It has been some time since we saw a new contender in the field of cryptocurrency, but this new character seems to be stealing the show. A token called ‘’FOXXY’’, which seems to result from these pump and dump schemes, has recorded a massive increment in its price and trading volume within the last day, and this simply further establishes the meme cryptocurrency market.
As of now, the FOXXY is at $0.056408, which proved to lock in an increase of 16.87% in the last trading session. This price change has seen its market capitalization rise to $2,695,590 placing the token at position 2904 on the list of digital currencies. The 24h trading volume has hit $1,349,618 showing the rates of trading activity and significantly rising demand for the token.
The name of the token and its branding are derived from internet personalities and meme references, a trend that is rather popular in the sphere. Such an approach to construction and advertising of cryptocurrencies results in short-term and high volatility, increased focus on social networks like FOXXY.
According to FOXXY’s tokenomics, the total token supply stands at 420,690,000,000, and so is the circulating supply and the max supply. This level of transparency in dealing with the tokens is important in helping investors determine the chances of dilution and the value proposition of the asset in the future. It simply makes some of the numbers used for calculations more popular among meme enthusiasts, which, in turn, ties the token back to internet meme culture.
On this front, another interesting feature that characterizes late FOXXY performance is its total volume to total market capitalization ratio, which currently sits at a very healthy 50. 07%. This high ratio means that the token is witnessing high trade volume in relation to its market, meaning the token is liquid and well-patronized by traders.
Like any other meme coins that are based on such a concept, FOXXY has a problem of sustainability and keeping up with the growth in a very saturated market filled with tough competition. Current tokens in the crypto world have surged and subsequently ditched at similar speeds, making it even more vital for projects like FOXXY to establish them for future generations and uses.
This token is one of the most-watched in the market due to the recent focus based on its performance by investors and analysts alike who are looking at reasons for the new price surge. The future of this token could well depend on how much social media clamor, community involvement, and future possibilities of being listed in other significant exchanges exist. However, one must bear in mind that cryptocurrencies, including meme coins, are highly unpredictable and can show a very high volatility in their price.
It is also similar to other trends in the environment of cryptocurrencies: the successful launch of FOXXY may well also be associated with community-based tokens that the community actively discusses in the social networks. This process has raised questions regarding the interaction between meme culture and finance and the possibility of decentralized communities as a market power.
However, with the growth of the crypto market, it is only time one will be in a position to determine whether tokens like FOXXY are sustainable in future. These digital assets belong to the financial sector that has to face regulatory control, market fluctuations, and shifts in buyers’ preferences. For now, FOXXY has become the meme of the crypto space people, appealing to memers and higher price predictions enthusiasts.
Of greater interest to FOXXY’s investors and observers in the coming weeks and months, though, will be whether it can build upon this initial momentum by creating sustainable value and utility in the online classifieds market. Therefore, they come with every prospective investor bearing in mind that such assets should be handled with a lot of care and any decision to invest in such assets should be made only after adequate research has been conducted.
Cryptocurrencies still belong to emerging and highly volatile markets where new players operate. Looking at such tokens as FOXXY, the audience is at least reminded that digital assets are not limited to simple investments, but can also be quite unusual. With time, it will be very interesting to identify which projects adapt to this market and become permanent fixtures of the industry, and which are destined for obscurity.
