As you know it is hardly possible to talk about cryptocurrency now and mention that nothing new appears in this field /my deep irony/ but recently a new actor appeared on the stage that interested investors and every curious person. When it was just a few days prior to this, FOXXY is a relatively unknown token which has experienced an astonishing increase of 8.90% in price over the past 24 hours; a price that is presently standing at $0.058393. This spectacular growth has drawn the attention to FOXXY and placed it on the list of top 3000 digital assets and ranks it at 2927 place among all the global cryptos.
This is more so since the rise of FOXXY has occurred at a time when the market has been volatile, and no one is really sure whether the crypto market will rise or plummet shortly. Where many original cryptocurrencies experience stagnation in growth, FOXXY demonstrates the potential of the emerging market for more specific tokens with unique values or related to trends.
Though rather complex and sometimes even questionable, one of the most appealing parameters of FOXXY is the fact that Total Supply is 42069000000 tokens, which is the same as Maximum Supply. This number has raised eyebrows among crypto analysts, the kind of supply normally linked to meme coins or tokens inspired by trends on platforms like Twitter. The cap of 420,690,000,000 is probably another internet meme, which might make it more attractive to the modern generation with a high interest in blockchain technologies.
Indeed, although the price of FOXXY has grown quite significantly, the token’s market cap is still unreported thus sending more people into a frenzy in their bid to know the token’s true value. Such secrecy has not stopped traders as indicated by the healthy 24 hours trading volume of $ 1,173,392. This puts FOXXY in an excellent position of 985th in regard to the daily trading volumes showing both demand and market depth for the token.
That circulating supply is missing from the list has generated much debate about the distribution of the token and its potential to be dominated by early birds or insiders of the project. Some of these experts argue that such disparate information may be dangerous to shareholders since there are a number of unstudied factors which complicate the understanding of genuine market tendencies and possible processes when different actors may turn to the key parameters of cryptocurrencies and stock-exchange instruments and bring the prices up artificially.
The fully diluted market cap give some idea regarding the value of FOXXY token; currently, its fully diluted market cap is $3,531,159. This figure at first glance seems small compared to industry-leading cryptocurrencies but signifies a decent value for an unknown token; thus, encouraging more profit-seeking speculators to invest blindly in hoping that they might stumble on the next crypto darling.
It is also important to understand that, like the majority of the new-born cryptocurrencies, the company behind FOXXY remains unknown. Despite the absence of basic information such as the ID of the project’s creators, the project’s timeline or main technologies behind the project, there is no shortage of interest in the token; however, some parts of the crypto community have begun to demand more information about the project.
It is located at $0.00003235 and has traded at a high of $0.104 and a low of $0.00002439 in the past 24 hours; the current trading volume is $7, 016,371, Addition, the pump and dump phenomenon observed in FOXXY coincides with the general interest in memes and community coins. In fact, with phenomenon like Dogecoin or Shiba Inu leading the pack with small cap prominence, investors began seeking the next popular crypto. Perhaps, FOXXY has been preparing to exploit this trend, given its primary supplying caricature and rapidly rising prices.
But of course, wiser and experienced investors in cryptocurrencies do not get carried away by the attractive assets’ prices and advise newbies on the risks of trading in lesser-known tokens. As such, the real use case or technological application of many of these crypto projects are not well defined, thus, their utility is based solely on market speculation and even social media influence which causes these coins to be volatile – highly appreciated one day and worthless the next.
While FOXXY is still in the early stages of it’s growth, there are a few thinking points which need to be considered for the sustainability and ability of disrupt the crypto-space. Will it move further from the singular identity of a meme coin and flourish as a more multifunctional use vehicle or just be another fad like many others out there in the crypto sphere? The next weeks and months will be decisive in whether FOXXY will be able to sustain the present pace of development and let people recognize it as a solid player in the sphere of digital assets.
For now, everyone is watching FOXXY as it now tries to manage the focus it is getting and try to find its proper place within the crypto market. Still, FOXXY’s experience shows that the process of the cryptocurrency market changes is constant and seemingly limitless with making and losing fortunes appearing comparable to the workings of a roulette wheel.
