ETH Rally shocker as exchanges see major outflows; $GFOX is set to redefine the meme industry.
Last week, a large amount of ETH was moved from several cryptocurrency exchanges. At the same time, the market is full of interest in the new ICO crypto $GFOX, a symbol that is expected to redefine the meme coin industry.
Join us as we take a closer look at the recent $ETH withdrawal and what it means for the second largest cryptocurrency in terms of market value, as well as why and how $GFOX is contributing to the massive meme coin industry.
Meme coins fight.
The War of Memories has been going on for quite some time. This part of the crypto industry is full of competition as new cryptocurrencies are introduced every day. One of the latest additions to this space is $GFOX, a coin set to revolutionize the meme coin industry.
While $GFOX takes inspiration from popular and successful meme coins like $DOGE, $SHIB and $PEPE, $GFOX goes above and beyond to provide usability, making it a better option. .
Unlike run-of-the-mill coins, $GFOX offers a comprehensive ecosystem that includes gaming, staking, commodities, and NFTs for revenue. It's all about supporting meme culture and interesting aspects that drive investors.
The utility that $GFOX offers is one of the main reasons investors consider it one of the best cryptocurrencies to buy. For example, the core of the Galaxy Fox ecosystem is a web-3 runner game. This game is not only fun but also provides a rewarding game to the players. Players who finish the season on the leaderboard will receive the in-game currency, which is exchanged for $GFOX tokens.
The share platform, on the other hand, allows trusted investors to share their tokens in exchange for regular payments on $GFOX. The $GFOX ecosystem features Stargate, which collects 2% of every transaction to create a pool of funds that can be used to reward loyal investors.
Although utilities are a great feature to have, the ultimate goal of every investor is to make a profit. The $GFOX team recognizes this, which is why they've set up a pre-sale to continue rewarding early investors. At each stage of the pre-sale, the price increases slightly, which allows investors to make some profit before it starts.
The token burning feature also helps with the price of $GFOX. By introducing the negative aspect of the coin, the token burning feature increases the intrinsic value of the coin for investors, making it one of the best cryptocurrencies to buy.
ETH Outflows Increase: Rally Coming?
ETH has shown little action in recent weeks. It is currently trading at $2,470.18, a 6.8% increase over the past weeks. However, a quick look at the data on the chain reveals a sense of cynicism among investors. Data from IntoTheBlock, an on-chain analytics firm, shows that traders have withdrawn a whopping $500 million from the central exchange in recent days. Over $1.2 billion worth of ETH has been withdrawn from crypto exchanges in the past months alone.
With the recent spending, the reserves of the $ETH currency are decreasing, creating a shortage in the market. With increased scarcity and demand, there is likely to be an increase in the price of $ETH. This forecast is supported by the upcoming Denkum update, which is scheduled for March 13. The update introduces a sharding technique known as proto-dunk sharding, which creates more space on Ethereum layer-2 solutions, thus reducing the cost of these solutions.
Summary
$ETH is gearing up for an amazing bull run, and $GFOX is gearing up to change the meme coin industry by introducing a variety of unique features and unexpected utilities, $GFOX hopes to not only change the meme coin sector, but be one of them. The best cryptocurrencies to buy for high returns in the upcoming bull market.
To learn more about $GFOX, visit the Galaxy Fox presale or join the community.
