In this article, you will choose an altcoin (not LUNA, ANC, or MIR) and evaluate its performance over the past 90 days using an indicator of your choice (examples: price, number of transactions, volatility). What are the prospects for that altcoin?
Altcoin: A cryptocurrency other than Bitcoin is called an altcoin. Altcoins extend Bitcoin’s capabilities and deal with its shortcomings. In terms of functionalities and consensus mechanisms, altcoins are divided into mining-based, premined, meme coins, utility tokens, security tokens, and stablecoins.
Pylon: Savings and payment services are provided by Pylon. These services allow you to make riskless investments by allowing you to deposit funds and spend the yields. This is made possible through Anchor Protocol, which generates a stable annual percentage yield. Pylon Protocol holders can participate in governance activities and earn yields from the protocol as well by holding MINE tokens, which are the native tokens of this protocol.
Throughout this post, MINE tokens have been referred to as Terra altcoin. From the graph below, we can see how these tokens have performed by considering their swap volume over the past 90 days. There was a maximum volume of $3,746.24B found on January 6, 2022. There is a decreasing trend in swap volume. Because of the downward price trend on the market for the MINE Token.
We can see the Liquidity(USD) of MINE token over the past 90 days in the below graph.A maximum liquidity of $77.97M was recorded on December 24, 2021.Liquidity (USD) is trending downward.
According to the above analysis , we can see that the Liquidity(USD) has decreased from $70M to $5M in the past 90 days. We can also see that the Swap volume decreased from $3000B to $22B. All of these factors indicate that the Pylon does not have much future.