Nervos Networks CKB Token Drops 2.5% in 24 Hours, Yearly Loss at 34%

Nervos Network’s CKB Token Drops 2.5% in Last 24 Hours

The native token of Nervos Network, CKB, has experienced a 2.5% drop in value over the past day, contributing to a yearly loss of 34%. Currently, CKB is trading at $0.00271 with a market capitalization of around $90 million. This decline mirrors the performance of the broader crypto market, as all the top ten largest cryptocurrencies are trading in the red today. While CKB has seen a 2.9% gain in the past week, the recent downtrend threatens to erase these gains.

Upcoming Halving Event for CKB in November

In November, the Nervos Network will celebrate its fourth anniversary with the first halving event for CKB. During this event, the base issuance rate will be cut in half, reducing the real inflation rate from 7.92% to 3.77%. This reduction may lead to a rally in CKB’s value in the weeks leading up to the event. However, the current weak trend in the broader market is impeding a rally in the short term.

CKB Continues to Drop as Selling Pressure Builds

Indicators suggest a bearish trend for CKB. The Moving Average Convergence Divergence (MACD) line is in the negative zone, indicating a potential downtrend. The Relative Strength Index (RSI) at 42 shows a lack of intense selling pressure, but the RSI line points downwards, suggesting more dips in the short term. If the downtrend persists, CKB could drop towards the June 26 level of $0.00247.

New Memecoin Sonik Raises $449,000 in Presale

Sonik, a meme coin inspired by the popular gaming franchise Sonic the Hedgehog, has raised over $449,000 in its presale. The native SONIK token is being sold at $0.000014. The project aims to create a strong community and offers utility similar to other meme coins, along with staking opportunities.

Hot Take:

The recent downtrend in the crypto market, including the drop in CKB’s value, highlights the volatility of the industry. While the upcoming halving event for CKB in November could potentially lead to a rally, the current weak trend and selling pressure present challenges. Additionally, the popularity of meme coins like Sonik demonstrates the continued interest in this niche within the crypto space.