Altcoins
3 Ethereum Altcoins Outperforming Solana Today
Ethereum has seen slow growth amid the recent stock market crash, and partly fueled by the waning wait for SEC approval. Ethereum ETF in May. ETH suffered losses of 15% last week, facing resistance at $3,550, with Bitcoin also making a substantial move higher. withdrawal. Despite this downward trend, some Ethereum-based cryptocurrencies have shown significant growth over the past day, outperforming Solana. SOL also struggled last week, with its value dropping 22%. After slightly recovering by 0.96% over the past day, let’s take a look at Ethereum, which is outperforming Solana today.
Ethereum Altcoins Outperform Solana
Immutable
1. Immutable X (IMX)
Founded in 2021, Immutable is the first layer two scaling solution for NFT on Ethereum, eliminating limitations such as low scalability, poor user experience, illiquidity, and slow developer experience. Users can enjoy instant trading, massive scalability, and zero gas fees for minting and trading NFTs without compromising security.
Using this technology, users can create and distribute assets such as ERC-20 and large-scale ERC-721 tokens. The game director of Gods Unchained praised Immutable for enabling a new meta-system, aimed at delivering a top-notch experience for users and developers.
Immutable X (IMX) is currently priced at $1.95, showing an increase of 5.59% over the past day. The market capitalization is around $2.79 billion, which ranks it 40th, according to CoinMarketCap. The 24-hour trading volume is $69.9 million, a decrease of 9.73%. Although the 1-day performance was positive, the token saw declines over 7 and 30 days. With 71.56% of the total supply circulating, IMX price fell 79.44% from its all-time high of $9.50.
Recently, Immutable X announced that it had received 100,000 new registrations for an immutable passport wallet. 80% came from partnerships with Kokodi Game and Illuvium, both launching soon. Immutable has signed over 300 games and expects gaming adoption to grow on Ethereum.
This could lead to increased demand for the IMX token as more users engage with the platform and its ecosystem.
2. ApeCoin (APE)
ApeCoin is an ERC-20 token in the APE ecosystem, enabling the creation of a decentralized community through governance and voting via the ApeCoin DAO framework. The APE Foundation oversees approved proposals and the use of funds.
ApeCoin (APE) currently has a price of $1.21, showing an increase of 4.84% over the last day with a market capitalization of around $734 million. The 24-hour trading volume is approximately $61 million, an increase of 21.28% from the previous period, with a volume-to-market cap ratio of 8.30%.
Despite a positive 1-day performance, APE saw declines of -25.93% over the past 7 days and -34.58% over the past month. The circulating supply is 604.9 million out of a total supply of 1 billion APE. The token’s all-time high was $39.40 on March 17, 2022, now down 96.92%.
ApeCoin’s market performance shows recent positivity but also long-term volatility and a decline from its peak.
The utility of the APE is set to grow through new governance proposals, including the creation of gaming-focused DAOs and exclusive vaults for APE holders. ApeChain offers to use APE as a gas token and support asset-related applications. Despite new owners, growth has not lived up to expectations. ApeCoin DAO has partnered with a Formula 1 team to attract more holders. THE DAO approved the construction of ApeChain on Arbitrum, extending its usefulness in GameFi DAO. Community engagement increases with more votes per proposal, aiming for greater decentralization and greater participation in governance.
3. Axelar (AXL)
Axelar offers secure cross-chain communication for Web3 through a decentralized network and tools. Decentralized application creators can benefit from seamless cross-chain communication with Axelar’s suite of protocols, tools, and APIs. The project includes a decentralized network, software development kit, and gateway smart contracts for cross-chain connectivity.
Powered by a network of validators, Axelar allows anyone to join, create or use it with a proof-of-stake consensus mechanism for network security. AXL is the native token and the protocol supports cross-chain transfer of various native tokens such as AVAX, ETH, FTM, GLMR and MATIC. Axelar has received investments from high-profile investors such as Binance, Coinbase Ventures and others.
Axelar (AXL) is currently trading at $1.17, seeing an increase of 5.78% over the past day, indicating an optimistic outlook in the near term. Its market capitalization is $741 million, which places it 99th in the market. The 24-hour trading volume currently stands at $38.8 million, an increase of 10.47%.
Axelar saw a decline of 14.11% last week and 31.35% last month, showing a continued negative trend. The circulating supply of AXL is 632.6 million out of a total of 1.145 billion AXL, and the maximum supply is not specified. On March 1, 2024, it reached its all-time high at $2.66, followed by a 56.2% decline.
Conclusion
Despite Ethereum’s slow growth amid the stock market crash and dwindling expectations for SEC-approved Ethereum ETFs, some Ethereum-based altcoins have shown significant potential. Immutable X (IMX) is showing promise with its partnerships and growing gaming adoption, which could lead to increased demand for its token. ApeCoin (APE) has recently shown positivity despite long-term volatility, with increasing utility thanks to new governance proposals. Axelar (AXL) offers secure cross-chain communication for Web3, experiencing an optimistic near-term outlook but facing a negative trend over the past month. Overall, these Ethereum altcoins present opportunities for growth and innovation in crypto, particularly in gaming and Web3 applications.