Top Crypto Gainers Today Aug 07 – Drift, Axelar, Solana, SuperVerse

The crypto market has experienced a rollercoaster ride this week. Just days ago, Bitcoin was flirting with the $62K mark, and our analysis hinted that August might not be its strongest month. Little did we expect the swift and severe market plunge triggered by macroeconomic events. However, crypto has a knack for bouncing back quickly. Before we could even catch our breath, many coins had already posted impressive gains.

Despite the market turbulence, major players have been actively accumulating assets behind the scenes. As Bitcoin rebounds from a dip below $50K to $56K, with significant buying observed on major exchanges, the outlook might be turning more optimistic. Meanwhile, Ethereum has experienced volatile swings, and the SOL/ETH ratio has hit new highs. 

Biggest Crypto Gainers Today – Top List

Today’s grand selection of top gainers are not just surviving—they’re thriving, turning heads with their impressive gains and innovations. First, Drift has seen a significant surge thanks to its advanced decentralized exchange and governance features. Furthermore, Axelar excels with its secure cross-chain communication, which is bolstered by strong investor backing. 

Meanwhile, Solana continues to shine with rapid transactions and scalability, driving a substantial price rise. Additionally, SuperVerse stands out with its gaming-centric blockchain, offering exciting rewards and governance rights. Let’s get into the details for more valuable insights.

1. Drift (DRIFT)

Drift operates on the Solana blockchain, providing a decentralized exchange (DEX) with diverse trading options and earning opportunities. It specializes in perpetual futures contracts, allowing users to engage in leveraged and speculative trading without expiration dates. 

Additionally, it supports spot trading for direct asset purchases and swap trading for seamless asset exchanges. Users can also earn by lending or borrowing assets and by participating in insurance fund staking. This variety caters to different trading strategies and boosts engagement.

Moreover, the DRIFT token plays a key role in governance. It grants holders voting rights within the multi-branch DAO structure, enabling them to propose and vote on protocol changes. However, users should be aware of risks like funding rates and leverage implications associated with perpetual futures trading. Overall, Drift provides a comprehensive platform focused on fast, low-cost transactions and decentralized governance through the DRIFT token.

DRIFT has surged by an impressive 25.72%, suggesting significant short-term interest. With a high liquidity ratio of 0.7852 and a current price of $0.31044, there’s substantial market activity around this token. However, the 14-day RSI at 100.00 indicates that DRIFT is currently overbought and could face a pullback soon. 

Despite having only 9 green days out of the last 30 (30%), it’s trading well above its 200-day SMA by a staggering 347,303.05%. This highlights its long-term bullish trend. Compared to AXL and SUPER, DRIFT exhibits extreme volatility and potential for rapid corrections due to its current RSI and overbought status.

2. Axelar (AXL)

Axelar excels in providing secure cross-chain communication for Web3. The project features a decentralized network and essential tools for developers. It includes a network of validators, a software development kit of protocols and APIs, and gateway smart contracts for cross-chain connectivity. Consequently, developers can easily integrate cross-chain features into their dApps. They don’t need to learn a new programming language, thanks to Axelar’s user-friendly approach.

Furthermore, Axelar supports the cross-chain transfer of several native tokens through their wrapped ERC-20 versions, such as AVAX, ETH, FTM, GLMR, and MATIC. This adds to its versatility across various blockchain ecosystems. Additionally, with investment from top-tier firms like Binance and Coinbase Ventures, Axelar is well-positioned to advance its mission. Thus, its dynamic validator approach and comprehensive tools make it a standout solution for seamless cross-chain communication.

In recent developments, AXL is priced at $0.531737 and has surged by 13.50% in the last 24 hours. This spike is noteworthy, supported by a solid liquidity ratio of 0.1193. Moreover, with a neutral 14-day RSI of 54.13, it is clearly in a consolidation phase. Nevertheless, trading 11.04% above its 200-day SMA, AXL shows resilience. 

Also, over the past year, it has appreciated by 37%, outperforming 50% of the top 100 crypto assets. This steady growth trajectory contrasts with DRIFT’s high volatility. Consequently, AXL’s stability hints at a promising long-term outlook. However, its short-term movements are less dramatic, providing a calm amidst the crypto storm.

3. The Meme Games (MGAMES)

The Meme Games is innovating in the meme coin space by integrating sports betting with blockchain technology. Currently in its presale phase, the project has already raised nearly $350,000. Set against the backdrop of the Paris 2024 Olympics, it capitalizes on the sporting fever to attract attention. The novel concept involves meme characters racing against each other. Participants choose their favourite meme athlete, and if their pick wins, they receive a 25% bonus on their investment.

Technically, it is built on solid foundations. It has successfully passed a SolidProof audit, which confirms adherence to high-security standards. Moreover, with over 16 million MGMES staked, the staking app offers a remarkable 630% annual yield. Furthermore, the team has allocated 15% of the token supply for marketing and 17.7% for project funds, demonstrating a commitment to long-term growth.

Additionally, the presale for The Meme Games is scheduled to end on September 8th, with a DEX listing planned for September 10th. Currently, MGMES tokens are priced at just $0.00915, and investors can purchase them using ETH, BNB, USDT, or credit/debit cards. The developers have allocated 10% of the total token supply for liquidity to ensure smooth trading from the start. Excitement is palpable in the community, with many anticipating significant price movements once the token hits the open market.

Visit The Meme Games Presale

4. Solana (SOL)

Solana stands out in the cryptocurrency world for its innovative approach to blockchain technology. At its core, it combines a proof-of-history (PoH) consensus with a proof-of-stake (PoS) mechanism. This hybrid model, developed by Anatoly Yakovenko, drastically improves scalability and processing times. The PoH records the sequence of operations and the time between them, which accelerates transaction validation and smart contract execution. As a result, Solana can handle high transaction volumes with impressive speed and efficiency.

Moreover, Solana’s design prioritizes low transaction costs and minimal fees. The network’s hybrid consensus ensures that users are not surprised by unexpected charges. Consequently, it remains accessible to a broad audience. Additionally, Solana’s speed and performance have garnered significant praise. As a result, it is positioned as a formidable competitor to Ethereum. Furthermore, with its focus on scalability and affordability, Solana is well-positioned to advance decentralized finance.

In the past 24 hours, SOL has surged by 6.95%, hitting a current price of $153.75. Impressively, it boasts a liquidity ratio of 0.2007, reflecting strong market activity. With a 14-day RSI of 55.89, SOL indicates a neutral outlook, yet it holds potential for steady trading. Remarkably, 57% of the last 30 days have been green, showing consistent performance.

It is also trading 10.39% above its 200-day SMA, underscoring its upward momentum. Over the past year, SOL’s performance has been nothing short of phenomenal, with a 564% surge. It has outperformed 92% of the top 100 crypto assets, cementing its position in the market. SOL stands out with its mix of substantial short-term gains and impressive long-term potential.

5. SuperVerse (SUPER)

SuperVerse shines with its blockchain crafted specifically for gamers. It delivers lightning-fast, low-cost transactions, transforming how players experience digital worlds. The $SUPER token, an ERC20 asset, grants governance rights through a DAO. By holding these tokens, users can influence on-chain fees, unlock exclusive events, and earn special gaming rewards. Additionally, staking them provides extra rewards and access to more events, thereby boosting engagement and enhancing network security.

Impressively, SuperVerse excels in security by leveraging staking to boost stability. Additionally, DAO governance allows token holders to vote on crucial security measures, ensuring regular updates. Furthermore, transparency reports keep users informed about security and operations. Moreover, SuperVerse adheres to local laws and enforces strict security policies to protect data. Consequently, its gaming-focused blockchain guarantees both efficiency and security.

SUPER is currently priced at $0.477799, showing a 6.85% rise in the past 24 hours. It maintains a liquidity ratio of 0.0979 and a 14-day RSI of 69.92, indicating a neutral stance with potential for sideways movement. Moreover, with 47% of the last 30 days being green, it is trading 170.50% above its 200-day SMA. Over the past year, SUPER’s price has risen by 436%, outperforming 90% of the top 100 crypto assets. Compared to top gainers, AXL and DRIFT, SUPER showcases a balanced mix of short-term gains and long-term growth.

Read More

• Biggest Crypto Gainers