TLDR:
- Stablecoins are critical to the crypto infrastructure, offering stability during volatile markets.
- Despite superior crypto performance, the Gemini Dollar (GUSD) has been losing market share.
- NuggetRush (NUGX), a P2E platform, has been gaining popularity and attracting investors in the ongoing presale.
In crypto, stablecoins play a critical role, usually offering stability whenever markets are volatile. In the past, before the launch of the first stablecoin, USDT, by Tether Holdings via Omni, crypto holders, especially traders of Bitcoin and other legacy coins, had to contend with sharp price dumps. With crypto innovation, stablecoins are now a critical part of the crypto infrastructure, with Gemini Dollar (GUSD), USDC, and USDT commanding multi-billion market caps.
However, amid this, market trackers show that GUSD’s market share has been falling despite the superior crypto performance over the past few trading months. At the same time, NuggetRush (NUGX), a play-to-earn (P2E) platform, has been gaining traction, attracting investors in the ongoing presale.
This article explores GUSD, explaining why its market share has been dropping. It will also examine NuggetRush and why NUGX has been rising in prominence over the past few months since the launch of its crowdfunding event.
Why Is Gemini Dollar’s Market Share Shrinking?
To thoroughly understand what’s happening, let’s return to the basics. GUSD is a stablecoin that tracks the value of USD.
Though issued on Ethereum as an ERC-20 coin, the stablecoin is pegged 1:1 to the world’s largest reserve currency, USD. Holders, like those of USDC, USDT, or DAI, can redeem it for cash anytime.
The stablecoin is issued by the Gemini Trust Company, a firm associated with the Gemini crypto exchange. The U.S.-based exchange is known for being compliant with existing laws.
GUSD’s market share has been dropping sharply over the months. According to CoinMarketCap data, GUSD has a market cap of roughly $148 million (tokens in circulation) and barely generates approximately $1.1 million in daily trading volume.
This is low compared to other stablecoins, for instance, the newly issued PayPal USD (PYUSD) or even the controversial USDD on Tron. Both command higher market caps despite their recent issuing and, in USDD’s case, questions around the robustness of its pegging.
The drop in GUSD’s market share is amid the sharp expansion in NuggetRush’s popularity during the same period.
The Rise And Rise Of NuggetRush
NuggetRush is a platform on Ethereum planning to launch a play-to-earn (P2E) game as they aim to add utility to meme coins like BONK and PEPE.
NUGX, its native token, serves various purposes and is quickly rising as a top altcoin. At the core, it will be used as a medium of exchange in the NuggetRush NFT marketplace. Every transaction will be payable in NUGX, adding utility.
Moreover, considering the platform’s emphasis on decentralization, NUGX holders can vote on proposals to improve the project further. Accordingly, they are directly involved in shaping the platform’s evolution.
The NuggetRush P2E game is also drawing players. Players can mine for valuable assets and trade rare NFTs as part of gameplay. Notably, some of these rare NFTs can be redeemed for physical gold. At the same time, NFT holders are free to stake, receiving up to 20% APY, payable in NUGX.
In combination with these use cases, investors have been increasingly exploring NuggetRush, with a majority investing in NUGX. To illustrate, the ongoing presale has raised over $1.6 million from selling more than 149 million NUGX, quickly emerging as the best ICO in January 2024.
Later, the project will launch before NUGX lists for $0.02 in various centralized exchanges. For this reason, NUGX is considered one of the top altcoins to buy in 2024.
Conclusion
Considering its decent market cap, GUSD plays a vital role in the crypto landscape.
Most importantly, the issuer’s prioritizing regulation is critical. However, its dropping market share is concerning, highlighting how cut-throat competition is across the crypto scene.
Meanwhile, NuggetRush is shining in the ongoing presale. With over $1.6 million raised, supporters expect the project to raise even more by the end of the presale.
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