The cryptocurrency market rally in the midst of the banking crisis. The leading crypto Bitcoin made a journey from $ 19 thousand to over $ 25 thousand in a short time. This indicates that investors’ interest in the market has been revived. However, some altcoin projects seem to be losing this interest.
SHIB at critical level after major investor exit
Popular meme con, Shiba Inu, recently faced a sudden 9% drop in value. This situation worries many investors about the future of the asset. The unexpected drop comes after drama involving the revealing of the identity of the creators of the Shiba Inu and the situation around the Shibarium network.
Currently trading at $0.00001, the altcoin failed to break its 50 and 200-day moving averages, indicating that the downtrend that has been going on since the beginning of February continues. The sudden drop has left many investors wondering if the Shiba Inu can survive this setback or if the downtrend will continue in the coming weeks. Despite the recent decline, SHIB has had a strong year so far, gaining widespread popularity and attracting an increasing number of investors. However, the volatility of the crypto market has made it clear that investing in such assets involves significant risks.
Altcoin gains value with Binance’s move
Binance Coin (BNB) has been seeing a significant surge in value over the past few days, thanks in part to a massive $1 billion injection from the stock market stabilization fund. In a move aimed at stabilizing the exchange’s performance, Binance announced that it will purchase $1 billion worth of Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) from the market.
Since the announcement, BNB has seen a significant increase in value, gaining over 15% in just three days. This makes it one of the best performing assets in the market with its current trading price of $317.
This massive injection of funds comes at a crucial time for Binance. Because, cryptocoin.comAs you follow, the exchange is subject to further scrutiny by regulators in various countries. As more and more countries impose stricter regulations on cryptocurrency exchanges, Binance is taking steps to ensure they remain compliant. The $1 billion investment is part of this effort, aimed at maintaining the stability and performance of the stock market while also helping to address regulators’ concerns.
The focus of attention of recent times, altcoin is losing interest
Lido Finance, a decentralized finance (DeFi) protocol that provides staking services for Ethereum, has suffered a significant drop in value. The value of the project fell over 19% after the creator of Maker DAO and some whales sold their LDO positions in favor of other assets. The sudden drop in Lido Finance’s value is likely due to increased selling pressure from these high-profile individuals. The move also shows that Ethereum staking, or Lido’s product in particular, is declining in popularity, leading to decreased demand for LDO.
According to experts, the decline in the value of Lido Finance is part of a larger trend towards reducing market volatility and risk exposure. After several weeks of high volatility and market turmoil, the market appears to be consolidating as prices stabilize and investors begin to avoid risk. While this is generally a positive development for the market, it could lead to a long period of consolidation as prices remain relatively stable for an extended period of time. This can be particularly challenging for projects like Lido Finance, which rely on high volatility and market activity to drive demand for their products and services.
Cardano (ADA) whales are waking up
Crypto analyst Ali has detected an on-chain growing trend for Cardano (ADA), the seventh largest cryptocurrency. In a chart he published, Cardano’s large transactions have signaled an increasing trend since the beginning of 2023. In this regard, he notes that the volume of large ADA transactions exceeding $100,000 on the Cardano network is increasing.
“This trend shows the increasing participation of institutional investors and ADA whales and sheds light on investment strategies,” comments Ali. ‘Large transactions’ in excess of $100,000 often act as a proxy for the whales’ actions, according to IntoTheBlock. An increase in this statistic may be the result of significant purchases or sales by this group of holders.
Whales or large holders often take advantage of market losses or consolidation periods to accumulate more assets at a discount. According to WhaleStats, Cardano was among the top purchased assets for the largest BSC whales in the last 24 hours.
Finally, DefiLlama data shows that Cardano’s DeFi ecosystem has seen a significant amount of entry as TVL or locked total value reaches new highs with 403.91 million ADA. Cardano’s TVL is equivalent to $131.49 million in dollar value, with the largest dominance Minswap DEX accounting for more than 33.32% of this TVL.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.