HomeBlockchainSolana: AgriDex raises $5 million to tokenize the agricultural industry

Solana: AgriDex raises $5 million to tokenize the agricultural industry

AgriDex aims to integrate the global agricultural industry on the blockchain, tokenizing various crops to enable their purchase and sale on its Solana-based marketplace.

Generally, interest in tokenizing real assets has gained ground in recent months. Let’s see all the details below. 

AgriDex, a Solana-based marketplace, at the forefront of agriculture on the blockchain

As anticipated, AgriDex, a tokenization platform based on Solana, has announced that it has raised $5 million to bring agricultural commodities onto the blockchain.

The pre-seed funding round saw the participation of Endeavour Ventures, the sub-Saharan African agricultural company African Crops and the South African winery group Oldenburg Vineyards, as confirmed by the company via email. 

AgriDex allows you to purchase various crops on its marketplace. Once completed, transactions are protected through the creation of non-fungible tokens (NFT) that record key details of the transaction.

The tokenization of real-world assets (RWA) is a rapidly growing trend in the cryptocurrency sector. 

According to a report by CoinGecko, RWAs were the second most profitable category in the first quarter of 2024, offering a return of 286%, although still far from the 1,313% obtained by memecoins.

So far, the tokenization of RWAs has mainly focused on stocks, bonds, and metal commodities such as gold. 

With its innovative approach, AgriDex is trying to expand this narrative in the global agricultural sector, a market estimated to be worth $2.7 trillion.

Bearish forecasts for the memecoin WIF: crypto analysts predict strong declines

A cryptocurrency analyst and trader known as Bluntz recently shared with his 258,100 followers on the social media platform X a bearish analysis regarding one of the top 50 memecoins by market capitalization.

According to Bluntz, the memecoin Dogwifhat (WIF), built on the Solana (SOL) blockchain, could experience a 66% drop from current levels. 

The analyst, who uses Elliott Wave Theory for his technical analysis, states that the WIF could be close to completing a corrective wave in three patterns, with a possible rebound point around 1 dollar.

Another analyst known as Credible Crypto also predicts a 47% drop for WIF, as well as significant decreases for other memecoins like Dogecoin (DOGE).

Both analysts advise investors to be aware of market risks and to consider the possibility of further price declines.

Currently, WIF is trading at around $2.94, ranking 43rd among the largest cryptocurrency assets by market capitalization. 

The token has experienced a rapid growth, going from a minimum of 0.069 dollars in January to a recent maximum of 42.61 times its value in four months. 

However, the bearish trend predicted by analysts suggests that the upward trend may have come to a significant pause.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.