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Although Solana and Arbitrum have made headlines over the last month, their returns have been extremely mixed. Both projects posted gains in early February, though have since crashed.
Instead of swing trading these altcoins, investors are now looking at a new meme coin whose presale is ongoing.
Arbitrum flips Ethereum in derivatives volume
According to data from DefiLlama, Arbitrum’s weekly derivatives volume hit an all-time high of $18 billion.
This is a significant milestone for Arbitrum investors and has triggered a surge in the project’s daily trading volume.
In total, this increase marked a 17% uptick in derivatives volume and helped Arbitrum pass Ethereum, which had a volume of $9 billion during the same week.
According to cryptocurrency experts, this shows Arbitrum’s potential and could be a sign that the project could dominate the DeFi market in the future.
However, despite its daily trading volume increasing by 87.58% to $715 million, Arbitrum’s price is down. Presently, data on CoinMarketCap shows that Arbitrum’s price is down by 6.65% over the last 24 hours, taking Arbitrum to $1.87.
Solana may fall
After a strong bull run pushed Solana’s price to $118, the popular altcoin has faced a significant decline. Over the last week, Solana’s price has crashed by 11%, and Solana has dropped by 6.7% over the last 24 hours.
According to experts, this decline has been triggered by buyer exhaustion.
Despite crypto bulls trying to push Solana past its resistance of $120, the project has dropped to just $102. Now, as selling pressure builds, some analysts fear that Solana could drop below $100.
This could cause SOL to crash to $95, during which Solana’s trading activity could also decline.
Investors exploring KangaMoon
KangaMoon investors remain extremely bullish despite the recent bearish market trends.
The meme coin distinguishes itself from other projects with its P2E social-fi hybrid platform. It will let users engage in exciting P2E gameplay, while also rewarding users for their social activity.
Unlike many meme coins that rely on market hype, KangaMoon looks to create a bustling community of DeFi enthusiasts.
To achieve this goal, KangaMoon will reward socially active players with KANG tokens. Furthermore, investors who help to promote KangaMoon will be granted additional tokens during the KangaMoon presale.
These rewards will be combined with challenges to give users a plethora of new earning opportunities.
KangaMoon is currently in stage 2 of its presale and KANG tokens are selling at $0.0075. So far, there are over 2,000 presale participants.
With the P2E NFT game market expected to grow 93% annually, KANG holders remain hopeful.
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Source: https://crypto.news/solana-and-arbitrum-traders-diversifying-portfolios-with-new-meme-coin/