DOT drops below support level, Raboo dominates crypto as Ethena revamps tokenomics

Polkadot encounters resistance; Ethena restructures tokenomics for long-term staking, while Raboo garners presale frenzy.

Polkadot (DOT) is having so much resistance at the moment, even as the whales believe the token is still redeemable. One of this year’s DeFi launches, Ethena (ENA), has introduced new conditions to its tokenomics to encourage long-term staking on its ecosystem instead of short-term trading and scalping.

With the DeFi sector in slow recovery mode, many investors might be turning to memecoins for profits. And there’s scarcely a better project than Raboo (RABT), sporting long-term potential as well as short-term profits. Little wonder everyone is all over the RABT presale.

DOT price drops under support level

Polkadot recorded a 44% drop from its March high during the week, and even now, the DOT price is significantly below its $6.19 support. Some days ago, analysts maintained that the Polkadot decline was perfect for traders looking to buy the dip. According to the report, holders might be in for long-term profits if DOT stays above its support levels.

However, with 9.8% losses in the past week, Polkadot seems to be sinking even further into the bearish zones. The Open Interest surged by 80% during the week, pointing at significant long positions opened on the Polkadot futures trading options.

The Polkadot price at the moment might not be a cause for panic, though, as Michael van Poppe stated that the support levels ranged from $5.67 to $6.11. The price movements might be worrisome, but the current $5.69 DOT price is still in the accumulation zone.

Ethena looks to drive up ENA price with tokenomics revision

The ENA token was one of the more distinct DeFi projects that launched in 2024. Apart from doubling its launch price days after hitting the charts, Ethena also offers a synthetic stablecoin, USDe, that offers a wide range of trading and staking options.

Recently, Bitget announced a partnership with Ethena to bring the USDe into its exchange services, especially the Bitget Savings and coin margin contracts. The deal will see USDe serve even more use cases outside the Ethena blockchain. Already, the USDe has seen a supply of about $3.5 million since launching in March, and there’s promise of more to be unlocked on the Ethena platform.

The deal with Bitget comes after the Ethena blockchain increased the token-locking conditions on its network. Users who receive new ENA coins will have to lock at least 50% of them for extended periods. This was to curb the short-term scalpers and encourage long-term investments.

DeFi coins are having to adjust their features in the face of the recent market outlook, but here we have Raboo, the new meme coming out almost completely.

Raboo’s launching for memes and ROI

Memes were supposed to be the soul of the crypto party, but the current meme tokens seem to have thrown the objectives list out the window in search of profits. Funny, not many of them have enough utility to stay afloat in the crypto-verse.

Raboo is here to conduct a meme purge with its unique protocol, knocking any meme project that refuses to keep up with the new order. What will the new order be? A flux of quality, fun, relatable memes that are not repeated every other day!

While the memes circulated might not be tacky every time, they are so often repeated crypto traders must have forgotten what the sector used to feel like. With superior meme creation at the core of its philosophy, Raboo incorporated a generative AI platform, Rabooscan, to scour its users’ socials for meme-worthy content.

Apparently, the more the content, the lesser the chances of repeating a few memes over again. The RABT users are going to be the biggest gainers here, too; post your memes through the post-to-earn feature and earn Raboo tokens in return.

But that’s simply an incentive; check with the Raboo presale for the profits that have got everyone talking!

Conclusion

The presale profits on Raboo were pegged at 233%, but that’s for those who got the token in Stage 1. The presale is onto Stage 4 already, and the tokens now cost $0.0048, from an opening of $0.003.

That’s 60% up for the early buyers, but the real catch is the 100x growth potential when Raboo lists on top-tier exchanges like Binance.

For more information, visit Raboo’s presale website or join the online communities on X and Telegram.