The crypto world is known to be anything but boring: while Shiba Inu is working overtime to break away from the Meme coin label, Solana faces its meltdown by clinging to an anchor named Vitalik Buterin, a look also at PancakeSwap and EOS.
Crypto analysis of Shiba Inu, Solana, PancakeSwap and EOS
Shiba Inu (SHIB)
SHIBARMY, the community of the Shiba dog meme coin is often the cause of many fluctuations in the market value of the crypto, especially in a positive sense since even as the currency tries to mature and deviate from its nascent status as a “fad” currency, the support of the fan base never wanes.
The digital currency that since its founding has risen to the role of the alter ego of rival Dogecoin has been implementing utility to deviate from its rival cousin and be taken more seriously by the market.
Shiba Inu is based on ERC20, a protocol on the Ethereum blockchain that despite having significant transaction costs imposed by the source network, managed well to give solidity to the project and would slowly take the Coin to the next level especially in the eyes of investors.
The AMM platform ShibaSwap which is Shiba Inu’s decentralized exchange has the role of bringing liquidity into the system.
Today SHIB is at $0.00000783 and is aiming for the first step which is at $0.000088.
Far more challenging will be to break above $0.000008 and overcome the $0.000009 resistance that could push the Coin past the 50-day moving average (EMA) and the descending wedge pattern.
If this happens, analysts agree that Shiba Inu would encounter a breakout of 66.45% to $0.000016 in part because of the descending wedge that is indicative of a bullish trend reversal.
When hitting this target, the Coin is making a 66.45% move historically and is equal to the difference between the highs of the wedge above the breakout point.
SOL is worth $11.30 as of today and at 95.66% of the value of the historical high recorded or $260.06 while the circulating is 367,314,863.979 units.
Rescuing Solana coming off the quicksand of contagion from FTX is the ever-present Vitalik Buterin, co-founder of Ethereum who thanks to a tweet of support for Solana and its ecosystem developers, changed the market sentiment creating damage to those who were short.
“Some smart folks tell me that there is a huge developer community in Solana and that now that the opportunists’ money has been wiped out, the chain has a bright future. It’s hard for me to say that I’m out of it, but I hope the community will have a fair chance to grow.”
SOL immediately rose to good levels thanks to the assistance of the competition only to then return to lose something while remaining above the lows it touched.
CAKE stops at 3.190854 Euros but there is an interesting figure that concerns TVL (Total Value Locked), i.e., the total volume of funds on DeFi protocols.
In this amazing world, there are 13 DeFi protocols that reach $1 billion in TVL and among them, six have more than 3 each.
MakerDAO, Lido, Aave, Curve, Uniswap, and Convex Finance lead a ranking that had seen PancakeSwap dominate a year and a half ago with the booming DEX PancakeSwap but has now dropped to eighth place with just over 2 billion, while at one time holding the top spot with Uniswap and its 5 siblings.
However, PancakeSwap is back in the limelight also thanks to Lucky Block (LBLOCK) i.e., an NFT trading platform that is tied to prize draws and has been the best IDO for 2023.
Players buy an NFT that serves as a limited edition ticket that allows them to take part in a draw for each collection of non-fungible tokens.
After all the NFT tickets are allocated, Lucky Block relies on PancakeSwap, generating profits of 60x. Hopefully, the traction of LBLOCK can benefit Pancakeswap as well.
The negative performance puts EOS at $0.85 with a 1.24% drop bringing the token to -72.71% from highs this year.
This is not only a bad year, but Eos is also 96.25% down from its all-time high which it touched in April four years ago at $22.98.
Changpeng Zhao implemented EOS two weeks ago on his platform, helping the most important stablecoin in the ecosystem.
Eos, which was born in 2017, is essentially a token that is based on a smart contract platform related to dApps and DAOs.
The token offers database service, validation and development of new dApps.
Last Saturday, Eos ran into a 10.02% loss in value, which is the largest percentage loss in two months.
Despite the drop, EOS’s market capitalization is $934.9143 Million and represents 0.12% of the total crypto sector but is far from the highs that saw capitalization at $17.5290 Billion.