We are undoubtedly in a crypto market downturn. Spot Ethereum ETF did not perform as expected and the market is in the red. However, not all hope is lost. With more than 2,000 coins on MEXC, there are definitely some tokens that continue to capture the interest and confidence of traders. Let us find out what MEXCers are trading on MEXC right now!
What Happened to Ethereum?
Before jumping into the juicy part of the article, let’s find out the main cause of the recent market downturn. The long-anticipated launch of spot Ethereum ETF, which initially boosted market optimism, quickly resulted in a sell-off, leading to a decline in Ether’s price, and a market downturn.
Seven of the eight spot Ether ETFs experienced net inflows on their second trading day. The Fidelity Ethereum Fund (FETH) and the Bitwise Ethereum ETF (BITW) led with net inflows of $74.5 million and $29.6 million, respectively.
Meanwhile, BlackRock’s iShares Ethereum Trust (ETHA), which had the highest inflows on July 23, attracted only $17.4 million from investors on July 24. However, Grayscale’s $9 billion Ethereum Trust saw significant outflows. They lost $481 million on the first day and $326 million on the second day.
The approval and introduction of spot Ethereum ETFs also coincided with the initial BTC distributions from Mt. Gox. Ultimately, the crypto market selling pressure intensified.
Popular Tokens That MEXCers Are Trading Right Now
Despite the crypto market having a bad week, life goes on. Great opportunity awaits those who are prepared. Therefore, let us find out the top 3 tokens MEXCers are trading now!
1. Pixelverse (PIXFI)
Pixelverse is probably one of the most discussed tokens in the past week. It is a Telegram-based crypto game where players can earn PIXFI tokens by completing quests and combat missions. It also provides an immersive gaming experience with real cryptocurrency rewards through upcoming airdrops and token sales.
Pixelverse features a variety of games that incorporate RPG elements and real-time PvP battles, drawing in over 500,000 players who engage in fierce battles on PixelTap. Simultaneously, it managed to draw the attention of many traders.
The PIXFI/USDT chart shows significant trading interest in the PIXFI token. It has a high 24-hour trading volume of 8.46 million PIXFI and substantial buy and sell orders in the order book. Furthermore, the token’s price fluctuates within a narrow range, peaking at $0.04045 and dipping to $0.03620 within a short period.
The consistent trading activity and the presence of multiple large buy orders, such as the 8,541.56 PIXFI order at $0.03675, also indicate robust market interest and potential price support levels.
On the other hand, the moving averages (MA5, MA10, and MA20) suggest a relatively stable trend. This reinforces the token’s attractiveness for traders looking for both short-term opportunities and stability.
The moderate price movements and the token’s performance metrics highlight the active trading environment and the potential for profitability, making PIXFI a popular choice for MEXC users.
- Learn all about Pixelverse at MEXC Blog.
- Buy PIXFI/USDT with 0.0% spot trading fees!
2. MX Token (MX)
It comes as no surprise that the MX token is one of MEXCer’s favorite tokens. This is because MX tokens bring value beyond profits. Since 2023, MX tokens are already enjoying a growth of 376.8%. Furthermore, MX was able to reach an ATH at $5.85, showcasing the potential for price growth. However, MX stood out among the rest for its amazing benefits.
Benefits of Holding MX Tokens on MEXC
Holding MX Tokens unlocks a host of advantages. One of the primary perks is access to free airdrops. With MX Tokens, users can engage in MEXC Launchpad and Kickstarter events. They feature over 200 free airdrops and a monthly prize pool exceeding $10 million. By holding just 1,000 MX Tokens, users can potentially earn over $200 USDT each month.
Although MEXC’s trading fees are already one of the lowest in the industry, MX tokens can make them even lower! Once you are holding MX tokens, you can activate MX deduction. Doing so will allow you to pay for futures trading fees with MX with a 10% discount. Enjoy a 0.00% futures maker fee and 0.009% futures taker fee now with MX deduction!
Explore our upcoming airdrop tokens at MEXC Kickstarter!
Learn all about MX tokens at MX Zone!
3. Solana (SOL)
As Ethereum (ETH) price goes down, Solana (SOL) naturally becomes the attention of the masses. Solana stands out as a robust blockchain platform known for its speed and efficiency. Since its inception in 2017, Solana has quickly risen to prominence as one of the leading cryptocurrencies worldwide. Its blockchain supports smart contracts, allowing developers to build and deploy decentralized apps (dApps) with ease. Additionally, Solana is a formidable competitor to Ethereum!
Solana’s (SOL) chart shows a recent downward correction after a peak, which may present a buying opportunity as the price could be positioned for a rebound. The price has approached a support level of around 167.943, suggesting potential stability and a likelihood of upward movement.
Additionally, the trading volume remains high, indicating strong market interest and liquidity, which is essential for quick transactions and minimal slippage. The exponential moving averages (EMAs) are close to the current price, suggesting that the token is potentially in a consolidation phase and could be gearing up for an upward trend.
- Learn all about Solana at MEXC Blog.
- Trade SOL/USDT perpetual futures with 0.0% maker fees!
Conclusion
There you have it! PIXEL, MX, and SOL are currently the most popular tokens among MEXC users! If you are new to crypto and not sure what tokens to buy, simply follow in everyone’s footsteps.
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MEXC is your premier CEX to buy and hold with the lowest fees. You can enjoy a spot trading fee of 0.00% for both taker and maker. Furthermore, futures trading fees are equally low at 0.0% maker and 0.01% taker. Holding MX tokens also provides discounts on trading fees! Simply activate the MX deduction to enjoy another 10% off on futures trading fees!
When looking to invest in altcoins, minimizing transaction costs can significantly enhance your profitability. At MEXC, our commitment to competitive fee structures ensures that you retain more of your investment, allowing you to capitalize on market opportunities with confidence. Learn about MEXC’s amazing fee structure now!
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