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Daily crypto opportunities: Meet new market players — $USDe and $SNX, check out $XRP and new Yuga Labs’ game

Tanja Nechet

News editor

Aug 8, 2023 at 06:39

Here is a new batch of interesting investment ideas.

Opportunity 🔔 1: New market players — USDe and SNX

Why is it a good idea to keep an eye on the Ethena project, which recently raised $6.5 million for development? The short answer is that a new leader can suddenly appear in a particular market segment (the new project calls it Internet Bonds).

Let’s try to explain the logic: each big stablecoin has its own exchange patrons: 

  • USDT = Bitfinex.
  • USDC = Coinbase.
  • BUSD = Binance.
  • Ethena’s new stablecoin, USDe, is getting patronage from the Synthetix exchange (SNX). In addition, the new USDe is a direct competitor for DAI. Read more about it right here.

SNX now generates more volume than rival GMX and already has more than 70% of the decentralized derivatives market. At the same time, 95% of the revenue goes to SNX’s holdings, compared to 30% for GMX. This new stablecoin was created according to the design of the legendary Arthur Hayes. In other words, New King has arrived in decentralized derivatives.

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What can you bet on if you believe in the emergence of a new leader in this market? As usual, it is easier to make a bet through an exchange token — in our case, it is a token from Ethena — SNX. Let’s remember that the one who guesses the new trend at the very start will get the most.

Opportunity 🔔 2: To the bulls on $XRP

With the XRP lawsuit behind it, the token has lost about half of the gains it made shortly after the SEC news. Nevertheless, FieryTrading analysts are bullish on XRP in the long term. As shown on the chart, XRP appears to be trading in a parallel channel. The top two resistance lines are direct copies of the lower support line.

They think it is worth waiting for XRP to fall to the lower support line. The target for the next bull run is $7, with a stop just below the channel support.

*Any technical analysis, in the long run, cannot accurately predict the movement because now is a very tough market and the news can swing currencies in all directions.

Opportunity 🔔 3: Getting on the allowlist in Wreck League by Yuga Labs

Animoca Brands and nWayGames, in association with Yuga Labs, have unveiled a new game called Wreck League, a multiplayer Web3 fighting game. In the game, participants have the ability to create, own, and fight swords in real time. In addition, Wreck League features licensed characters from Yuga Labs, such as BAYC (The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs). To verify your account, you can get it on any OTC by putting in a few dollars.

How to get on the list for this project:

  1. Go to the site;
  2. Connect your wallet;
  3. Press Enter Allowlist;
  4. Pass verification.

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Home » Insights and analysis » Daily crypto opportunities: Meet new market players — $USDe and $SNX, check out $XRP and new Yuga Labs’ game

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