The post Analyzing The Performance Of Top Three Defi Coins This Week appeared on BitcoinEthereumNews.com.

The DEFI sector has taken a hit this week as two out of the top three Defi coins slumped over 17%. The broader crypto market is also showing signs of weakness which might have added fuel to the price drop in the DEFI tokens.  Kadena, Spell tokens and Uquid Coin are the top three Defi coins, respectively, in the DEFI sector by market capitalization. Through the week, Kadena crypto dropped over 17.35% and Spell Token dropped over 18.89%, while Uquid Coin managed to survive this week, maintaining a 0.54% gain. Kadena Crypto Kadena is known for its public proof of work blockchain. It achieves high throughput by integrating two distinct consensus mechanisms: a Directed Acyclic Graph (DAG) and proof-of-work. It scales efficiently from a single blockchain to an unlimited number through its DAG structure, which is fixed and operates across multiple channels.  Moreover, the trend analysis highlights that KDA crypto has been in a bearish trend since April 2024. The key 50 and 200 day EMAs have been acting as dynamic resistance levels as the price suffered multiple rejections. This week, the crypto suffered rejections from the 50 day EMA, losing over 17%. Kadena crypto ranks 266th in the cryptoverse with a market capitalization of $163.92 Million (press time). The volume inflow surged by 21.37% to $7.74 Million a day. Out of one Billion KDA tokens, 27.8% i.e. 278.497 Million tokens are in the circulating supply at the moment Spell Token (SPELL) Spell Token (SPELL) serves as the incentive token for abracadabra.money, a lending platform that utilizes interest-bearing tokens (ibTKNs) as collateral for borrowing Magic Internet Money (MIM), a stablecoin pegged to the US dollar. Users can earn SPELL by providing liquidity to various pools. Additionally, staking SPELL allows participants to earn a portion of the platform’s fees, including interest,…

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Filed under: News - @ June 21, 2024 9:18 pm