Shiba

Solana

Bitcoin ETF

Bitcoin

Shiba Inu

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 <p class="paragraph">The overall cryptocurrency market is experiencing sustained short-term buying pressure, with most digital assets endeavoring to recover from recent losses. While Bitcoin (BTC) garners much attention as it aims to reclaim the $65,000 resistance, altcoins are also attracting significant interest.</p>
 <p class="paragraph">In light of this, Finbold has identified two <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies worthy of monitoring. These <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies are notably influenced by significant on-chain developments and metrics, which will likely impact their prices amid the prevailing bullish sentiments.</p>
 <h2 class="wp-block-heading" id="h-solana-sol">Solana (SOL)</h2>
 <p class="paragraph">Following the ongoing rally, Solana (SOL) aims to surpass the crucial $150 resistance zone, which is pivotal in achieving another record-high price. Undoubtedly, the decentralized finance (DeFi) platform continues to be the activity center.</p>
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 <p class="paragraph">It’s worth noting that Solana previously experienced a rally, fueled in part by the growing interest in meme coins launched on the platform. Currently, meme coins are gaining attention again, making Solana a noteworthy asset to <a rel="noopener noreferrer nofollow" title="watch" href="https://thebittimes.com/tag/watch.html">watch</a>.</p>
 <p class="paragraph">To recap, meme coins on Solana, including Dogwifhat (WIF) and Bonk Inu (BONK), gained prominence as they sought to compete with established players like Shiba Inu (SHIB). However, the spotlight on dog-themed meme coins appears to wane, with a new class of themed around cats emerging. Recent activity surrounding cat-themed tokens has contributed to the SOL price spike.</p>
 <p class="paragraph">For instance, Solana-based Popcat (POPCAT) experienced double-digit gains on May 2, skyrocketing by over fivefold in just two weeks. It will be intriguing to observe whether more cat-themed tokens can replicate the performance of their dog-themed counterparts and potentially influence the value of SOL.</p>
 <p class="paragraph">Furthermore, the Solana network has seen a notable increase in its locked value, reaching $4.013 billion at the time of writing, according to <em>DefiLlama</em> data. This figure marks a growth of over 160% in 2024.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="872" height="570" src="https://cdn.thebittimes.com/images/2024/05/04/9b01e5ec5f37328848d59a6db86120b8.webp" alt class="wp-image-173923" srcset="https://cdn.thebittimes.com/images/2024/05/04/9b01e5ec5f37328848d59a6db86120b8.webp 872w, https://cdn.thebittimes.com/images/2024/05/04/9b01e5ec5f37328848d59a6db86120b8.webp 300w, https://cdn.thebittimes.com/images/2024/05/04/9b01e5ec5f37328848d59a6db86120b8.webp 768w" sizes="(max-width: 872px) 100vw, 872px">
  <figcaption class="wp-element-caption"><em>Solana YTD TVl chart. Source: DefiLlama</em>
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 <p class="paragraph">The escalating TVL indicates expanding user engagement and confidence in the platform and heightened liquidity and trading volume within the protocol.&nbsp;</p>
 <p class="paragraph">By press time, Solana was trading at $147, gaining almost 4% in the last 24 hours. Over the past week, SOL has been up over 7%.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/05/04/d6ab44c2ef62ed0df52399d2eca3193c.webp" alt class="wp-image-173922" srcset="https://cdn.thebittimes.com/images/2024/05/04/d6ab44c2ef62ed0df52399d2eca3193c.webp 675w, https://cdn.thebittimes.com/images/2024/05/04/d6ab44c2ef62ed0df52399d2eca3193c.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Solana seven-day price chart. Source: Finbold</em>
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 <h2 class="wp-block-heading" id="h-shiba-inu-shib">Shiba Inu (SHIB)</h2>
 <p class="paragraph">In the short term, Shiba Inu stands out among <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies with notable gains, surging by over 10% in the last 24 hours. Beyond the overall bullish sentiment in the market, SHIB appears to benefit from factors such as increased trading activity, token burns, and ongoing network developments.</p>
 <p class="paragraph">Of particular interest is the network development, which could be the main driver behind SHIB’s price movements. Shiba Inu’s layer-2 blockchain solution, Shibarium, underwent a successful hard fork. This upgrade addresses user concerns regarding network usability and transaction efficiency, which are crucial factors supporting SHIB’s price growth.</p>
 <p class="paragraph">The development seeks to promote faster transaction speeds by reducing processing times on the Shibarium network. Additionally, it introduces a system for predictable gas fees, making transactions more cost-effective. Security is also prioritized, with enhancements implemented to safeguard user assets and bolster network security.</p>
 <p class="paragraph">Furthermore, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> analyst <em>Ali Martinez </em>highlighted technical indicators suggesting that SHIB was forming a bull flag, indicating a potential bullish breakout. <em>Martinez </em>suggested that the formation could propel SHIB to $0.000072323, representing a growth of almost 180%.</p>
 <figure class="wp-block-image aligncenter size-full"><img loading="lazy" decoding="async" width="680" height="613" src="https://cdn.thebittimes.com/images/2024/05/04/d441fe0accf53cbd125b151aeefd26f6.webp" alt class="wp-image-173921" srcset="https://cdn.thebittimes.com/images/2024/05/04/d441fe0accf53cbd125b151aeefd26f6.webp 680w, https://cdn.thebittimes.com/images/2024/05/04/d441fe0accf53cbd125b151aeefd26f6.webp 300w" sizes="(max-width: 680px) 100vw, 680px">
  <figcaption class="wp-element-caption"><em>SHIB price analysis chart. Source: ali_charts</em>
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 <p class="paragraph">As of the latest update, SHIB is valued at $0.000026, having rallied almost 6% in the last seven days.</p>
 <figure class="wp-block-image aligncenter size-full"><img loading="lazy" decoding="async" width="675" height="586" src="https://cdn.thebittimes.com/images/2024/05/04/c89844168d5daff357b0b2362d3ba96b.webp" alt class="wp-image-173920" srcset="https://cdn.thebittimes.com/images/2024/05/04/c89844168d5daff357b0b2362d3ba96b.webp 675w, https://cdn.thebittimes.com/images/2024/05/04/c89844168d5daff357b0b2362d3ba96b.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>SHIB seven-day price chart. Source: Finbold</em>
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 </figure>
 <p class="paragraph">In summary, it’s worth noting that besides the underlying fundamentals, the two <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies will likely be influenced by the overall market sentiment.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/here-s-why-you-should-closely-watch-these-2-cryptocurrencies-tbt87447.html">https://thebittimes.com/here-s-why-you-should-closely-watch-these-2-cryptocurrencies-tbt87447.html</a></p>

Here’s why you should closely watch these 2 cryptocurrencies

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