Six altcoins, including Stellar (XLM) and FTX Token (FTT), took action after the big announcements. Here are the developments of the day and the reaction of the altcoin market.
6 altcoins rallying today and why
Frax Finance (FXS) rose 23%
Frax Finance (FXS) is jumping a mile as community optimism, constrained by the protocol’s growth metrics, has soared 23.29% over the past 24 hours to $8.83, according to data from CoinMarketCap. Leveraging bankruptcies in the broader cryptocurrency ecosystem, Frax Finance has pushed its personal limits and is up over 52.74% in the last seven-day period.
Frax Finance is the first fractional-algorithmic stablecoin system. The protocol is open source, permissionless and fully implemented on Blockchain and currently implemented on Ethereum. According to updates posted on Twitter by popular investor and analyst @0xChaos, the total supply of FrxETH has reached a new milestone of 61,339 over 20.3% in the last 24 hours.
Congrats @fraxfinance on hitting 60k $frxEth …
Seems like only last week we were just celebrating 50k milestone 🤝$fxs ripping as market realizes no one will be able to compete with Frax's staked $eth yields & are trying to be the $eth basepool on Curve — $cvx $crv 🎡 https://t.co/3bDO1l38Bh pic.twitter.com/y8ZRCSRr6i
— 0xChaos (@0xCha0s) January 16, 2023
Solana sparks interest from major investors after SOL rose 133%
Those focused on Solana’s native token SOL had their biggest inflows in two months, according to CoinShares’ latest report on the flow of funds into crypto-focused investment products. Thus, SOL-focused products received $1.3 million last week, 13 times more than a month ago, clearly demonstrating the renewed interest of investors in a project whose days are numbered in the big crypto business.
As a result, the Solana token price has increased by 133.6% since the beginning of 2023 and even returned to the top 10 cryptocurrencies list by market cap. On the way back, Solana pulled Polygon out of this position.
BONE suddenly jumped 13% to surpass SHIB
BONE, one of the Shiba ecosystem tokens, has surpassed the main token Shiba Inu (SHIB). BONE rose 13% to $1.34, thus outpacing SHIB, which rose just 3.72%. The optimism around BONE stems from the upcoming launch of the Layer 2 Shibarium beta.
New Terra (LUNA) suddenly increased by 16%
Terra’s Luna token (LUNA) has gained 15% on the day. Launched on a new Blockchain called Terra 2.0 following the deposition of the algorithmic stablecoin TerraUSD (UST), the LUNA token has quietly rallied since Jan.
While the exact reason for the rally is unknown, it seems that technical factors may have supported the recent rise. LUNA broke out of a one-month consolidation range on January 9th and broke through a major hurdle that has blocked its price since November 2022.
Degens can’t give up on FTX (FTT) sale: FTT up 52%
The native token of the bankrupt FTX exchange FTT recently rallied over 50%. FTT rallied to $2.50 from an intraday low of $1.64 on the morning of January 16. The move added 52% to the token price within 18 hours. FTT is trading at its highest level since the collapse of FTX in early November. He has idealized most of his gains at current levels.
Stellar (XLM) price soars after Ukrainian bank completes successful pilot
Stellar Lumens (XLM) price is nearing the end of a bullish pattern that has been in place for about 18 months. A positive decision could reverse the uptrend. On January 13, TASCOMBANK, a centralized commercial bank of Ukraine, announced that it has successfully piloted using the Stellar network. In response, he recommended the adoption of Blockchain technology to transform the payment network in Ukraine.
Stellar price reached $0.090 on January 14 following the development. It then gained a bearish bias and settled as low as the $0.085 region. XLM is trading at $0.087 at the time of writing.
