The value of Ethereum has been gradually increasing, but was recently set back due to the market crash and decreasing hopes for SEC approval of Ethereum ETFs in May. Ethereum dropped by 15% within the last week, reaching a resistance point at $3,550. Similarly, Bitcoin experienced significant declines. However, some Ethereum-linked cryptocurrencies have seen impressive growth recently, surpassing Solana’s performance. Solana itself faced losses of 22% over the past week, but has recovered slightly by 0.96% in the last day. Let’s examine why Ethereum is outperforming Solana today.
Ethereum Altcoins Outperforming Solana
These three Ethereum cryptocurrencies – Immutable X (IMX), ApeCoin (APE), and Axelar (AXL) – are currently drawing more attention than Solana (SOL) on the Ethereum network.
1. Immutable X (IMX)
Established in 2021, Immutable marks the first step towards enhancing Ethereum’s scalability for Non-Fungible Tokens (NFTs), addressing challenges such as limited capacity, subpar user experiences, insufficient liquidity, and sluggish developer environments. With Immutable, users reap the benefits of swift transactions, expansive capacity, and no gas fees for NFT creation and trading, all while maintaining a robust security framework.
Using this technology, users have the ability to generate and share assets such as ERC-20 and ERC-721 tokens in great quantities. Immutable X, praised by Gods Unchained’s game director, is transforming the metaverse by offering an advanced system intended to deliver an exceptional experience for both users and developers.
Immutable X (IMX) is currently priced at $1.95, showing a 5.59% increase in the last day. The market cap is approximately $2.79 billion, ranking it 40th, according to CoinMarketCap. The 24-hour trading volume is $69.9 million, indicating a decrease of 9.73%. Although the 1-day performance is positive, the token has seen declines over 7 and 30 days. With 71.56% of the total supply in circulation, IMX’s price has dropped 79.44% from its all-time high of $9.50.
Over the past short while, Immutable X revealed that approximately 100,000 new registrants have joined their Immutable Passport digital wallet. Around 80% of these sign-ups can be attributed to collaborations with upcoming games Kokodi and Illuvium. Immutable currently has over 300 gaming projects in the pipeline and anticipates a surge in adoption for Ethereum-based gaming as a result.
Engaging more users with the platform and its ecosystem might result in a higher request for the IMX token due to increased activity.
2. ApeCoin (APE)
In simpler terms, ApeCoin is a type of digital currency called an ERC-20 token that operates within the APE platform. This coin enables community members to make decisions and vote on proposals through the ApeCoin Decentralized Autonomous Organization (DAO). The Ape Foundation is responsible for managing approved projects and budget.
The price of ApeCoin (APE) is presently at $1.21, representing a 4.84% rise over the last 24 hours. Its market capitalization hovers around $734 million. Over the same timeframe, there was approximately $61 million worth of ApeCoins traded, marking a significant 21.28% uptick compared to the previous period. This substantial trading activity equates to a volume/market cap ratio of 8.30%.
Although APE showed gains in the previous day, its value decreased by 25.93% over the last week and 34.58% during the past month. Currently, there are 604.9 million circulating tokens out of a total supply of one billion APE. The token’s peak price was $39.40 on March 17, 2022, representing a substantial loss of 96.92%.
The current market situation for ApeCoin exhibits optimistic signs, yet it is important to note that this digital currency has historically shown significant price fluctuations and has dropped from its highest point.
APE’s utility is set to expand through new governance proposals, including creating game-focused DAOs and exclusive vaults for APE holders. ApeChain proposes using APE as a gas token and supporting asset-related applications. Despite new holders, growth did not meet expectations. ApeCoin DAO partnered with a Formula One team to attract more holders. The DAO approved building ApeChain on Arbitrum, expanding utility in GameFi DAOs. Community engagement is increasing with more votes per proposal, aiming for greater decentralization and governance participation.
3. Axelar (AXL)
Axelar enables secure, cross-chain interaction in the Web3 world through a decentralized network and a range of tools. Developers of decentralized apps can simplify communication between different blockchains using Axelar’s protocol, software development kit, and APIs. The project encompasses a decentralized network, an SDK, and gateway smart contracts that foster cross-chain connectivity.
With a community of validators ensuring security, Axelar invites anyone to join, develop for, or utilize it. Its consensus mechanism is based on proof-of-stake. The native token is AXL, enabling the transfer of tokens such as AVAX, ETH, FTM, GLMR, and MATIC across different chains. Notable investors including Binance and Coinbase Ventures have backed Axelar’s development.
Currently priced at $1.17, Axelar (AXL) has seen a positive surge of 5.78% over the past day, suggesting a favorable near-term perspective. With a market capitalization of $741 million, it ranks 99th in the market. The recent trading volume amounting to $38.8 million marks a notable rise of 10.47%.
Over the past week, Axelar suffered a 14.11% decrease, and over the last month, this figure rose to 31.35%. This trend indicates that Axelar’s value has been declining continuously. Currently, there are 632.6 million Axelar tokens in circulation out of a total supply of 1.145 billion. The maximum supply amount is not known. On March 1, 2024, the price peaked at $2.66, but it then dropped by 56.2%.
Conclusion
In spite of Ethereum’s sluggish expansion during the market downturn and decreasing hopes for SEC-approved Ethereum ETFs, several Ethereum-linked altcoins have exhibited impressive potential. Notable among these is Immutable X (IMX), which boasts promising partnerships and burgeoning gaming adoption, potentially leading to heightened demand for its token. ApeCoin (APE) has recently shown signs of optimism amidst long-term volatility, as it introduces new governance proposals expanding its utility. Axelar (AXL) is another contender, offering secure cross-chain communication for Web3 projects and experiencing a brief surge in positive sentiment, despite a downward trend over the past month. Collectively, these Ethereum altcoins present promising opportunities for expansion and innovation within the crypto sector, particularly in gaming and Web3 applications.
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2024-04-18 19:16