Bitcoin’s $27K Plunge Results in $1B Liquidation; Meanwhile, This Dogecoin Contender Skyrockets

By Bitcoinist.com August 21, 2023 In Bitcoin, Cryptocurrencies, DeFi, Dogecoin, NFTs

The cryptocurrency market experienced a shocking development during Bitcoin’s (BTC) recent correction that saw the price of BTC decline from nearly $28,000 to range around $26,000 within minutes. Bitcoin’s performance has sent uncertainty and negative sentiment across the industry. Unfortunately, it eventually led to the liquidation of over $1 billion in the overall cryptocurrency market.

As the industry tries to recover, , popularly regarded as the Dogecoin contender, continues to perform beyond expectations as it skyrockets in price. DigiToads has rallied from its starting presale price of $0.01 to $0.050 in just a few months. This impressive performance has caught the interest of migrating investors looking for promising new DeFi projects to invest in.

Let’s explore DigiToads’ recent performance and future expectations while examining the effects of Bitcoin’s plunge on the crypto market.

DigiToads’ (TOADS) Upcoming Launch Means DigiToads Continues To Hit Major Milestones

DigiToads’ price has recently rallied to hit an all-time high of $0.05, with the token’s value increasing as buying pressure increases. This price boost is partly fueled by the anticipation of TOADS’ listing on major decentralized exchanges with the end of the crypto ICO. Although listing on any popular DEX will rapidly propel the coin’s value, it’s just one of the catalysts pushing the rise of TOADS.

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The news about DigiToads being a strong contender for Dogecoin has been responsible for the positive market performance of TOADS. But TOADS’ impressive numbers are equally driven by the anticipated release of the DigiToads platform on August 21st. The attempt by investors to position themselves for the release has ignited massive buying pressure, triggering a price hike of 400% across the presale. Although DigiToads’ price is up more than 400% in terms of gains since its crypto ICO started, it will also deliver an additional 50% after its launch to trade at $0.055.

Fortunately for investors, DigiToads plans to deliver more profits through its enticing ventures. DigiToads is one of the most anticipated projects in the cryptocurrency space due to its innovative Web3 features and profitable offerings. Web3 enthusiasts can make a mouthwatering income when the platform goes live by playing the Swamp Arena DeFi game. DigiToads shows more potential to deliver profits through holders’ ability to stake their Toads Friends NFTs for more rewards, making it among the best NFTs to invest in for portfolio growth.

DigiToads’ successful presale highlights the confidence the market has in the project. Market experts acknowledge that DigiToads has delivered impressive results despite being in the early stages. They noted that more milestones could be hit soon, considering the launch of Swamp Arena and the increasing demand for Toads Friends, which Web3 experts have dubbed as the best NFTs to invest in. Industry analysts have predicted targets between $0.2 and $0.5 before early 2024 as the adoption of new DeFi projects continues to rise. The key catalyst here will be DigiToads’ unique approach to blockchain gaming.

Bitcoin’s (BTC) Decline Ignites Industry-Wide Liquidation Of $1 Billion.

Bitcoin plunged to $25,000, prompting a cascade of over $1 billion worth of liquidations within a short period. The benchmark cryptocurrency managed to regain some ground, hovering around $26,100. But the damage had already been done, with over 176,000 BTC traders facing adverse outcomes, according to on-chain data.

The liquidation frenzy predominantly targeted long positions, accounting for a colossal $832 million loss, while shorts contributed a notable $206 million. The price shakeup saw the liquidation figure of Bitcoin reach $500 million, with $373 million stemming from long positions and $127 million from shorts. As the crypto market hangs in the balance, analysts are optimistic that the outcome of regulatory events will undeniably determine the next movement for BTC.

Conclusion

This is the best time to invest in DigiToads because it is the best crypto investment for portfolio diversification as the cryptocurrency market reels from Bitcoin’s declining performance. By combining multiple utility capabilities and the potential to deliver milestone prices in the future, DigiToads offers the best investment appeal in a rapidly evolving sector. Considering the growing demand for DigiToads’ NFT collection and the upcoming launch of DigiToads DeFi game, DigiToads further dominates its competition as the best crypto investment for long-term profits.

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Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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