The post Polkadot And Ethereum Takes A Dive Following ETF Approval But Raboo Continues To Make A Splash appeared on BitcoinEthereumNews.com.

Polkadot’s outlook remains uncertain after a treasury report revealed an annual net loss of $108 million while Ethereum ETFs are seeing net outflows after Ethereum’s price dropped. Meanwhile, Raboo continues its upward trend in Stage 4 of the presale, with over $2 million raised so far. With forecasts of 100x returns upon launch and a flash sale offer doubling the automatic stage bonus from 10% to 20%, Raboo has now been tipped as one of the best cryptos to buy in 2024. Polkadot faces scrutiny over $87M spending spree and user backlash Polkadot, a key Ethereum competitor, has drawn attention with its latest treasury report, revealing $87 million spent in the first half of the year. This expenditure is double that of the previous six months, raising investor concerns. Critics worry that Polkadot’s extravagant spending mirrors the pre-collapse habits of FTX. The public backlash against Polkadot’s financial practices has been significant, especially regarding the nearly $5 million spent on influencer marketing. Observers argue that Polkadot’s visibility does not match its investment, with expensive contracts with agencies like EVOX and Lunar Strategy failing to deliver expected results. Extravagant expenditures, including a $500,000 payment to CoinMarketCap for an animated logo and the use of branded private jets, have been heavily criticized as wasteful. Concerns extend to the functionality of Polkadot’s DeFi services, which have been criticized for being non-existent or limited compared to Ethereum and Solana. Governance issues have also emerged, with resources reportedly being misallocated by individuals exploiting the treasury. With Polkadot currently trading below $6 alongside a Sharpe ratio of -0.99, indicating poor risk-adjusted returns, Polkadot faces a potential drop below $5 if current trends continue. Ethereum faces downturn amid ETF outflows and market uncertainty Ethereum ETFs experienced significant net outflows of $133.16 million as early as the second trading…

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Filed under: News - @ July 28, 2024 7:26 am