The cryptocurrency market has a reputation for being extremely volatile and for producing big stories in a matter of hours. 400 million $MATIC tokens were purportedly “missing,” which has caused a lot of buzz in the market and led to a lot of speculation regarding possible price drops. However, in a divergent move, the Galaxy Fox ($GFOX) presale has surpassed $3.2 million, becoming one of the best altcoins to buy. Here’s what you should know about the latest developments in the sector.
What you'll learn 👉
What’s Driving the Success of $GFOX?
In the middle of the alarming news about $MATIC, the $GFOX presale has marked a significant milestone, raising over $3.2 million and demonstrating the tremendous interest and trust of investors in the project’s future.
Now, what exactly drives such interest in Galaxy Fox? The trick is its unique blend of GameFi and meme coin markets. The project revolves around the Web3 runner game, where players can participate in monthly and weekly marathons and get a massive share of the prize pool. The project raises the prize funds from the in-game asset purchases, half of which eventually goes back to the community, while the other half funds the treasury to guarantee constant rewards for its loyal members.
Another critical attribute of Galaxy Fox is the Stargate pool. This is a staking reward pool that collects 2% of each $GFOX transaction and distributes it to the stakers based on the length and amount of their stakes.
Importantly, Galaxy Fox will soon release its own NFT collection. These NFTs, besides holding an artistic value, are crucial equipment for gamers. They serve as performance boosters and help participants increase their competitive edge inside the game. This character naturally gives $GFOX NFTs value in terms of investment as well.
This new ICO crypto is about to close its 7th presale stage, with over 97% of the tokens already sold. This means one thing – during any type of uncertainty in the market, investors flee to the best ICO presales for a safe and profitable stance.
A Detailed Look at Polygon’s Case
A recent investigation conducted by ChainArgos has found some unusual activities related to the Polygon Foundation’s tokens. Specifically, they have identified irregular withdrawals from contracts associated with operations and vesting. The investigation is focusing on around 400 million tokens that were moved to a Binance address called “Binance 33” without following the usual distribution process. This has raised doubts about the fairness of how Polygon, once among the best altcoins to buy, distributes and allocates its tokens, especially when it comes to the 12% of the total $MATIC supply designated for staking rewards.
ChainArgos argues that there seems to be a discrepancy in the number of tokens Polygon intended to send to the staking contract. They believe that only about 800 million tokens were actually sent, rather than the originally planned amount.
The market may react in a variety of ways when a large number of tokens vanish overnight. Token prices may rise in response to a reduction in supply, provided demand stays the same or grows. However, some investors might choose to sell their tokens due to concerns about increased volatility, which could cause prices to drop. And considering the latest price dips $MATIC has experienced, it seems the second scenario is more relevant in this case.
The current situation is quite complex. On the one hand, established projects like Polygon are dealing with accusations of mishandling tokens and financial wrongdoing, which could shake investor confidence and disrupt market stability. On the other hand, there’s a lot of excitement around new initiatives like $GFOX, indicating that the hope and trust toward the projects with great utility and potential is still strong.
Overall, Galaxy Fox seems to be well on its way to becoming one of the best altcoins to buy, and early joiners can reward themselves the most, considering the gradually increasing presale price model and several more price boosts planned before it launches.
Learn more about $GFOX here:
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A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters