Lunex Network Utility Token Exemplifies Market Shift from Meme Fad to Real-World Utility Tokens

This week has been a rollercoaster ride for the crypto market, and the stormy ocean took meme coins' speculative fad with it. Shiba Inu's price cooled down

After a week of wild price movements in the crypto market, meme coins’ speculative bubble has burst. Shiba Inu’s price dropped significantly from its quarterly high, while BONK also faced a massive selloff. However, a new utility token from Lunex Network has grabbed attention with its exceptional performance amid the downturn.

But first, let’s quickly recap the key highlights from this week’s crypto market.

* Meme coins had a good run earlier this year, but it seems like investors are shifting their focus now. According to data from CoinGecko, meme tokens collectively lost around $7 billion in market value this week.

* Shiba Inu’s price dropped by 22%, leading the decline among the major meme coins. This selloff came after SHIB rose to a local top of $0.000014 earlier this month. However, the meme coin is still up by more than 200% year-to-date.

* BONK, the Solana meme coin that soared to a top price of $0.000499 earlier this year, also faced a significant downturn. From its all-time high, BONK has lost nearly 94% of its value.

* Despite the selloff in meme coins, the broader crypto market also saw a correction this week. Bitcoin’s price dropped below the crucial support of $24,000, while ether fell to $1,600. However, both BTC and ETH are still up by more than 50% so far in 2023.

Now, let’s take a closer look at the new utility token that has outperformed meme coins during this market correction.

Lunex Network’s Utility Token Breaks Presale RecordAfter meme coins took over crypto in early 2023 with their massive price gains, investors shifted their focus on meme coins once again following the market downturn. However, one crypto asset managed to buck the trend this week with its strong performance.

Enter Lunex Network (LNEX), a new crypto project that aims to combine the best features of centralized and decentralized exchanges. The LNEX token, which powers the Lunex Network protocol, is designed to provide users with a user-friendly, non-custodial trading experience.

During its presale, the LNEX token sold out all the available tiers in just 30 seconds. The token raised a total of $5.4 million from investors, exceeding the initial target of $3 million and setting a new record for the platform. Notably, the LNEX token also appreciated in value by 300% during the presale.

According to the latest price data from the Lunex Network website, the LNEX token is currently trading at a price of $0.0048. At the beginning of the presale, the LNEX token was priced at $0.0018. Those who participated in the presale early on managed to generate gains of up to 270%.

Shiba Inu Price: Profit-Taking Batters Meme Market GainsIn stark contrast to last week, the meme market saw a massive correction. Despite the collective surge to a market capitalization of $135 billion last week, the market lost 31% to reach $92 billion. Shiba Inu’s price led the decline with a 22% drop in just a week.

While the drop aligned with the broader crypto market decline, the growing profit-taking selloff threw Shiba Inu off balance. The meme token began the week trading at $0.000012, and it rose as high as $0.000014 at one point. However, the selloff battered SHIB’s price down to $0.0000092 by the weekend.

Despite the selloff, the Shiba Inu ecosystem has seen spectacular growth. Its Shibarium L2 has touched a record high in TVL and transaction count. The market volatility is still running rampant, but analysts remain optimistic in their long-term outlook.

Meme Struggle: BONK Loses Nearly $2B in Massive SelloffBONK saw the same fate. The once soaring SOL meme has shed $2 billion in just 39 days. This downturn, tied to a 47% drop in price to $0.000029, highlights the challenges plaguing the meme coin market.

Persistent negative social sentiment has weighed heavily on BONK. Technically, BONK’s price has broken below critical support at $0.00003, suggesting bears remain firmly in control. If bulls fail to defend the current levels, it may drop further to $0.000025. As the meme coin sector battles declining interest, BONK’s volatility is a stark reminder of the meme’s speculative nature.