The popular meme coin Shiba Inu (SHIB) has outperformed other meme coins in the past few weeks. Just this week, SHIB stock is up 2%, while other memes like WIF, FLOKI or BOME have generated double-digit returns.
SHIB also has a lot of competitors in the Ethereum ecosystem, and one of those competitors is the low-cap coin Galaxy Fox (GFOX), which now has a market capitalization of less than $1 million, so let’s find out why this might be a good entry point for this meme coin.
Galaxy Fox: A promising meme coin worth a look
Galaxy Fox (GFOX) launched on exchanges on April 18 following a successful cryptocurrency pre-sale that raised over $6 million. The price was initially pumped from $0.00066 levels to over $0.003, generating good gains for holders.
However, it seems that major shareholders decided to take some profits, and GFOX is now back to $0.0007 levels with a market capitalization of less than $1 million. Interestingly, in just the last 6 hours, the GFOX index has risen by almost 50%, according to Dextools data.
Web3 Game Launch: Possible Catalyst
What’s important for Galaxy Fox is that their team is focused on launching the Web3 game, which is scheduled to launch on May 11th. Gameplay in Galaxy Fox’s Web3 runner involves players experiencing an endless runner where they can collect, nurture and take part in an adrenaline-filled cosmic odyssey.
Players have the chance to win $GFOX tokens by achieving the highest performance in the game. Additionally, the game includes NFT assets that not only serve as collectibles, but also enhance gameplay by enhancing characters, unlocking special abilities, and retaining value on NFT trading platforms like OpenSea.
The game’s leaderboard system, where the top 20% of players each season can win prizes redeemable for $GFOX tokens, adds an incentive for active participation and sustained interest in the project and its game.
🚀 Coming game alert 🚀 pic.twitter.com/uQiMkWXcpx
— Galaxy Fox (@GalaxyFoxToken) April 1, 2024
Galaxy Fox has a total supply of 5 billion GFOX tokens, but according to Dextools data, just over $1 billion worth of GFOX tokens are now in circulation, with over 3 thousand holders.
If Galaxy Fox’s Web3 launch is successful this week, there is a possibility that GFOX could revisit the $0.003 area, where it peaked after the initial pump following its listing on the Uniswap exchange.
Staking incentives
Moreover, Galaxy Fox offers a staking feature with attractive rewards. During the first 30 days after launch, the project offers a special offer listing APY with the following lock-in periods and bonuses:
30 days lock / 15% APY / (0 minutes) / early withdrawal penalty 15% 60 days lock / 20% APY / (25,000 minutes) / early withdrawal penalty 15% 120 days lock / 35% APY / (50,000 minutes) / early Withdrawal penalty 15% 360 days lock / 60% APY / (100,000 minutes) / Early withdrawal penalty 15%
After the first 30 days, staking rewards will be adjusted to:
30 days lock / 7.5% APY / (0 minutes) / early withdrawal penalty 15% 60 days lock / 10% APY / (25,000 minutes) / early withdrawal penalty 15% 120 days lock / 17.5% APY / (50,000 minutes) / early Withdrawal penalty 15% 360 days lock / 30% APY / (100,000 minutes) / Early withdrawal penalty 15%
Shiba Inu (SHIB): Underperforming Amid Meme Coin Comeback
As mentioned earlier, SHIB has not been performing well in the past few weeks, being outperformed by other major currencies. SHIB is trading at around $0.000023 at press time.
According to analysis by altFINS, Shiba Inu (SHIB) trends are currently mixed. After experiencing a bullish breakout from the falling wedge pattern, the price successfully retested this breakout and is likely to swing to $0.000035 next.
The falling wedge pattern usually results in an upward breakout, where the price is expected to head higher once the upper trend line is broken. While emerging patterns can be traded by swing traders between convergence lines, most traders are advised to wait until the pattern completes with a breakout before placing a buy order.
Regarding the trend, altFINS considers it neutral in the short and medium term, but an upward trend is observed in the long term. Momentum indicators are mixed, with the MACD line above the MACD signal line (bullish), while the RSI is near 50 (neutral).
Regarding support and resistance levels, the closest support area has been identified at $0.0000225, followed by $0.0000150. On the resistance side, the nearest area is $0.000035, with an additional resistance level at $0.000040.
Conclusion
Galaxy Fox (GFOX) appears to be a promising contender for the memecoin, with the upcoming Web3 game launch and staking incentives acting as potential catalysts for a price rally.
However, marketing efforts will be crucial to push the price of GFOX higher, and the project is being advertised on multiple cryptocurrency media outlets. The success of the Web3 game will also play a big role in determining its future path.
As for Shiba Inu (SHIB), its weak performance amid the recent meme currency resurgence suggests that investors looking for big gains may need to consider alternative options. While SHIB remains an important player in the meme cryptocurrency sector, recent price movements may prompt investors to explore other opportunities.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the community
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