Three Layer 1 tokens—Cosmos ($ATOM), Beam ($BEAM) and TRON ($TRX)—rallied on an otherwise slow market day.
Crypto’s total market capitalization fell 2% in the last 24 hours and now stands at $2.4 trillion.
Bitcoin ($BTC), the original cryptocurrency and the only digital asset to have a market cap over a trillion, shed 0.9% overnight and currently trades at $66,548.
As usual, most leading cryptocurrencies followed the leader. Its number one competitor, the $311 billion cap Ethereum ($ETH) shed 1.9% and now trades at $2,583.
Unexpected Rallies in Layer 1 Tokens Amid Market Downturn
However, three Layer 1 tokens are posting surprising rallies on an otherwise bad market day.
Multi-chain ecosystem token Cosmos Hub ($ATOM) rose 1% overnight and 8% over the last seven days to trade at $4.82 as of this writing.
Meanwhile, Justin Sun’s TRON ($TRX) grew a nominal 0.2% and trades at $0.1597.
The privacy-focused Beam ($BEAM) is today’s winner, though. Beam added 5.1% overnight and about 13% over the week and currently trades at $0.01889.
Beam’s surge appears to be linked to a rise in futures open interest. According to data CoinGlass data, open interest in Beam futures hit a three-month high of $11.87 million, up from a low of $3.54 million back in September.
Since open interest refers to the number of unsettled derivatives contracts for an asset, the rise in Beam futures open interest suggests increasing interest from traders.
While Layer 1s Climb, Crypto All-Stars Raises Over $2.6 Million
Given the fact that Beam, Cosmos Hub and TRON are not interconnected, their rally today appears to be more of a coincidence than anything else.
However, in the world of presales, investors are consistently flooding to some of Web3’s plethora of new applications, some of which are adding value, utility, and generating consistent returns for holders of the meme coins.
Critics have long derided meme coins for the lack of utility, akin to digital junk. However, a new protocol called Crypto All-Stars hopes to change that perception by letting crypto fans put their meme coins to work.
While meme coins’ inherent volatility attracts people, their whimsical nature also hinders their utility. Now, one team has found a way for meme coin holders to generate consistent value from their holdings.
Crypto All-Stars is a unified staking protocol that allows users to earn serious rewards by combining the world’s most celebrated meme coins.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them in the MemeVault and earn passive income in the form of $STARS with a rewards rate currently set at 578%.
The project has gained so much popularity that its presale has already raised over $2.6 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
The post Layer 1s Cosmos, Beam, and TRON Surge – Investors Are Now Watching This Coin for the Next Big Breakout appeared first on Cryptonews.
