In the past few weeks, the cryptocurrency industry has been experiencing a difficult period, with Bitcoin (BTC) and Ethereum (ETH) – the two largest digital currencies by market capitalisation – leading a bearish charge.
Analysts are now predicting how much further Ethereum could decline if the market continues to pull back. While Solana (SOL) sees a surge in activity despite a drop, the new meme coin DogeMiyagi (MIYAGI) is creating a buzz in the crypto market.
Ethereum’s bearish trend persists
Ethereum (ETH) could hit the mid-$1,500s range if the bearish trend persists, according to cryptocurrency analyst Josh Rager, who shared his observations via a tweet and a chart on May 11. Currently, Ethereum is trading at $1,755.17, down 3.62% in a day, 7.45% in a week, and 6.27% in a month, based on the latest data retrieved on May 12.
Earlier, Ethereum breached an essential demand wall at $1,850 – $1,905 but failed to hold on to this critical support zone, which could result in a further decline towards the next significant demand area at $1,570 – $1,630, as per crypto market analyst Ali Martinez.
Despite the bearish trend, the member community at CoinMarketCap, a crypto monitoring website, is optimistic about Ethereum’s future performance. They predict that Ethereum would trade at $1,834.84 by the end of May, with over 90% historical accuracy, similar to the predictions reported by Finbold on May 11.
Drop in Solana’s Earnings
Solana (SOL) has had a rocky journey in the past, with frequent downtimes and prominent NFTs migrating to other protocols, putting it at a disadvantage. Despite this, the network has seen a surge in activity, but it has not been able to match the performance of competitors like Ethereum (ETH) and Arbitrum (ARB). Based on information provided by Token Terminal, there was a decrease of 17.9% in Solana’s total earnings within the past 30 days.
However, despite the drop in earnings, there is still progress being made on the Solana network. The number of code commits on GitHub has continued to increase, indicating that new upgrades and updates are in the works.
The potential upgrades and updates on the Solana network may have the capability to entice new users, which could lead to an increase in revenue. This could help Solana to compete with other significant protocols in the cryptocurrency industry.
DogeMiyagi thrives in Crypto Winters
DogeMiyagi (MIYAGI) is a cryptocurrency that is centred around the famous Mr. Miyagi character from the Karate Kid franchise. Its playful design and strong community support have made it a popular choice on the Ethereum blockchain. The platform’s governance structure is based on a decentralised autonomous organisation (DAO), making it well-suited for the DeFi web 3.0 future and allowing for easy integration with other DeFi apps.
The platform’s team of developers works closely with the community to continually improve the platform. In addition to offering DogeMiyagi NFTs, the cryptocurrency also allows for cross-border payments. Its proof-of-stake consensus mechanism is based on the economic cost of staking coins, rather than the computational expense, which is often inefficient and environmentally taxing.
The crypto industry is known for its volatility, and many have struggled to endure the “crypto winters” that occur from time to time. However, Mr. Dogemiyagi has shown that resilience is crucial in surviving and thriving in this unpredictable market, thanks to his latest MIYAGI tokens.
By using MIYAGI tokens as the core principle, DogeMiyagi has formed a community that shares Mr. Dogemiyagi’s core values of supporting each other, trading NFTs, discussing crypto topics, and creating amusing memes. The DogeMiyagi token functions as a peer-to-peer cryptocurrency, allowing users to conduct cross-border payments, purchase NFTs, manage the network, and more.
What distinguishes DogeMiyagi from the rest is its blockchain architecture, which is 100% community-led, decentralised, and secure. After the token release, ownership is relinquished, and the platform evolves into a complete Decentralised Autonomous Organization (DAO). The best part is one gets a 10% commission on referrals. Who does not love Free Crypto? Dig right in before the offer ends.
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WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido