CyberConnect is a new Web3 platform that helps developers create multi-chain social applications. During the last 48 hours, its native token, CYBER, has doubled in value.
But can the new coin sustain its strong performance, or is it destined to fall by the wayside like so many Web3 projects that showed early promise? Analysts are split on the matter. But elsewhere in cyberspace, Sonik Coin (SONIK) is showing strong potential for liftoff.
CyberConnect on the Way to $10?
An alumnus of the Binance Launchpool, CyberConnect has been steadily gaining traction since its launch earlier this year. Yet, until this week, the CYBER token’s market performance was lackluster.
Having failed to ever break above $4.00 previously, on Tuesday (Aug. 29), a buoyant crypto market propelled CYBER to highs of nearly $8.00. Since then, the coin has continued to pump and is currently worth $8.30.
After a heady 48 hours, traders are wondering how far the cryptocurrency can go and already anticipating the ten-dollar milestone.
In a video posted to the CryptoCache YouTube channel on Wednesday, one analyst argued that CyberConnect could approach $10.00 at its next all-time high price, which based on its price trajectory in recent days, may come in the next 48 hours.
Based on an analysis of liquidity levels, he said “It would make sense for the price action to increase to the $9.50 range.” However, he cautioned that if a bearish trend sets in, CYBER could dip down to between $5.30 and $6.50 during its next wave.
Looking further ahead, several prominent crypto price forecasters are anticipating further gains before the end of the year.
For example, CoinCodex predicts that CYBER could close 2023 at between $ 8.23 and $ 10.00. Meanwhile, Teleagon is more optimistic, positing a range of between $12.86 and $18.62 within the next four months.
Of course, in crypto markets, technical analyses are only half the story. A number of potential scenarios threaten to derail CyberConnect’s bull run and send the cryptocurrency downward.
For example, on Thursday afternoon (UTC), a large CYBER whale moved a significant volume of tokens to the Bithumb crypto exchange. As observed by the Data Nerd, around 40,000 tokens were deposited on the exchange by DWF Labs, a Web3 investment firm that will have doubled its initial investment should it sell the transferred CYBER.
For the time being, the price of CyberConnect remains steady, but if DWF Labs or other large holders decide to take their profits now, it could trigger a run on the token and crash its price.
So, is it too late to jump on board the CYBER train? Perhaps not. The cryptocurrency could be on its way to $10.00 or higher. However, there is no certainty that it won’t flop before then.
Another new coin making waves is Sonik, a stake-to-earn meme coin that is surging through its ICO.
Sonik Coin Turning Heads as Stake-to-Earn Meme Coin Nears $1M
In under three weeks, Sonik Coin has already accumulated nearly $900,000 in presale investment.
What’s more, riding off the back of the same bullish sentiment that helped CYBER surge above $8.00, SONIK’s fundraising has gathered serious momentum in recent days. According to the project’s website, at its current pace, the presale will reach its target of $2 million in less than five days, at which point it will be closed for good.
After that, eager investors will have to wait until the end of September for Sonik Coin to hit the open market.
Considering the explosive growth of meme coins like PEPE, which have pumped to hundreds of times their presale value this year, the excitement generated by SONIK could see the token explode in value when it is listed on Uniswap next month.
As an indication of the potential profits in play, SONIK’s developers have set themselves the target of a $100 million market cap. Should they achieve their goal, presale participants will have multiplied their initial investment nearly 50 times over.
But early investors won’t all be in a rush to start trading their coins once SONIK trading goes live on exchanges. Unlike CyberConnect, which offers little incentive to firms like DWF Labs besides its potential price appreciation, SONIK rewards long-term holders.
Of the total token supply, 40% of all Sonik Coins are reserved for staking rewards. Based on current estimations, this could see stakers earn a 78% annual percentage yield (APY).