The price of Syscoin ($SYS) doubled briefly yesterday on the news that Binance has introduced futures trading for the token.
Syscoin’s price leapt from $0.10 to $0.20 between 07:30 and 14:20 before retreating 24% to its current level of $0.1534.
The $121 million market cap token is 108% higher than its price seven days ago, but only 36% up from its price thirty days ago. In the last 24 hours, it has lost around 9%.
Syscoin Analysis: Background on $SYS and its Price Rally
Syscoin is the native token underpinning the eponymous protocol that forms a Layer 2 network to facilitate rollups on Bitcoin, improving the network’s scalability.
Rollups essentially bundle, or “roll up” transactions from the Layer 1 and process them in a faster Layer 2 before porting them back onto the main chain.
The token previously rallied to an all-time high of $1.30 on January 2nd, 2022, however it has since shed 88% of its value.
According to Syscoin’s price chart, a small preliminary rally on Augyst 18th sent $SYS hurtling up to capture $0.10.
From this foothold, the Binance announcement the next day saw it skyrocket to briefly hold, but fail to recapture, $0.20. However, risen support for the token has enabled it to hold the fort at $0.15.
Source: TradingViewA falling relative strength index (RSI) of 39 indicates selling is likely to continue in the short-term but this will leave plenty of headroom for some dip buying, consolidating Syscoin’s price at around $0.15.
Traders Exit Syscoin and Find The Meme Games
Syscoin’s $SYS rally was brief and unexpected but it’s a glowing indicator of the potential of Bitcoin layer 2 solutions in the eyes of investors.
However, Syscoin isn’t the only innovation on the field. In fact, in the much-derided meme coin sector, some new projects are giving new utility to funny tokens.
One such token still only in presale called The Meme Games ($MGMES) has raised $376,600.
Those who buy $MGMES tokens now are prompted to select their favorite meme coin avatar, between Dogecoin, Pepe, DogWifHat, Brett and Turbo, and watch them race for a one-in-five chance to claim a 25% bonus on their initial purchase.
$MGMES is currently selling at a fixed presale price of $0.0093. In four days it rises incrementally to the next fixed price of $0.00935.
This means today’s investors can purchase 10,000 $MGMES at just $92.50.
This is the lowest price the token will be at for the rest of the presale season, which runs concurrently with this year’s Paris Olympics and Paralympics.
Participants can purchase $MGMES an unlimited number of times with no minimum purchase requirement to increase their chances of securing multiple 25% token bonuses.
The official project website and whitepaper encourage investors to stake tokens during the presale to take advantage of the tidy 538% APY on offer right now.
This figure decreases with the number of stakers, so participants will want to stake early and stake big to maximize yield. Notably, staking is only available on Ethereum.
Even though it’s only in presale, $MGMES is already a more profitable token than Syscoin’s $SYS.
Follow The Meme Games on Twitter and Telegram.
Join the presale via the official website.
The post Syscoin Explodes 100% After Binance Futures Launch – Keep an Eye on This Coin appeared first on Cryptonews.
