Analysts are quite used to seeing trends change rapidly in the crypto market at the drop of a hat, however, even experienced traders are surprised to see the meteoric rise of DigiToads (TOADS) which is still in its presale stage. The Ethereum-based meme coin has been surging ahead while smashing cryptocurrency ico records and oven outperforming many new altcoins. Following DigiToads’ rise, analysts also saw the trading volume of Polkadot and Chainlink dip as crypto users rushed to get their hands on the former’s native cryptocurrency, the TOADS token. The TOADS token’s latest ico has completed eight presale stages and the ninth phase is in full swing. So far, the project has collected more than $6.3 million in presale funding. Many analysts have attributed this success to DigiToads’ hybrid DeFi model which paves the way for multiple opportunities for earning residual income.
DigiToads: Build a strong crypto portfolio with hybrid DeFi
DigiToads is a leading crypto project that is an ideal choice for anyone looking to bolster their crypto gains and diversify their portfolio. The cryptocurrency sports the functionality of three tokens. So, you can stake, trade, win tokens in play-to-earn games, participate in various contests, and even get rewarded for active participation on the platform.
The TOADS token has a deflationary model which shields its holders’ returns against price fluctuations by keeping the coin supply scarce. In the DigiToads ecosystem, the TOADS token supply always stays below the demand level. If there is any mismatch, the extra tokens are burned or destroyed. The mechanism keeps the token value stable by curbing price fluctuations. As per many analysts, the TOADS token could be heading for a potential bullish rally after it gets listed on mainstream exchanges.
DigiToads has been drawing a lot of users with its play-to-earn game and its lucrative rewards. Set in a Metaverse swamp where they are challenged at every turn, the game gives away TOADS tokens to the highest scorers of every season. To bag these tokens, players have to outperform their rivals in the swamp and score high. One of the in-game assets that can help them reach their goal faster is a DigiToad, which is a special digital creature with unique traits and massive strength. A DigiToad can be both bought and traded.
However, there’s a catch in the game. Every DigiToad has a different set of powers, so players have no way of knowing if their competitor’s DigiToad has more powers. Players can purchase food, potions, and training equipment for their DigiToad to overcome this disadvantage.
Can Polkadot trigger a bull rally? Here’s what analysts are saying
Polkadot has established itself as a top crypto to invest in through its state-of-the-art network of parachains which facilitates seamless transfer of assets and data. Parachains are themselves sovereign blockchains with multi-chain capabilities. The DOT token is its native cryptocurrency. Another key feature of Polkadot is the substrate with which developers can deploy a customized blockchain in a matter of minutes. In the recent past, Polkadot has been making rapid strides in the market. Going by the bearish price action that its token has seen and other market indicators, analysts feel that the DOT token might experience further declines in volumes.
Why Chainlink might be facing bearish pressure
Chainlink is a cutting-edge decentralized platform for building secure dApps and other decentralized tools using Oracles-based solutions. The Oracles network sets Chainlink apart as it facilitates smart contracts to access off-chain data. Developers can look forward to building new projects with tamper-proof tools, trusted nodes, and cryptographic proofs that connect smart contracts and APIs. Its native cryptocurrency LINK is the primary cryptocurrency of the ecosystem. Chainlink has evolved as a popular altcoin with utility-dense features. However, despite its popularity, it has been facing negative price action which has prompted many analysts to suggest a potentially bearish outlook for the LINK token in the coming months.
Conclusion
It won’t be wrong to call Chainlink, Polkadot, and DigiToads among the best altcoins for 2023. They are packed with features and have proved their mettle many times with their market performance. However, analysts who have reviewed the three tokens feel DigiToads enjoys leverage over the other two due to its higher growth potential. Its hybrid DeFi model has the capacity to drive financial inclusion as one gets to build multiple streams of income. Next, DigiToads’ decentralized governance structure enables its community members to act in its best interests through the policy of incentivized participation.
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