Crypto Downturn Hits Shiba Inu and Solana, While DigiHorse Eyes Growth Amid Market Turmoil

The cryptocurrency market is experiencing a significant downturn, with major tokens like Shiba Inu (SHIB) and Solana (SOL) facing declines. SHIB, the second-largest meme coin, has seen its value plummet by approximately 26% over the past month, dropping its market capitalization below $8 billion and pushing it to the 16th spot in crypto rankings. 

Meanwhile, Solana’s technical indicators, including an emerging death cross on its 12-hour chart and negative funding rates, suggest further price drops could be imminent. Amidst this market turmoil, DigiHorse (DIGI) stands out as it gears up for potential growth, buoyed by a promising presale and innovative blockchain gaming model.

Shiba Inu Burn Rate Declines

Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has seen a significant decrease in its value, dropping about 26% in the last 30 days. This downturn has pushed its market valuation below $8 billion, placing it as the 16th-largest cryptocurrency. A key indicator of this struggle is the drastic drop in SHIB’s burn rate, which has fallen over 90% weekly, leading to fewer than 13 million tokens being removed from circulation.

The SHIB burning mechanism, designed to reduce its vast circulating supply of about 583 trillion tokens, aims to make the currency scarcer and, theoretically, more valuable. Despite the removal of over 41% of the initial supply by the Shiba Inu team over the years, the demand has not risen as expected to drive up prices significantly.

Adding to the concern are signs like declining Net Network Growth and reduced whale activity, which could spell further trouble for SHIB investors. Amid these challenges, the Shibarium network, Shiba Inu’s layer-2 solution, has introduced its own burn program called the “Burn Portal.” 

Unlike the original burn program, which depends on community participation for manual token burns, Shibarium’s mechanism is tied to transaction fees. In this system, a portion of BONE tokens, used for paying gas fees within Shibarium, is allocated to purchase SHIB tokens that are subsequently burned.

Solana Sees Bearish Signals as Technical Indicators Suggest Downward Trend

Solana (SOL) is showing significant bearish signs on its 12-hour chart, with the 50-day Simple Moving Average (SMA) approaching the 200-day SMA, indicating an impending death cross—a technical event often viewed as a precursor to further price declines. This setup is commonly interpreted by traders as a signal to exit long positions and potentially enter short positions due to anticipated downward movement.

Further affirming this bearish outlook, the Directional Movement Index (DMI) on Solana’s chart underscores strong bearish tendencies. Currently, SOL’s Positive Directional Indicator (+DI), which gauges the strength of upward price movements, is positioned below its Negative Directional Indicator (-DI), which measures the strength of downward price trends. 

This configuration suggests that the selling pressure is robust, with bearish momentum firmly in control of the market. Solana’s current trading price, at $142.69, reflects a significant drop of 16% over the last month.

DigiHorse Captures Market Attention with Innovative Web3 Gaming Platform

DigiHorse, a pioneering project in the presale market, is generating considerable optimism among experts and analysts due to its unique Web3 gaming platform tailored for virtual horse racing. This platform allows players to do much more than compete in races; it offers a holistic environment where they can train, develop, and enhance their digital horses using various in-game resources.

Operating on a play-to-earn model, the platform rewards players with DIGI tokens for their in-game activities and achievements, further integrating the gaming experience with blockchain technology. Players can also trade their digital horses and AI wearable NFTs with others on the blockchain, increasing the liquidity and utility of the DIGI tokens.

Currently priced at $0.0033, DIGI tokens are projected to list at $0.075, offering a substantial 2150% gain for early investors. Analysts are even more bullish about the future, predicting a 30-fold increase in DIGI’s price post-launch, spurred by planned expansions such as multichain support and strategic partnerships.

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