Marina Protocol Token Conversion Update as BAY Faces Market Pressure

Marina Protocol Token Conversion Details Awaited Post BAY Price Drop

With BAY's price drop in the past days since its listing, investors are left wondering about just one thing: what next for Marina Protocol? 

Marina Protocol recently shared that information regarding its conversion of tokens would be announced towards the end of this week.

Source: X (formerly Twitter) 

Traders are cautious about entering the market before they understand the implications of the Marina protocol token conversion. 

Bay experienced a drop of 3.33% in the past 24 hours. On a weekly basis, the token has dropped by approximately 44%, due to broader crypto market weakness. However, the market has some challenges of its own. 

BAY Price Struggles to Find Support

As of the time of writing, the currency is trading around $0.020, as per the Coinmarketcap. This is significantly lower than the recent average prices, and it is evident that there is strong sell pressure. 

Source: CMC

The technical analysis indicates that RSI is near the oversold region but does not show any clear indication that a reversal may happen. MACD is still negative. 

As of now, the market action reflects indecision rather than panic. The buyers are, in fact, holding back and waiting for a better indication to proceed.

Token conversion delay introduces uncertainty

The paused pBAY to BAY conversion has also contributed to the weakness of BAY. The team behind the Marina Protocol decided to pause the conversion of pBAY to BAY, which happened earlier to maintain the stability of the ecosystem. While this move will have positive effects in the future, the effects of the pause are currently negative, and it has resulted in the weakness of BAY.

As a result of a limited ability to stake as well as access governance, demand for the coin has reduced. Until then, a majority of the token holders are content to wait instead of risking further losses.

Selling continues post Binance Alpha event

Yet another source of pressure came after a Binance Alpha trading event concluded towards the end of this month. In this event, tokens were given to traders as a reward for their participation. After this event concluded, traders sold their BAY tokens to realize their immediate profits. 

This type of selling occurred after the incentive activities. Although the level of buying interest was weak.

Looking at the Marina Protocol Price forecast: 

• Bullish: If it holds above $0.020, it could move sideways or recover slightly toward $0.023. 

• Bearish: A break below $0.020 may push the price toward $0.018.

An Examination of Marina Protocol Tokenomics

The total supply of $BAY is fixed at 1 billion tokens. 

About 40% of this supply goes into the rewards program in the ecosystem, with the view of fostering growth in this aspect. Others include seed investors, contributions, marketing, liquidity, and the foundation.

In itself, of course, nothing much is special about this structure. However, what is noteworthy is that, owing to the suspended Marina Protocol Token Conversion, traders have had limited access to such benefits associated with this ecosystem.

Final Thoughts

Marina Protocol's recent pull back is due to several factors. A lack of strong technical fundamentals, profit taking following an event, and a delay in an understanding of the Marina Protocol Token Conversion have all been factors. Although the short-term outlook is unclear, it seems that an announcement could provide further clarity to the market. 

Disclaimer: This article is for informational purposes only and not a financial advice, kindly do your own research before investing in crypto market.