The major Layer-2 digital currencies, including Mantle (MNT), Arbitrum (ARB), ImmutableX (IMX), Polygon (MATIC), and SKALE (SKL), have experienced notable declines recently. This trend indicates that Solana rivals whales may be offloading their assets in anticipation of potential market changes due to the expected Bitcoin halving in April 2024. Such strategic sales are affecting the market, suggesting a bearish outlook as the halving event nears.

1. Mantle (MNT)

Mantle (MNT), an Ethereum layer 2 platform, has recently captured attention in the crypto sphere. Impressively, the Mantle coin has surged by 170% since the year began. Over the last month, ARB has risen by 20%. 

The coin’s market capitalization now stands at $4.2 billion. Starting from a modest $0.75 in early March, it reached a peak of $1.51 in the second week of April, setting a new all-time high.

Mantle price chart

However, following this peak, Mantle experienced a correction with a modest decline of 0.89% over the last day. Currently, the Mantle price trades at $1.30. This recent price movement comes ahead of the anticipated Bitcoin halving, a period that often sees significant market activity. Additionally, Mantle has introduced the Mantle Reward Station, a new feature that offers incentives for token staking.

2. Arbitrum (ARB)

Arbitrum (ARB) continues to enhance the Ethereum network. This leading layer-2 solution employs optimistic rollups to improve transaction speed, scalability, and cost-efficiency. 

Despite a recent slight downturn of 3% in its price, ARB maintains a strong annual gain of 21%. This growth is reflective of a broader trend of increasing total value locked within the platform, highlighting its expanding influence and adoption. At the time of writing, Arbitrum’s price is trading at $1.41, with a notable decrease over the past 24 hours.

3. Immutable (IMX)

Immutable (IMX) is establishing itself as a leading layer-two scaling solution for NFTs on the Ethereum blockchain, specifically addressing scalability limitations, suboptimal user experiences, and protracted development cycles. In the past 24 hours, the price of Immutable has fallen by more than 3%, now trading at $2.57, which points to a bearish trend. 

Despite this recent dip, over the past year, IMX price has enjoyed a substantial growth of 140%. Currently, it is ranked 34th on CoinMarketCap with a market cap of $3.6 billion.

4. Polygon (MATIC)

Polygon (MATIC) plays a crucial role as an essential interoperability and scaling framework that boosts Ethereum’s functionality. This platform supports Ethereum by incorporating a network of sidechains, which significantly improves scalability and reduces transaction costs. 

Over the last month, MATIC has seen a remarkable 40% increase in value. However, recent trends show a downturn, with Polygon price now at $0.8796 after falling below the $1.00 mark. This recent change places Polygon at the 17th position in market capitalization, which currently stands at $8.7 billion.

5. ​​SKALE (SKL)

The SKALE network is designed as a modular blockchain network that enhances the scalability of Ethereum. It is the only network capable of supporting an unlimited number of fast, on-demand blockchains with pooled security and without imposing gas fees on end users. 

SKALE price chart

These blockchains, known as SKALE chains, can be tailored for specific decentralized applications or shared among multiple apps. Currently, SKALE’s price has seen a decrease of 4.17% over the last 24 hours, now valued at $0.1129. This positions it at 135th on CoinMarketCap, with a total market capitalization of $603 million.

Bottom Line

The cryptocurrency market is bracing for significant shifts as the Bitcoin halving approaches. Key players and investors are making strategic moves, impacting prices and market stability across several prominent Layer-2 platforms.

The post 5 Solana Rivals Whales Are Selling Before BTC Halving In April appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am