The cryptocurrency market is experiencing its biggest decline in more than 10 months, and memecoins haven’t been spared. Top memecoins Shiba Inu (SHIB) and Bonk (BONK) have suffered double digits losses, with no bottom in sight yet.
Amidst this decline, many investors have turned to hedging with altcoins offering utility. Pullix (PLX) has been one of the major altcoins attracting investors with its unique DeFi features. Read on to find out why savvy investors have turned to PLX in these bearish times.
Shiba Inu (SHIB) Plunge Continues Despite Major Milestone
Shiba Inu (SHIB) transitioned into a meme coin with utility after it launched the layer 2 network, Shibarium, in August 2023. With more than 300 million transactions, Shiba Inu’s layer-2 blockchain solution, Shibarium, created a stir once more.
This new milestone comes after a productive month in which the network processed between 1.2 and 7.8 million daily transactions. In addition, the Shiba Inu wallet addresses on Shibarium exceeded 1.3 million, while total blocks were close to 2.8 million.
Despite these major milestones, the Shiba Inu coin has remained largely bearish. The price of SHIB has plunged by 9.5% on the weekly chart and as much as 22% over the last 30 days. Because of this price drop, the meme coin has dropped back to the $0.000008000 range.
Bonk (BONK) Falls Under Descending Trendline
Another memecoin that has experienced a significant shift in popularity is Bonk (BONK). In December of last year, BONK saw gains of over 1,500%, reaching an all-time high (ATH) of $0.00003416.
But ever since, the price of BONK has dropped below a significant trendline that is declining. Consequently, the memecoin has experienced a 25% decline on the weekly chart and a 45% decline over the past 30 days. The outcome is that BONK’s price has dropped back to $0.0000103.
DATraderGUY has indicated that the losses may persist in the upcoming days, even under this declining trendline. The price of BONK may fall as low as $0.000006500 if it is unable to break above this declining trendline.
Pullix (PLX) Set to Transform the Crypto Trading Market
While these memecoins have faced increasing bearish pressure, Pullix (PLX) has welcomed savvy investors who are turning to utility. Pullix has emerged as a potential leader in the DeFi market because of its unique range of features.
But what sets this new hybrid cryptocurrency exchange apart from rivals like Binance is that it lets users trade a variety of assets in one location. You can seamlessly trade cryptocurrencies, FX, commodities, options, and ETFs on Pullix.
Similarly, some OTC futures can be traded with collateral in the form of cryptocurrencies. The exchange also offers a multi-currency staking. Some of the coins that users can stake include Dogecoin, Ethereum and Bitcoin. The PLX token is a native token of Pullix.
Users of Pullix can also profit by trading and holding PLX on the network. For this reason, PLX has been the subject of much buzz in the DeFi market. Crypto analysts predict a 50x price increase for PLX due to a special project that has earning potential. PLX is being accumulated by investors due to its relative cheapness at only $0.10 per coin.
The recent decline in the crypto market has left many investors seeking alternatives. Pullix has emerged as the best option for SHIB and BONK holders as it provides major utility and the potential for massive surge in the coming weeks.
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