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After a significant rise in 2023, Solana’s growth has slowed. The altcoin has seen declines of over 10% in the last week, causing Solana’s daily trading volume to decline. As a result, Solana investors are now joining USDC holders to buy a thriving new altcoin that’s seen returns of 50% during its presale. Here’s why.

Solana Crashes 10% In 1 Week

Over the past year, Solana’s price increased by 334%. This made Solana the best performing cryptocurrency among the markets top 20 ranked projects. Going into 2024, experts were extremely bullish about Solana.

Throughout January and early February, Solana met bullish expectations, hitting highs of over $118. However, Solana is now losing its momentum. Over the last week, Solana’s price crashed by 10.21%. Presently, Solana is now trading at $106.94, though it has dropped below its $100 resistance over the last 7 days.

Despite its decline, Solana’s daily trading volume increased by 23.8% in the last 24 hours. This rise has taken Solana’s daily trading volume to $1.1 billion, and suggests that Solana could regain its bullish momentum over the next month.

USDC Could Be Used in the Metaverse

In a blog post on Feb 26, Circle announced they’ll be partnering with Overdare. Overdare is a metaverse venture with a focus on mobile gaming. As part of this partnership, Circle will allow Overdare creators to receive USDC payouts through its platform.

This could have a significant impact on USDC, driving up its daily trading volume. According to CoinMarketCap, USDC currently has a daily trading volume of $4.1 billion, up 32.81% over the last 24 hours. This rise shows that investors are bullish about USDC, which is currently ranked the 7th largest cryptocurrency by market cap.

This development also sets up USDC for additional metaverse integrations. This could lead to massive ecosystem growth, allowing USDC to challenge Tether for the spot as the world’s largest stablecoin.

Kang
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Author: Crypto Daily

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