Crypto Market Under Pressure as Select Altcoins Surge
On September 9, the digital currency ecosystem faced challenges. Major digital assets like Bitcoin, Solana, Ethereum, and XRP saw declines.However, a few altcoins recorded impressive gains.
The total value of all digital currencies fell by 1%,settling at $3.94 trillion. Amid this downturn, MYX Finance (MYX), Story (IP), and Worldcoin (WLD) rose remarkably by 100%, 31%, and 15%, respectively.
MYX Finance saw significant activity following its trade debut on Gate.io, a major crypto exchange. MYX climbed from $0.177 in August to reach a peak of $18. This massive jump spurred discussions about potential market manipulation. While the rise hints at future promise, caution is advised due to significant overbought indicators signaling an imminent price correction.
Story Coin Gains Traction with New Fund
Story’s value spiked to $12, breaking barriers set earlier in the year. Driving this growth was Heritage Distilling’s launch of an intellectual property (IP) fund investing in IP tokens. The fund raised $200 million in support of this initiative.
- Heritage Distilling’s IP fund aims to leverage AI and data in creative industries.
- Experts believe this strategy could redefine asset ownership sectors.
eightco Fuels Worldcoin Momentum
Worldcoin also witnessed a notable increase, thanks to Eightco’s establishment of a $250 million Worldcoin-focused fund. Proponents of similar treasury strategies hope for long-term gains.
However, the model faces skepticism. A majority of Bitcoin-focused treasuries are still stuck in a slump, reflecting the potential risks in such approaches.
