Several cryptocurrencies spike for various reasons; many of them are driven by their utility, which attracts investors to their ecosystem.
Having reasons to accumulate a particular token has to do with the benefits it provides or some features or values that investors anticipate. Chimpzee’s CHMPZ is anticipated to spike very high in the coming months for various reasons.
These include the expectation of hitting major milestones in its roadmap on the Solana ecosystem, having various ways for passive income opportunities, and its conservation efforts.
Chimpzee has been making efforts toward environmental preservation. The project is fighting for planet Earth through environmentally conscious donations, partnerships, and activities.
The platform is leveraging Web3 and blockchain technology to create a strong ecosystem that empowers people to make a difference in the environment.
Let’s delve deeper into the details of the potential CHMPZ price catalyst.
The Launch on Solana
Chimpzee will become multichain very soon; it plans to launch on the Solana ecosystem later this year.
The token launch on one of the most popular blockchains is expected to increase its demand and accumulation rate.
Becoming multichain, that is, being on the Ethereum and Solana blockchains, is good for the ecosystem. This will improve the token’s visibility, which could help its trading volume and transaction rate.
Solana is known for its speed, which is its unique selling point; this has made it attract various investors and developers. Many meme coins on the Solana ecosystem have outperformed their counterparts on other blockchains.
Dogwifhat, BONK, and BOME have all had major spikes this year as the Solana ecosystem continues to boom.
🌍🐾 At Chimpzee, our mission goes beyond the blockchain. We're dedicated to making a tangible impact on the world!
Through our investments in various wildlife organizations, we're helping to protect animals in need across the globe. 🐅
❤️ We believe that every creature… pic.twitter.com/fbaa20A8vT
— Official Chimpzee Project (@RealChimpzee) August 5, 2024
The last bull rally that lasted from the end of 2023 to the first quarter of this year saw Solana outperform many other major cryptos, spiking from around $17 in September 2023 to $208 in March—more than a 1,100% increase in six months.
It also shows that the demand for blockchains with high scalability, low transaction fees, and efficiency is increasing.
Layer 2 networks on Solana also enjoy the attention of those who prefer to spread their investment across various tokens within the ecosystem.
Burning CHMPZ to Regulate Supply
Chimpzee developers are not leaving the fate of their token to just the Solana effect; they have strategies to ensure that CHMPZ maintains its value.
The developers will be burning the equivalent amount of CHMPZ available on the Solana network from the Ethereum network. These deflationary mechanisms are generally known to have a positive effect on prices.
When the demand for a token increases and the supply reduces or remains the same, we could see a major spike in price.
How FOMO Could Increase The Value Of CHMPZ
When a token starts to spike, it begins to attract attention from the wider crypto community, even those that are not actively in the specific blockchain.
The increased exposure of CHMPZ to more investors coupled with the deflationary process could create fear of missing out for many looking for the next big opportunity—this also increases the demand for the token.
Staking Could Attract Users
Beyond the deflationary method, CHMPZ also offers up to 40% staking rewards to its holders; this means they can earn close to half of what they initially stake in one year.
Staking helps an ecosystem and its users; it provides additional security and ensures decentralization in a proof-of-stake system. Also, it is a form of passive income for users.
NFT Passport Staking Is Also Available
Chimpzee will have an NFT marketplace, where it sells various NFT Passports—Diamond, Gold, Silver, and Bronze. These NFT Passports can also be staked to earn up to 20% APY.
The Passports also represent access to bonuses, rewards, and exclusive events within the Chimpzee ecosystem.
People tilt towards solutions that provide various ways of earning. This is obvious from Chimpzee staking data.
So far, over 370 NFT Passports have been staked, with more than 2.2 million CHMPZ tokens paid to purchase those Passports. Users have also staked more than 7 billion CHMPZ tokens.
The rising metrics reflect investors’ enthusiasm to earn passive rewards.
How to Stake in Chimpzee Ecosystem
To stake either your CHMPZ tokens or NFT Passport, you must visit the website and then locate the staking page. You will see two options: CHMPZ staking and NFT Passport staking.
After making your selection, you will be required to connect your wallet. The wallet options include Ledger Live, Infinity Wallet, MetaMask, and many others.
Following this, users will be required to fill in some information to make their stakes.
Joining the Chimpzee ecosystem requires buying the CHMPZ token, and this can be done through popular crypto exchanges like P2B, Bitmart, and MEXC.
