Tuesday, 20 February 2024
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3 altcoins to watch this week: Polygon, Frax and Memeinator

3 altcoins to watch this week: Polygon, Frax and Memeinator

  • Polygon (MATIC) rebranding to POL could be a bullish catalyst.
  • Frax (FXS) is launching its layer-2 blockchain, potentially buoying price outlook.
  • Memeinator (MMTR) presale has reached stage 15 as meme coin looks to dominate market upon launch.

The past week saw cryptocurrencies surge as Bitcoin broke above $48,000. While BTC price has retreated below the above level, investors keen on potential bull momentum in coming months are likely to use the dip to buy more.

Top altcoins such as Ethereum, Solana and XRP are worth a look at. However, a few tokens could stand out amid key news events and developments. Here’s why Polygon (MATIC) and Frax Finance (FXS) and Memeinator (MMTR) could be two of the tokens to watch in coming weeks.

Polygon (MATIC): Rebrand could be bullish

Polygon’s MATIC is one of the top altcoins to retreat on Monday as Bitcoin pared gains from the weekend. The cryptocurrency was down about 3% as the broader crypto market mirrored US futures ahead of this week’s economic data releases.

MATIC however remains more than 5% up this past week and in position to retest the $1 level. According to crypto analyst The DeFi Investor, Polygon is one of the projects to watch in coming weeks due to the upcoming MATIC to POL rebrand. 

Per the analyst, the rebrand could happen this month and such events have “generally [been] bullish if done right.”

Frax Finance (FRX): L2 launch is a key milestone

On February 7, 2024, the Frax Finance team announced access to the testnet and mainnet of its modular blockchain Fraxtal. Immediate access was available for select partners, while it is set to go live for normal users in coming days.  

Fraxtal has incentives lined up for users, including an airdrop, liquidity rewards, and new FXTL points. These are earmarked for later this month, with the platform’s partners and developer teams using the interim time to bring their dApps to the blockchain. Staking of FXS is also open.

FXS price reached highs of $42.80 in January 2022. The current price is 79% down from that peak. If the Frax L2 blockchain public launch adds to overall market catalysts for FXS, its likely to be one of the tokens to watch in coming months.

Memeinator (MMTR): The meme coin to challenge DOGE?

Memeinator is a new crypto token in presale. The MMTR token is a meme coin that will be the utility token of the Memeinator…

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