As a former Coinbase executive pours in USD 920k into DTX Exchange (DTX), analysts are forecasting it to outrun industry veterans like Cardano (ADA) and Shiba.
DTX Exchange (DTX)
The crypto town seems to be on the edge of transformation as DTX Exchange (DTX) has emerged as a top player connecting the world of decentralized and centralized finance. Backed by a former Coinbase executive’s $920,000 investment, it has captured global attention. While Cardano (ADA) and Shiba Inu (SHIB) face bearish trends, DTX is quickly becoming a favorite among investors eager for explosive growth. Let’s take a closer look.
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Investor Hesitation: Is ADA Losing Its Appeal?
Cardano (ADA) investors are beginning to pull back as the asset fails to perform as expected, resulting in losses. This lack of enthusiasm in the community began after ADA failed to reach the apex of the declining line pattern that it broke on January 1.
TradingView reports that after three days of consecutive gains, ADA entered a consolidation period and had a steep decline on the seventh day of the new year, falling 23.62%.
As of the time of writing, CoinMarketCap shows ADA has dropped 9.4% and is likely to continue its downward trend despite displaying a slightly bullish candle a day before.
According to analysts, if the current support level around $0.8456 doesn't generate enough buying momentum for a recovery, the situation on the chart may get worse, resulting in larger losses for investors.
Shiba Inu Drops 7%: What’s Driving the Bearish Trend?
Shiba Inu (SHIB) saw a 7% drop in the previous day, as buyer hesitancy and stagnant market demand significantly impacted its ability to recover.
Recent SHIB price movement indicates that sellers are still holding onto momentum firmly, even though the overall cryptocurrency market is beginning to rebound. Shiba Inu's latest 3% price drop suggests an active bearish trigger.
A look at recent on-chain activity reveals that, despite a rebound in the broader cryptocurrency market, the Shiba Inu blockchain network has had difficulty attracting new demand. This narrative is further highlighted in the dip in the New Adoption Rate as per data from IntoTheBlock.
This metric is a crucial indicator of acquiring new users as it measures the proportion of wallet addresses that are doing their first-ever transactions on the Shiba Inu blockchain. This drop in SHIB's new user transitions indicates that, while the market sentiment is uncertain, investors are still reluctant to engage in the memecoin space.
$920K Investment: Coinbase Executive’s Bold Bet on DTX Exchange
DTX Exchange (DTX) is an upcoming platform that has climbed to the top of the market even before the platform’s official launch. The immense hype surrounding the project is due to the platform’s revolutionary aims and innovative offerings.
The platform aims to transform the traditional finance world by bridging the gap between centralized and decentralized finance. It plans to bring the best of them to one unified platform. The platform offers over 120,000 commodities that include stocks, ETFs, bonds, forex, cryptocurrencies, and a lot more.
This transformative aim is backed by the platform’s layer-1 blockchain giant, VulcanX which is a hybrid blockchain addressing the limitations of entirety private and public networks. Besides this, it offers unmatched speed, as shown in its recently launched testnet, which gave an estimated TPS of over 200,000. This has set it apart from the heavy competition in the market.
The project, as per rumors, is all set to be listed on a tier-1 platform, Coinbase in the first quarter of the year. Additionally, a former Coinbase executive has allocated over $920k to DTX Exchange. This solidifies the chances of the project being listed on the platform very soon.
Currently, the platform is in its presale stage which has shown a stellar performance. The presale has collected over $11.6M in funding, attracting investors globally. Currently, in stage 7, each DTX token is available for only $0.14.
To know more about the DTX Exchange ecosystem, Check out:
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