NEAR Protocol is struggling with declining activity and a potential price drop to $3.07, while BANANA attempts a 35% recovery amid cautious investor sentiment. Meanwhile, DigiHorse (DIGI) is gaining attention as a promising long-term investment with strong fundamentals.Presale: Join Now
NEAR Protocol Experiences Sharp Decline in Network Demand
NEAR Protocol, a leading Layer-1 blockchain, has seen a significant drop in network demand, hitting its lowest levels since March. On-chain data reveals a consistent decline in daily active addresses and transaction counts since late July, with the number of unique addresses transacting on the network dropping by 43% from a peak of 2 million on July 30. This decrease in user engagement has led to a 36% fall in the average daily transactions over the past month.
This reduced activity is also reflected in the declining total value locked (TVL) within NEAR’s decentralized finance (DeFi) ecosystem, which has fallen 26% over the past 30 days to $206 million, after hitting a five-month low of $172 million on August 6. Additionally, transaction activity on decentralized exchanges (DEXes) within the network has decreased by 54% in the same period.
Financially, NEAR has faced setbacks as well, with network fees and revenue dropping to seven-month lows on August 11, totaling $11,000 and $9,000 respectively. These figures are indicative of the lowest earnings since February 10.
Despite a recent surge in price, NEAR’s current market position looks precarious. Trading at $4.26, the cryptocurrency remains below its Ichimoku Cloud on the one-day chart, suggesting a bearish market trend. The Ichimoku Cloud, a tool used to assess market momentum and potential support or resistance levels, indicates that NEAR is trading under both short-term and long-term averages, highlighting a potential weakness in its current price trend. If these conditions persist, NEAR may struggle to maintain its recent gains, facing considerable roadblocks ahead.
BANANA Sees Mixed Signals Amid Recovery Efforts
Telegram coin BANANA is currently experiencing a nuanced shift in market sentiment, evidenced by its recent move into the green. This change is mirrored in the Market Value to Realized Value (MVRV) ratio, which is providing bullish signals despite being at -13%. This figure suggests potential selling pressure but also positions BANANA near an accumulation opportunity zone, historically marked between -15% and -30% MVRV, often signaling the start of rallies.
However, investor enthusiasm remains subdued as the funding rate continues to exhibit a strong bearish trend. This prevailing skepticism among traders, a repercussion of a recent market crash, has led to a cautious outlook and diminished confidence in BANANA's near-term prospects.
The ongoing negative funding rate, indicating active short positions in the market, underscores the challenges BANANA faces in overcoming bearish sentiment. Without a significant shift in investor confidence, BANANA may continue to struggle under downward pressure.
DigiHorse (DIGI) Gains Momentum with Promising Presale and Strategic Partnerships
DigiHorse (DIGI), the native token of DigiHorse Empires, is quickly capturing market interest due to its impressive growth potential. Currently priced at just $0.00333, DIGI is in the midst of a highly anticipated presale, offering 450 million tokens at $0.003333 each. Analysts predict that the token's price could soar to $0.075 upon its official listing, potentially delivering a remarkable 2,150% return for early investors.
The platform is gearing up for a strong market entry, with plans to launch on multiple exchanges, including at least two top-tier platforms. This strategy is expected to significantly enhance DIGI's visibility and accessibility. Furthermore, DigiHorse has secured strategic partnerships with major gambling companies, aiming to expand its user base and diversify its revenue streams. The platform’s innovative play-to-earn model, supported by the Base Blockchain, allows users to earn income through in-game activities, ensuring secure and efficient transactions.
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