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Solana (SOL) Fails To Maintain $130, Can SOL Skip To $150 In September? Analyst Doubt
Solana (SOL) has been a hot topic in the cryptocurrency market, especially after its remarkable performance in 2023. However, 2024 has been a rollercoaster year for SOL, marked by significant volatility and uncertainty. Despite efforts to stabilize, including Binance’s announcement of a new staking service for Solana (SOL), the token has struggled to maintain its position above $130. As September unfolds, the big question is whether Solana (SOL) can make a comeback and possibly reach $150. However, analysts remain skeptical about its short-term prospects, especially when compared to the meteoric rise of Mpeppe (MPEPE), a new meme coin that’s capturing the attention of the crypto community.
Mpeppe (MPEPE): Rising Amid Solana (SOL)’s Struggles
While Solana (SOL) faces challenges in maintaining its momentum, Mpeppe (MPEPE) has emerged as a promising alternative for investors seeking high returns. Mpeppe, a meme coin with a rapidly growing community, has shown remarkable progress in its presale stages. As SOL struggles to hold its ground, Mpeppe (MPEPE) has already reached 97% completion of Stage 3 of its presale, signaling strong investor interest and community support.
This stark contrast in performance has not gone unnoticed by the crypto community. Investors who were once bullish on Solana (SOL) are now diversifying their portfolios by adding Mpeppe (MPEPE), anticipating that this meme coin could deliver substantial gains, potentially outperforming more established tokens like Solana (SOL) in the short term.
Binance’s Solana (SOL) Staking: A Glimmer of Hope?
Binance, the world’s largest cryptocurrency exchange, recently announced plans to launch a staking service for Solana (SOL) by late September. This new service will allow users to stake their SOL tokens and earn rewards in exchange for Binance Staked SOL (BNSOL). Unlike traditional staking, where assets are locked up, BNSOL offers users the flexibility to unlock liquidity while continuing to earn rewards. This move is seen as a way to provide SOL holders with a more attractive staking option, potentially boosting demand for the token.
Vishal Sacheendran, Binance’s Head of Regional Markets, stated, “As one of the first crypto exchanges to offer SOL liquid staking, Binance is providing a seamless and flexible way to earn rewards while allowing users to maintain full control over their staked assets.” This statement has sparked some optimism among Solana (SOL) holders, who are hoping that the new staking service will provide the much-needed momentum for a price recovery.
However, despite this positive development, Solana (SOL)’s price reaction has been tepid. The announcement did lead to a brief rebound in SOL’s price against Bitcoin (BTC) and Ethereum (ETH) during the Asian trading session on September 4th. Nevertheless, the overall market sentiment remains weak, with SOL barely holding onto the $128 support level. The token has faced significant resistance at $160, and analysts warn that a further decline towards $110 could be imminent if sellers manage to breach the current support.
The Staking Trend: Will It Be Enough?
According to data from Solana (SOL) Beach, about 65% of Solana (SOL)’s current supply, which amounts to approximately 383.5 million tokens, has been staked. This trend is expected to gain more traction when Binance and other exchanges officially launch their liquid staking services. The anticipation is that increased staking activity could provide some price support for SOL, but it remains unclear whether this will be enough to reverse the downward trend.
Meanwhile, as Solana (SOL)’s outlook remains uncertain, Mpeppe (MPEPE) continues to gain momentum. The meme coin’s strong presale performance is a testament to its growing popularity and potential for high returns. Investors who are wary of Solana (SOL)’s short-term prospects are increasingly looking at Mpeppe (MPEPE) as a viable alternative, drawn by its vibrant community and the excitement surrounding its upcoming market launch.
Conclusion: A Turning Point for Solana (SOL)?
As September progresses, Solana (SOL) finds itself at a critical juncture. The upcoming launch of Binance’s staking service offers a glimmer of hope, but it may not be enough to push SOL to $150, especially given the current market conditions. For investors, the decision to hold onto Solana (SOL) or explore alternatives like Mpeppe (MPEPE) could have a significant impact on their portfolios. While Solana (SOL) remains a solid project with strong fundamentals, its short-term outlook is clouded by uncertainty. In contrast, Mpeppe (MPEPE)’s strong presale performance and growing community support make it an attractive option for those looking for new opportunities in the crypto space.
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As the cryptocurrency market evolves, it’s becoming evident that hype alone can’t sustain a token’s value. This realization has led some of the largest Bonk (BONK) holders, known as “whales,” to diversify their portfolios by investing in GoodEgg (GEGG). Experts are now predicting a potential 100x return on GoodEgg (GEGG), with some of the most prominent Bonk (BONK) whales taking early positions in the token’s presale.
More Than A Memecoin: Bonk Whale Shift to GEGG
One of the largest Bonk (BONK) holders, previously known for their substantial investments in the meme coin space, has recently made headlines by becoming an early investor in GoodEgg (GEGG). This shift comes as Bonk (BONK) continues to face declining momentum, losing 2% in value over the last 24 hours, with weekly losses stacking up to 10%. The whale’s move reflects a growing sentiment that the current meme coin market is becoming oversaturated, with investors searching for projects that offer more than just speculative gains.
Bonk (BONK), once a rising star on the Solana network, has seen a significant reduction in trading volume, and many analysts believe that its future will depend heavily on finding new utility or partnerships to maintain investor interest. While the Bonk (BONK) community remains hopeful, the shift of whales to projects like GoodEgg (GEGG) highlights a growing trend among larger investors who prioritize long-term growth over short-term gains.
GoodEgg’s Strong Fundamentals
In contrast, GoodEgg (GEGG) offers more than just hype. It is a utility-driven project with an AI-based dating platform that leverages blockchain for security and privacy. The project’s innovative approach to online dating has sparked interest from investors who see it as a real-world solution with significant potential for user adoption.
GoodEgg’s presale has already raised over $495,000, showing that investors are eager to get in early on this project. The platform’s combination of blockchain security and AI matching technology provides a fresh approach in a saturated online dating market, which is expected to grow significantly in the coming years.
Experts Predict 100x Gains and Long-Term Scalability
Market analysts are now predicting that GoodEgg (GEGG) has the potential to generate 100x returns for early investors, particularly as its platform begins to attract more users and integrates additional features. The scalability of GoodEgg (GEGG) in the dating industry, combined with its AI-driven capabilities, gives it an edge over traditional meme coins like Bonk (BONK).
While Bonk (BONK) struggles to maintain its market position, GoodEgg (GEGG) is gaining traction among both retail and institutional investors. The whale’s entry into GoodEgg (GEGG) has further validated the project’s potential, with many now looking at it as the next big thing in the crypto space.
As the presale continues, those who missed out on Bonk (BONK) during its early days are now looking at GoodEgg (GEGG) as their next opportunity for massive gains. With strong fundamentals and a clear roadmap, GoodEgg (GEGG) is positioned to become a major player in the crypto market, leaving Bonk (BONK) in the dust as it builds a long-term, sustainable future.
Join GoodEgg (GEGG) For More Information On Presale, Use links below to join our community:
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FIDA and MEW, cryptocurrencies based on the Solana blockchain, saw noteworthy positive sentiment on Thursday as they secured vital listings. Solana Name Service (FIDA) secured a listing on Binance, whereas cat in a dogs world (MEW) scored a listing on Upbit. These listings have garnered significant attention globally as the tokens’ prices skyrocketed 25%-30% in tandem with the announcement.
Solana Tokens FIDA & MEW Secure Vital Listings On Binance & Upbit
According to official announcements by the mentioned exchanges on September 19, both the tokens are set to witness particular listings today. As per Binance’s official announcement, the crypto exchange is set to launch FIDAUSDT USD-Margined perpetual contract today at 12:30 UTC. Simultaneously, Upbit’s announcement revealed that it listed MEW with BTC and USDT pairs on the same day.
Intriguingly, Binance revealed that it listed FIDA with up to 75x leverage for users on the platform. Further, the crypto exchange set the capped funding rate at +2.00% / -2.00%.
Simultaneously, Upbit Korea listed cat in a dogs world within BTC and USDT markets. The Asian crypto exchange revealed that it will also add transaction support starting today.
The Solana coins listings have primarily sparked market optimism over future movements, paving the way for new money inflow into the tokens.
Tokens’ Prices Rocket Over 25%
Simultaneously, FIDA price gained nearly 45% against the backdrop of Binance’s listing announcement. The coin rested at $0.3243 today with an intraday low and high of $0.2204 and $0.3297, respectively.
Similarly, MEW price pumped nearly 26% to reach $0.00533 riding the back of Upbit listing. The coin’s 24-hour low and high were $0.00407 and $0.005728, respectively.
Meanwhile, the rising price action primarily aligns with today’s listing announcements, as seen with numerous tokens previously. CoinGape Media reported Kadena (KDA) price surged nearly 30% with its futures listing on Binance.
Also, another report reveals that PEPE and BRETT prices pumped notably on their listings on Upbit. Altogether, the exchanges’ listings rationalize today’s massive price gains.
Simultaneously, Coinglass data illustrated an 82% surge in MEW’s futures OI to $76.31 million. Additionally, the coin’s derivatives volume skyrocketed 531% to $735.63 million today. This surge has projected further optimism for the Solana-based token. Also, it’s worth noting that Solana (SOL) price upsurged 8% to trade at $140 today.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
XRP News: Ripple-partner SBI Holdings has confirmed participation in Project Agora, a joint initiative led by the Bank for International Settlements (BIS) and seven central banks. XRP community reacted to the development due to speculation of potential integration or alignment for the cross-border payments over a unified ledger initiative.
Ripple Partner SBI Reveals Participation in BIS-Led Project Agora
In a press release on September 19, SBI Holdings revealed participation by the bank in Project Agora. Ripple’s partner participation the initiative brings XRP in the spotlight as the bank is a key partner for XRP and XRP Ledger adoption.
Project Agora is an initiative jointly led by the Bank for International Settlements (BIS) and central banks to improve the functionality of cross-border transactions through tokenization. The central banks are Banque de France, the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York.
“Through this project, we hope to improve the functionality of the financial system while maintaining the two-tiered structure of central bank money and private bank deposits, and provide new solutions that utilize smart contracts and programmability, thereby providing highly convenient services in cross-border transactions.”
The BIS/SWIFT-led initiative uses digital tokens representing assets, on a unified ledger, with smart contracts. The Institute of International Finance has convened 41 private sector institutions such as JPMorgan, Standard Chartered, Sygnum Bank, Visa, Mastercard, Citi, and HSBC.
XRP News: Token and XRPL In the Spotlight
While the initiative to revolutionize cross-border payments through tokenization doesn’t specifically mention XRP and XRP Ledger, the community believes Ripple’s technology aligns with Agora Project.
Ripple has focused on exploring the possibilities of tokenization on the XRP Ledger. In June, the company partnered with Archax to bring tokenized real-world assets (RWA) onto the XRP Ledger.
Moreover, the unified ledger concept resonates with Ripple’s Interledger Protocol (ILP), which connects banks and blockchains. This suggests a potential role for Ripple’s technology in the framework, if not XRP directly.
XRP community claims Ripple and BIS and several central banks have collaborated earlier for developments including central bank digital currencies (CBDC). Currently, Ripple CEO Brad Garlinghouse said that the company is seeking adoption in traditional finance.
XRP price jumped 2% in the past 24 hours, with the price currently trading at $0.58. The 24-hour low and high are $0.563 and $0.589, respectively. Furthermore, the trading volume has increased by 25% in the last 24 hours, indicating a rise in interest among traders.
Notably, Ripple is also a leader in remittance. If it captures 50% of the global remittance market, which is projected to reach $11.53 trillion in 2024 and $16.59 trillion by 2028, XRP price could even hit $5.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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