After a tumultuous 2022, cryptocurrencies are gaining strength, but analysts have uncovered a decline in Binance USD (BUSD)’s reserve. While this has caused a slowdown in Bitcoin price, Solana (SOL) is making big moves and has returned to its pre-FTX value.
Meanwhile, the buying pressure has recently surged with newer innovative projects like Snowfall Protocol (SNW) gaining ground. Snowfall Protocol (SNW) is a multi-chain bridging solution that aims to improve blockchain interoperability. Its native token, $SNW, is set for launch on Pancakeswap after gaining about 3700% in presale. Read on to learn more about why Snowfall Protocol and Solana are rising and why the Binance USD (BUSD) reserve fell.
Snowfall Protocol (SNW) Scheduled for Pancakeswap Launch, Price Skyrockets by 3700%
Snowfall Protocol (SNW) is a revolutionary cross-chain asset transfer protocol that doubles as a DeFi ecosystem of limitless earning possibilities. The protocol serves as a highway where anyone can securely swap and bridge their assets from one blockchain to another.
Snowfall Protocol (SNW) has attracted several crypto enthusiasts and adherents with its disruptive features. It provides support for cryptocurrencies via the canonical token bridge as well as non-fungible tokens via the swap/wrap system. Snowfall Protocol (SNW) removes technical barriers between chains and greatly improves chain-to-chain interoperability and communication.
Due to its use cases, the Snowfall Protocol token (SNW) has grown by 3700% and will launch for the public in Pancakeswap on February 3rd. Currently in presale, anyone can still buy Snowfall Protocol tokens for as low as $0.191. Once the token lists on Pancakeswap, experts speculate it can skyrocket by 5000%. Therefore, it’s advisable to act immediately and sign up for the Snowfall Protocol (SNW) token (SNW) presale.
Binance USD (BUSD) Reserve Down Amidst BTC Growth Slowdown
Stablecoins has been under scrutiny since Terra’s UST fell after depegging. An important highlight of the week is Binance USD (BUSD)’s reserve declination. On-chain data revealed that the reserve of the stablecoin issued by the Binance exchange has gone down significantly due to unknown reasons.
The data, revealed by an analyst with Cryptoquant’s on-chain crypto data analytics platform, BUSD, is seeing a steady decline in reserve. The reserve has fallen short of more than $7 billion – crashing from $22 billion to $15.6 billion. The stablecoin saw a large inflow of $250 million some weeks ago.
However, investors and traders have been actively swapping their Binance USD (BUSD) tokens for other coins – a reason for the rise in demand and buying pressure on other tokens. Regardless, BUSD remains the most valuable stablecoins behind USDT. The token has a market cap of $16 billion with an average of $7 billion trading volume daily.
Solana (SOL) Make Huge Moves
Solana (SOL) is back into making huge moves as the layer one blockchain token moves back to the top 10 cryptocurrencies by market cap. As widely known, Solana (SOL) price was badly impacted after FTX fell to a liquidity scandal in November. During the drama, Solana’s price plummeted from $31 to $16 in less than 24 hours. The crash further took out almost 31% before the token settled at a 52-week low of $8 in December 2022.
However, Solana (SOL) has amazed everyone with its sudden surge – clinching a new high since December. The significant recovery has flipped Polygon’s market cap temporarily, and sentiments around Solana (SOL) have turned bullish in less than a week. So far this year, Solana (SOL) has gained 155% and is currently trading at $25.58.
Snowfall Protocol (SNW) is still the best that the crypto space is about to see. With its disruptive force, everyone can seamlessly access more than 200 blockchain networks simultaneously – securely and cost-effectively. Register for the Snowfall Protocol presale before public launch on Pancakeswap and gain up to 5000%.
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