The ongoing market decline has further thrown Fantom (FTM) into a price decline. Injective (INJ) also went on a downtrend due to its upcoming token unlock, resulting in a sell-off. However, the Injective (INJ) price has started recovering due to recent developments.
While Injective (INJ) tries to regain momentum and Fantom (FTM) battles with the bearish trend, supporters have turned to VC Spectra (SPCT) and its 10x price surge.
SpiritSwap Announces A Possible Shutdown: Fantom (FTM) Dives
On August 9, 2023, Fantom’s (FTM) DEX platform, SpiritSwap, announced a possible shutdown of the platform on September 1, 2023. In an official Discord announcement, SpiritSwap said its decision to shut down is due to the lack of funds. This, in turn, was caused by Multichain’s hack that saw the loss of over $125 million worth of cryptocurrencies on Fantom’s (FTM) network.
SpiritSwap further stated that it actively seeks a new team to take over as Fantom’s (FTM) DEX. However, operations will cease on September 1, 2023 without a suitable successor. The platform urged users to withdraw their holdings before the shutdown. These withdrawals have pulled Fantom’s (FTM) performance down.
Between August 9 and August 20, Fantom (FTM) declined by 16%, from $0.24 to $0.20. If SpiritSwap doesn’t find a suitable replacement, experts predict that Fantom (FTM) will decline further, dropping to $0.17 by September 6, 2023.
Injective (INJ) Faces A Token Unlock: Burn Mechanism Swoops In and Saves The Day
The month of August came with a reminder to Injective’s (INJ) holders about the token unlock scheduled for August 21, 2023. This event will unlock 2.86 million Injective (INJ) tokens worth $23 million.
With this many new INJ tokens soon available to the market, current INJ holders have started selling off their tokens, leading to a dump in Injective’s (INJ) price.
Between August 1 and August 17, 2023, Injective’s (INJ) price dropped from $7.89 to $6.82, while its trading volume increased from $24.66 million to $58.48 million. However, the price started a recovery on August 18, rising to 7.74 by August 20. Experts say the Injective’s (INJ) price increase was due to the token’s burn mechanism.
With Injective’s token burn mechanism in place, the INJ token unlock will not have that much negative impact on the token’s price. As a result, experts predict that Injective’s (INJ) current uptrend will continue, with INJ increasing to $8.46 on September 18, 2023.
VC Spectra (SPCT) Hits Half of Predicted Presale Surge
VC Spectra (SPCT) is an innovative decentralized asset management protocol and trading platform that infuses strategically in the blockchain and technology industries to maximize returns.
Through AI technologies and strategic trading approaches, VC Spectra (SPCT) optimizes profits while minimizing risks, offering attractive opportunities.
Additionally, VC Spectra’s native token, SPCT, gives several remarkable benefits, including pre-ICO discounts and voting.
Currently, at Stage 2 of its public presale, VC Spectra (SPCT) is selling at $0.025. This represents a 212.5% increase from its initial selling price of $0.008. At the same time, this also represents half of VC Spectra’s (SPCT) predicted 900% (10x) price surge from $0.008 to $0.08 by the end of its presale.
VC Spectra’s (SPCT) is halfway to its targeted presale price.
To learn more about VC Spectra (SPCT) and its presale, visit:
Buy Presale: https://invest.vcspectra.io/login
Website: https://vcspectra.io
Telegram: https://t.me/VCSpectra
Twitter: https://twitter.com/spectravcfund
Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or crypto projects mentioned in this piece; nor can this article be regarded as investment advice.
