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Ethereum is one of the most popular cryptocurrencies in the market today, not only because of its high market capitalization but also due to the upgrades done to its network. One upgrade, EIP-1559, has made headlines as it resulted in a massive burn of $ETH tokens and a decrease in supply. Despite these, the price of $ETH is still holding steady.
Aside from the $ETH supply hitting a new low, another development is the emergence of Galaxy Fox. Currently in the presale phase, its $GFOX token is seen by many as a good crypto to buy because of its features, low price, and high potential for growth.
Let’s take a closer look at these developments.
Summary
The Ethereum Token Burn and $ETH’s Dwindling Supply
Ethereum has been employing a token burning strategy to reduce its supply. This involves removing a portion of $ETH tokens from circulation permanently, which can also drive up the value of the remaining tokens. This strategy has been employed for some time, making $ETH a promising option for many wondering what is the best crypto to buy for long-term gains.
Since the September 2022 merge that saw Ethereum shifting from a proof-of-work blockchain to a proof-of-stake system, more than $2.5 billion worth of $ETH tokens have been burned. This resulted in an 18-month low in the token supply, with a decrease of more than 300,000 tokens. The number of circulating $ETH tokens is currently around 120 million.
Yet despite the dip in supply, $ETH’s performance so far this year has been less than spectacular, severely under-performing the market – especially as rivals like Solana and Avalanche explode in value. It seems the laws of supply and demand aren’t working in $ETH’s favor, because logically speaking, with supply decreasing as rapidly as it has been recently, the demand for $ETH should be skyrocketing. But that doesn’t seem to be the case. And what’s even more troubling is that its price just fell below support levels this week and is looking at a downside target of around $2000 – or a drop of about 10%.
What’s happening with Ethereum is also making people look at new opportunities in the world of cryptocurrencies. One of these is the $GFOX presale. Being a newcomer, $GFOX is an exciting choice for those looking for a good crypto to buy to diversify their portfolio.
$GFOX – A Rising Contender in the Crypto Arena
Galaxy Fox is gaining traction in the crypto space. What makes it unique is how it combines various features into one ecosystem: there’s gaming, staking, non-fungible tokens or NFTs, and the coolest NFT marketplace.
Galaxy Fox has a play-to-earn model that enables users to win rewards for playing its Web3 endless runner game. These rewards include in-game currencies that can be converted into $GFOX – the platform’s native token. Players in the top 20% of the leaderboard every season stand to receive a portion of the $GFOX prize pool, which is funded by a portion of the taxes levied on transactions. To improve their chances of making it to the top, they can purchase attribute boosters in the form of NFTs.
Speaking of NFTs, the project is also launching 3,000 unique collectibles representing Galaxy Fox characters during its token presale. These can be traded on OpenSea and other NFT marketplaces, giving investors another way to profit from the project.
Galaxy Fox has reached a milestone of $1 million in its presale! The event is now in Stage 4, and $GFOX is priced at $0.00132. Over $1.3 million has been raised, and early investors already hold more than 1.5 billion tokens. With 94% of tokens sold, things are moving quickly. The next stage is approaching, and the token price will be higher at $0.001518.
Conclusion
Ethereum’s token burning strategy is making headlines not only because it resulted in a significant reduction in the circulating token supply, but also because this has contributed to $ETH’s price appreciation.
Meanwhile, $GFOX is establishing itself as a good crypto to buy because of its play-to-earn model, use of NFTs, staking rewards, and strong presale performance. Visit the Galaxy Fox website or join their Telegram group to learn more about this project. As the crypto scene evolves, GFOX is becoming a key player, offering a unique investment chance that could be a smart addition to your portfolio.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
*This article was paid. Cryptonomist did not write the article or test the platform.
