Since the massive Bitcoin price dip in 2022, market analysts, enthusiasts, and investors have anticipated a major bullish run for the famous cryptocurrency. Statistics so far for 2024 suggest that $BTC will cross new territories in 2024. It is, however, still unclear how far $BTC will go and the potential profits for investors. While skepticisms about $BTC’s price continue, there has been more optimism that new memecoins like $GFOX will be investors’ best bet in 2024.
Major Crypto Investments in 2024
Data from the crypto market has shown that $BTC is enjoying a price resurgence. Since the SEC approval of a Bitcoin ETF in January, $BTC has experienced major price changes with ripple effects across the crypto space. With $BTC’s price at almost $52,000, more investors and whales have begun to show interest in the crypto market.
One of the major investors in February 2024 is Peter Thiel. The popular billionaire, who has been active in the financial market for decades, is not new to the operation of the crypto market. Thiel has expressed his support for the crypto market on several occasions, hinting that the blockchain network is an impressive alternative to the regulated financial market. Hence, it’s no surprise that Thiel’s venture capital firm, Founders Fund, has reportedly invested over $200 million in bitcoin and other tokens.
There have also been reports that major crypto whales have invested over $6 billion in the market this year alone.
While these investments can be linked to the SEC’s approval, there are a few underlying factors that have influenced recent market sentiments and $BTC’s price surge. These factors include:
- ETF Easing: Although it took a couple of days for crypto enthusiasts to get over the impact of the SEC’s approval on the market, the market has moved from the initial frenzy to more stable price levels. Long-term investors are familiar with the mechanics of the crypto market, so most waited until the selling pressure from ETF investors had piped down to invest in the coin. Thus, their investment has further boosted $BTC’s steady price.
- Long Positions: Long-term investors and whales control market price and trends, and in their characteristic manner, they are holding onto their $BTC and creating limited supply. With limited supply comes increasing demand and a subsequent price increase.
- Fear of Missing Out (FOMO): The trend of buying while the price is rising is common among crypto enthusiasts and newbies who want to make a quick profit from the rising price trends. This further increases the frenzy about cryptocurrencies, and although it is short-lived, it also increases their price.
There is a probability that some ETF investors will cash out their profits now that the $BTC price is surging. This action will likely lead to a price correction, which will leave many newbies and enthusiasts at a loss.
Due to the uncertainty of the possible actions of whales and ETF investors, others are looking towards more stable coins like $GFOX. The coin has maintained a steady price record.
Why is there a growing interest in GFOX?
Since its launch in 2023, Galaxy Fox ($GFOX) has quickly become a top pick among investors for potential high returns of up to 100x. Having generated over $3.5 million in its ICO, it’s no surprise that $GFOX has earned the market’s attention.
$GFOX is no ordinary meme coin. The coin blends meme fun with play-to-earn (P2E) features that offer gamers the opportunity to earn passive income while playing their favorite games. The $GFOX Web3 Endless Runner game allows players to compete for GFOX tokens; top performers even get rewarded with additional tokens and in-game goodies.
Unlike many meme coins, $GFOX is designed to maintain its value by reducing its supply over time. According to the coin’s whitepaper, its supply will be maintained through token burning, making it a scarce and valuable asset.
GFOX equally prioritizes its user base. A portion of every transaction goes towards the Galaxy Fox Stargate, a treasury dedicated to community development and initiatives. With its ongoing ICO, $GFOX presents a potential goldmine for early investors.
With a current price of $0.002178, analysts predict that GFOX could cross the $5 million mark by Q2 2024. This is a potential 100x gain for early adopters. If you’re a tech-savvy investor seeking high potential returns or a gamer looking for a fun way to earn crypto, Galaxy Fox is your best bet.
Final Thoughts
The crypto market appears to be doing well in 2024, especially with $BTC leading the current price surge. However, the market’s price ride is hinged on the decision of whales to hold their coins or sell for profits. This uncertainty may be a huge risk for newbies and investors with a small budget.
With the ongoing GFOX presale, you can earn 100x your current investment when the coin is listed on a DEX. The memecoin has shown strong price potential over the last few months and has the potential for more in the coming months. There’s no better time to buy GFOX than now.
Learn more about $GFOX here:
