Bitcoin (BTC) holds solid support at $30,000, and with the market leader standing strong speculative appetite amongst investors has picked up again. On-chain analysis firms have witnessed two critical areas of user activity and liquidity accumulation.
The first noticeable sign of increased market sentiment comes from investors allocating a more significant percentage of their portfolios to new DeFi projects. And the second indicator comes from the increase in trading activity in smaller-cap projects. Analysts pointed to DigiToads (TOADS) and Shiba Inu (SHIB) breaking records with massive on-chain growth. What does it mean for investors? These ERC20 coins are ready to fly and could kick off the next altcoin season.
DigiToads (TOADS) Presale Continues Gaining
DigiToads has seen a tremendous amount of activity throughout its presale, and analysts speculate this is due to the protocol’s broad appeal to various investor types within crypto.
The Swamp (the DigiToads ecosystem) introduces a revolutionary NFT staking mechanic which has intrigued NFT collectors. Throughout the presale, investors can mint one of the 3,500 Toad-Themed NFTs, and when staked, this digital collectible begins producing revenue making this collection great NFTs to invest in.
Toad-Cade has drawn GameFi enthusiasts keen to test their skills. This play-to-earn game provides a player-versus-player experience, and the top-ranked competitors will take home part of the prize pool each season.
The Platinum Toads initiative has attracted seasoned traders who want an opportunity to trade with the TOADS treasury. This novel treasury management takes community participation to a new level and lets these traders keep 10% of profits, leading to a win-win situation. Traders earn healthy rewards, and the protocol treasury expands aggressively.
But TOADS raising $5.9 million comes down to more than broad market appeal. The real force driving presale participation is the community-first mentality employed by the team. The Swamp has been designed to reward community members, and the most evident example comes from the $TOADS tokenomics.
A unique taxation system burns 2% of every transaction; this enforced scarcity mechanism will cause $TOADS to appreciate as the supply dwindles rapidly. And presale participants currently accumulate a hyper-deflationary token at a discounted valuation.
Shiba Inu (SHIB) Teases Shibarium Mainnet Launch
Shiba Inu (SHIB) continues posting incredible on-chain statistics, and the bulk of this activity comes from investors using Shibarium. This Shiba Inu (SHIB) native scaling solution has already executed 28 million transactions, and $SHIB holders can now trade between the ecosystem tokens without paying outrageous Ethereum (ETH) mainnet gas fees.
Shibarium has caused a fresh wave of activity and has even helped improve the overall burn rate of $SHIB. The chain uses $BONE as the base gas token, which smart contracts store and periodically swaps for $SHIB, which is then sent to a burn address.
Q3/Q4 should see the mainnet release of Shibarium, and analysts have given optimistic predictions for $SHIB as a result. They forecast Shiba Inu (SHIB) targeting an upper-range high of $0.00001512 by the end of the year.
Closing Thoughts: Is Altcoin Season on the Horizon?
Could the mass of activity shown by DigiToads and Shiba Inu (SHIB) be an early sign of an altcoin season? This is the question analysts now wrestle with. One thing is clear. Investors seek more significant exposure to top DeFi projects and smaller-cap altcoins which has historically preceded an enormous movement upwards.
Users participating in the DigiToads presale perfectly position themselves for a breakout. All the on-chain data heavily supports the notion that $TOADS could be one of the best altcoins to buy in Q3.
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.