On-chain data shows Microstrategy has been accumulating $BTC aggressively, which should not surprise investors. However, on-chain data also highlighted more exciting facts about the current state of the market, all pointing to an accumulation phase before an incoming rally.
Daily active addresses on Litecoin (LTC) have been climbing, and DigiToads (TOADS), a new DeFi altcoin, has attracted vast amounts of funding in its presale. This article dives into these projects and their upside potential: Litecoin addresses rising as TOADS presale raises over $5.7 million.
DigiToads (TOADS) Community-Driven Altcoin
Raising capital during a bear market has always been a tall order. Liquidity only gravitates towards profitable projects in times of market downturn- DigiToads raising $5.7 million speaks volumes.
Raising this amount would be impressive during a bull market, but to do this during a bear market highlights the protocol’s incredible value proposition. DigiToads (TOADS) has to be one of the best DeFi projects currently on the market, and its core offering of community-first value accrual has resonated with investors.
DigiToads provides a self-sustaining ecosystem within the broader Ethereum (ETH) ecosystem, allowing earners to earn, play, and grow together. The Swamp (the DigiToads ecosystem) features Toad-Cade, an engaging play-to-earn game. By battling NFTs, players can secure a spot on the leaderboard and win part of the seasonal prize pool. Better yet, funds generated by the in-game store fund an airdrop to all TOADS holders.
But the reason TOADS has enjoyed such a successful presale comes down to the introduction of NFT staking. DigiToads has introduced a new capital option for NFT owners, allowing them to leverage their NFTs to produce revenue.
The DigiToads NFT collection, available now, will feature 3,500 toad-themed twists on famous characters, and the taxation system with The Swamp will direct 2% of every transaction to the NFT staking payout pool.
Analysts have forecasted a 900% surge in the coming weeks in the launch run-up and believe DigiToads (TOADS) will be the best NFT crypto project within six months.
Litecoin (LTC) halving approaches
Litecoin addresses have soared in the run-up to the halving. The halving is expected to occur in August and will reduce the block reward received by miners by 50%. This halving event is an in-built inflationary hedge.
On-chain activity spiking on the Litecoin (LTC) network comes from investors loading up on $LTC in anticipation. Regardless of asset type, a reduction in supply spells good news for the price. Analysts recently revised their Litcoin (LTC) price targets, forecasting a range between $153.40 and $181.97 in 2024.
Will the halving be enough for Litecoin to reenter the ranks of the top altcoins? A reduction in Litecoin’s inflation rate bodes well for holders, but whether it is enough to compete in the increasingly dynamic market remains to be seen.
Closing thoughts: The power of on-chain data
TradFi presents a black box notoriously opaque and secretive. Blockchains provide the polar opposite, and investors who do not leverage on-chain data do themselves a disservice. What is the best way to find the best altcoins? What is the best crypto to buy now? The answers to these questions can be found on-chain.
The massive influx of liquidity into the DigiToads presale indicates whale participation and rampant demand amongst retail. And this on-chain data hints $TOADS could be one of the year’s best plays. Investors who follow the money make money, so invest in the TOADS presale today and see where the journey leads.