Crypto Market Updates: Shiba Inu (SHIB) Lead Dev says more burns are needed to move price, Polygon (MATIC) Supply on Exchanges at four year Low, RenQ Finance (RENQ) moves faster than Expected in its ongoing Presale.
The cryptocurrency market is constantly evolving, and there are always updates and news to keep up with. In this article, we will cover three major developments in the crypto market: Shiba Inu’s lead developer’s statement on price movement, Polygon’s supply on exchanges hitting a four-year low, and RenQ Finance’s progress in its ongoing presale.
Shiba Inu’s Lead Dev on Price Movement
Shiba Inu (SHIB) has been making headlines recently, with its meme-inspired cryptocurrency gaining a significant following among investors. However, its price has been struggling to gain momentum. According to the lead developer of Shiba Inu, the reason for this is that more token burns are needed to move the price.
Token burns are a process in which a portion of the cryptocurrency’s supply is removed from circulation, decreasing its overall supply and potentially increasing its value. The lead developer of Shiba Inu has stated that more token burns are necessary to decrease the token’s supply and drive up its price.
The Shiba Inu community has been eagerly anticipating a rise in the token’s price following the recent surge in SHIB burn numbers. However, despite the high burn numbers in the first half of April, the price of SHIB is still below the expectations of the community. In fact, March 2023 saw the strongest burn numbers since October 2022.
Furthermore, the Lead Dev of Shiba Inu recently stated that more burns are needed in order to have a significant impact on the SHIB price. This could be due to the fact that while the burn numbers may seem impressive, they may not have as much of an impact when measured in USD.
Polygon’s Supply on Exchanges at Four-Year Low
Polygon (MATIC) has been performing well in the crypto market, with its price showing strong growth in recent months. However, a recent development has caught the attention of investors – the supply of Polygon on exchanges has hit a four-year low.
According to Santiment, the blockchain scaling solution Polygon (MATIC) is currently experiencing its lowest levels of supply on exchanges in four years. As of the analysis, only 7.1% of the MATIC supply is sitting on exchanges, the lowest level since the cryptocurrency’s introduction in 2019.
This indicates limited selloff opportunities, which should bring comfort to investors. MATIC is currently trading at $1.12, up 0.51% in the past 24 hours but down over 1.75% in the past seven days.
Despite the recent dip, Polygon remains up by over 47% since the beginning of 2023. Santiment also analyzed Polygon’s mean dollar invested age, which represents the average age of each dollar invested in MATIC.
RenQ Finance’s Progress in Presale
RenQ Finance (RENQ) is a decentralized finance (DeFi) platform that has been gaining traction among investors. The platform’s ongoing presale has been progressing faster than expected, with the project raising $10 million weeks ahead of schedule.
RenQ Finance’s presale stage 6 is currently ongoing, with 1 RENQ being sold for 0.045 USDT. The next stage price is set at 0.050 USDT. As of now, the presale has sold 328,029,890 RENQ tokens, which is 86.09% of the total available tokens, set at 367,000,000.
With this presale, RenQ Finance has raised $10,612,565, which is 86.08% of the total hard cap of $12,327,500. The token sale has seen a massive response from investors, with the presale stage 6 selling out much faster than experts predicted. Investors who buy in at this stage have the opportunity to benefit from the significant price appreciation potential that the project offers.
The presale has seen strong demand from investors, with RenQ Finance offering attractive discounts for early investors. The platform’s lending protocol and NFT launchpad have also garnered attention from the DeFi and NFT communities, contributing to the project’s success.
Click Here to Buy RenQ Finance (RENQ) Tokens.
Visit the links below for more information about RenQ Finance (RENQ):
Website: https://renq.io
Whitepaper: https://renq.io/whitepaper.pdf
