BTCMTX rivals Solana altcoins with a $30K airdrop as BONK down 70% amid Solana outages

08.02.2024 / Payment system news

Solana faces outages, and Bonk plummets while the new project BTCMTX offers Ethereum-based staking and airdrop and aims to democratise Bitcoin mining.

The Solana ecosystem, known for its high throughput and low transaction fees, has recently faced significant challenges. In particular, its leading meme coin, Bonk, has experienced a sharp decline of 70% from its all-time high.

Bonk, a Solana-based token, peaked on 15 December but has since faced persistent downward pressure. Currently priced at $0.000010, this decline reflects a broader bearish sentiment within the Solana ecosystem.

The downturn in Bonk’s price trajectory has been steady since its peak, with little respite for investors. Analysts have noted that Bonk recently broke below its 24 January low, indicating a continuation of the downtrend. 

Furthermore, analytics tool Coinglass has reported a drop in Bonk’s Long/Short ratio below 1, suggesting that more traders are shorting Bonk than longing it. As such, there appears to be no immediate end in sight for Bonk’s selloff.

Solana’s Technical Challenges

Adding to the ecosystem’s woes, Solana Mainnet-Beta recently experienced performance degradation and outages. According to Solana Status and SolanaFM on X (formerly Twitter), Engineers and validators are actively investigating the situation, with block progression currently halted.

This disruption has raised concerns among users about the reliability and stability of the Solana network.

Furthermore, the recent struggles in the Solana ecosystem contrast with the bullish momentum observed in Ethereum-based cryptocurrencies. Ethereum (ETH) has seen a nearly 1% increase in price this week, while Shiba Inu, a leading meme coin on the Ethereum network, has maintained stability.

BTCMTX Emerges Amidst Market Volatility

Amidst the turmoil in the Solana ecosystem and rising interest in Ethereum-based tokens, a new Ethereum-based altcoin, Bitcoin Minetrix (BTCMTX), has emerged as an alternative option that has already raised over $10.3 million in its presale.

BTCMTX aims to democratise Bitcoin mining by integrating cloud mining and staking, making Bitcoin mining accessible to a wider audience. One of the notable features of BTCMTX is its ‘Stake-to-Mine’ mechanism.

The ‘Stake-to-Mine’ Feature of BTCMTX

BTCMTX allows users to earn passive income through its innovative ‘Stake-to-Mine’ feature. By staking $BTCMTX tokens, users can contribute to the mining process and earn rewards in return.

This mechanism eliminates the need for costly mining equipment and technical knowledge, making Bitcoin mining accessible to anyone interested in participating.

Additionally, BTCMTX rewards users with a lucrative 65% annual percentage yield (APY) for staking their tokens, providing an attractive incentive.

BTCMTX $30,000 Airdrop

In an effort to promote community engagement and adoption, Bitcoin Minetrix has announced a $30,000 airdrop to be distributed among 10 lucky winners. 

Participants can earn entries into the airdrop by completing various tasks, such as visiting the BTCMTX website, following the project on social media and retweeting promotional posts. 

With over 40,000 entries recorded, the airdrop presents an exciting opportunity for participants to win a share of the prize pool and become early adopters of $BTCMTX.

Cathie Wood’s Endorsement of Bitcoin and Institutional Interest

The success of Bitcoin Minetrix’s presale reflects the growing interest in Bitcoin as a store of value, with prominent figures like ARK Invest CEO Cathie Wood recommending a significant 19.4% allocation to Bitcoin in investment portfolios.

Wood argues that Bitcoin is effectively replacing gold as a safe haven asset, particularly in light of recent developments such as the approval of spot Bitcoin exchange-traded funds (ETFs).

Institutional interest in Bitcoin has also been evident, with ARK Invest among the issuers launching spot Bitcoin ETFs, indicating a broader trend towards mainstream adoption of cryptocurrencies.

Traders looking to acquire $BTCMTX early at its low price point of $0.0133 have 2 days to go before a price increase and can purchase $BTCMTX with ETH, USDT or Card payment.