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| Solana Falls 28.5 Percent from Peak and Ethereum Climbs 70 Percent on Year, Furrever Token Eyes Presale Return? |
Solana price has already fallen 28.5 percent from its peak, whilst Ethereum has risen by nearly 70 percent over the past year. So, what will happen to FURR beyond the presale?
Solana Market Value Decline, Challenges and Future Prospects
Solana, long regarded as a possible "Ethereum killer" because to its speedy blockchain capabilities and low transaction costs, has recently witnessed substantial volatility.
After peaking at US$203 in March 2024, this cryptocurrency fell sharply and is presently valued roughly US$145, or 28.5 percent.
This fall was caused by a mix of external market changes and internal flaws in its ecology.
Alan Santana, a well-known cryptocurrency expert, had previously identified concerning trends in Solana performance.
He mentioned it at He also stated that the larger crypto market, especially the drop in Bitcoin pricing, has aggravated the problem by lowering demand for Solana and contributing to its price reduction. Given his position, he even ventured to offer a short position on SOL for the futures market.
✴️ Solana 4X SHORT (222% Profits Potential)
— Alan Santana (@lamatrades1111) May 11, 2024
Solana peaked March 2024, together with Bitcoin.
One month later, April 2024, a market correction was confirmed. This is confirmed by the fact that support broke, in this case we have a "cap" pattern.
➖ Notice the shooting star,… pic.twitter.com/JKynUDENJd
Internally, Solana has experienced several challenges that have jeopardized its capacity to serve as a viable alternative to Ethereum, including network congestion, which has hampered transaction speed and scalability, both of which are critical components of its value proposition.
Additionally, differences among the creators of significant Solana-based enterprises have arisen, casting doubt on leadership and endangering community cohesiveness.
Despite these issues, Solana future remains a source of anxiety and excitement, particularly in comparison to Ethereum success.
While some analysts forecast a grim future, Franklin Templeton believes Solana has the potential to become the third largest cryptocurrency. The impending Breakpoint conference in Singapore may help boost investor interest and trust in Solana, but only somewhat.
Now is the Time to Recover When Ethereum Crawls?
So what about Ethereum? Despite its current trading price, which is almost 35% lower than its all-time high, the world second-largest cryptocurrency by market capitalization continues to show substantial upside.
Ethereum has seen a 70 percent gain in value over the last year, indicating its solid economic position and growing investor interest.
Interest rates, a key element affecting investment decisions, have lately steadied, with the Federal Reserve forecasting no more hikes this year.
This stability, along with prospects of lower interest rates as inflation falls, would most likely drive investor interest in risky assets like cryptocurrency, potentially raising Ethereum market value.
Significant advancements in the Ethereum network, particularly since the London upgrade in August 2021, have dramatically limited the supply of Ethereum.
This version not only streamlines transaction fee computations, but it also implements a system that permanently removes a part of transaction fees, known as the base charge, from circulation.
This process of "burning" Ether maintains its scarcity, laying the groundwork for Ethereum market value, albeit there is no particular limit to the maximum number of ETH that may be in circulation.
Furthermore, transitioning to the Proof-of-Stake (PoS) mechanism in September 2022 reinforces Ethereum commitment to sustainability and efficiency, cutting energy usage by about 99.95 percent.
Although the United States Securities and Exchange Commission (SEC) has indicated reservations about licensing ether-based ETFs in the near future, classifying them as securities rather than commodities, the situation is shifting.
The recent approval of a Bitcoin ETF and an Ether ETF in Hong Kong, as well as ongoing legal attempts by ETF issuers in the United States, may accelerate SEC approval, improving the accessibility and attractiveness of Ethereum investments.
Furthermore, Ethereum value extends beyond just being a money. The platform enables the development of decentralized apps (DApps), which are expected to expand significantly.
From 2023 to 2030, the DApps market is estimated to increase at a CAGR of 28%.
This expansion is being driven by the growing popularity of decentralized financial services, lending, and investment solutions, establishing Ethereum as a leading digital asset currency.
Furrever Token Holds Competition with Prizes of US$ 20 Thousand
In the midst of the main crypto market swings, Furrever Token offers a one-of-a-kind chance for Solana and Ethereum holders to compete for a total reward of US$20,000.
Furrever Token (FURR) is a new cryptocurrency project in the meme coin space. It features photographs of charming and lovely cats. It even comes with an NFT using a similar motif.
FURR is now in the presale stage, with early investors receiving 65 percent of the entire supply of about 9 billion at a price of around US$0.000648.
Participants in the tournament, which offers a total reward of US$20,000, must acquire the largest total purchase amount of FURR tokens over an 18-day period beginning May 9 2024 and ending May 27, 2024.
"The total prize pool of US$20,000 will be distributed among the top 10 buyers, with the top buyer receiving US$5,000, followed by a decreasing amount for subsequent positions," according to the official website.
