The past few days have seen the cryptocurrency market pare significant gains amid a meltdown in the global banking industry. The CoinDesk Market Index (CMI) is down 2.68% over the past 24 hours – but the one-week performance is not as bad; it lost only 1.07% in value. Interestingly, Shiba Inu price and Aptos price appear to be in lockstep with the broad market trend, at least in the short term.
Shiba Inu Chart Is Painted Red
The current Shiba Inu price is 1.14% lower than 24 hours ago. Furthermore, CoinDesk data shows that the coin opened trading at $0.00001079, but, at writing, one Shiba Inu coin fetched $0.00001066. Thus, one would arrive at a pessimistic conclusion if they attempted a Shiba Inu coin price prediction based on the most recent data.
However, this attitude immediately shifts when considering the long-term price performance. For example, the token has returned 32.22% year-to-date (according to CoinDesk), evidence that the current bear market is not a long-term trend.
Given the current performance, will Shiba Inu coin reach $1? Undoubtedly, many stakeholders in the Shiba Inu community would love to hear the answer. But looking at the coin’s price action over the past few years, especially the past year, one cannot help but tread cautiously. The coin is miles from the all-time high price of $0.00008900 established in October 2021.
Nevertheless, there is reason to be hopeful about the Shiba Inu coin’s future. According to CoinDesk market analysis, Shiba Inu’s price performance beats several benchmarks, including Bitcoin, Ethereum, the S&P 500, the US Dollar Index, the Dow Jones Industrial Average, and Gold. Moreover, the coin has consistently performed better over the past year than the benchmarks; see the chart below. In addition, CoinDesk’s social analysis shows that Shiba Inu’s Twitter sentiment is positive, pointing to a growing confidence in the market about the coin’s future valuation. Overall, the market believes that Shiba Inu could be a viable investment.
Source: CoinDesk
Aptos Crypto is in a Deeper Hole
Similarly, Aptos crypto has been having a difficult time in the market in the past few days. The Aptos price fell 5.68% in the past 24 hours, signaling a serious crisis of confidence in the market. The price is still in the red when the timeline is zoomed to one week and one month.
But Aptos’s short-term price performance is an aberration given the strength it has gained since the year began. The Aptos price is up 254.10% year-to-date.
The cryptocurrency space is complex and highly sensitive to any disturbance, however, small the magnitude. For example, the opening days of March 2023 were difficult with Silvergate Bank’s collapse. The bank was a key link between the cryptoverse and traditional financial markets, enabling crypto projects to pursue their objectives successfully. Thus, its implosion was seen as a terminal blow to cryptocurrency projects, or at least the market thought so. This explains the depressed activity in the cryptoverse over the past few weeks.
Despite the challenges, the crypto market is bouncing back. For example, the CoinDesk Market Index indicates that the market is up 11.61% in the past month and 20.69% in the past year. But can Aptos help investors leverage the bounce back?
Whether Aptos is a good investment depends on how the founders, Avery Ching and Mo Shaikh (both previously worked at Meta), navigate the current challenges. To be sure, the coin has a solid project undergirding it, especially the Aptos Web3 offering. However, it also depends on the market’s reaction to correctly call the Aptos coin’s future.
Could TMS Network (TMSN) Help Investors Leverage the Market Bounce Back?
A closer look at Shiba Inu and Aptos reveals that the tokens are highly susceptible to sentiment in the market. For example, Shiba Inu jumped 18% on March 18, 2023, following a cryptic tweet by Elon Musk. Musk is the billionaire owner of Twitter, Tesla, SpaceX, and other companies and a vocal proponent of crypto. Considering that Shiba Inu is a meme coin (typically, meme coins do not have intrinsic value and are often based on popular memes or individuals), this may be the reason for the elevated volatility and the inability to track a market-wide rally.
On the contrary, TMS Network (TMSN) is a solid crypto-focused project, a fact that undergirds the value of the native coin, TMSN. TMS Network developers harbor the singular objective of providing an all-in-one trading platform that revolutionizes the traditional trading industry. As a result, users can leverage $TMSN (the token) to trade derivatives in the most convenient and streamlined way.
Besides facilitating trading, $TMSN holders can earn commissions from trading volume across the platform. The earnings are proportional to the trading activity, meaning one’s income increases when the trading volume increases. So far, you can see that, unlike meme coins like Shiba Inu, TMS Network (TMSN) offers real value. This enables TMSN to remain valuable in the market downturn and to increase in value in lockstep with the market.
Like Aptos, TMS Network intends to increase the adoption of blockchain by providing faster transactions at affordable costs. But the former goes a step further. TMS Network (TMSN) targets the world’s most liquid market, where transaction speeds are what traders live for. If it can convince this market to adopt blockchain, TMSN will have incredible growth potential.
Conclusion
Looking at the Shiba Inu price and Aptos crypto’s price performance is instructive regarding the situation in cryptoverse. On the one hand, the space is highly volatile; on the other hand, only serious projects can survive the environment. As such, it makes sense for serious investors to target solid ICO projects like TMS Network (TMSN) because i) investing in a strong ICO project will hedge against portfolio devaluation, and ii) ICOs mostly go up after launch.
To find out more please check the links below:
Presale: https://presale.tmsnetwork.io
Website: https://tmsnetwork.io
Telegram: https://t.me/TMSNetworkIO
Twitter: https://twitter.com/tmsnetwork_io
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
