$BURN token took its entry in the crypto market that at present shows the token is following a bearish trend in the market. According to CoinMarketCap, there are 24,630 cryptocurrencies in the market. The global crypto market cap is at $1.14 trillion, showing nearly 2% of growth over the last day. Meanwhile, the total crypto market volume over the last 24 hours is $31.28 billion, which makes a 37.72% increase.
The total volume in DeFi is currently $2.07 billion, 6.61% of the total crypto market 24-hour volume. The volume of all stable coins is now $29.38 billion, which is 93.94% of the total crypto market 24-hour volume. Moreover, the dominance of Bitcoin is currently 46.45%, an increase of 0.15% over the day.
$BURN Token: the New Comer in Crypto Market
At press time, $BURN token is trading at $0.0000008796, having a 24-hour trading volume of $1.11 million. $BURN is down 2.92% in the last 24 hours, while its current market cap is not available. The token has a max. supply of 20.28 trillion BURN coins.
As shown in the above chart, the 24-hour price performance of the BURN coin noted low at $0.0000008076 while high was at $0.0000009695. As the coin is new in the market, thus judging this new coin on its recent price performance is quite unfair.
Although, as the crypto market is volatile in nature, the price performance can’t be predicted by anyone. But the past performance of cryptocurrencies can help in making a rough judgment regarding the price performance. As BURN token is new in the market and does not have a long price performance chart, its price analysis is limited within just a few days.
After its launching in the crypto market, $BURN token showed negative sentiments that can affect its value. And due to the negative trend of BURN token, many of the investors may stay away to choose this token as an investment.
As CoinMarketCap noted, $BURN token is an experiment that is meant to emphasize the advantages of SmarDex’s liquidity pools over its rivals such as UniSwap. It will use a humorous approach.
$BURN tokens will be offered as liquidity (or available funds) against other meme coins on SmarDex and will never be dumped. Therefore, “most people who trade meme coins will inevitably be arbitrated by bots on the SmarDex protocol,” as the crypto price analysis platform further added.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/23/new-coin-alert-bearish-trend-of-burn-after-its-launch/