The cryptocurrency market has been hit by a wave of selling, causing a drop in the overall sentiment. Dogecoin (DOGE) fell to its lowest level since January, along with Shiba Inu (SHIB), which reached a six-week low.
However, amidst the current market downturn, there is a novel lending platform emerging as a challenger – Collateral Network (COLT). The platform is poised for significant gains ahead of its presale, with predictions of up to 35x.
Shiba Inu (SHIB) Falls to a Six-Week Low Amid Market Downturn
Shiba Inu (SHIB) has experienced a decline in value, reaching a six-week low as a result of the current market downturn. The Shiba Inu (SHIB)/USD pair fell to $0.00001104 on Friday, after reaching a peak of $0.00001219 on Thursday.
This drop led to Shiba Inu (SHIB) falling below a key support level of $0.00001130, hitting its lowest point since January 25. Over the past seven days, Shiba Inu (SHIB) has experienced a 14% decline, causing its Relative Strength Index (RSI) to drop to a two-month low of 38.30, indicating a bearish and oversold trend for Shiba Inu (SHIB).
However, Shiba Inu’s (SHIB) trading volume is expected to increase with the upcoming launch of Shibarium layer 2 scaling solution. Shiba Inu (SHIB) supporters predict that SHIB will surpass its rival, Dogecoin (DOGE), and become the 10th most-valued asset by market capitalization.
Dogecoin (DOGE) Hits Multi-Month Low Due to Silvergate Sell-Off
Dogecoin (DOGE) experienced a sharp drop on Friday, following a sell-off by Silvergate, which has negatively affected market sentiment. Dogecoin (DOGE) reached a high of $0.08084 on March 2 but fell to an intraday low of $0.07424.
This decline has led to Dogecoin’s (DOGE) lowest point since January 9, and it has broken a crucial support level in the process. The chart indicates that Dogecoin (DOGE) briefly reached $0.0755, which coincided with the 14-day RSI going below its own support level.
Currently, Dogecoin’s (DOGE) index is at 34.80, which has historically been a stable floor at the 40.00 mark. Although the decline has somewhat eased, Dogecoin (DOGE) is still trading low, at $0.07589, at the time of writing.
Collateral Network (COLT): An NFT-Based Lending Ecosystem
Collateral Network (COLT) is a decentralized crowdlending platform that has the potential to revolutionize the archaic lending industry. People across the globe, who want to unlock cash from their physical assets, can benefit from Collateral Network (COLT) without suffering the long wait times and credit checks of traditional financial institutions.
Collateral Network (COLT) allows borrowers to mint their tangible assets into NFTs. These asset-based NFTs facilitate a peer-to-peer lending environment on Collateral Network (COLT).
The platform accepts diamonds, fine art, real estate, gold, vintage cars, fine wines, and other collectibles as collateral for loans. After they are minted as NFTs, lenders can fund the loans by purchasing fractions of the NFTs, entitling them to a share of the interest.
The ecosystem of Collateral Network is run by its native COLT tokens. The presale of COLT has started at $0.01, along with a growth projection of 3500%. COLT token holders will be eligible for the VIP members club, as well as staking, governance rights and more.
As the market continues to fluctuate, it is essential to consider the potential of emerging technologies and platforms like COLT to maximize investment success.
Find out more about the Collateral Network presale here:
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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