance from miners. Demand overtaking supply is the most basic recipe for price appreciation.
While $BTC is undoubtedly a top crypto to buy this cycle, it is not immune to short-term pullbacks, and there could be a decent retracement loading. Bitcoin has climbed nearly 50% in the last month, and the RSI shows it is massively overbought. Most forget when $BTC moves aggressively to the upside, that it can move just as fast to the downside. Institutional buyers are notoriously more sophisticated than retail, and retail will be culled in these short-term fluctuations.
Sharp drawdowns and liquidation flushes are part and parcel of any bull market, and 20% corrections are expected in crypto. A pullback could be coming, and diving into an ICO like Galaxy Fox could allow investors to diversify their risk exposure while potentially benefiting from future upside.
Galaxy Fox ($GFOX)
Galaxy Fox has been sailing toward $4 million, with many investors waking up to the jam-packed value proposition of harbouring in presales. Investors could get to lock in the current value of their assets, dodge the dip, and then pick up where they left off in several weeks with the retail launch. Small caps launching in bullish conditions have always performed well. Galaxy Fox might be no exception.
It is leading the third generation of memecoins and has gone a step further to deliver value for its token holders. $GFOX boasts all the standard functionality of any memecoin: deflationary tokenomics and high-octane upside. But has additionally integrated a play-to-earn game and an ecosystem.
Galaxy Fox’s Web3 runner game is a global competition between players to end the season in the top 20% of the leaderboard. Those who do earn part of the prize pool and the protocol’s NFT collection offer in-game stats bonuses for anyone who wants to stack the deck in their favour. GameFi has been taking off recently, and this has helped fuel $GFOX’s oversized presale success.
However, it is the tokenomics model that is convincing some investors that $GFOX might be a top crypto to invest in. Staking rewards let investors earn, the token burn increases value via scarcity and paired together, stakers are earning rewards in an asset with a falling supply.
Closing thoughts
Bitcoin is still a leading crypto to buy this cycle, but regarding what crypto to buy today, $GFOX is drawing the attention of some investors. This presale coin could help investors dodge the incoming drawdown and unlock massive upside in the coming months.
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