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Solana loses 12% in a week, Bitbot crosses $667k in presale

By:  & 
on Feb 22, 2024
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  • Solana (SOL) drops 12% in a week due to market sell-off & on-chain activity concerns.
  • Bitbot's presale raises $667k, offering non-custodial trading on Telegram.
  • The current Bitbot presale price is $0.0116 per token while the price in the next stage is $0.0122.

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In the volatile world of cryptocurrencies, Solana (SOL) has experienced a notable setback, losing over 12% of its value within seven days. Meanwhile, Bitbot, a Telegram self-custodial trading bot, has surpassed $667k in its presale fundraising efforts.

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Let’s delve into the reasons behind Solana’s decline and explore the progress of Bitbot’s presale.

The week-long Solana price decline

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Solana, once hailed as a promising blockchain platform known for its scalability and low transaction fees, has faced a challenging week in the crypto markets. Despite gains seen in other major cryptocurrencies like Binance Coin (BNB) and Ethereum (ETH), Solana’s value plummeted by double digits, leaving investors puzzled.

Solana (SOL) plunged below $101 before staging a slight comeback to trade at $104.96 at press time.

Solana price chart

Market analysts attribute Solana’s downturn to various factors, including a broader market sell-off and concerns over the platform’s on-chain activity. With a significant drop in active addresses by nearly 30% and a steep decline in trading volume by almost 20%, investor confidence in Solana has waned.

In addition, Solana has also been facing increased market sell-off as investors rush to cash out for fear of liquidations in case of a further decline after it hit a yearly high above $121. Even so, as shown in the chart below, many long potions have been liquidated in the past few days as the SOL price plummeted.

Solana liquidations, Source: Coinglass

Bitbot: revolutionizing automated trading

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Positioned as the world’s first Telegram self-custodial trading bot, Bitbot aims to revolutionize automated trading and empower users with full control over their assets.

The presale success of Bitbot reflects growing investor interest in innovative trading solutions. With institutional-grade tools and a non-custodial trading approach, Bitbot offers users unparalleled security and flexibility in managing their cryptocurrency portfolios.

Currently in Stage 4 of its presale, Bitbot presents an opportunity for early adopters, with a current price of $0.0116 per token. In the next stage, the price of BITBOT is expected to increase to $0.0122, offering compelling incentives for early investment.

To participate in the Bitbot presale, visit the official website to purchase your BITBOT tokens.

Conclusion

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As investors navigate the ever-changing landscape of digital assets, staying informed and seizing opportunities is paramount.

With Solana’s setback and Bitbot’s ascent, the cryptocurrency market continues to evolve, presenting both challenges and opportunities for participants worldwide. Solana’s decline serves as a reminder of the market’s inherent volatility, while Bitbot’s presale success highlights the growing demand for innovative trading solutions.

This article is a collaboration between our Editors and our Partners, and it may contain sponsored advertising content and links. The content is not intended as financial advice and is for informational purposes only.

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