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The bull market lingers in a sideway trend in the past few days as the price of BTC struggles to break above the $52k region. Despite several attempts to reach the $53k mark, more substantial pressure from the bears pressures the market into a persistent sideways movement. Sadly, the fluctuations in the price of the giant crypto reflect the value of trending assets across the industry.
Top Trending Cryptos on Solana
Solana Ecosystem started the quarter with upbeat values, with SOL reaching a year-to-date high of $116. However, the growing pessimism in the market has put downward pressure on the asset’s price. Below is a quick overview of the trending assets in the Solana chain. Surprisingly, the growing popularity of assets in the ecosystem has a negligible effect on the prices of each asset.
1. Shadow Token (SHDW)
Recently, file storage systems and other physical infrastructures are some of the most talked about crypto sectors. Little wonder projects like Shadow Token are gaining rapid attention. The project is the brainchild of GenesysGo, and its native token SHDW made it to the top of the trending list of Solana today after printing impressive performance in the last 24 hours.
It focuses on providing decentralized storage facilities to users worldwide. The native cryptocurrency of the platform SHDW kicked into an uptrend after its launch, pulling in several investors along the way. With the growing influence of the DePIN crypto sector, SHDW may push towards improved performance in the quarter.
Currently, data from Solscan shows it has over 89 thousand holders, and its 24-hour trading volume is slightly above $2 million. Additionally, SHDW claims a market cap of over $167 million, which is significantly high compared to its current price and circulating supply.
Reminder! Anyone can check the progress of Testnet2 by visiting https://t.co/aFKTbe0woO.
Or, if you prefer, here's a dashboard created by the $SHDW community: https://t.co/RYwDmPOivP
Anyone can use the API to call these metrics on their own, so don't just take our word for it! https://t.co/ZjlGEj8hzo
— GenesysGo (@GenesysGo) February 20, 2024
Meanwhile, the performance of the asset is much below its previous output. It recently lost a significant percentage of its value, causing many to question the prospect of the token.
While it outperformed the global crypto market by over 1.7% at writing, it underperformed other cryptos in the DePIN sector. Investors holding the asset might have to look closer at its performance.
2. CROWN Token (CROWN)
Crown Token went live in January and has quickly beaten a path to the top of the trending list of crypto on the Solana chain. The project claims to revolutionize blockchain technology and its use in gaming. Its native token, CROWN, is used for several in-game activities.
Interestingly, the Crown token project favors using cryptocurrency in sports. It taps into the horse racing games, allowing holders to own virtual horses participating in real-live races. How the concept works is not yet understood, but there are claims that users are rewarded whenever their horses win races.
At press time, the token has over 12 thousand holders and a trading volume of $1.8 million. Due to its trending status today, it printed about a 20% price increase over yesterday’s price. Its liquidity has also increased by a few percent, reaching over $790k at press time.
How the token would perform in the remaining weeks of the quarter and the year at large is hard to predict. But with its fluctuating trend, investors or anyone looking to hold CROWN should conduct extensive research before deciding.
3. PONKE (PONKE)
For the past 7 days, the PONKE community has been pushing to salvage the declining value of the asset. It kicked off on a more positive note after it had a multi-exchange listing early this quarter. Its price saw a sporadic pump that put it on the path to becoming a memecoin to watch.
Nevertheless, it started losing momentum shortly after its launch in a trend that shaved off over 50% of the asset’s price. However, in the week thus far, the price of PONKE has increased by over 55%, and in the last 24 hours, it recorded a 20% increase in value.
The ongoing giveaway on its 7th day likely influences the price trend. The team launched a 30-day initiative to give away over $300 BONK in its loyalty program, contributing to the PONKE appearing on the list of trending tokens on Solana.
DAY 7 of 30 #GIVEAWAYS
Ponke and Meemo are giving away $300 of $BONK
🪖LIKE + RT + TAG 5 DEGENS
🪖FOLLOW @memetrendbot & @ponkesol pic.twitter.com/yyZ3OceMsU— Ponke (@ponkesol) February 21, 2024
Unfortunately, the future of the token might lie in the balance as its trading volume is not commensurate with its rising price. Moreover, there’s been a significant shrink in PONKE’s market cap, which shows that the current trend may not reflect the asset’s actual value.
4. Jivara (JIVA)
Jivara is another AI utility project joining the rank of the growing crypto AI trend. The project aims at redefining how users interact with artificial intelligence technology in the crypto space. It rose to a trending project today following its recent listing on the Poloniex exchange.
However, the growing popularity has not influenced its price trend much as it continues to lose value at the time of writing. Despite ranking high on the list of trending cryptos on the Solana chain, JIVA has shed over 20% of its value in the last 24 hours.
Notwithstanding, the community can forestall the declining value of the asset if the upcoming initiatives take hold. One of them is the launch of the telegram bot, designed to provide personalized AI service to users on the social media platform. The initiative will increase the platform’s utility, which will positively impact the price of its asset, JIVA.
Furthermore, the bid for a coinmarketcap listing is underway, which implies that the toke will likely gain further exposure as the quarter progresses. Hence, JIVA might return to the trending list soon once its CMC listing gets approved.
What Might Be The Next Top Trending Crypto
Meme Kombat (MK): It’s only 13 days to the listing and launch of Meme Kombat. The project kicked into the launch move after it achieved its presale target of $10 million. According to a post on its official Twitter handle, the launch date is slated for the 5th of March, 2024, at 18:00 CET.
Meme Kombat is now SOLD OUT!
We want to thank each and every one of you for taking part in the presale. More news to come soon⚔️ $MK pic.twitter.com/YmrFWknYpa
— Meme Kombat (@Meme_Kombat) February 20, 2024
In the meantime, MK presale investors still have a chance to earn while they await the token’s launch. The token staking feature is live, allowing holders to earn up to 99% APY on the value staked. At the time of writing, there are 39,877,739 stake MK by over 12,000 stakers. The number of stakers is valued at 70% of investors.
What it means is that a significant number of MK investors have a strong belief in the future of the project. Over the next 13 days, the chance to buy and stake the token would still be available to the public. Subsequently, MK would return to its actual value upon listing.
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