The new year has finally begun, with the fourth year of the 2020s decade upon us. This time of year is when everyone comes up with new year resolutions to make changes that will impact their lives beneficially. For crypto fanatics, this new year is a fresh start to what was previously one of the most difficult periods for the crypto market. This was due to the frequent crashes that occurred throughout 2022, with the first major collapse commencing in May which saw veteran networks plummet in value and market capitalisation.
Next came the FTX Token bankruptcy with happened in November, which again resulted in multiple deteriorations in the top fifty cryptocurrencies. With that being said, Big Eyes Coin (BIG) has managed to thrive in the market, accumulating close to $13 million in presale. Additionally, stablecoins such as Tether (USDT) and Dai (DAI) have the potential to be solutions to crypto inflation whilst also enabling the normalisation of decentralised finances.
Big Eyes Coin – The DeFi Advocate
Big Eyes Coin (BIG) has quickly become one of the most discussed meme coins in the market due to its advocation of decentralised finances. The blockchain network has made its object clear and concise – to transfer wealth into the DeFi ecosystem while protecting a vital part of the world’s atmosphere. BIG plans to donate 5% of its total earnings to a designated charity wallet, which will go towards ocean-based conservations.
In addition to its endorsement of bettering the decentralised finance sector, Big Eyes Coin has aspirations to launch on Uniswap, the popular decentralised trading protocol that is known for facilitating the automated trading of DeFi tokens. Big Eyes Coin has garnered serious attention on Twitter due to it being endorsed by crypto influencers such as Ieda Wobeto, Gino Assereto and StormzETH. The meme coin currently has close to 40,000 Twitter followers and has accumulated $12.74 million in its presale.
Tether – The Number One Stablecoin
Tether (USDT) is a cryptocurrency known for popularising stablecoins, which are cryptocurrencies that attempt to peg the market value of an external reference. The crypto was originally launched back in 2014 under the name Realcoin and was initially a second-layer token built under Bitcoin’s blockchain through the facilitation of the Omni platform. It was later renamed USDT and was updated to run on networks such as Ethereum, Alogrand and Tron. The cryptocurrency’s unique selling point is the fact that its value is guaranteed by Tether to remain pegged to the US dollar currency.
Many crypto experts have recently questioned the viability of USDT due to recent speculations about its longevity and financial health. However, Tether is currently the third most successful cryptocurrency after Bitcoin and Ethereum, conveying its dominance in the crypto sphere.
Dai – The Ethereum-Based Stablecoin
Dai (DAI) is a cryptocurrency based on the Ethereum network and is one of the most prominent stablecoins in the market. Its price is soft-pegged to the US dollar and is collateralised by multiple cryptocurrencies which are funded into smart contract vaults every time the DAI currency is minted. So far, Dai’s price is frequently fluctuating and is still suffering from the initial crypto crash that occurred in May 2022.
Unfortunately, the shocking deterioration of Terra (LUNA) impacted almost all stablecoins, including Dai, as its market capitalisation dropped by $6 billion from $10 billion according to an article published by FX Leaders. Dai’s central bank, MakerDAO, has relaunched 1% fixed yields for token holders to combat its price and market capitalisation volatility. The stablecoin is currently ranked 11th on CoinMarketCap, meaning that buyers can have some optimism about the blockchain’s comeback.
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