Gorilla, Io.net, Toncoin defy gravity as focus shifts to SolJu
It was a sea of red in the cryptocurrency industry as concerns about the Federal Reserve and Bitcoin ETF inflows continued. Bitcoin remained below $67,000 while most altcoins like Ethereum, Solana, and Cardano drifted downwards.
Not all altcoins crashed though as Toncoin (TON) soared to a record high. Gorilla, a popular meme token also rallied by over 16% on Monday while Io.net (IO) erased all of its losses last week. Other top-performing altcoins were the likes of Jasmy, Brett, and Dogwifhat.
Traders are still focused on the meme coin industry, which has done better than mainstream tokens this year. SolJu will be a key cryptocurrency token to watch this week.
Why altcoins are plunging
Most altcoins have plunged hard in the past few days because of Bitcoin’s performance. After soaring to near $72,000 this month, the coin has now moved below $67,000. In most cases, many altcoins mirror the performance of Bitcoin.
They also plunged after the hawkish Federal Reserve decision. In it, the FOMC decided to leave interest rates unchanged as was widely expected. Nonetheless, the committee pointed to just one rate cut this year while analysts were expecting at least two.
The Fed’s decision came a few hours after the US published encouraging inflation data. According to the BLS, the headline and core consumer price indices (CPI) dropped slightly in May. It is unclear whether the Fed incorporated these numbers in its decision.
Many altcoins have also dropped because of profit-taking among traders and investors. In most cases, assets tend to pull back after rising sharply in a certain period. For example, a trader recently sold over 1114.7 PEPE tokens after it soared to a record high.
Toncoin, Gorilla, and Jasmy have defied gravity. Toncoin is doing well because of its growing ecosystem while Gorilla, Io.net, and Jasmy’s are jumping because of hype among traders.
SolJu fair launch upcoming
SolJu, a new cryptocurrency on Solana, will be the next key token to watch this week when it launches its fair launch. A fair launch is a situation where a token is distributed to all participants without large insider wallets, team allocations, and marketing spend.
SolJu’s fair launch will have a total supply of 100 million tokens, an initial liquidity of $12,000, and a starting price of $0.00012.
SolJu is aiming to infuse several elements to generate hype. First, its name is a combination of Solana and Soju, a popular South Korean spirit. South Korea is one of the most active countries in the crypto community.
Second, it is aiming to generate hype as we saw with Beercoin recently. At its peak, $BEER had a market cap of almost $300 million, making it the biggest alcohol-themed token in the industry.
Third, SolJu hopes to succeed by joining the meme coin hype we have seen recently with the likes of Pepe, Book of Meme, and Dogwifhat.
After the fair launch, the developers will aim to grow its ecosystem by doing four key steps: fermentation, distillation, filtration, and bottling. Fermentation will include activities like marketing and CMC listings while the distillation phase will have CEX listings and community meme competitions.
Filtration will have tier-1 CEX listings and partnerships while bottling will see the developers launch native Soju products and IP development. Learn more about SolJu here.
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