The last 24 hours have been a bit flat for top tokens in the crypto market as the price of Bitcoin is sliding less than 1% while Ethereum is shedding nearly 4% during that same period.
Market participants may be focused today on the release of jobs data for May in the United States with economists expecting to see 328,000 new positions added during the month compared to 428,000 jobs the country managed to add the month before.
A disappointing jobs report may have a counterintuitive impact on the performance of risky financial assets as investors may see it as an excuse for the Federal Reserve to delay its quantitative tightening and to reduce the pace at which the central bank is hiking interest rates in the country.
Despite a stalled price action across the board, the following is a selection of crypto’s 5 top gainers today and, in this article, we will try to explain why they are making such big moves.
5 Top Gainers Today in the Crypto Market
#1 Among Top Gainers Today – Ellipsis (EPS)
According to data from Crypto.com, the price of Ellipsis is rising more than 40% in the past 24 hours shortly after a voting process where users could participate to select which liquidity pool will be receiving the most EPX tokens was finalized for the week. The voting process is part of the network’s scheme to incentivize liquidity providers. This makes EPS our top gainer today in the crypto market.
Ellipsis emerged as an authorized fork of the well-known Curve Finance protocol. In March, the protocol proposed a change in its functioning and, among the new features that were introduced, the developing team proposed a migration toward a new native token called EPX that will have an absolute total supply of 132 billion tokens.
Ellipsis is a decentralized exchange powered by the BNB Chain that offers minimum slippage and low transaction fees. To achieve this, it attracts liquidity pools and incentivizes them by distributing EPX on a weekly basis based on which pool the community votes for.
Your capital is at risk.
#2 – TerraUSD (USTC)
The collapsed stablecoin project of the original Terra blockchain is rising nearly 18% this morning according to data from CoinMarketCap with trading volumes in the past 24 hours rising 95.9% to $33.62 million.
Rumors have been circulating lately about the founder of Terra Labs, Do Kwon, possibly exploring the possibility of launching a new stablecoin powered by the Terra 2.0 blockchain.
Terra’s independent analyst “FatManTerra” – a source that recently disclosed a $90 million breach that went unnoticed for months on a top DeFi protocol powered by the network – commented that sources within Terraform Labs – the company behind the Terra project – said that Kwon is actively engaged in the creation of this new version of USTC.
It is unclear why USTC’s value is rising today but it could be primarily amid the rampant speculation that is taking place will all-Terra related tokens amid the significant number of rumors circulating in the space regarding large upcoming token burns and other similar events.
Your capital is at risk.
#3 – Celsius Network (CEL)
The price of the native token of the Terra-powered crypto lending platform Celsius Network rose more than 8% this morning despite rumors that users are having difficulties withdrawing their funds from the platform.
The price action during the day has been quite volatile as the token lost nearly 23% of its value earlier in the day but sharply recovered shortly afterwards.
What's up with Celsius? Live interview w @invest_answers @Mashinsky https://t.co/CJUdRZkkM7 via @CelsiusNetwork
— Alex Mashinsky (@Mashinsky) June 2, 2022
During a recent interview with the InvestAnswers podcast, the Chief Executive Officer of Celsius, Alex Mashinsky, clarified that funds held with the platform are safe. The CEO went on to clarify that the protocol has billions of dollars in liquidity and stated that rumors being spread on social media are led by bots within the platform and should not be taken seriously.
These public appearances and reassurances from the company’s top boss may have been prompting the latest recovery in the value of CEL – the exchange’s native token.
Your capital is at risk.
#4 – Rally (RLY)
According to data from CoinMarketCap, Rally’s native token RLY is surging nearly 4% in the past 24 hours at 6 cents on the dollar even though the token remains heavily underwater for the year. Trading volumes in the past 24 hours have surged 157.3% with $5.55 million worth of tokens exchanging hands during that period.
Rally is a web-economy blockchain-based project that allows content creators to launch their own digital assets. These creators can leverage their community of fans to develop an entire ecosystem powered by their own native tokens.
On 8 March, Rally announced that Fast Company – a popular media outlet with millions of followers in social media and a large subscriber base – listed the project as one of the 5 most innovative companies in the social media space in 2022.
Your capital is at risk.
#5 – Stellar (XLM)
The price of XLM is rising nearly 3% in the past 24 hours as per data from CoinMarketCap with trading volumes rising 7% to $261 million during the same period as liquidity across the entire ecosystem has been slightly increasing.
Stellar provides a blockchain-based ecosystem through which both digital and fiat currencies can be easily, quickly, and cheaply exchanged between users.
Recently, Mercado Bitcoin – one of the leading centralized crypto exchanges in Brazil – incorporated Stellar USDC into its ecosystem to facilitate on-chain transactions.
This product combines the credibility of a trusted stablecoin – Circle’s USDC – with the power of the Stellar blockchain to enable users to send the North American currency across the world in a matter of seconds.
Stellar’s top value proposition is to create a decentralized, blockchain-powered, and borderless exchange that reduces transaction costs for both individuals and companies seeking to move money from one corner of the world to the other.
Your capital is at risk.
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