The post Sharp Drops for Solana and Doge, DIGI Poised for Growth in Next Phase appeared on BitcoinEthereumNews.com.

The recent decline in Bitcoin’s price has had a ripple effect across the cryptocurrency market, hitting major tokens hard. Dogecoin has seen a significant drop this week, losing its bullish momentum. Solana, which had a spectacular rise in late July, nearing $200, has also faced a sharp downturn. In contrast, Digihorse’s DIGI token, currently in its presale phase and listed at $0.003333, is attracting considerable attention. Predictions suggest that the token will see a significant increase by the time it reaches stage 2 of its listing. Solana Faces Severe Price Drop Solana’s price plummeted over 36.72% within a week, with key trading sessions on August 1st and 3rd marking significant losses. Initially, the cryptocurrency dropped more than 10% to around $150, largely due to traders liquidating positions—over $22.44 million in both long and short bets, with longs suffering most amid a bearish outlook. The downturn continued on August 3rd, with an additional 8% loss in just 24 hours, pushing Solana below the crucial $157 support level. This breach deepened market pessimism, hinting at a potential fall towards $120. Dogecoin’s Intense Sell-Off Pressure Dogecoin has experienced a turbulent period, with substantial liquidations shaking its market over the past two days. According to Coinglass, approximately $360 million in Dogecoin trades were erased, including a significant disparity between long and short positions—$299 million of longs and $59.07 million of shorts were liquidated.  The past 24 hours were particularly harsh, with $246.84 million in longs wiped out, starkly contrasting with $35.16 million in shorts, reflecting a prevailing negative market sentiment. The impact on Dogecoin’s value is evident, as it has declined 35% over the last week, now trading at $0.08655. Analysis of wallet activity indicates that while 74% of active Dogecoin wallets are currently ‘in the money,’ the remaining 25% are at a loss.…

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Filed under: News - @ August 8, 2024 2:26 am