Crypto Headlines- Solana Finds It Difficult To Break Past $110, Retik Finance Scoots Past $7 Million, Shiba Inu Burn Rate Reaches New ATH
Solana has encountered difficulties in staying above the $110 mark over the past week, experiencing a 3.8% decline that brought its price to $104.5 as of writing.
Solana finds it difficult to break past $110
As the cryptocurrency market enters the early days of 2024, Solana (SOL) is facing a challenging phase, struggling to maintain a position above the $110 mark and trailing behind Binance Coin (BNB) once again. Solana has encountered difficulties in staying above the $110 mark over the past week, experiencing a 3.8% decline that brought its price to $104.5 as of writing. This drop caused Solana's market capitalization to decrease from $50 billion to $45 billion, positioning it as the fifth-largest cryptocurrency in the market. Despite the price dip, Solana's 24-hour trading volume saw a significant 16% increase, reaching $4 billion. Notably, Solana's weekly stablecoin trading volume surpassed Ethereum's, reaching $103 billion compared to Ethereum's $90 billion. This highlights Solana's growing influence in the stablecoin market. In terms of social activity, the SOL token witnessed a notable 76% surge in the past day, reversing a declining trend since December 24th. On the other hand, Solana's total open interest (OI) decreased from $1.3 billion to $1.26 billion in the last 24 hours. This dip in OI suggests possible closures or liquidations of approximately $40 million worth of SOL perpetual contracts. Data from Santiment reveals that the total funding rates aggregated by SOL currently stand at 0.08%, indicating the dominance of long-position holders over short-position holders at this price point. Meanwhile, SOL's Relative Strength Index (RSI) has been on a constant rise since December 30th, reaching a seven-day high of 77. High RSI levels suggest potential price volatility despite the majority of traders favouring long positions.
Retik Finance Scoots Past $7 Million: Investors Find What They Need
In contrast to Solana's recent struggles, Retik Finance has been making significant strides in the cryptocurrency market, crossing the $7 million mark in terms of total funds raised. This success can be attributed to the increasing confidence of investors who recognize the platform's unique value proposition. Retik Finance is not just another cryptocurrency; it represents a paradigm shift in the way people interact with finance. The platform aims to empower individuals by bridging the gap between the crypto and fiat realms, offering a comprehensive ecosystem that includes the Retik Wallet, DeFi Debit Cards, and Retik Pay. This ecosystem allows users to seamlessly transact, earn, and spend cryptocurrencies while promoting financial autonomy, governance, and user engagement. The $RETIK token serves as the backbone of this ecosystem, driving the platform's mission of democratising finance. With Retik Finance, users can enjoy enhanced security, accessibility, and privacy in their financial transactions, including cross-border payments. This unique value proposition has resonated with investors, resulting in Retik Finance's impressive fundraising achievements. As investors continue to recognize the potential of Retik Finance and the real-world solutions it offers, the platform is well-positioned for further growth and success in the cryptocurrency market. The ongoing success of Retik Finance is a testament to the demand for innovative financial solutions that cater to the needs of users in an increasingly digital world.
Shiba Inu Burn Rate Reaches New ATH: Community Optimism Persists
The Shiba Inu (SHIB) community has recently witnessed a significant increase in the burn rate of SHIB tokens, signalling continued optimism in the market regarding the token's future. According to data from Shibburn, a platform that tracks SHIB burning, the community burned approximately 33.88 million SHIB tokens in the last 24 hours alone. This represents a remarkable 906.27% increase in the burn rate compared to the previous day. To date, the Shiba Inu community has successfully burned a staggering 410.69 trillion SHIB tokens from the initial total supply. This burning process is carried out to enhance the value and utility of the SHIB token. Additionally, on the same day, the community moved 30.97 million SHIB tokens to an inactive wallet, further reducing the circulating supply. Notably, there was another substantial burn transaction that drew attention, involving the burning of 1 million SHIB tokens by an unknown address. These continuous efforts by the Shiba Inu community to reduce the token supply demonstrate their commitment to increasing the value of SHIB and strengthening its position in the crypto market.
In conclusion, while Solana faces challenges in maintaining its price above $110, Retik Finance continues to gain momentum, surpassing $7 million in funds raised and attracting investors seeking innovative financial solutions. Additionally, the Shiba Inu community's commitment to burning tokens reflects their optimism regarding the future of SHIB. These developments showcase the dynamic nature of the cryptocurrency market and the diverse opportunities it offers to investors and enthusiasts alike.
Click Here To Take Part In Retik Finance Presale
Visit the links below for more information about Retik Finance (RETIK):
Website: https://retik.com
Whitepaper: https://retik.com/retik-whitepaper.pdf
Linktree: https://linktr.ee/retikfinance
