XRP’s recent win against the U.S. Securities and Exchange Commission (SEC) sparked a wave of optimism in the crypto market, driving a rally in altcoins. Amid this rally, Stellar Lumens (XLM) stood out with an almost 50% price jump in the past 24 hours.
The likes of Solana and Cardano have also seem significant gains, while new coins like Thug Life and Chimpzee are surging as the market turns bullish.
Stellar Lumens’ Bullish Recovery Amid SEC Setback
Previously, the SEC’s legal actions against major crypto exchanges Coinbase and Binance caused market corrections.
But a New York judge ruling that XRP ‘did not violate the securities law’ changed the course, benefiting Stellar Lumens significantly.
Stellar, created by a Ripple co-founder to improve global payments, is known for its association with Circle, the creator of USD Coin, the world’s second-largest stablecoin.
Given these ties, Stellar investors paid close attention to the SEC vs Ripple case. Considering its significant crypto industry presence, a win for the SEC could’ve also invited legal trouble for Stellar.
But the SEC’s loss bodes well for Stellar Lumens, paving the way for wider acceptance of its payment technology in the finance sector.
XLM is currently up 48.7% in the last day, currently trading at at $0.144. At one point it hit a high of $0.2 – an 180% rise from its lowest level this year.
Although the price has since corrected slightly, hopes remain high for XLM to continue rising, with the token having jumped above all moving averages.
Stellar Lumens’ rise also coincides with a recent drop in US consumer inflation. The June data showed a 3% increase year-on-year, marking the lowest rate since March 2021.
At press time, TradingView’s data suggests XLM faces resistance at the $0.15 mark after its rally from $0.09. A short-term downtrend might occur if it fails to cross this hurdle, with $0.12 as the first major support line.
Though a near-term price correction may be looming, XLM’s long-term outlook suggests a continued upward trend, especially after a recent bullish flag pattern on its daily chart.
Since the domino effects of the SEC’s recent loss can be seen in the altcoin market, many meme coins are also pumping, with new tokens Thug Life and ChimpZee particularly bullish.
Trending Meme Coin Thug Life Also Pumping as it Raises Over $1.5 Million with Two Days Left to Buy
Thug Life ($THUG) is an emerging meme crypto reaching milestones even during turbulent market times. It aims to offer those investors who may have missed earlier meme coin booms an upside opportunity while focusing on community participation.
Within hours of its launch, $THUG collected over $100,000, showing a strong community response. At the time of writing, the presale has raised over $1.5 million.
In its presale stage, the platform plans to distribute 70% (2.94 billion) of the total 4.2 billion tokens, each priced at $0.0007 USDT, with a hard cap of $2.058 million.
According to the Thug Life website, it offers no utility but focuses solely on community building. But this hasn’t stopped meme coins from providing exceptional returns.
On the contrary, this approach has proven to be quite successful, evidenced in the case of Pepe, which even outperformed market leaders Bitcoin and Ethereum.
Once the presale ends, $THUG tokens will be listed on various Decentralized Crypto Exchanges (DEXs). The project will lock its liquidity pool for three months after launch to maintain price stability and encourage consistent growth.
Two 15% portions of the total supply are reserved for marketing and community rewards. These rewards, including airdrops and giveaways, are planned for after the token’s listing on DEXs.
Importantly, Thug Life’s anonymous team has not reserved any tokens for themselves, reducing the risk of scams or ‘rug pulls.’
To stay updated on recent news, traders can join the Thug Life Telegram group.
Chimpzee Turning Heads with Climate-Friendly Utility
Chimpzee is another new crypto that’s attracting attention. The project blends digital rewards with eco-friendly actions, as it uses blockchain to back green causes and rewards its users with its unique $CHMPZ tokens.
Along with upside potential, it also offers the Chimpzee Diamond NFT passport, which gives holders benefits like a 20% staking APY and an AI-driven mobile app.
The project’s presale event has so far generated over $840, showing strong community support.
As per the Chimpzee whitepaper, the platform offers five key features: the Shop-2-Earn store, NFT marketplace, Zero Tolerance Play-2-Earn game, NFT Passports, and Chimpzee AI Avatar Generator.
The Shop-2-Earn store lets users sell Chimpzee items to earn CHMPZ tokens, with some profits going to green groups. The NFT marketplace, on a Trade-2-Earn basis, shares trading revenue with users. In the Zero Tolerance Game, users earn CHMPZ tokens for reaching set goals.
Moreover, the limited NFT Passport offers benefits within Chimpzee’s ecosystem for trading, shopping, or gaming.
The Chimpzee AI Avatar Generator lets users create personalized chimpanzee avatars for their NFT Passports, adding an exclusive element for games.
Showing its green commitment, Chimpzee donates 10% of its tokens and some profits to eco-friendly initiatives.
The platform has reaffirmed its eco-friendly vision by planting 20,000 trees and giving $15K to the WILD Foundation for elephant conservation. Traders can join the Chimpzee Telegram channel for the latest updates.
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