Siacoin Downtrend and Slow Trading Volumes
Siacoin has experienced an 18% drop in the last two weeks, but bulls have made a 3.8% gain in the past week to attempt a reversal. In the last 24 hours, Siacoin has remained flat with a slight 0.4% gain. However, the overall crypto market cap is down 1.1%. Trading volumes for Siacoin have also dropped by 28% in the past day to around $1.3 million.
Siacoin’s Q2 2023 Performance and Bearish Outlook
The Messari report highlights Siacoin’s growth in Q2 2023, including the launch of a beta version for the hosted application and an alpha version for wallet applications. However, new contracts dropped by 11%, transactions fell by 13%, and revenue dropped by 23%. The bearish sentiment in the broader crypto market may result in a more negative financial outlook for Q3 2023.
Siacoin Continues Downtrend and Market Cap Decrease
Siacoin has been on a steady downtrend in August, reaching a monthly low of $0.0027. The market cap has also decreased from $218 million to $147 million. The coin is currently trading at $0.00285 and is at critical levels. If it fails to hold the support at $0.0027, it may drop to $0.0025.
Wall Street Memes Presale Raises Over $25M
The Wall Street Memes presale has raised over $25 million in just 12 weeks, with more than $300,000 raised on the first day. The presale will close at the end of September, and the project offers staking rewards through its staking mechanism.
Hot Take
Siacoin’s recent downtrend and slow trading volumes indicate a challenging market environment. However, the project’s Q2 growth and the Wall Street Memes presale success show potential for recovery and investor interest. The bearish sentiment and volatility in the broader crypto market should be closely monitored for future developments.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.