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Ribbon Finance (RBN) Surges 20% In 24 Hours, Leading DeFi Trend

Cryptocurrencies have had a difficult performance this week as many investors started to take profits. Bitcoin price retreated to a low of $62,000, down from last week’s high of $73,500. Other coins like Ethereum, Render, Solana, and Near Protocol also dipped. 

This decline also happened as many Grayscale Bitcoin Trust (GBTC) holders liquidated their positions because of the significant fee. GBTC has an expense ratio of 1.50%, higher than the iShares Bitcoin Trust’s (IBTC) 0.25%. This article looks at some of the top cryptocurrencies to watch like Bitcoin Dogs (ODOG), Ribbon Finance (RBN), and Sui.

Ribbon Finance price forecast Ribbon Finance is a Decentralized Finance (DeFi) platform that enables users to earn sustainable yield through decentralized options and lending. The platform has over $34 million in total value locked (TVL). Its Ribbon Earn and Ribbon Lend also have millions in assets.

RBN price has done well in the past few weeks as it jumped from last year’s low of $0.1462 to a high of $1.91 this month. This was a 1,231% increase from bottom to the top. Its market cap has jumped to more than $746 million. 

Ribbon has constantly remained above the 50-day and 100-day Exponential Moving Averages (EMA), which is a bullish sign. Most recently, it has formed a bullish engulfing candlestick pattern and then rose for three straight days.

My view is that the coin is attempting to form a double-top pattern, meaning that it may continue rising as investors continue buying the dip. If this happens, the next point to watch will be at $1.70, which is about 23.47% above the current level. This view will become invalid if the price crashes below this week’s low of $1.2050. 

Bitcoin Dogs price prediction Bitcoin Dogs is one of the best-performing new cryptocurrencies this year. The developers recently ended its token sale, which raised over $13 million in just a month. This made it the best-performing token sale in the industry.

Bitcoin Dogs is yet to go public in centralized and decentralized exchanges (DEX) but the developers have pledged that this will happen soon.

There are a few reasons to be optimistic about this. First, the token launch will happen in a time when the crypto industry is in a bull market. The total market cap of all cryptocurrencies has jumped to more than $2.6 trillion.

Second, it is one of the most hyped cryptocurrencies in the market. It already has thousands of holders, which is a good thing. Also, the developers are working to create real utility for the token. This will include features like a 1,000 NFT collection and a gaming platform.

Most importantly, most of the newly launched meme coins have done well. This includes tokens like Book of Meme, Solama, and Pepe. You can learn more about Bitcoin Dogs here.

Sui price prediction Sui has evolved to become one of the best-performing cryptocurrencies. Its blockchain project has attracted hundreds of developers and thousands of users. As a result, the total value locked (TVL) in the ecosystem has jumped to a record high of over $700 million.

Sui price has been in a strong bullish trend this year. It has risen in the past three straight days and is now hovering near its highest point since February 15th. The token has constantly remained above the 50-day and 100-day Exponential Moving Averages. 

Therefore, Sui token will need to clear the important resistance point at $1.9697, its highest point in February to invalidate the double-top pattern. If this happens, it will open the possibility of it soaring to $2.50.

Crypto hedge fund Pantera Capital, which has over $5 billion in assets under management, has reportedly seen its Liquid Token Fund appreciate by 66% during Q1 2024.

According to a new report by Bloomberg, Pantera Capital’s $300 million crypto fund ended the first quarter with massive gains due to the rise of digital assets such as smart contract platform Solana (SOL), decentralized derivatives exchange Aevo (AEVO), decentralized finance (DeFi) protocol Ribbon Finance (RBN) and open source blockchain Stacks (STX).

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Pantera’s success partially stemmed from having reduced exposure to Bitcoin (BTC) and Ethereum (ETH) and allocating to smaller market cap altcoins.

In a shareholder letter seen by Bloomberg, it was noted that Pantera cut back on assets linked to Ethereum due to the odds of an Ethereum-based exchange-traded fund (ETF) getting approved by the U.S. Securities and Exchange Commission (SEC) being lowered.

In an interview, Cosmo Jiang, Pantera Capital’s portfolio manager, tells Bloomberg that the fund has been steadily reducing its exposure to Bitcoin since the start of the year.

“We’d been pretty heavy in Bitcoin until the start of the year, and really like each month we’ve decreased that Bitcoin position meaningfully.”

Last month, Pantera engaged in funding efforts to raise $250 million as a means of purchasing Solana from bankrupt crypto exchange FTX.

SOL, AEVO, RBN, and STX are trading for $177.29, $2.96, $1.61, and $3.19 at time of writing, respectively.

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