Despite the global crypto market dipping by a worrying 4% in the last 24 hours, certain altcoins and memecoins have managed to rally to new highs and are defying the turbulent market conditions today.
At the time of writing, Trust Wallet Token (TWT), KuCoin Token (KCS) and Jesus (RAPTOR) are some of the day’s top risers.
TWT is one of the few altcoins that have thrived amidst the recent bloodbath. At the time of writing, it trades at $0.8648 – a 12.32% increase in the last 24 hours.
Whilst there has been no major developments or Trust Wallet news, it is widely believed that Binance’s recent success against SEC’s temporary restraining motion may have triggered it. It is worthy to note that Binance acquired Trust Wallet in 2018.
The trading volume of TWT is also on the rise. Over $96million in TWT has been traded in the last 24 hours, a whooping 754% increase from the $11m traded the previous day, according to CoinMarketCap.
Another token that has recorded impressive gains in the last 24 hours is KCS, the native coin of KuCoin exchange.
Currently trading at $6.58, it has surged by more than 5% on the daily charts. KCS’s upward trajectory remains a surprise especially as other exchanges and tokens have struggled lately due to regulatory clampdown. More than $3m in KCS has been traded in the last 24 hours across exchanges – a 155% increase from the previous day.
Memecoin action
The top memecoins may be bearing the brunt of the market conditions, but Jesus (RAPTOR) is sending a message that there’s still juice in the tank. Since the conclusion of its fair launch on Pinksale, RAPTOR, supported by its spirited community, has taken the spotlight in the memecoin space.
At the time of writing, RAPTOR is trading upwards by 54.74%.
From a starting point of $260k market capitalisation, RAPTOR rallied to just shy of the $10m mark. This is a 3,746.15% increase at its peak level. Its trading volume in the last 24 hours stands at $13.52m from over 5,885 transactions.
Despite being in its early stages, the crypto community and enthusiasts of memecoins are already making noteworthy comparisons between RAPTOR and well-known memes like PEPE and SHIB. The former became the toast of the community in late April to May 2023 when it exploded to a market cap of $1.6bn.
Bitcoin update
Bitcoin and the other major altcoins are still in the red following yesterday’s FOMC meeting. The leading digital asset is currently trading at $25,020 after the key support zone of $25k was broken for the first time in three months. Ether, at the time of writing, trades at $1,645, declining by more than 5% since yesterday.
