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As Bitcoin loses the critical $60k support amidst market turbulence, the Play-to-Earn sector thrives with Galaxy Fox (GFOX) soaring in value, highlighting a sectorial contrast.
Every crypto bull market has brutal drawdowns that test any investor’s faith. It’s part of what keeps markets healthy and provides entry positions for the strong, while weak hands look for the exits. Based on current macro conditions, including a strong dollar, delays in rate cuts, and a highly hostile regulatory environment, the carnage isn’t likely to end soon. Bitcoin (BTC) lost $60,000 support, and the rest of the top ten cryptocurrencies have seen double-digit drawdowns. Clearly, the market is shaken.
However, the P2E sector is booming as Galaxy Fox (GFOX) soars post-launch. The question arises: could GFOX be a promising crypto to buy now, and how is this memecoin/play-to-earn coin still thriving amid this chaos?
Bitcoin loses $60k support
Bitcoin has fallen below the $60,000 level, and bears have begun calling for $52,000 and billions of dollars in liquidations. While touted as another massive liquidity source, the Hong Kong Bitcoin ETF was relatively disappointing and saw less than 10% of first-day inflows than its US counterparts. However, it is still an essential conduit for Hong Kong’s native liquidity to travel into crypto markets.
Since late February, Bitcoin has been moving vertically, and a healthy drawdown is needed to flush out leverage and allow for the formation of a more substantial base for an eventual move higher. BTC remains a top crypto to buy for investors who are bearish long-term on the dollar and its continued debasement. Despite losing the psychologically important price level of $60,000, the odds stand heavily in favor of Bitcoin trading above six figures later this year.
Play-to-Earn sector booms
Galaxy Fox has been labeled the leading cryptocurrency to buy now and this memecoin/ play-to-earn coin has been thriving since its launch. All presale buyers received 25% of their tokens at TGE and are following a vesting schedule of 25% per week.
Staking rewards are live and thousands of holders are taking advantage of the boosted pools live for the first 30 days to earn up to 60% APY on their GFOX tokens.
Amid the altcoin drawdown, the play-to-earn sector has proven the most resilient. Markets have shown that investors love the ability to translate their gaming skills into cash. Galaxy Fox will launch its own P2E game on May 11, and the community is holding its breath in anticipation.
This galactic infinite runner sees players choose their favorite character from the Galaxy Fox roster, dodge obstacles, fly through space, and shoot enemies in a quest to win as many stars as possible. At the end of the season, players holding the most stars win prizes, and while altcoins bleed, GFOX holders will be able to earn.
The protocol’s collection of NFTs unlocks special in-game boosts, and the token burn ensures all community members are accruing value around the clock. With boosted staking rewards and an aggressive deflationary tokenomics model, GFOX has become a clear winner in the current market conditions.
Conclusion
Is this cycle over? Is it lights out for majors? Absolutely not. The FED plans to turn the printer back on within several months, and an expanding money supply always pushes risk assets to new highs. However, investors need to find relative strength in these drawdowns, and Galaxy Fox is a country mile ahead of its competition.
To learn more about GFOX, visit the Galaxy Fox presale, or join the community.
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