TLDR
- Solana’s (SOL) altcoin price tanks as other SOL metrics keep dropping.
- Bubbling Ethena (ENA) hits a stumbling block as investors doubt the yield farming protocol.
- Milei Moneda ($MEDA) offers DeFi on memes for longevity and relevance.
It’s too bad that the entire crypto market is down at such a crucial moment. Investor confidence wasn’t particularly high in most top altcoins, and the bearish dip has made even more traders shy of many of the top crypto coins. Well, since you might be stuck for options, we have some insight on tokens where you might want to buy the dip for profits. Solana (SOL) and the new coins Ethena (ENA) and Milei Moneda ($MEDA) are standing by to take your calls.
Economize Like Milei: Invest in $MEDA!
Everything on Solana Drops as Open Interest Loses $440 Million
It’s been a rough week, and considering how the month started, it’s hard to imagine the crypto market would be in such a crisis. The Bitcoin halving was supposed to be the herald of all things bullish, but somehow, even the top DeFi coins like Solana are tanking. SOL is down over 20%, and SOL investors have not looked as desperate since the big dip in 2022.
For now, Solana developers are focused on getting the mainnet decongested, as the meme coin rush brought unwanted attention from crypto bots. That won’t do much to the tanking market, though, as the Open Interest on Solana is still in a steep nose dive after losing about $440 million in the past few days.
Some analysts think the SOL price can make a comeback, but only if the bulls hold firm. SOL reached its ATH in February, and it has since shed over 40% of it. At the moment, the future of Solana’s (SOL) token value depends partly on any rally from Bitcoin’s halving.
Investors Compare ENA’s Yield Farming to the Failed Terra Project in 2021
The crypto-verse saw a new token join the top DeFi projects this year. Ethena launched to introduce a new yield farming feature for investors. Ethena’s ENA airdrops were widespread in the market prior to the launch, and a few days after the launch, Ethena was already 60% up from its opening price.
Enthusiasm like that is hard to come by for even the best DeFi coins, but there’s a small issue. The yield farming in Ethena uses a USDe stablecoin and offers 37% APY, a truly shocking figure. Investors are forced to remember the Terra project in 2020 and its 20% APY percentage and wonder if Ethena is headed on the same path.
That and the underwhelming crypto market might be the reasons behind ENA’s recent stutter. ENA was trading at 50% profits, but the last few days have been hard on the DeFi sector. Only time will tell if ENA will follow the same bearish trends.
Milei Moneda: Hope for Profits
Forget yield farming and airdrops because even those are not standing up in the current bearish onslaught. When all fails, it’s time to turn to meme coins.
Milei Moneda is fielding a philosophy for DeFi campaigns worldwide. $MEDA has accumulated a massive following on social media, and the token is looking to circulate its memes till they get to the lawmakers who can change policies. Milei Moneda sees DeFi as the way for economic freedom, and the meme coin will leverage its reach to spread the word.
And not only in memes, but in real-life utility. Like many other meme coins, Milei Moneda will have a community to develop the $MEDA ecosystem with the best DeFi projects to drive traffic–and profits–to the platform. Through innovative governance proposals, $MEDA token holders will get to partake in decision-making on Milei Moneda’s network.
Of course, all that effort won’t be for nothing. Milei Moneda users will have exclusive access to a horde of new, trending NFTs and crypto events–for the top holders. Also, the best governance proposals will attract incentives courtesy of the $MEDA project.
Now, the best part. You can access all of these benefits and more if you get started on the $MEDA presale today. The tokens are 25% up from their Stage 1 price already, trading at $0.0125 and offering an ROI of about 60% when Milei Moneda launches on the 21st of May!
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