Seesaw Protocol (SSW) up again by 40% – Should you buy the dip before it rallies like Shiba Inu (SHIB) or Solana (SOL)?
The long-awaited Seesaw Protocol (SSW) has finally launched, following a hugely successful presale that saw its price surge by 8000%. Initially beginning its presale costing a mere $0.005, the hype the token garnered in a matter of weeks led to Seesaw Protocol (SSW) ending presale at around $0.40, to the delight of its holders.
The buzz surrounding Seesaw Protocol (SSW) that contributed towards its skyrocketing presale price has been attributed to its revolutionary goals. According to its White Paper, Seesaw Protocol (SSW) aims to connect all other blockchains, such as Binance Smart Chain (BNB), Polygon (MATIC), and Ethereum (ETH), to give users the freedom to use whichever blockchain network they want to handle trade transfers and receipts.
On launch, Seesaw Protocol (SSW) exploded by 100% in 24 hours, multiplying presale investors’ returns massively. However, its value declined sharply last Sunday, in which the token fell by 97%, according to data by CoinMarketCap. Yet the token appears to be making a comeback already, having risen by approximately 40% over the last 24 hours.
Whilst this drop has worried some of its holders, could this be simply a sign to “buy the dip” before Seesaw Protocol (SSW) explodes again?
Let’s take a lesson in crypto market economics by examining the cases of Shiba Inu (SHIB) and Solana (SOL) to determine whether Seesaw Protocol (SSW) could be approaching a rally.
Shiba Inu (SHIB)
The crypto market is renowned for its unpredictable volatility, however analysts have figured out ways to measure the outlook of a crypto.
Only last month, after an almost 5% drop over a 2 week period, the Shiba Inu (SHIB) price made a comeback. Shiba Inu (SHIB) supporters believe there are two main reasons for the price increase. The main reason is that 2.41 million SHIB tokens were burned recently and sent to inferno wallets.
Shiba Inu (SHIB) tokens sent to inactive wallets are removed from circulation, contributing to a supply shortage. Burn events, which have a positive impact on Shiba Inu (SHIB) prices, have been supported by the community.
The accumulation of whales is the second reason for Shiba Inu’s (SHIB) breakout. During dips in the Ethereum (ETH) network, large wallet investors have consistently scooped up Shiba Inu (SHIB), increasing their SHIB holdings and diversifying their portfolio.
The purchase of $20.4 million worth of SHIB by an Ethereum (ETH) whale has sparked a bullish outlook among the community’s investors.
Shiba Inu (SHIB), dubbed the Dogecoin (DOGE) killer, has seen its price rise in the past due to rising scarcity, increased demand, and real-world adoption. Shiba Inu (SHIB) prices are expected to double in the near future, according to FXStreet analysts.
Analysts have set an upside target of $0.0000454 and believe that with enough momentum, Shiba Inu (SHIB) could reach $0.0000500. To confirm the bullish prediction, analysts are looking for a retest of the $0.0000211 support level.
Solana (SOL)
The price of Solana (SOL) has fallen over the last month too, with a 4.5% drop in the last 24 hours.
Solana (SOL) was one of the worst-performing top 10 cryptos of yesterday. Furthermore, it dropped by 8% in the last 7 days. For the past two days, the coin has been falling nonstop, and it appears that the bearish market is weakening it. During the recent bull run, the Solana (SOL) chain seems to have lost the majority of its gains.
Although the market is causing Solana (SOL) to fall, there are a number of other factors at play. Another reason could be the Solana (SOL) chain’s slow adoption following the introduction of the Bitgert (BRISE) BRC20 blockchain. As a result, there is currently less demand for the Solana (SOL) token on the market.
The Solana (SOL) team will have to defeat Bitgert (BRISE), a faster chain with the industry’s lowest gas fee. They’ll have to work on improving the Solana (SOL) mainnet’s speed beyond the Bitgert (BRISE) 100k TPS.
Verdict
As we can see by the recent activity of Solana (SOL) and Shiba Inu (SHIB), it’s common for cryptos to undergo extreme volatility resulting in decreases as well as increases. But ultimately, this is the natural flow of the market.
If you’ve done your research on Seesaw Protocol (SSW) and like the sound of the White Paper, perhaps you should consider buying the dip in the event of another price boom.
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