While there is usually a general trend in the wider cryptocurrency market, things can be different between individual projects. A similar situation is unfolding now as the bear market recedes.
The HedgeUp (HDUP) presale keeps reaching new heights. But for Avalanche (AVAX) and Dogecoin (DOGE), things are going in the opposite direction. Their prices have dipped as they face competition from new, more promising projects like HedgeUp (HDUP).
HedgeUp (HDUP) presale goes next level
The HedgeUp (HDUP) presale is going from strength to strength. Yesterday, the presale reached its funding milestones for round two after raising $1.11 million. It has since moved on to Stage 3, where its plans to sell the token for $0.020 until it meets its goal of raising $2.46 million.
The HedgeUp (HDUP) presale has, so far, been a success because there is so much optimism around the token and the project behind it. By reaching stage 3, the token has already rewarded stage 1 buyers with 120% gains. The gains will grow immensely once the market recovers and the token is released. Expert predictions see the price of HDUP doing a 30x by the end of the year. And, investors believe in these predictions because HDUP is part of a strong and novel project.
The HedgeUp team is building an investment platform on Ethereum. Users of the platform will be able to invest in a variety of alternative asset classes by buying asset-backed NFTs using the HDUP token. This will make it the world’s first alternative assets NFT marketplace.
According to the team, their goal is to provide investors in the crypto space with more investment options. That way, they will be able to diversify their portfolio away from volatile crypto assets without having to leave the blockchain ecosystem.
Avalanche (AVAX) price takes a hit
AVAX is the native cryptocurrency of the blockchain Avalanche. With a market cap of around $5.6 billion, it’s one of the top 20 largest cryptocurrencies.
However, the token hasn’t been performing as well as investors would want it to be. Its value stands at $17.04, which is a 3.7% drop from last week’s price of $17.8. It is also a 7% decline from $18.11, its value two weeks ago.
Dogecoin (DOGE) faces stiff competition from utility projects
In other news, Dogecoin (DOGE) is facing fierce competition from new projects entering the Web3 space. This is because the cryptocurrency is still largely a meme coin. It might have some utility – SpaceX and Tesla do accept Dogecoin (DOGE) payments for certain products, but that’s not enough.
This has made other projects with better utility more attractive to Dogecoin (DOGE) investors. So, they have started investing in these other projects. For example, a recent on-chain analysis revealed that DOGE holders have been buying the HedgeUp (HDUP) presale.
Dogecoin (DOGE) is currently trading at $0.078875. It has lost 1.7% of its value in the last week and 17.1% in the last two.
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