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Home»Altcoins»Quant token in your wallet in 2023 – Yes or No?
Altcoins

Quant token in your wallet in 2023 – Yes or No?

2023-05-25No Comments3 Mins Read
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The second quarter of 2023 has not been the best for investors as the entire market registered a dip in terms of crypto prices. Quantitative token [QNT] was also impacted by the bearish market sentiment as the price plummeted from over $132 in March to below $100 in recent days. However, as the quarter comes to an end next month, are there any possibilities that the Quant Token will reach its high of $160 in 2023?


Read Quants [QNT] Price prediction 2023-24


A quick look at Quant token tokenomics

Quant has a maximum token supply of 14,881,364. Of these, 12,072,738 are currently in circulation. The circulating supply accounts for 81% of total QNT tokens. Also according CoinMarketCapQuant had a market cap of $1.19 billion at the time of writing, making QNT the 39th largest cryptocurrency in the world.

Market sentiment around QNT does not look good

While the quarter started well, it wasn’t long before things turned sour. As April began, QNT’s weighted sentiment spiked, reflecting investor confidence. Later, the stat fell sharply and remained on the negative side for most of the day. After an increase, QNT’s development activity plummeted.

This could have fueled negative sentiment, as it suggested developers had put less effort into improving the network. QNTThe company’s popularity in the crypto space also took a hit, as evidenced by the dip in its social dominance in recent weeks.

Source: Sentiment

Quantum token distribution has changed

Santiment’s data showed that the big players didn’t change much in their holdings as the supply of top addresses didn’t change much. However, investors in general seemed to have built up more QNT.

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The total number of holders of the token has steadily increased over the past few months. Another positive update is that QNT’s supply on exchanges declined, while off-exchange supply increased. This is a typical bullish signal as it suggests increased buying pressure.

Source: Sentiment

Network activity has decreased

Aside from the price, Quant token has also seen a major drop in its network activity, which is concerning. According to Santiment’s chart, QNT’s daily active addresses fell sharply. Moreover, the unique trades followed the same trend and declined in recent weeks.

Source: Dune

Quant token network growth also slowed, resulting in fewer new addresses being created to transfer the token. The speed was also a concern, as after peaking on April 14, 2023, it dropped.

Simply put, a slower rate means that QNT was used less often in transactions within a given time frame.

Source: Sentiment


How many Worth 1,10,100 QNTs today


The end of the second quarter may not please investors

Not only on the metric side, but several market indicators were also bearish for the Quant token.

For example, the Exponential Moving Average (EMA) Ribbon revealed a huge bearish upside in the market. The 20-day EMA was well below the 55-day EMA, suggesting further price decline in the coming days.

QNTChaikin Money Flow (CMF) gained momentum southward and continued below the neutral zero level.

Source: TradingView

In addition, QNT’s Relative Strength Index (RSI) was near the oversold zone. Therefore, it is likely that the price of QNT will fall further before the chart reaches the overbought zone.

See also  Mercuryo, Meteor Wallet partner for simplified crypto purchases

Nevertheless, the Money Flow Index (MFI) provided some much-needed relief as it recorded a slight uptick. However, given the volatile nature of the crypto market, it will be interesting to see how QNT closes out the quarter.

Source link

Quant Token Wallet
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