The first two weeks of May have seen several cryptocurrencies suffer significant losses in value. Dogecoin (DOGE) has dropped 5% while Shiba Inu (SHIB) has entered the consolidation zone.
Meanwhile, Collateral Network (COLT), which is currently in the first stage of presale, looks set to make 3500% gains as it revolutionizes the crowdlending industry.
Dogecoin (DOGE) Drops in the May Market Downturn
After making a significant surge in April, thanks to Elon Musk’s tweets, Dogecoin now looks set for a bearish trend after it dropped by over 5% in the current May crypto downturn. The crypto market has suffered a substantial decline in the last week with Dogecoin on the forefront of the losers.
At the time of writing, Dogecoin is trading at $0.071 having lost 4.22% in the past 24 hours. Dogecoin is also on a downward monthly trajectory. According to data from CoinGecko, in the last 30 days, the price of Dogecoin (DOGE) has fallen by 16.9%.
The discouraging performance of Dogecoin on the market is a good reminder of how volatile cryptocurrencies can be.
Amidst this bearish DOGE trend, investors are looking for alternatives such as Collateral Network, which is not only doing well in presale but also holds great promise for the future.
Shiba Inu (SHIB) Consolidating in a Narrow Range
Shiba Inu is currently consolidating within a narrow range in an attempt to accumulate strength for the next move. The price of Shiba Inu (SHIB) shows a major bearish pullback with a small possibility for a bullish breakout.
According to analysts, the two leading meme coins, Dogecoin and Shiba Inu look likely to be deep in the red zone within the next few days. The price of Shiba Inu has also been adversely affected by the current negative market sentiment caused by a growing number of tokens currently in a downward trend.
Shiba Inu is at present trading at $0.00000885 which means it has broken down the crucial support level of $00.000009. This is a risky drop as it is likely to scare off potential investors and trigger a selling frenzy.
The inability of Shiba Inu to maintain its support is very concerning to investors who are now migrating to other more promising projects such as Collateral Network.
Collateral Network (COLT) Surges with 40% Gains in Presale
While Dogecoin and Shiba Inu are struggling to stay out of the red zone, Collateral Network is rewarding investors with early gains in its presale. In just a few weeks since the launch of its presale, Collateral Network has surged 40% from the initial price of $0.01 to $0.014.
Collateral Network is a decentralized P2P lending platform that enables users to unlock the liquidity of their real-world assets and use it as collateral to borrow funds. It aims to revolutionize the crowdlending industry using blockchain technology.
On Collateral Network, borrowers can mint NFTs against the value of physical assets such as pieces of art, jewelry, real estate, and precious metals. The NFTs are fractionalized into smaller versions which means more than one lender can fund a loan using the same collateral NFT.
Lenders on the Collateral Network platform earn passive income in the form of a fixed interest rate paid every week. COLT token buyers also enjoy other benefits such as VIP Club registration and discounts on transactions done on the platform. Analysts predict a 3500% hike in the price of COLT in the next few months and the potential to exceed a price of $0.35.
For more information on Collateral Network visit the website, join the presale or join the community for regular updates.
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