Gorilla, Io.net and Toncoin defy gravity as attention turns to SolJu

2024-06-16 15:50:27 ET

It was a sea of ​​red in the cryptocurrency industry as concerns over inflows from the Federal Reserve and Bitcoin ETFs persisted. Bitcoin remained below $67,000 while most altcoins like Ethereum, Solana, and Cardano drifted lower.

However, not all altcoins crashed as Toncoin (TON) hit an all-time high. Gorilla, a popular meme token also rose over 16% on Monday while Io.net (IO) erased all its losses last week. The other best performing altcoins were Jasmy, Brett and Dogwifhat.

Traders are still focusing on the meme coin industry, which has performed better than traditional tokens this year.

SolJu

will be a key cryptocurrency token to watch this week.

Why altcoins are diving

Most altcoins have fallen sharply in recent days due to the performance of Bitcoin. After climbing to almost $72,000 this month, the coin has now fallen below $67,000. In most cases, many altcoins mirror the performance of Bitcoin.

They also plunged after the Federal Reserve’s hawkish decision. In it, the FOMC decided to leave interest rates unchanged, as widely expected. However, the commission mentioned only one rate cut this year while analysts expected at least two.

The Fed’s decision came a few hours after the publication by the United States

encouraging inflation data

. According to the BLS, both overall and fundamental consumer price indexes (CPIs) fell slightly in May. It’s unclear whether the Fed factored these numbers into its decision.

Many altcoins also fell due to profit-taking by traders and investors. In most cases, assets tend to decline after rising sharply over a certain period. For example, a trader recently sold over 1,114.7 PEPE tokens after it hit an all-time high.

Toncoin, Gorilla and Jasmy defied gravity. Toncoin is doing well thanks to its growing ecosystem, while Gorilla, Io.net and Jasmy’s are surging due to hype among traders.

Upcoming launch of the SolJu show

SolJu, a new cryptocurrency on Solana, will be the next key token to watch this week when it launches fairly. A fair launch is a situation where a token is distributed to all participants without large internal wallets, team allocation, and marketing expenses.

The SolJu fair launch will have a total supply of 100 million tokens, an initial liquidity of $12,000, and a starting price of $0.00012.

SolJu aims to infuse several elements to generate hype. First, its name is a combination of Solana and Soju, a popular South Korean spirit. South Korea is one of the most active countries in the crypto community.

Second, it aims to generate hype, as we saw recently with Beercoin. At its peak, $BEER had a market cap of nearly $300 million, making it the largest alcohol-themed token in the industry.

Third, SolJu hopes to succeed by joining the coin hype we’ve seen recently with Pepe, Book of Meme, and Dogwifhat.

After the show launch, developers will aim to grow its ecosystem by performing four key steps: fermentation, distillation, filtration and bottling. Fermentation will include activities such as marketing and CMC lists, while the distillation phase will feature CEX lists and community meme competitions.

Filtration will benefit from CEX listings and Tier 1 partnerships, while bottling will see developers launch native Soju products and intellectual property development. Learn more about SolJu

here

.

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Gorilla, Io.net and Toncoin defy gravity as attention turns to SolJu

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