In the aftermath of dYdX’s recent decline, investors are now looking for fresh and promising opportunities in the volatile world of digital assets. Wondering what crypto to invest in? Let’s delve into the search for new and exciting crypto investment avenues, with a particular focus on VC Spectra (SPCT) and FTX Token (FTT).
Summary
- dYdX’s price experiences a downward trend as $505 million worth of tokens enter the market.
- FTX Token (FTT) investors have extended their class-action lawsuit to include new parties causing price decline.
- VC Spectra (SPCT) continues to soar amidst a bearish crypto market.
Selling Pressure for dYdX as Tokens Worth $505 Million Enter the Market
On December 1, 2023, the decentralized finance (DeFi) protocol dYdX released 150 million tokens. This caused a decrease of 4.06% in the price of dYdX between December 1 and December 5. The price moved from $3.20 to its current price of $3.07 despite the generally positive trend in the broader cryptocurrency market.
The unlocked tokens are worth $505 million and comprise 81.63% of the circulating supply, triggering selling pressure on dYdX. On-chain data indicates that the dYdX Foundation has been distributing tokens to investors since 2021, with most choosing to bridge these tokens to the wETH dYdX smart contract.
As of December 1, 2023, 438.39 million dYdX tokens valued at $1.35 billion were locked in the contract. This works as a one-way bridge, securing the tokens within the contract.
Despite a significant number of investors retaining their tokens in the wETH dYdX smart contract, the recent token unlocking activity has increased selling pressure on dYdX. According to blockchain analyst Lookonchain, three large whale wallets, recipients of tokens from the dYdX foundation, have transferred 6.81 million DYDX tokens valued at $21.46 million to Binance.
Analyst projections suggest that dYdX is bearish and anticipates a 7.72% decline in its price to reach $2.85 from $3.07 by December 10, 2023. With that in mind, is FTX (FTT) a better investment?
Pursuit of Lost Funds by FTX Token (FTT) Investors Triggers Price Decline
On November 27, 2023, the FTX user group expanded its legal action to pursue damages from celebrities associated with the collapse of Sam Bankman-Fried’s exchange. Major League Baseball (MLB), Formula 1, and Mercedes-Benz Group AG’s racing team are now targeted in three new complaints.
The group accuses these entities of actively participating in FTX Token (FTT) Group’s alleged global fraud, claiming that MLB, F1, and the Mercedes F1 team helped promote the sale of unregulated securities through deals with FTX Token. This allegedly led to a substantial loss of $11 billion during the exchange’s downfall.
This may have restored investor confidence in FTX Token (FTT) as the price rose, contrary to what was expected. FTX Token (FTT) moved from $4.07 on November 27, 2023, to $4.32 on December 5, marking a 6.14% increase.
Consequently, analysts predict a modest 0.40% increase, pushing the price to $4.34 by December 12. Looking ahead, the bullish long-term prediction suggests that the price of FTX Token (FTT) could climb to $5.63 in 2024, reflecting a substantial 31.92% growth.
VC Spectra (SPCT) Presents Itself as a Promising Venture in the Crypto Market
VC Spectra (SPCT) emerges as a decentralized hedge fund entering the DeFi crypto space. It gathers funds globally and manages them across diverse investment portfolios. VC Spectra (SPCT) aims to democratize private equity, offering a lower entry threshold for both seasoned and beginner investors. Specializing in upcoming tech and blockchain companies, VC Spectra (SPCT) employs AI for optimal investment selection, backed by a team of experts to ensure profitability.
Investing in VC Spectra (SPCT) presents numerous advantages for shareholders. Notably, it offers quarterly dividends, additional yields through price increases, and profit buybacks. Shareholders also enjoy early access to new ICOs and private sales in promising blockchain projects.
The current public presale of VC Spectra (SPCT) is in Stage 5, after four stages marked by high investor demand and price increase. The token’s surge from Stage 4 to Stage 5 is 16.6%, a remarkable 862.5% increase from $0.008 in Stage 1 to $0.077.
Ultimately, VC Spectra (SPCT) offers a substantial yield compared to other top crypto coins. Initial projections hinted at a 900% ROI with a target price of $0.08 in the final stage. However, increased demand suggests that VC Spectra (SPCT) will likely surpass these targets, making it the best crypto to buy today.
Learn more about the VC Spectra presale here:
Presale: https://invest.vcspectra.io/login
Website: https://vcspectra.io/
Twitter: https://twitter.com/spectravcfund
Telegram: https://t.me/VCSpectra
