While Shiba Inu (SHIB) has cemented its place in crypto history, its current price action is frustrating many SHIB holders.
Meanwhile, Elluminex could soon take the market by storm as it brings forward a comprehensive DeFi ecosystem that could rival established platforms. With its viral presale raising over $300,000 in record time, here’s why Elluminex could be the game-changer investors have been looking for.
Toncoin is one of the fastest-growing Layer 1 blockchains on the market, boasting a successful gaming platform that interfaces with Telegram and its 950 million users. Despite the growing adoption and important updates, Toncoin still lacks a unified DeFi solution that could channel this incredible potential, leaving untold millions of dollars in revenue on the table.
This is where Elluminex comes into play, capturing the first-mover advantage with the promise to provide the TON ecosystem with the tools to compete against other Layer 1s such as Solana and Ethereum.
One of the main hurdles that bar DeFi from working at full capacity is the fragmentation of liquidity across blockchains, which already face substantial difficulties when interfacing with one another. Elluminex solves this with a revolutionary cross-chain bridge, which allows users to easily trade and transfer assets between major blockchains with minimal slippage, low fees, and near-instant transaction speeds. Furthermore, Elluminex will also provide an AI-powered portfolio tracker with built-in analytic tools for a well-rounded investing experience that ensures that users will always have the right information at hand.
Additionally, Elluminex introduces staking and farming features that reward long-term holders of $ELX. The token itself is deflationary by design, meaning that the automated reduction of circulating supply will stabilize the price in times of systemic turbulence and prime it for scarcity-driven growth.
The Shiba Inu price has stabilized after the sell-off earlier this week that saw over 15% of its valuation evaporate. At the time of writing, Shiba Inu is trading for $0.000020, and its price has been hovering around this mark over the past few days with minor deviations in either direction. This is also reflected by a steady trading volume, which has recorded a minor 8% uptick, with roughly $396 million worth of SHIB traded across platforms in the last 24 hours.
Speculators believe that at this point a short-term reversal could be in the cards for Shiba Inu, as Open Interest has surged by 7% and is currently sitting at $30 million. Meanwhile, the daily RSI seems to have bottomed out at 42 points and is nearing oversold territory, which signals that selling pressure has started waning. Shiba Inu’s burn rate is also rising today, with over 51 million SHIB tokens removed from circulation. When taking all this into consideration, the signs of an imminent Shiba Inu rebound are all there. However, its performance is still tied to the movements of the general market, which currently showing considerable indecisiveness.
With its significantly lower market cap, Elluminex has much greater room for growth when compared to Shiba Inu. This means that every dollar put into $ELX could multiply and bring in generational gains once the bull market is in full swing, with estimates ranging between a conservative gain and a potential high yield
Stage 1 of the presale is live, and tokens are selling for just $0.06 though with tokens selling fast predictors expect a price increase before the start of February!
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