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CETUS, the native crypto of the DEX known as Cetus Protocol, has slumped by 7.49% in the last 24 hours, and indicators show that it will go down further. How far will it go down before we start seeing a bounce?
Cetus Protocol Drops 7.49%
Cetus protocol has traded in the red daily and has dropped by 7.5% in the last 24 hours. The current performance sharply contrasts with the previous week, when it experienced two rounds of upswings and consolidation at a higher price level.
At 4:38 a.m. EST, the token is trading around the $0.03 mark, with its 24-hour trading volume experiencing a slide of 7%. CETUS’s market cap at the time of writing is $2.6 million, and its self-reported circulated supply is 80 million.
It is important to note that while this token has been tracked by CoinMarketCap, its circulating supply and market capitalization have not been verified by it.
What is Cetus Protocol?
Cetus is a pioneer DEX and concentrated liquidity protocol built on the Sui and Aptos blockchain. The website’s mission is to create a robust liquidity network that makes trading easier for all users.
Built on the permissionless standard, users can use its protocols to create their use cases anytime.
Launched in May of this year, Cetus has not made a conscientious effort to make itself a viable investment instrument. We say this because its current value is 76% lower than its all-time high, which it reached shortly after going live on cryptocurrency exchanges.
That said, as a developing project, Cetus Protocol has been making moves to provide a decentralized exchange to users with all the underlying perks of a centralized business. For instance, on August 16th, Cetus Protocol integrated Coinbase Pay into its user interface.
@CetusProtocol is very happy to have integrated 💎Coinbase Pay💎 into its user interface!🔥🎉 With this new integration to be rolled out, users on #Cetus will be given a new choice to quickly purchase crypto and easily start their exploration of DeFi. 🐳 @coinbase @CoinbaseCloud pic.twitter.com/B9231zexIe
— Cetus🐳 (@CetusProtocol) August 16, 2023
That created one of the few points this token traded in the green. However, the interest in this token has died down quickly, as the current chart shows that it will likely hit lower lows before experiencing a bounce.
Cetus Protocol Price Analysis
Trading data of Cetus Protocol is not available on Tradingview. However, it is live on KuCoin, where its trading volume has been almost $30k in the last 24 hours.
The hourly trading chart shows that Cetus Protocol trades between its psychological resistance of $0.036 and psychological support of $0.029.
Cetus protocol’s current RSI, which is 39, is moving towards the oversold zone. Furthermore, the token has a negative MACD. Both factors indicate that sentiment around this crypto is bearish.
CETUS Alternative – WSM
While CETUS is hitting all-time lows, some tokens have continued to do well during the presale and are poised to make massive returns for early movers once they go live on exchanges. Among them is WSM – Wall Street Memes.
Wall Street Memes is a memecoin project that takes inspiration from Wall Street Bets. Just like Wall Street Bets turned Gamestop, a stock the hedge fund companies perceived as useless, into a golden asset by engineering a short squeeze that pumped its price. Wall Street Bets seeks to create a community around its memecoin, WSM, and aims to do the same.
Helping with this endeavor is an array of memes that Wall Street Memes posts on its social media pages.
Once you see it you can't unsee it pic.twitter.com/59grS4kIUH
— Wall Street Memes (@wallstmemes) August 23, 2023
The WSM community has already gained more than 260k followers on Twitter, thanks to these comedic memes. It has even gained attention from Elon Musk, who has interacted with the community on more than one occasion.
While that doesn’t mean this project has Elon’s full support, it does showcase the reach Wall Street Memes has. That reach has allowed this project to raise more than $25 million since opening its presale in June and is currently available at a discount price of $0.0337.
The presale is set to be over in almost a month, giving little time to those seeking early bird gains. Visit wallstmemes.com today to participate in this project.
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