New update before the weekend on news and price analysis: today we analyse the cryptos Solana (SOL), Pepe Coin (PEPE) and Polygon (MATIC).
Let’s take a look at the most relevant news for these 3 projects and see if the Memecoin trend is finally coming to an end.
The most important news about the Solana, Pepe Coin and MATIC cryptos
Starting with the most relevant news from the crypto world, it is interesting to note Solana’s latest initiative called the “Solana NFT showdown“.
This is an event where entrepreneurs from the Web3 world are invited to collaborate with industry experts in an NFT competition.
Solana is looking for new Non-Fungible Token brands to create new real-world products in areas such as fashion, entertainment, games and creative agencies.
Entrants must propose their idea through an NFT brand, which will be evaluated by a panel of judges based on the innovation of the product presented and the feasibility of the business plan.
As far as Pepe Coin is concerned, the news that caused the most stir between yesterday and today was the heated clash between the memecoin community and that of Coinbase.
In fact, the cryptocurrency exchange decided not to list PEPE for the time being, and at the same time sent an email to its customers stating that the crypto was a symbol of alt-right hate speech.
In response, supporters of the crypto, which is based on the Pepe the Frog meme, publicly attacked Coinbase on Twitter, circulating the hashtag #deletecoinbase, which trended yesterday with 14,000 tweets.
Finally, speaking of Polygon, yesterday it announced a partnership with Securitize, a company that digitises the issuance, management and trading of real-world assets.
Using Polygon’s blockchain technology, the company is tokenizing the Senior Credit Opportunities Fund “SCOPE” of Hamilton Lane “Hamilton Lane“, a private markets investment firm (Nasdaq: HLNE).
Hamilton Lane launched its Senior Credit Opportunities Fund (“SCOPE”) in October 2022, and is now making a portion of the vehicle available to retail investors through Securitize’s feeder fund.
This is great news and will likely incentivise new providers to issue tokenized credit funds in the coming months, extending the potential of blockchain and widening access to credit for many.
Price analysis of Solana (SOL), Pepecoin (PEPE) and Polygon (MATIC) cryptos
On the speculative front, we start our price analysis with the crypto SOL which, like the rest of the altcoin sector, is showing weakness in price action.
SOL is currently trading at $20.19, with a capitalisation of almost $8 billion and volume of $389 million in the last 24 hours.
If the crypto were to fall below $20, it could quickly reach the $18 area, and if that level fails to hold as support, the $26-$18 range hypothesis could be cancelled and the price could return to post-FTX collapse levels.
For now, the situation is still uncertain: if the macroeconomic situation were to improve in the face of a decline in US inflation, we could see a new flow of capital into the crypto market, pushing the SOL price towards local highs.
As for MATIC, the situation seems to be slightly better.
Despite the continuous fall since the 18th of February, the day the crypto started its descent from $1.48 to the current $0.84.
Taking a closer look at the Relative Strength Index (RSI) indicator, we can easily see that MATIC is in the oversold zone and therefore easily susceptible to a reversal and an uptrend on a daily time frame.
This could be the right opportunity to go long in the short term, given that the main trend is still bearish.
The market capitalization of Crypto Layer 2 is $7.8 billion and the average volume over the last 24 hours was $436 million.
Finally, PEPE, the token most loved by the ‘degens’ of the crypto world, is in obvious trouble, threatening to undo all the gains of the past few weeks.
The Memecoin is currently trading at $0.00000126 per unit, with a capitalisation of around $500 million and an average trading volume of around $783 million over the last 24 hours.
The token is now close to the local high of the 2nd of May, which could act as support with the RSI unloaded, and push the price of PEPE higher.
However, with such a short history, technical analysis is still a long way off, especially when we are talking about a token that is only alive thanks to the speculative manoeuvres of traders and not a technological project.
In the short term, a bullish push could easily take place, but it is likely to be halted by the formation of a lower high above the 10-period moving average and the continuation of the formation of a bearish pattern, unless the FOMO for memecoins regains the upper hand in the markets.
Pepe loses 70% from highs: is the memecoin trend coming to an end?
PEPE is currently losing around 70% from its highs, wiping out almost 1 billion in market capitalization in just one week of trading.
On the speculative side, there seems to be no new bullish attacks after the crypto fired all its shells after being listed on major exchanges such as Binance and Okx.
Despite the Pepe community declaring war on Coinbase, traders do not seem to have taken kindly to the platform’s decision to inform its customers of the supposed significance of the ‘Pepe the Frog’ meme symbol.
Perhaps the absurd memecoin trend has come to an end, but unfortunately there are still factors that keep the hypothesis of a continuation of the fomo alive.
First and foremost, many other meme-based tokens have emerged in recent days, attracting a lot of attention on the crypto markets, most notably the Milady Meme Coin ($LADYS), which gained X20 of its value in just 48 hours.
Today, this shitcoin is losing 60% of its value from yesterday afternoon’s highs, but still NFTs related to the topic and other similar tokens are popping up, which tells us that public attention is still high.
To add insult to injury, Tron founder Justin Sun announced yesterday that he will begin actively trading Memecoin and will donate any profits to charity.
Given the value of the individual’s wallet and his penchant for doping the markets with speculative actions, we can expect a lot of shitcoin price manipulation.
Remember that Justin Sun remains the prime ‘suspect’ in the destruction of the Terra Luna ecosystem in the deliberate attack that led to the withdrawal of the UST stablecoin and the failure of the project.
Despite his smiling, angelic face and fine words, the founder of Tron represents one of the most greedy and despicable individuals in the cryptocurrency world, who has never had any qualms about destroying and attacking anything that does not positively affect his personal wealth.
Brace yourselves traders and do not be fooled!
Source: https://en.cryptonomist.ch/2023/05/12/latest-crypto-news-solana-pepe-coin-matic/