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Shiba Inu's Shibarium, a successful layer-2 network, faces a decline in daily transactions in 2024, raising concerns for Shiba Inu (SHIB). Shibarium's strategy involves converting transaction fees to SHIB and burning tokens to boost value. Despite 410 trillion SHIB burned, a market crash on January 3 led to a significant drop in its price.
NuggetRush (NUGX) is a GameFi project designed for play-to-earn gaming enthusiasts, offering a unique and rewarding experience. Players build and expand mining operations, acquiring character NFTs and machinery. Advanced gameplay allows the purchase of better NFTs and equipment on the marketplace.
Renowned analyst Ali Martinez highlights Polygon (MATIC) forming a bullish symmetrical triangle, aiming for $1.25. Despite recent momentum, a January 3 market crash led to a sharp drop, with MATIC trading at $0.882 on January 4. Analysts suggest caution, stating MATIC needs to reach $0.972 for renewed bullish prospects.
Shibarium experienced a post-2023 slowdown as daily transactions dropped, impacting Shiba Inu (SHIB). Meanwhile, NuggetRush (NUGX) garners attention with its innovative GameFi project, currently in round 4 of the ICO, valued at $0.015. Polygon (MATIC) faces challenges post-market crash, trading at $0.882, down 12.73% in the past week. Will Shiba Inu and Polygon recover to offer high profits like NuggetRush? Let's explore here.
Shiba Inu's (SHIB) layer-2 network Shibarium recorded a massive success at the end of 2023 and crossed multiple milestones in the process. Nonetheless, the platform seems to be cooling off since then, and Shiba Inu (SHIB) seems bothered by this development.
Data published by the Shibarium Explorer highlights that daily transactions on the platform have plummeted since the start of the year. The number of daily transactions on Shibarium has become more important since its role in Shiba Inu's (SHIB) growth became clear.
The Shibarium team now converts some transaction fees to Shiba Inu (SHIB) and then burns those tokens. Shibarium's token burn strategies ensure more transactions translate to more Shiba Inu (SHIB) burns.
These Shiba Inu (SHIB) burns can positively impact the crypto's price since its value might surge as more coins are removed from circulation. So far, more than 410 trillion SHIB has moved to Shiba Inu's burn wallet, with Shibarium accounting for most of it.
However, an abrupt market-wide crash on January 3, 2024, caused the crypto to implode. On January 4, Shiba Inu (SHIB) was trading at $0.000009729. Experts say SHIB will rise to $0.000009950 by the end of January, supported by the increased burn rate.
NuggetRush (NUGX) is a GameFi project that was developed for P2E gaming enthusiasts who are seeking a break away from the traditional options. NuggetRush (NUGX) offers an advanced approach to P2E gaming that tests a gamer's managerial skills and decision-making. Its gameplay is fun, realistic, and challenging. However, it offers many rewards that have significant financial value.
While using NuggetRush (NUGX), gamers need to build and expand a mining operation to survive and advance to higher levels. Players initially get several character NFTs and limited machinery to go on mining operations. These coolest NFTs also consist of miners with years of experience and professional entrepreneurs.
As gamers advance in this NuggetRush (NUGX) game, they get character NFTs with better mining equipment and higher skills. They can also buy advanced characters and machinery on NuggetRush's (NUGX) marketplace.
Special NFT characters called RUSHGEMS are available. Gamers can swap their RUSHGEMS for physical gold. On that note, NuggetRush (NUGX) partnered with gold merchants to deliver gold to the players' designated destinations.
Considering the hype surrounding NuggetRush, investors are surprised that its NUGX token is yet to launch. NuggetRush's blockchain ICO is currently in round 4 of the presale, valued at $0.015 and selling out fast. Many are looking forward to the end of the presale when NUGX will trade at $0.020, a 33.33% profit for current investors.
So far, the project has raised $1.55 million after selling 134 million NUGX tokens.
Ali Martinez, a renowned crypto analyst, highlighted that Polygon (MATIC) had formed a symmetrical triangle that could help push it above $1.255. Based on market charts, Polygon (MATIC) seemed to be breaking out from the upper trend line, indicating the possible start of a new uptrend.
In the last 30 days, Polygon (MATIC) was displaying a bullish Momentum until the January 3, 2024 crypto market flash crash. While Martinez insisted that holding the price needs patience, Polygon (MATIC) seems to be in the process based on a long-term overview. Before the crash on January 2, Polygon (MATIC) had exceeded the psychological resistance of $1.00.
After the market-wide crash, Polygon (MATIC) dropped steeply and invalidated some of its upside-bullish momentum signs. On January 4, Polygon (MATIC) was trading at $0.882, down 12.73% in the past week. Analysts say Polygon (MATIC) needs to rise to $0.972 before a bullish market is reconsidered. With all the current volatility, MATIC is not a good crypto to buy today.
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
