Solana
AgriDex raises $5 million for blockchain agriculture
AgriDex aims to integrate the global agricultural industry on the blockchain, tokenizing various crops to enable their buying and selling on its network. Based on Solana walk.
Generally speaking, interest in the tokenization of real assets has gained traction in recent months. Let’s see all the details below.
AgriDex, a Solana-based marketplace at the forefront of blockchain agriculture
As expected, AgriDex, a Solana-based tokenization platform, announced that it has raised 5 million dollars bring agricultural products to market blockchain.
The pre-seed funding round saw the participation of Endeavor Enterprisesthe agricultural enterprise of sub-Saharan Africa African cultures and the South African wine group Oldenburg Vineyardsas confirmed by the company via email.
AgriDex allows you to purchase various crops on its marketplace. Once completed, transactions are protected through the creation of non-fungible tokens (NFT) which record key details of the transaction.
Tokenization of real-world assets (RWA) is a rapidly growing trend in the cryptocurrency industry.
According to a report by CoinGeckoRWAs were the second most profitable category in the first quarter of 2024, yielding 286%, although still far from the 1,313% achieved by memecoins.
So far, RWA tokenization has primarily focused on stocks, bonds, and metal commodities such as gold.
Through its innovative approach, AgriDex is attempting to expand this discourse to the global agricultural sector, a market estimated at $2.7 trillion.
Bearish forecast for memecoin WIF: crypto analysts predict sharp declines
A cryptocurrency analyst and trader known as Bluntz recently shared with his 258,100 followers on social media platform X a bearish analysis regarding one of the top 50 memecoins by market capitalization.
According to Bluntz, the memecoin dog hat (WIF), built on the Solana (SOL) blockchain, could see a 66% decline from current levels.
The analyst, who uses Elliott Wave Theory for his technical analysis, says the WIF could be on the verge of completing a corrective wave according to three patterns, with a possible rebound point around $1.
Another analyst known as Credible Crypto also predicts a 47% drop for WIF, as well as significant drops for other memecoins like Dogecoin (DOGE).
Both analysts advise investors to be aware of market risks and consider the possibility of further price declines.
Currently, WIF is trading at around $2.94, ranking 43rd among the largest cryptocurrency assets by market capitalization.
The token has seen rapid growth, rising from a low of $0.069 in January to a recent high of 42.61 times its value in four months.
However, the downtrend predicted by analysts suggests that the uptrend may have seen a significant pause.