Following the TGE (token generation event) for Skate Chain, its native token SKATE plummeted 50% within the first few hours of going live due to heavy sell pressure from airdrop recipients. Following a disastrous start for SKATE, many investors are wondering what the best crypto to buy instead is.
Just a few hours post-launch, and the market has seemingly indicated that it does not wish for yet another Layer-2 project as SKATE is down 51% due to early contributors dumping their bags and a lack of outside buy pressure for the token.
(SOURCE)
Skate Chain Backed By Hashkey Capital and Nomad Capital, But VC’s Can’t Save This Disastrous Chart
Skate Chain is a new Layer-2 protocol that connects all virtual machines (VM) such as the Ethereum VM (Base, Arbitrum, Polygon) and Solana VM, Ton VM etc. It then enables users to interact with decentralized applications from any VM while staying on their favorite VM.
The standout feature of the Skate Chain is its Skatepark platform. It is a place where users can dive into the ecosystem of cross-VM apps and earn Ollies. Ollies will be stacked and used to reward those who build and grow the Skate ecosystem.
Backed by many leading VC firms via a $3.75m funding round in September 2023, SKATE launched today (June 9) with a market cap of $23.5 million before crashing over 50% to $11.2 million, where it is currently languishing.
DISCOVER: Best New Cryptocurrencies to Invest in 2026
SKATE crypto is trading at $0.062 after an airdrop allocated 20% of the token supply to early contributors and active community members. This allocation has caused heavy sell pressure for SKATE, with seemingly no buy pressure coming in the opposite direction to offset the price crash.
However, SKATE crypto has launched directly onto a number of prominent CEX’s such as ByBit, KuCoin and Bitget with $23 million in trading volume already recorded just mere hours after going live.
From a psychological standpoint, if SKATE loses the $10 million market cap level, it may struggle to regain it in the short term, meaning it is key for the token to hold above this level. It is currently holding steady at $11.2 million, meaning investors will be praying a bounce for SKATE comes sooner rather than later.
BONUS: Is Mind of Pepe ($MIND) The Best Crypto To Buy Right Now After Beginning Its Finding Its Bottom
Similar to SKATE, Mind Of Pepe (MIND) launched just last week. After a near 4-x run from its $110 m market cap to $410 million, sell pressure from presale investors won out, and MIND dropped back to $130 million.
However, sell pressure has dried up completely, allowing the MIND chart to form a bullish channel once more. It is surging nearly 15% from the bottom, and its market cap is currently at $148 million.
Buyers have stepped in for MIND, seeking to buy discounted tokens for one of the hottest AI Agent projects on the market in June. The only real competition for MIND of Pepe is Virtuals AI Agent, AIXBT.
Both have intelligent Agents living on social media but MIND differs by offering access to every nugget of alpha gathered only to MIND holders. This information is gate kept behind the newly launched MIND terminal, offering holders an easy way to access trading signals, technical analysis, emerging trend calls, token volume spikes and much more.
The MIND Agent even called the Solaxy ($SOLX) project, which is still available in presale after raising nearly $47 million—and MIND called it early, when the SOLX token was much cheaper.
This is just an example of the power behind the MIND project, leading to much speculation that a CEX listing or two are on the way for the MIND token.
The risk/reward ratio for MIND is extremely positive right now, with the token creating a bottom in recent days and the chart looking primed for a return to previous highs of $400 million+, making it one of the best crypto to buy right now.
EXPLORE: 15 Next Crypto to Explode in 2025: Expert Cryptocurrency Predictions & Analysis
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
