Shiba Inu (SHIB) Lead Dev Says More Burns Needed To Move Price, Polygon (MATIC) Supply On Exchanges At Four-Year Low, RenQ Finance (RENQ) Moves Faster Than Expected In Its Ongoing Presale.

by Arthur · April 17, 2023

CLEAN

The cryptocurrency market is constantly evolving, and there are always updates and news to follow. In this article, we’ll cover three key developments in the crypto market: Shiba Inu’s lead developer’s statement on price action, Polygon’s exchange offering hitting a four-year low, and RenQ Finance’s progress in its ongoing presale.

Table of Contents

Shiba Inu’s leading developer on price movement

Shiba Inu (SHIB) has been making headlines recently, with its meme-inspired cryptocurrency gaining a significant following among investors. However, the price has struggled to gain momentum. According to the main developer of Shiba Inu, the reason for this is that more token burns are needed to move the price.

Token burning is a process where a portion of a cryptocurrency’s supply is removed from circulation, reducing its total supply and potentially increasing its value. The lead developer of Shiba Inu has stated that more token burns are needed to reduce the token’s supply and increase its price.

The Shiba Inu community has been eagerly awaiting an increase in the token’s price following the recent increase in SHIB burn rates. Despite the high combustion figures in the first half of April, the price of SHIB is still below society’s expectations. In fact, March 2023 saw the strongest combustion figures since October 2022.

Furthermore, the Lead Dev of Shiba Inu recently stated that more burns are needed to have a significant impact on the SHIB price. This may be due to the fact that while the burn numbers may seem impressive, they may not have that much of an impact in USD terms.

Polygon’s supply on exchanges at a four-year low

Polygon (MATIC) has performed well in the crypto market, with its price showing strong growth in recent months. However, a recent development has caught the attention of investors – the offering of Polygon on exchanges has reached a four-year low.

According to Santiment, blockchain scaling solution Polygon (MATIC) is currently experiencing its lowest supply levels on exchanges in four years. From the analysis, only 7.1% of MATIC supply is on exchanges, the lowest level since the cryptocurrency’s introduction in 2019.

This indicates limited selling opportunities, which should give investors comfort. MATIC is currently trading at $1.12, up 0.51% in the last 24 hours, but down over 1.75% in the last seven days.

Despite the recent decline, Polygon is still up over 47% since the start of 2023. Santiment also analyzed Polygon’s average dollar-invested age, which represents the average age of each dollar invested in MATIC.

RenQ Finance

RenQ Finance’s progress in pre-sales

RenQ Finance (RENQ) is a decentralized finance (DeFi) platform that has gained traction among investors. The platform’s ongoing pre-sale has gone faster than expected, with the project raising $10 million weeks ahead of schedule.

RenQ Finance’s pre-sale stage 6 is currently ongoing, with 1 RENQ being sold for 0.045 USDT. The next step price is set at 0.050 USDT. As of now, the presale has sold 328,029,890 RENQ tokens, which is 86.09% of the total available tokens, set at 367,000,000.

With this presale, RenQ Finance has raised $10,612,565, which is 86.08% of the total hard cap of $12,327,500. The token sale has seen a massive response from investors, with presale stage 6 selling out much faster than experts predicted. Investors who buy in at this stage have the opportunity to take advantage of the significant upside potential that the project offers.

The pre-sale has seen strong demand from investors, with RenQ Finance offering attractive discounts for early investors. The platform’s lending protocol and NFT launchpad have also gained attention from the DeFi and NFT communities, contributing to the project’s success.

Click here to buy RenQ Finance (RENQ) tokens.