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One thing about crypto is that it always comes back up, even after taking the strongest punches; but can the same be said about Solana crypto? The "king of meme" tokens is on a free fall, slipping past key support levels in the last two weeks.
At this point, it really looks like it might be too late before buyers seize control, leaving Solana crypto on the brink of a market crash. But, another thing about crypto is that when one goes into smoke, another arises from the ashes.
Panshibi, a new meme coin, is gaining solid market ground and a strong following from the crypto community. The Asian-backed project has seen back-to-back price bumps since the start of the year and is bound to see a major rally once it secures approval to be listed on Coinbase.
Could Solana crypto be heading for a market crash while this new Asian meme coin continues to see more upward price movements? Let's find out.
Solana Crypto, Heading For Market Crash?
Solana crypto experienced a 41% drop in a month, hitting a new five-month low. This erratic price trend can be linked to recent controversies surrounding celebrity-backed meme coins, especially the LIBRA case.
The token’s market cap soared to nearly $5 billion before plummeting, prompted by a promotion from Argentine President Milei, which has incited public outrage and led to an investigation. This unfortunate event spurred investors to liquidate their assets, especially meme-related projects on the Solana chain, as fear gripped the market. As of today, analysts believe meme coin trading on the platform’s blockchain may be over.
Adding to the token’s woes, the open interest for Solana futures has declined by 44% over the past month, dropping from an all-time high of $6.39 billion to just $3.57 billion today. This sharp drop hints at declining investor confidence and a fading interest in leveraging Solanapositions.
Furthermore, data from CoinMarketCap paints a similar picture, showing that trading volume has dropped 18.81% in the last 24 hours, representing only $5.32 billion of Solana’s total market cap of $70.46 billion.
Currently, Solana buys and sells at $141.54. Analysts have identified the $135 support as a key support. According to them, if this support fails to hold for Solana crypto, the next level could fall below $100, representing a market crash of more than 29% from its current price.
More Upward Price Movements For Panshibi
This new meme-based project, inspired by Asian culture, features a Panda mascot and a growing community of supporters that are sheltered in the Bamboo Valley. In the valley, early adopters of the SHIBI token enjoy benefits such as 1,200% APY staking rewards per annum and access to the exclusive VIP Bamboo Club.
The Panshibi roadmap for this year has four phases, featuring several key milestones. Some of these include launching its staking platform, charity partnerships for Panda conservation, and a major marketing push targeting centralized exchanges. These strategic rollouts have fueled investor confidence and contributed to Panshibi’s recent price bumps.
Given its backing of the Asian community and surging popularity, analysts predict that Panshibi could rally up to 45,000% once it secures approval to trade on the platform.
At launch, Panshibi’s listing price will be $0.026, but early adopters currently enjoy a lowered price of $0.005 per token. Investors who entered early already have 2.5x their initial investments; with the official launch only a few weeks away, those who hold onto SHIBI tokens could potentially see 1,200% gains.
Join the Panshibi presale today for $0.005 per token;
Telegram: https://t.me/panshibi
Twitter: https://x.com/panshibi_
Website: https://panshibi.com
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
