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As the community prepares for the much-anticipated fourth halving set for April 19, 2024, the buzz around Bitcoin-based projects is reaching a fever pitch. Crypto influencer Leshka.eth, with a following of over 128,500 on X (formerly Twitter), has identified a set of altcoins under the Bitcoin financial ecosystem (BTCfi) that could see significant gains post-halving. Crypto Analyst Shares His Top-10 BTCfi Altcoins Leshka.eth told his 128,500 followers on X (formerly Twitter) about the potential of various projects in the BTCfi landscape. He remarked, “The countdown to BTC halving ends in 2 days. If you missed 1,000x on BRC20 and Ordinals, if you missed 800x on STAMP, check out my watchlist of BTCfi altcoins poised to surge because of the halving.” Here’s a breakdown of the top altcoins Leshka.eth believes could benefit from the upcoming Bitcoin halving: 1. Hulvin (HULVIN): This project is touted as the first halving-themed memecoin with the slogan “Make Halving Great Again.” Initially mentioned by Leshka.eth when it was valued at a $9 million market cap, Hulvin has seen an impressive ascent, crossing a $30 million market cap. “I first mentioned it when it was at $9M market cap. Today it surpassed $30M MC and outperforming all other tokens on the market. Still much space for a price discovery,” Leshka.eth highlighted. The coin currently trades at $0.01298 with a daily volume of $5.8 million. 2. Map Protocol (MAP): Designed to simplify cross-blockchain transactions using light clients and zero-knowledge (ZK) proofs, MAP Protocol operates without relying on trusted third parties. It facilitates secure peer-to-peer connections and emphasizes compatibility across different blockchains. Currently, MAP is trading at $0.0248 with a $107 million market cap and a 24-hour trading volume of $3.2 million. Leshka.eth views it as a crucial infrastructure component for the evolving blockchain ecosystem. 3. Stacks (STX): As a layer built on top of the Bitcoin blockchain, Stacks introduces functionalities such as smart contracts, decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized applications (dApps). It is often compared to the Lightning Network due to its extension of Bitcoin’s capabilities. Related Reading: Crypto Expert Predicts Bitcoin Will Reach $650,000 Due To This Reason With a substantial market cap of $4.04 billion and a price of $2.29, Stacks represents a significant part of the BTCfi landscape. “Stacks transforms Bitcoin from a digital gold into a more expansive ecosystem capable of supporting a wide array of applications,” Leshka.eth noted. 4. Mintlayer (ML): This layer 2 solution enhances Bitcoin’s functionality by enabling DeFi, smart contracts, atomic swaps, NFTs, and dApps directly on the Bitcoin network. Trading at $0.38 with a market cap of $24 million and a daily volume of $2.5 million, Mintlayer stands out for its integrative approach to extending Bitcoin’s utility without the need for an entirely separate blockchain. 5. SatoshiSync (SSNC): Collaborating with LayerZero and Chainlink, SatoshiSync offers a toolkit for easing transactions on Bitcoin’s L1 and L2 layers. Even before its token launch, the platform had attracted over 50,000 users, underscoring its practical value. SSNC is priced at $0.1275, with a market cap of $124.7 million and modest daily transactions amounting to $0.45 million. 6. Bitcoin Virtual Machine (BVM): BVM is a rapidly growing Layer 2 solution for Bitcoin that allows users to create their own L2 networks, thereby enhancing the value of BVM tokens. The BVM team is also planning to introduce airdrops for BVM stakers, which Leshka.eth believes could “drive up demand for the tokens significantly.” BVM is currently trading at $5.35, with a market cap of $133.6 million and a 24-hour volume of $2.74 million. Related Reading: Arkham Releases Top 5 Crypto Rich List – You Won’t Believe How Much Is Inaccessible 7. Naka Chain (NAKA): Positioned as a cost-effective, high-speed Bitcoin L2 blockchain tailored for DeFi applications that utilize Bitcoin for gas fees, Naka Chain enables developers to port decentralized apps from Ethereum to Bitcoin with minimal changes. It functions similarly to the Ethereum Virtual Machine (EVM), enhancing its appeal. NAKA is trading at $0.026, with a market cap of $56.32 million and a daily volume of $128,000. 8. Elastos (ELA): Elastos aims to construct a blockchain-driven version of the internet, addressing scalability and flexibility issues found in Ethereum and other DApp platforms. With a market cap of $81 million and trading at $3.69, ELA focuses on building a robust infrastructure for a decentralized internet. 9. MVC (SPACE): This public blockchain integrates multiple technologies, including the UTXO model and Proof of Work (PoW), to deliver exceptional performance, minimal fees, and high decentralization. SPACE trades at $17.59 with a market cap of $52.3 million and a 24-hour volume of $1.31 million. 10. Photon: Touted as a superior traditional Layer 2 solution, Photon leverages the security of Bitcoin’s Layer 1 to support scalable decentralized applications, providing efficiency and flexibility comparable to Ethereum’s ecosystem. This project is one to watch, with its upcoming launch expected to attract significant attention. “Keep an eye out for its upcoming launch!,” Leshka.eth stated. 11. Additional Mention – BounceBit: BounceBit is a Bitcoin staking chain that allows users to earn yields on their dormant Bitcoin. With a focus on early access, the platform encourages active participation and utilization of Bitcoin for staking purposes. The imminent launch of BounceBit is highly anticipated by the community. At press time, Stacks (STX) was trading at $2.29, down 40% from its all-time high reached on April 1. Featured image created with DALL·E, chart from TradingView.com

In recent months, Sam Altman’s open-source protocol Worldcoin (WLD) has faced increasing legal challenges as Portugal and Spain cracked down on its biometric data collection practices. Argentina has joined the list, issuing an indictment against Worldcoin after detecting allegedly abusive clauses in user contracts.  Worldcoin Faces Legal Scrutiny In Buenos Aires Buenos Aires authorities have identified discrepancies between Worldcoin’s reported data handling practices and findings from provincial inspections, raising concerns about the storage and deletion of biometric data and potential infringements on user rights. The Ministry of Production, Science, and Technological Innovation of the province of Buenos Aires ordered the indictment of Worldcoin following an investigation by the Provincial Directorate for the Defense of Consumer Rights.  Related Reading: Arbitrum’s Massive $107 Million Token Unlock Threatens To Send Price Below $1 The investigation revealed the inclusion of “abusive clauses” in the company’s accession contracts, which were allegedly in violation of the National Consumer Protection Law. Undersecretary Ariel Aguilar, responsible for Commercial Development and Promotion of Investments in the province, expressed concerns about the lack of transparency surrounding Worldcoin’s data processing procedures.  Aguilar questioned whether biometric data was being stored or immediately deleted, the existence of databases storing personal data of Argentine users, and the complexity of the contracts and operation of the entire system. The province’s inspections uncovered multiple violations in the adhesion contracts, including the “Terms and Conditions of Use,” “Privacy Notice,” and “Data Consent Form.”  Notably, the company failed to display signs indicating the minimum age requirement of 18 for accessing the service, potentially leading to the scanning of the personal data of minors. Contradictions In Worldcoin’s Handling Of Biometric Data Contradictions were also found between the company’s reported use, protection, and storage of biometric data collected from the faces and eyes of Argentine users. It appears that this private information is being stored in Brazil.  Additionally, abusive clauses were identified that allowed the company to interrupt the service without providing any repair or refund.  The contracts also allegedly forced users to waive collective redress claims and subjected them to foreign laws, specifically those of the Cayman Islands, with disputes to be resolved by arbitration in California, United States, violating Argentina’s Civil and Commercial Code. Worldcoin now faces potential fines of up to 1 billion pesos or $1.2 million.  The company had been operating in various cities in Buenos Aires. Worldcoin collected personal biometric data, such as iris and facial scans, in these locations through its Orb technology device. In exchange, users were offered the World App financial application on their phones and received cryptocurrency from Worldcoin’s native token, WLD. Unexpected Upswing Despite facing increasing legal scrutiny in recent months, including the latest development in Argentina, the token associated with the Worldcoin protocol, WLD, has experienced an unexpected surge of 2.6% within the past 24 hours, currently trading at $4.80. However, when examining key metrics, it becomes evident that the overall market correction has impacted WLD. CoinGecko data reveals that WLD’s trading volume in the last 24 hours amounts to $319,113,250, indicating a decrease of 7.10% compared to the previous day.  Additionally, WLD has witnessed a significant decline of over 58% from its all-time high of $11.74, reached on March 10. Related Reading: Bitcoin Analyst Set Sight On $79,591: Urges Traders To Be Patient Moreover, the token’s market capitalization has experienced a notable decrease. Since its peak of $1.4 billion recorded on March 17, the market cap has fallen below the billion-dollar level, currently standing at $920 million as of the time of writing. Featured image from Shutterstock, chart from TradingView.com

Markus Thielen of 10x Research unveiled a significant shift in his crypto strategy in response to mounting financial pressures and market instability, as detailed in an investor note released earlier today. Thielen, an influential figure in the analysis sector, cited a concerning outlook on risk assets, which encompasses both technology stocks and cryptocurrencies, primarily driven by unanticipated and ongoing inflation rates. According to projections from Bank of America, US CPI headline inflation is expected to reach 4.8% by the November 2024 election. Over the past three months, month-over-month CPI inflation has averaged 0.4%. An acceleration at this speed would mean the rate is more than twice the Federal Reserve’s inflation target of 2% by November. Why 10x Research Sold (Almost) All Crypto And Risk Assets In light of this, 10x Research’s decision to divest from risky assets was catalyzed by an adverse shift in economic indicators. Notably, the US bond market is currently projecting fewer than three Federal Reserve rate cuts this year, a significant adjustment from earlier more optimistic forecasts. According to the CME FedWatch tool, the majority of market participants now think that a rate cut by the Fed will not come before the mid-September FOMC meeting. Additionally, the 10-year Treasury Yields have reached a peak of 4.61% this month, marking the highest rate since November 2023, further complicating the investment landscape for risk assets including technology stocks and cryptocurrencies. Related Reading: Bitcoin, Altcoins Price Decline As Crypto Liquidations Near $900 Million In The Past Day “Our growing concern is that risk assets are teetering on the edge of a significant price correction,” Thielen stated in the note. “We sold all our tech stocks last night as the Nasdaq is trading very poorly and reacting to the higher bond yield. We only hold a few high-conviction crypto coins. Overall, we are bearish on risk assets.” The bearish stance is further supported by the disappointing performance of US-listed spot Bitcoin ETFs. Despite the SEC’s approval of nearly a dozen such ETFs in January, which initially spurred a surge in Bitcoin prices, the influx of capital has markedly slowed. This month, the five-day average net inflows into these ETFs plummeted to zero, a stark contrast to the nearly $12 billion that flowed into these investment vehicles earlier in the year. Thielen’s comments also touched on the broader implications of the upcoming Bitcoin network’s quadrennial halving, scheduled for April 20. This event will reduce the reward for mining a block of Bitcoin by 50%, from 6.25 BTC to 3.125 BTC. While such halvings have historically spurred bullish sentiment and price increases due to a perceived scarcity of Bitcoin, Thielen suggests that the current market conditions might dampen any potential rallies. “It is essential to understand that trading is a continuous game with high-conviction opportunities. The key is to keep analyzing the markets and uncovering those opportunities when the odds are in your favor. There are times when we advocate for a total risk-on approach and when the priority is safeguarding your capital, enabling you to seize opportunities at lower levels,” Thielen stated. Related Reading: Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos In a notable exchange with Matthew Graham of Ryze Labs, Thielen defended his firm’s trading strategy amid criticism for what was described as erratic decision-making. Graham pointed to recent fluctuations in 10x Research’s stance on Bitcoin, citing a research note from early April that predicted a potential rally to $80,000, followed by a more cautious view and the recent sell-off. Thielen responded, “Actually, no. We have been cautious since March 8, and when the triangle breakout failed, we worked with the $68,300 stop loss. This is simply risk-reward trading.” This defense highlights the volatile nature of crypto trading and the necessity for agile strategies in response to rapidly changing market conditions. Thielen concluded, promising a strong re-entry into the market under more favorable conditions: “Will buy back with both hands at 52,000 – promise.” At press time, BTC traded at $63,045. Featured image from Shutterstock, chart from TradingView.com

Charles Edwards, the founder of Capriole Investments, has sparked significant interest and debate within the cryptocurrency community. He heralded Ethena (ENA) as “the Luna of this cycle,” but with a crucial difference: its economic fundamentals are deemed sustainable. Edwards elaborated, “It’s 100% collateralized and the yield is variable based on market forces. Two things Luna wasn’t.” He also noted that at its zenith, Luna’s valuation exceeded ENA’s current market cap by more than twenty-fold, yet he cautioned, “ENA is not risk-free, custody and execution risk exist.” Ethena is the Luna of this cycle, except the underlying economics are actually sustainable. It's 100% collateralized and the yield is variable based on market forces. Two things Luna wasn't. At it's peak LUNA was over 20X bigger than what ENA is now. ENA is not risk free, custody… — Charles Edwards (@caprioleio) April 10, 2024 Since its launch on April 2, ENA has seen a meteoric rise from under $0.30 to a high of $1.45. This rally is largely attributed to Ethena Labs’ strategic enhancement of its rewards program, now in its “Season 2,” which offers a 50% reward boost for users locking their ENA tokens for at least seven days. This move aims to bolster user engagement and loyalty, fostering a sustainable ecosystem for the Ethena platform. Related Reading: Ethena’s (ENA) Crucial Role In Bitcoin Bull Market: Expert Identifies Critical Factors For Sustainable Growth A remarkable aspect of this ecosystem is the rapid growth of its stablecoin, USDe, which has outstripped the supply growth of established counterparts such as USDT, USDC, and DAI, reaching a $2 billion supply in just over 100 days. USDe is the fastest growing USD denominated asset in the history of crypto pic.twitter.com/xgiRJjf96t — G | Ethena (@leptokurtic_) April 8, 2024 However, the project’s high yields which are generated by harnessing the derivative markets and staked Ethereum have stirred skepticism among industry experts. Fantom founder Andre Cronje, among others, has raised concerns about the sustainability of these yields, which are the highest in the entire crypto industry. Risks Involved With Ethena Noteworthy, ENA is often compared to Terra Luna (LUNA), but the differences could not be much bigger, as Edwards also noted. While ENA is not risk free, a demise like the one of LUNA is highly unlikely. Despite that, investors need to be aware of other risks involved with ENA. Diving deeper into the discussion of risks, CL (@CL207) from eGirl Capital offers an intriguing perspective on the behavior of derivatives traders. She clarifies, “It appears Ethena is making many people who don’t trade derivatives have a really hard time wrapping their heads around the fact that derivatives traders are so genuinely retarded that we’re willing to pay like 50%+ APR to enter a position.” Related Reading: Ethena (ENA) Surges 60%, But Fantom Co-Founder Warns Of Luna-Like Demise Notably, last cycle crypto traders were bidding futures so high that Bitcoin quarterlies earned “a locked-in >50% apr. She added, “just 50 days into 2021, we collectively paid 2,400,000,000$ in funding rates by the end of 2021, the market has paid as much as a decently sized country’s GDP.” Monetsupply.eth (@MonetSupply) from Block Analitica provides a granular analysis of the risks Andre Cronje highlighted. Through his examination, several key areas of concern are outlined: Oracle Risk: The potential impact on exchange positions due to Ethena providing inaccurate quotes on minting or redeeming operations. However, MonetSupply notes, “there’s rate limits on this tho so max loss is constrained and counterparties are all whitelisted (can’t just run away with the money).” Liquidation Risk: Deemed not a significant factor as the portfolio is leveraged less than 1x, suggesting a conservative approach to borrowing and leverage. Spread Risk: The possibility of increased basis leading to higher funding revenue, which should theoretically attract inflows. Conversely, a negative basis might cause outflows, but Ethena could benefit from closing hedged positions profitably. Collateral Ratio Risk: Even though liquid staking tokens (LSTs) are given less than 100% weight on centralized exchanges (CEX), the overall low leverage mitigates this risk. The proportion of LST in spot collateral is relatively minor. Custody Risk: Highlighted as one of the more significant concerns, given the reliance on custodians with a good track record and the distribution of assets across multiple entities. Exchange Solvency Risk: This risk could lead to the loss of unsettled profit and loss (PnL) and some trading costs to rehedge on other exchanges. However, MonetSupply adds, “the Binance/ceffu nexus might change this assessment though, are they actually independent?” Ethena Entity Risk: The internal risk related to Ethena’s keys or authentication tokens being compromised, or a team member acting maliciously. MonetSupply concludes that despite these risks, the framework of overcollateralization on platforms like Morpho, the Maker surplus buffer, and the MKR backstop, supported by a substantial Proof of Liquidity (POL), serves as a robust mitigating factor. At press time, ENA traded at $1.329. Featured image from Bitget, chart from TradingView.com

Polkadot, a blockchain platform designed for interoperability between different blockchains, is experiencing a surge in new users, but a disconnect between user growth and network activity is raising questions about its long-term viability. Related Reading: Don’t Miss The Boat! Ethereum Whales Signal Bullish Run With $40 Million Bet Based on the latest figures, DOT tallied an all-time high in active wallets and unique accounts in March, surpassing 600,000 and 5.59 million, respectively. This suggests a growing interest in the platform, potentially driven by the thriving developer ecosystem on Polkadot’s parachains, specialized blockchains that connect to the main Polkadot chain. Moonbeam, a prominent parachain, played a particularly significant role, contributing the highest number of active addresses with nearly 250,000. Source: Data Polkadot Transactions Dip Despite Active User Growth However, despite the influx of new users, the number of transactions on the Polkadot network hasn’t kept pace. While there was a modest increase in transactions compared to February, the current volume remains significantly lower than the peak recorded in December. This inconsistency raises concerns about how actively users are engaging with the network. The possibility exists that users are holding or staking their DOT tokens instead of utilizing them for transactions on the platform. Total crypto market cap is currently at $2.5 trillion. Chart: TradingView Polkadot Price Seeks Stability After Recent Decline The price of Polkadot’s native token, DOT, seems to be finding support around $9. This could indicate a period of consolidation after a decline from its previous highs above $11. While a price increase is typically seen as a positive sign, it’s important to consider it alongside actual network usage. Source: Data Is Polkadot Building Without Using? The current situation with Polkadot presents a paradox. The platform is attracting new users, but they aren’t necessarily translating into active network participants. This could be due to several factors. Perhaps users are waiting for a specific application or service to be built on Polkadot before actively engaging. It’s also possible that technical limitations are hindering user activity. Related Reading: SUI Slips After Hitting All-Time High: TVL Tumbles 12% – Token Price In The Gutter? Further analysis is needed to understand the reasons behind the lagging transactions. Examining the types of transactions occurring on the network could provide valuable insights. For instance, an increase in governance-related transactions might suggest a more engaged user base, even if overall transaction volume remains low. Polkadot’s Future Hinges On Active Network Use While the growth in active wallets and accounts is a positive sign for Polkadot, it’s crucial to convert this interest into actual network usage. The success of Moonbeam demonstrates the potential for a vibrant developer ecosystem on Polkadot. However, broader adoption across various use cases is necessary for the platform to reach its full potential. Featured image from Pexels, chart from TradingView

In a detailed analysis shared on X, Miles Deutscher, a renowned crypto analyst, cast a spotlight on the burgeoning sector of Real World Assets (RWA) within the crypto market. Deutscher’s discourse comes in the wake of BlackRock’s groundbreaking venture into tokenized funds, signaling a seismic shift in the digital asset landscape. With projections indicating that tokenized assets are poised to reach a valuation of $10 trillion by 2030, Deutscher’s enthusiasm is palpable. “If you’re still sleeping on this sector, now is the time to wake up,” he declares, laying the groundwork for a deep dive into RWAs and their associated investment opportunities. The Genesis And Essence Of Real World Assets (RWA) Real World Assets (RWA) serve to bridge the tangible with the digital, tokenizing physical commodities such as gold, real estate, and various other commodities, thereby enhancing their efficiency and accessibility. This digitization process eliminates the need for traditional brokers, reduces entry barriers, and significantly cuts down on associated costs. “RWAs represent a revolutionary step forward in democratizing access to investment in major assets,” Deutscher asserts. He further explains that RWAs not only unlock vast markets for participation—such as global bonds and gold—but also integrate real-world, income-generating assets into the DeFi yield ecosystem. At their core, RWAs embody ownership rights over physical assets through the digital tokenization on blockchain platforms. Through smart contracts, issuers can mint these tokens, defining their value and the mechanics of their trade. This innovative approach has seen the market capitalization of tokenized public securities surpass $700 million, with the tokenized gold market nearing a $1 billion valuation, according to a report by Bank of America. Related Reading: Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months This growing demand underscores the sector’s potential, significantly buoyed by BlackRock’s recent foray into RWA with its digital asset fund focused on bonds. Within a mere fortnight, this fund ballooned to a $274 million market cap, capturing a 37.53% market share. BlackRock’s pivot towards RWAs is not an isolated trend but a bellwether for the industry’s trajectory. “Larry Fink’s bullish stance on tokenization heralds a new era for securities,” Deutscher notes, highlighting the BlackRock CEO’s long-maintained belief in the transformative power of tokenization. This movement is gaining momentum, with heavyweight TradFi players such as Citi, Franklin Templeton, and JPMorgan exploring RWA avenues. “The convergence of traditional finance and blockchain through RWAs is a testament to the sector’s viability and growth potential,” Deutscher adds, underlining the legitimization of RWAs by these financial titans. Deutscher’s Curated List Of Top RWA Altcoins Delving deeper into the specifics, Deutscher categorizes his top picks within the RWA ecosystem: Layer 1 and Layer 2 Blockchains: Highlighting the significance of foundational blockchain platforms, Deutscher points to L1 and L2 chains that are pivotal in hosting RWA protocols. He emphasizes the strategic advantage of these chains in attracting liquidity and users, albeit noting the nuanced investment approach needed to maximize RWA-specific gains. Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 – Here’s When “Hyped narratives often drive a lot of liquidity and users to the main chain that powers the underlying dApp. […] The issue with this style of investing, despite its ability to hedge against downside, is the lack of direct upside. If you want capture more RWA-specific upside, RWA-focused chains like Redbelly Network & MANTRA offer more direct exposure,” Deutscher argues. Oracles as the Backbone of RWA Tokenization: Oracles play a crucial role in ensuring the accurate reflection of real-world asset values on the blockchain. Deutscher is particularly bullish on Chainlink (LINK), citing its foundational role in secure, cross-chain information bridging. “Chainlink is indispensable for the RWA sector, offering real-time data verification that’s critical for the integrity of tokenized assets,” he explains. Moreover, the crypto analyst points to Pyth Network (PYTH) if investor want to “move further down the risk curve.” He added, “whilst Chainlink serves more broader sectors, Pyth is interesting as a DeFi-centric bet, due to its wide L1 compatibility.” RWA-Specific Protocols: Projects like Ondo Finance, Pendle Finance, and Frax Finance are lauded by Deutscher for their direct engagement with RWAs, each offering unique solutions to leverage real-world assets within the DeFi space. Deutscher applauds Ondo Finance for addressing liquidity challenges, Pendle Finance for its innovative yield-tokenization approach, and Frax Finance for its multifaceted DeFi offerings that include traditional investment avenues. Emerging Stars in the RWA Space: Deutscher also sheds light on upcoming projects like Lingo and Truflation, earmarking them as ones to watch. With Lingo’s unique model of funding RWA pools for brand partner rewards and Truflation’s infrastructure play in decentralizing economic data, these platforms are at the forefront of RWA innovation, according to him. At press time, ONDO had a market capitalization of $1.12 billion and was the 94th largest cryptocurrency by market cap. The price stood at $0.80. Featured image created DALL·E, chart from TradingView.com

Arthur Hayes, the founder of the crypto exchange BitMEX, recently made a move on an altcoin he had held since 2022. This move saw the transfer of over 230,000 GMX tokens to Wintermute Trading, seemingly making a profit of $3.2 million. Related Reading: XRP Price Drops After Massive Whale Dump, Casting Doubt On $1 Target In April Altcoin Dropped By Its Largest Personal Holder Blockchain research platform Lookonchain revealed that Arthur Hayes seemingly sold his GMX holdings yesterday. Hayes was the largest holder of GMX, the native token of decentralized perpetual exchange GMX. Throughout 2022, the BitMEX founder spent a total of 3,383 ETH, worth $5.17 million, to buy 200,581 GMX tokens. In 2023, Hayes spent another 60 ETH to buy 2,328 GMX, around $105,000. From July to December 2023, Hayes withdrew 215,428 GMX tokens from centralized exchanges (CEX). By the end of 2023, he had bought 218,337 GMX for $6.5 million from CEX and decentralized exchange (DEX) Uniswap. As of April 7, 2024, Hayes had GMX holdings worth $9.7 million, per Lookonchain data. The post revealed that Hayes had unstaked all 237,672 tokens and transferred them to an address linked to crypto algorithmic trading firm Wintermute Trading. The transaction sparked rumors of a possible token sale by the former CEO of BitMEX. According to the report, the average cost of buying through Haye’s accumulation phase is around $29.74.  After selling, Hayes’s profits would total over $3.2 million. GMX investors reacted to the news, suggesting that “nothing changed” and the altcoin was “in that buy zone again.” Did Arthur Hayes Accept Capitulation? Crypto analyst and trader JJcycles suggested that the transaction looked like “Hayes capitulation.” Later, the trader speculated why the GMX price didn’t “tank hard” after one of its largest personal holders sold his tokens. To the analyst, the incident looked “like the price of ETH during the FTX debacle.” Based on his perception, the trader decided to buy more GMX tokens. One of the largest holders of GMX send his bags to a market maker. Speculation goes that he is selling which is the most logical conclusion to make. My question, why is price not tanking hard? Feels a bit like the price of ETH during the FTX debacle.I'm buying more.$GMX pic.twitter.com/jZi91vIghT — JJcycles (@JJcycles) April 8, 2024 In a later post, the analyst clarified what he meant with his previous statement. According to him, GMX’s capitulation looks like ETH’s capitulation in 2023. As reported by NewsBTC, the number of Ethereum traders selling at a loss increased around August 2023. ETH’s price bounced back from the capitulation and has continued an upward trajectory ever since. Per the analyst charts, GMX appears to be showing an ascending triangle pattern at writing time, like the one made by ETH during its capitulation. To the trader, this suggests GMX could begin an upward trajectory like ETH. GMX Price Reaction The GMX token displays red numbers in most timeframes, as it’s currently 55.5% lower than its all-time high (ATH) of $91.07. The token registers a 7.9%, 28.9%, and 48.9% price drop on the weekly, monthly, and yearly timeframes. After the news of Hayes’ transaction broke, the price went from hovering between the $40.8-$40.7 price range to $37.1, plunging 9% in just an hour. Nonetheless, the altcoin quickly started to recover from the initial dip.  At the time of writing, GMX is trading at $40.47, a 1% drop from 24 hours ago. Notably, the token’s market activity skyrocketed 467.6% in the last day, with a daily trading volume of $54.77 million. Related Reading: Sleeping Giant Awakens! Ethereum Whale With Over 12,000 ETH Creates Noise GMX performance in the 3-day chart. Source: GMXUSDT on Tradingview  Featured Image from Unsplash.com, Chart from TradingView.com

Bitcoin is still pushing a price recovery on its quest to return to the $70,000 price level. This has seen the cryptocurrency now trading above $69,000, up by 1.6% in the past 24 hours. This price fluctuation has occurred in the middle of increased accumulation activity from some whales and some short-term holders.  Related Reading: Forget Q1 Slump: Solana Explodes Over 300% Amid DEX Boom Blockchain analytics platform Lookonchain has revealed an instance of whale activity on social media. An interesting transaction came from a whale wallet which recently woke up after 10 years of dormancy to transfer 246 BTC worth $16.73 million. Bitcoin Whale Wakes Up From 10-Year Slumber The Bitcoin blockchain is home to a vast number of early investors with large amounts of BTC that have remained dormant for many years. In fact, the re-ignition of dormant Bitcoin addresses has been sporadic for the past six months, particularly as the price of Bitcoin surged to new all-time highs and with most causing a stir and rising interest amongst Bitcoin investors. According to Lookonchain, a new Bitcoin whale address has been added to the roster of wallets raised from the dead. The whale address “1CLxmH” which held 1,701 BTC (worth $115 million at the time of writing) during its 10-year period of dormancy, recently woke up and transferred 246 BTC worth $16.73 million into another wallet. Interestingly, on-chain data shows the whale address received 4,272 BTC throughout 2013 at an average price of $29.39.  A whale with 1,701 $BTC($115.42M) woke up after 10 years of dormancy and transferred 246 $BTC($16.73M) out 20 mins ago. The whale received 4,272 $BTC($125,541 at the time) in 2013 at an average price of only $29.39. Address: 1CLxmHRhoi9VpSj5QihqPEdbhLL8E1oeUZ pic.twitter.com/W45On1Q7vb — Lookonchain (@lookonchain) April 6, 2024 Incoming Sell Pressure? Reactivations of old dormant wallets are often driven by whales looking to sell all or some of their holdings. Massive selloffs like this often lead to a price slump and increase the selling pressure from short-term investors. However, the motive behind the reactivation of dormant addresses is impossible to predict and not all of them indicate profit-taking.  Bitcoin market cap currently at $1.3 trillion. Chart: TradingView.com In this case, transaction data shows the assets were transferred into two new private wallets. 50 BTC were transferred into address “1PRREb,” while 195 BTC were transferred into address “bc1qga.” At the time of writing, address “1CLxmH” still holds 1,455 BTC worth $100.89 million.  Related Reading: Bitcoin Dips, But Don’t Panic: ETFs See Three Days Of Bullish Inflow In the ongoing spirit of an accumulation from whales, Lookonchain outlined a new purchase from another whale address. This address, which has accumulated 1,308 BTC worth $89.75 million at an average price of $68,617 since March 6, purchased another 113.735 BTC worth $7.85 million from Binance less than 12 hours ago. With Bitcoin trading at $69,348, this wallet now holds $90.7 million worth of the cryptocurrency. Blockchain analytics platform Santiment noted this accumulation pattern by the whales, revealing wallets holding between 100 and 100,000 BTC have purchased $21.6 billion worth of the cryptocurrency in the last three months.  Featured image from Pexels, chart from TradingView

The price of Near Protocol’s native token, NEAR, has been on an upward momentum recently, with a crypto analyst projecting further price increases and suggesting that the coin could see a surge to more than $10 soon. Related Reading: Solana Primed For Takeoff? Expert Analysis Points To Buying Opportunity Near Protocol Price Poised For $10 Surge Popular crypto trader and analyst, identified as Bluntz on X (formerly Twitter) has unveiled a major price prediction for NEAR. The analyst disclosed that the price of NEAR is exhibiting historical patterns indicative of a bullish rally, potentially surpassing $10. $near turbo sends here imo pic.twitter.com/4o28UEsfE1 — Bluntz (@Bluntz_Capital) April 3, 2024 Bluntz, a pseudonymous analyst known for his eerily accurate prediction of Bitcoin (BTC) in June 2018, forecasted that the price of BTC would hit a bottom out at $3,200 after reaching an all-time high of $20,000 at the time. True to his foresight, Bitcoin dropped to around the projected price target by December of the same year.  Now, using technical analysis based on the Elliott Wave principle, Bluntz has shared a price chart displaying Near protocol’s potential rally to over $10.  NEAR market cap currently at $7.4 billion. Chart: TradingView.com The Elliott Wave theory, developed by Ralph Nelson Elliott is a technical methodology that analyzes recurrent and long-term price patterns related to persistent changes in investor sentiment and psychology. This technical tool is used to predict the price movements of cryptocurrencies based on greed and fear.  Bluntz provided two charts depicting Near Protocol’s price movements against Tether (USDT) and another against Bitcoin.  In both charts, Near Protocol had undergone a sequence of price fluctuations, moving between green and red zones before exhibiting strong price fundamentals that could potentially propel its price above $10. The crypto analyst has pinpointed a projected timeline for this price surge around mid April, specifically before the 15th. Insights Into NEAR’s Recent Price Movements Over the past month, the price of Near Protocol has been on a steady upward trend, boasting an impressive 26% increase. Moreover, the cryptocurrency’s total market capitalization has risen by over 6%, accompanied by a 25% increase in its 24-hour trading volume.  Related Reading: Trouble Ahead? Binance Coin Futures Market Under Pressure With Negative Funding Rates At the time of writing, Near Protocol is trading at $7.09, reflecting a significant increase of 5.89% in just one day, according to CoinMarketCap. These developments highlight the increasing appeal and demand for the popular token within the dynamic crypto space. Illia Polosukhin, co-founder of Near Protocol has also commended the NEAR team’s consistent efforts in maintaining the cryptocurrency’s steady growth and development over the past few months. Polosukhin noted that due to the team’s dedication, Near Protocol’s capacity has surged by 50%, ensuring a more effective network to serve users.  Featured image from Pexels, chart from TradingView

Solana (SOL), a prominent player in blockchain technology, finds itself at a crossroads. While crypto analyst Altcoin Sherpa remains bullish on its long-term potential, recent price drops and a surge in failed transactions raise concerns. Is Solana Poised For A Major Rally? Sherpa, known for simplifying complex investment strategies, suggests a buying range of $168-208 for SOL. He emphasizes a long-term approach, advocating patience over short-term price movements. This aligns with Solana’s reputation for innovation, offering a fast and scalable platform for decentralized applications (dApps). Its growing popularity and strong foundation in blockchain technology further solidify Sherpa’s optimistic outlook. $SOL: It’s very simple- buy within this $168- $208 range and don’t think too much about price for the next few months. Watch # go way higher. The end. pic.twitter.com/InCvCIRdzo — Altcoin Sherpa (@AltcoinSherpa) April 4, 2024 The analyst urges investors to exercise patience and adopt a long-term perspective while dealing with the erratic cryptocurrency market and advises against overanalyzing the short-term price fluctuations. Related Reading: Trouble Ahead? Binance Coin Futures Market Under Pressure With Negative Funding Rates By contrast, he advocates refocusing towards a broader point of view, emphasizing that significant profits could result from a less fearful response to price fluctuations within the suggested purchase frame. In light of the volatility of cryptocurrency investments, this perspective offers some degree of clarity and suggests that Solana’s value is about to see a significant increase. But, SOL Price Is On The Weak Side However, Solana’s recent price performance paints a different picture. Over the past 24 hours and the last week, SOL has experienced a slight decline. This dip comes amidst a period of high trading volume, exceeding $4.3 billion in the last day alone. While high volume can indicate strong market interest, it can also be a sign of volatility. Further dampening investor sentiment is a concerning rise in failed transactions on the Solana network. Data from Dune Analytics reveals a staggering rate – nearly three-quarters of all transactions on the SOL chain have failed since March 2024. Source: Dune Analytics While bots causing spam are attributed to most of these failures, legitimate users interacting with the blockchain for swaps or decentralized exchange (DEX) transactions could also be affected. This network congestion raises questions about Solana’s scalability, a core strength Sherpa highlights. The Road Ahead For SOL Solana’s future trajectory hinges on its ability to address these network issues. Developers are actively working on solutions, but it remains to be seen if they can effectively mitigate the problem. Addressing scalability concerns will be crucial to maintaining user confidence and attracting new ones. Total crypto market cap is currently at $2.405 trillion. Chart: TradingView The contrasting perspectives on Solana highlight the inherent volatility of the cryptocurrency market. Investors considering SOL should carefully weigh Sherpa’s long-term vision against the recent price decline and network issues. Related Reading: Dogecoin Deflates: What’s Behind The 20% Price Drop Amidst Memecoin Mania? Looking ahead, several factors will influence Solana’s future. The success of upcoming projects built on its platform and the broader adoption of blockchain technology will play a significant role. Additionally, regulatory developments and the overall performance of the cryptocurrency market could also impact SOL’s price. Solana remains a force to be reckoned with in the blockchain space. Its innovative approach and strong foundation are undeniable. However, overcoming network congestion is paramount to fulfilling its long-term potential. Featured image from Pexels, chart from TradingView

A new rug pull alert sounded on Tuesday after crypto detective ZachXBT unveiled on-chain details of an alleged hack suffered by an NFT project last month. The project’s CTO announced that a response was in the works but ultimately vanished as criticism grew. Related Reading: Trezor X Account Hacked: How Much Was Taken In The Fake Crypto Presale? Nuddies NFT, A Hack Or Rug Pull? On-chain sleuth ZachXBT revealed the alleged misuse of funds by the CTO of NFT project Nuddies NFT.  In a now-deleted post, its CTO Kyle explained that the project was “derugged from its previous founder” and built differently from other NFT projects. A short investigation into how @kyledegods faked a hack and stole SOL from his project @NuddiesNFT before spending it on NFTs and lying to holders about how devastated he was about the incident. On March 3, 2024 Kyle made a post in his Discord server claiming his wallets had… pic.twitter.com/4ne6dtVyA5 — ZachXBT (@zachxbt) April 2, 2024 According to the crypto detective, Kyle faked a hack that seemingly stole the project’s funds. On March 3, the alleged culprit posted on the Nuddies NFT Discord server, informing us of the hack. The post affirmed that Kyle’s Mac was hacked despite “not clicking in any malicious link.” The CTO concluded that a “zombie process” was on his computer for an undetermined period. This “mini-program” gave control of the computer to “the hacker.” Through the TeamViewer app the attacker gained access to the project and Kyle’s wallets. The post further explained that 90 SOL, approximately $17,000 at today’s price, were taken from the Nuddies NFT creator wallet. Moreover, the hacker allegedly took control of Kyle’s Discord and stole 150 SOL, worth around $28,300, from his wallets. At the time, he claimed to be “mentally destroyed” by the loss of the project’s treasury money. SOL is trading at $188.43 in the 3-day chart. Source: SOLUSDT on Tradingview.com Nonetheless, the on-chain data compiled by ZachXBT tells a different story. Per the crypto detective’s post, the CTO allegedly lied to the holders and stole the 94 SOL, worth $12,000, when the incident occurred. The post reveals that the funds were transferred during that day from the Nuddies Royalty Wallet to an exchange deposit at 8:20 UTC. The on-chain investigator claims that a destination transaction was found using time analysis. The transaction to one of Kyle’s wallets accounted for 3.42 ETH, around $11,700, at 8:21 UTC. The ETH was seemingly used to buy two NFTs: DeGods 2921 and y00t 10991. The DeGod NFT was used as the CTO’s profile picture on X until yesterday. CTO Answers The Accusations, Then Vanishes The accusations didn’t go unnoticed by the suspect, who posted on his X account that he was “preparing the answer” with a wink face emoji. After changing his profile picture, Kyle answered some users’ questions about his credibility, to which he replied that his “conscience is clear.” Now-deleted post from Nuddies' CTO Kyle. Source: X In the early hours of Wednesday, Nuddies NFT account shared a now-deleted post informing that the creator wallet was “refilled with 12k USD.” In the post, Kyle reassured that his previous claims of intending to refill the wallet were authentic. The CTO also claimed he was “waiting for his $W airdrop” to fulfill his promise instead of selling his DeAsset. Additionally, he “stepped out” of the project after giving the access keys to two community members. Recovered excerpt from the deleted Nuddies NFT post. Source: X However, the story doesn’t end there. Kyle and Nuddies NFT’s account were deleted a couple of hours after the post. The Nuddies website seems not to be working, as reported by an X user. The project’s future is unsure as one of the community members to whom Kyle gave the access keys was unaware of the situation. Juiceddd, an NFT artist, is one of the two people in charge of the project. Related Reading: Arbitrum Beats Ethereum and Solana With 119% Surge In NFT Sales, NFT Resurgence On The Horizon? The artist explained that he was responsible for redrawing the entire Nuddies collection while adding “70+ new traits.” Moreover, Juiceddd stated that he “woke up this morning to being the owner of everything.” The artist is contemplating giving his perspective on the incident as he considers that it is generally the artist who “gets fucked” in these situations. Featured Image from Unsplash.com, Chart from TradingView.com

Wormhole, a cross-chain communication protocol enabling the transfer of assets between blockchains, recently launched an airdrop campaign for its newly issued governance token, W. Early users were rewarded with 617 million W tokens, and the protocol also released a roadmap outlining its plans. Wormhole Protocol Unveils Roadmap According to the protocol’s roadmap, W aims to become a native multi-chain token, leveraging the advantages of both the Solana and Ethereum Virtual Machine (EVM) chains.  Initially launched as a native SPL token on Solana, W will reportedly leverage Solana’s performance, offering increased performance, scalability, low transaction costs, and fast settlement times. Related Reading: Crypto Expert Encourages Investors To Buy The Dip As Bitcoin Price Falls To $64,000 After the Solana debut, W will be extended to all Wormhole-connected EVM chains using Wormhole Native Token Transfers (NTT). This framework allows W to continuously roll out across Solana, the Ethereum mainnet, and Layer 2 (L2s) without liquidity fragmentation. The open-source NTT framework allows projects to control token behavior on each chain, including token standards, metadata, ownership/upgradability, and custom features. Cross-Chain Governance System Wormhole also introduces a governance system where token holders on any supported chain can create, vote on, and implement governance proposals. This approach allows maximum participation in the Decentralized Autonomous Organization (DAO) by providing a frictionless user experience for token holders distributed across multiple chains.  As announced, W holders can lock and delegate their tokens on Solana and EVM chains, allowing them to participate in governance decisions. The Wormhole DAO, composed of W token holders, will oversee the Solana, Ethereum mainnet, and EVM L2s governance system. Wormhole, developed by Jump Crypto, a division of Jump Trading Group, has been under development for several years. Despite encountering challenges, including a significant hack in February 2022 resulting in a loss of approximately $320 million, the protocol has continued to evolve.  Furthermore, the recent listing of the W token on major exchanges such as Crypto.com and the future support planned by Coinbase on April 4 further validate its progress. W’s Debut On OpenBook The W token debuted on the Solana-based decentralized exchange (DEX) OpenBook at $1.66, with a market capitalization of $2.98 billion and a fully diluted value of $16.5 billion.  However, the token’s market capitalization and fully diluted value have since fallen to $2.2 billion and $12.5 billion, respectively, according to updated data from CoinGecko. Trading volume for W has remarkably increased, reaching $555,937,593 in the last 24 hours, representing a staggering 25,732,359.60% surge. Related Reading: Fear Grips XRP Market As Liquidations Top $6 Million – Details Following the airdrop, some users openly shared their sell-offs of the W token on social media platforms, resulting in a 23% price drop. At the time of writing, the token is trading at $1.32. Featured image from Shutterstock, chart from TradingView.com

Ethena Labs’ new governance token, ENA, is witnessing a staggering 60% increase in its value, shortly after its introduction to the market. The spike in ENA’s price to approximately $0.96 has catapulted its market capitalization to nearly $1.34 billion, ranking ENA as the 80th largest cryptocurrency by market cap. This ascent followed Ethena’s strategic distribution of 750 million ENA tokens, representing 5% of its total supply, through an airdrop to holders of its USDe token. The USDe, a synthetic dollar, is central to Ethena’s offering, leveraging a blend of ether liquid staking tokens and short Ether (ETH) perpetual futures positions to maintain a target value near $1. The Ethena Labs airdrop went live 2 hours ago, with $450M of ENA to distribute. The largest $ENA recipient so far has been 0xb56, who received 3.30M ENA worth $1.96M. Track ENA on Arkham:https://t.co/coFsTcBUCa https://t.co/RSZwXLhCB6 pic.twitter.com/l6c7bqKghG — Arkham (@ArkhamIntel) April 2, 2024 At the heart of Ethena’s value proposition is the ENA token, engineered to facilitate a digital dollar platform on the Ethereum blockchain. This platform seeks to provide a viable alternative to conventional banking mechanisms through its innovative ‘Internet Bond’. By harnessing the potential of derivative markets and staked Ethereum, the Internet Bond offers a dollar-denominated savings instrument accessible globally, independent of traditional banking infrastructure. Related Reading: MakerDAO Initiates Massive $600 Million DAI Investment In USDe And sUSDe The total supply of ENA tokens is capped at 15 billion, with an initial issuance of 1.425 billion tokens. The distribution plan prioritizes ecosystem development (30%), core contributor rewards (30%), investor engagement (25%), and foundation support (15%), embodying a holistic approach to tokenomics. Notably, Binance’s endorsement of ENA as the 50th project on its Binance Launchpool, enabling users to farm ENA tokens by staking BNB and FDUSD, underscores the token’s appeal. At press time, ENA traded at $0.93, up 60% in the past 24 hours. Fantom Co-Founder Warns Of Luna-Like Collapse Andre Cronje, co-founder of the Fantom Foundation, issued a warning on X, recalling the concerns that preceded the collapse of Terra Luna. Cronje dissected the structure of perpetual contracts (perps), a derivative product that enables traders to speculate on the price movement of an asset without holding the actual asset. This mechanism operates on a system of funding rates meant to tether the perpetual price closely to the underlying asset’s spot price. However, Cronje highlighted a critical vulnerability in this system: the reliance on yield-generating assets, such as staked Ethereum (stETH), as collateral. Related Reading: Fantom (FTM) Jumps 180% In 4 Weeks: Just The Beginning? This approach theoretically allows for a “neutral” position, where the gains from yield should offset losses from the short position if the asset’s price drops. Yet, this equilibrium is precarious, as negative shifts in funding rates can erode the collateral, leading to liquidation. “The mechanism – the theory here is that you can generate a ‘stable’ $1000, by buying $1000 of stETH, using this as collateral to open a $1000 stETH short, thereby achieving being ‘neutral’, while getting the benefit of the stETH yield (~3%) + whatever is paid in funding rates,” Cronje explained. Cronje’s concerns are not unfounded. The crypto industry witnessed the dramatic implosion of Terra’s algorithmic stablecoin UST in 2021, a debacle that resulted in significant financial losses across the board. By drawing a parallel between the structural weaknesses he perceives in Ethena’s framework and the mechanisms that led to Terra’s downfall, Cronje raises a red flag about the sustainability of complex financial products that lack transparent risk mitigation strategies. Every so often we see something new in this space. I often find myself on the mid curve for an extensive amount of time. I am comfortable here. That being said, there have been events in this industry I wish I was more curious about, there have also been events I definitely did… — Andre Cronje (@AndreCronjeTech) April 3, 2024 Responding to Cronje’s critique, the founder of Ethena Labs Guy Young aka Leptokurtic, acknowledged the validity of the concerns raised. “These aren’t mid curve concerns at all Andre Cronje, you rightly point out risks that absolutely do exist here. Will work on a longer form response for you by end of this week with some thoughts,” Young stated on X. Featured image from LinkedIn, chart from TradingView.com

Ethereum investors are navigating the second quarter of 2024, cautiously embracing optimism, leveraging insights from historical trends and market data to anticipate potential gains. Related Reading: XRP And XLM Blast: Analyst’s 20X Rally Projection To ‘Melt Faces’ Santiment’s recent analysis reveals that the number of Ethereum addresses holding coins has reached highs of more than 118,000, with midterm MVRV suggesting a mild bullish signal. These indicators, combined with past data indicating Ethereum’s tendency for robust performance during Q2, fuel hopes for another season of positive returns. Ethereum: Historically Strong Q2 Performance Crypto analyst Ali Martinez recently shared a screenshot of Ethereum’s quarterly returns on social media platform X, highlighting the cryptocurrency’s significant spikes during previous second quarters, notably in 2017 and 2019. These spikes, with increases of 450% and over 100% respectively, have intrigued investors and led them to closely monitor Ethereum’s performance in the current quarter. Q2 has historically been very bullish for $ETH! However, we must consider the high probability that the @SECGov will delay the approval of a spot #Ethereum ETF, which may cause turbulence in the market. pic.twitter.com/TlZ3KZhr4e — Ali (@ali_charts) April 1, 2024 Several key financial players, including BlackRock, Fidelity, and Grayscale, have expressed interest in launching a spot Ethereum ETF. However, the regulatory hurdles present significant challenges, raising questions about Ethereum’s integration into traditional financial markets. Market indicators reflect Ethereum’s current state, with nearly 5% decline in the last 24 hours, trading at $3,380. Despite this dip, Ethereum briefly surpassed $3,500 over the weekend, showcasing resilience amidst market fluctuations. Ethereum price action in the last three months. Source: Coingecko While market indicators point towards a potentially bullish period for Ethereum, uncertainty looms over the regulatory landscape, casting a shadow of caution over investors’ optimism. The impending decision by the Securities and Exchange Commission regarding the approval or rejection of the spot Ethereum ETF by May 23 is eagerly anticipated. Analysts cautiously estimate a modest 25% likelihood of approval, acknowledging the regulatory complexities surrounding cryptocurrency investment vehicles. Ether market cap currently at $406 billion. Chart: TradingView.com ETF Approval: Boon For Ether? Approval of the ETF could herald a new era for Ethereum, opening the floodgates for increased institutional investment and potentially igniting heightened market demand. Institutional investors, previously hindered by regulatory uncertainties and limited investment avenues, would gain access to a regulated and transparent platform, thus bolstering Ethereum’s legitimacy within traditional finance. Such a development could fuel a surge in Ethereum’s market value, attracting both seasoned investors and newcomers alike. Related Reading: Get Ready For A Bitcoin Cash Revolution: Analyst Forecasts Historic Breakout Conversely, a rejection or further delay in approval may deliver a blow to Ethereum’s short-term prospects, potentially triggering short-term volatility and denting investor sentiment. The market, accustomed to swift movements and rapid changes, may experience a period of turbulence as investors reassess their strategies in light of regulatory setbacks. Ethereum’s second quarter outlook is marked by a delicate balance between historical performance patterns, regulatory uncertainties, and market dynamics. While past trends hint at potential gains, the pending decision on the spot Ethereum ETF introduces a level of unpredictability to the market. Featured image from Gary Bendig/Unsplash, chart from TradingView

Litecoin (LTC), the “silver” to Bitcoin’s “gold,” has surged in recent weeks, buoyed by a combination of technical factors, strong investor interest, and strategic accumulation by miners. The LTC price jumped 12% in the past 24 hours, reaching $106.40. This uptick follows a 40% year-to-date gain, with most of the growth concentrated in the last week. Daily trading volume has also skyrocketed by 175%, indicating a significant influx of investors into the Litecoin market. Will April Be A Good Month For Litecoin? Analysts are particularly excited by a potential breakout from a multi-year downtrend. If LTC can maintain its position above $94, some believe it could usher in a new era of sustained growth. A decisive break and hold above the $122 resistance level could trigger further gains, with some analysts predicting a surge towards $150 or even higher. This price pattern mirrors a successful breakout observed in 2020/2021, adding fuel to the bullish fire. Related Reading: From $90 To $400 Litecoin: Analysts Bullish On LTC Soaring Trajectory Popular crypto analyst Rekt Capital has also chimed in, noting the historical significance of similar price breakouts for LTC. He believes a successful retest of the downtrend and subsequent establishment of support could be indicative of a promising uptrend for the cryptocurrency. Miners Fueling The Rally One of the key drivers behind the recent surge is the behavior of Litecoin miners. Data from IntoTheBlock reveals that miners have been accumulating LTC at a healthy pace throughout March. They’ve added a whopping 150,000 LTC to their reserves, bringing their total holdings to 2.2 million. This accumulation strategy reduces the selling pressure of newly minted coins and signals the miners’ confidence in the future price trajectory of LTC. Total crypto market cap is currently at $2.573 trillion. Chart: TradingView Open Interest On The Rise The prevailing bullish sentiment finds reinforcement in the remarkable surge in open interest on Litecoin (LTC) futures contracts. Latest data shows a staggering 45% increase in open interest, signaling a growing optimism among traders regarding the coin’s future trajectory. This surge in open interest not only reflects heightened confidence in LTC’s potential but also underscores traders’ readiness to explore new positions or bolster existing ones. Such a robust increase in open interest amplifies the potential for sustained growth, as market participants eagerly position themselves to capitalize on anticipated bullish movements in LTC’s value. Related Reading: Bullish Winds Blow: Bitcoin Bull Flag Points To New $77,000 ATH: Analyst The Road Ahead Litecoin could be headed to a strong April performance, with strong technical indicators and bullish sentiment driving the current rally. However, responsible investors should always conduct their own research and exercise caution when navigating the ever-turbulent world of cryptocurrency. Featured image from Pixabay, chart from TradingView

Popular crypto analyst Xremlin, known on social platforms as @0x_gremlin, told his 104,000 followers that the altcoin season in 2024 could eclipse the monumental gains seen in 2021. Reflecting on the historical significance of major exchange listings, Xremlin emphasized, “Altseason 2024 > Altseason 2021. Your bags are headed to Valhalla.” During the 2021 altseason, altcoins such as Polygon (MATIC) and Solana (SOL) saw a staggering 300x increase, largely attributed to listings on Tier-1 centralized exchanges (CEXs) like Binance and Coinbase, according to him. “MATIC and SOL’s 300x was fueled by Tier-1 CEX listings. Binance/Coinbase listings = Billions in retail liquidity,” the crypto analyst remarked. The core of Xremlin’s analysis hinges on the demonstrable impact that listings on premier exchanges such as Binance and Coinbase have on the valuation of cryptocurrencies. According to the analyst, “These 8 altcoins [are] likely to be tradable there next → Pump by 10-50x,” highlighting the potential for immediate and substantial price increases. Related Reading: Why BlackRock Could Bet On This RWA Token: Crypto Analyst Listings often trigger price surges ranging from 3 to 10 times the pre-listing value, primarily due to the vast user bases of these platforms engaging with the newly available tokens. Xremlin further elucidated the critical role of liquidity for the long-term success of a cryptocurrency project, stating, “In the long run, having access to billions in liquidity is crucial for a project’s success.” This perspective underlines the strategic advantage gained from being listed on Tier 1 centralized exchanges (CEXs). Xremlin has identified eight altcoins that not only show promise of being listed on such exchanges but also possess the potential for dramatic value appreciation. Here’s a detailed look at the altcoins spotlighted by Xremlin: Top 8 Altcoins Not Listed On Tier-1 Crypto Exchanges NGL (ENTANGLE): Operating as an omnichain infrastructure, Entanglefi aims to revolutionize data provision to smart contracts across any blockchain. With a current market cap of $232 million and trading at $1.96, its position as a Layer 1 (L1) protocol underscores its foundational potential in the blockchain ecosystem. ALPH (ALEPHIUM): Priced at $2.75 with a market cap of $203 million, Alephium stands out as a Layer 1 blockchain solution tackling the critical issues of accessibility, scalability, and security faced by decentralized applications (dApps), according to the crypto analyst. NORMIE: As a memecoin designed for mainstream appeal, Normie carries a market valuation of $120 million, with its price at $0.1237. Notably, Normie is based on Coinase’s Base protocol, which is speculated to be ready to replicate the success of the Solana memcoin craze. Related Reading: Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally CPOOL (CLEARPOOL): Clearpool distinguishes itself as a decentralized credit marketplace in the real-world-asset (RWA) sector focused on providing single borrower liquidity pools for institutional borrowers. It is currently valued at $140 million, with its tokens trading at $0.30. BALLZ (WOLFWIFBALLZ): Inspired by a daring wolf, this memecoin is trading at $0.045 with a market cap of $45 million. BALLZ is trying to ride the wave of success of Solana memcoins, especially Dogwifhat (WIF). IXS (IX SWAP): Ix Swap offers a secure platform for the trading of real-world assets and security tokens, supported by licensed custodians and broker-dealers. With a market cap of $140 million and a current price of $0.8425. DEGEN: Another meme-centric token, Degen also operates on the Base chain and is currently priced at $0.01696, boasting a market cap of $211 million. Its appeal lies in the vibrant culture of crypto enthusiasts who identify with the “degen” lifestyle. NMT (NETMIND): Netmind leverages blockchain technology to decentralize computing power for AI models globally. With a price of $6.96 and a market cap of $240 million, it aims to embody the cutting-edge intersection of artificial intelligence and blockchain. At press time, @0x_gremlin’s top pick NGL traded at $1.87. Featured image created with DALL·E, chart from TradingView.com

Retail and institutional investors alike are taking notice as Dogecoin (DOGE), the playful cryptocurrency born from internet fame, experiences a surprising surge. Prices jumped almost 10% in a single day this week, marking a 37% increase over the past seven days, according to CoinGecko. This unexpected rally has the “Doge army” howling with excitement, but experts caution that the future of this meme-inspired coin might not be all sunshine and rainbows. DOGE up nearly 10% in the last day. Source: Coingecko From Meme To Market Mover Dogecoin, launched in 2013 as a lighthearted parody of Bitcoin, has defied expectations. It has evolved into a symbol of community-driven digital currency, attracting a passionate following. However, despite its recent rise, Dogecoin remains far from its peak of $0.73 reached in May 2021. Related Reading: Bullish Winds Blow: Bitcoin Bull Flag Points To New $77,000 ATH: Analyst Technically, Dogecoin seems to be finding support at $0.1599, a level that previously saw a rebound. On the other hand, resistance is visible near the recent high of $0.2184. As the weekend approaches, speculation runs rampant. Some analysts predict a potential dip of 6-7% for DOGE in the coming days. DOGE putting up impressive numbers in the weekly timeframe. Source: Coingecko. This forecast reignites the debate about the forces driving Dogecoin’s price. While the coin boasts a fiercely loyal community and undeniable brand recognition, its value remains susceptible to the whims of the crypto market. Speculative trading, investor sentiment, and broader market trends all play a significant role. Social Media’s Pawprints And Elon’s Tweets Social media and celebrity endorsements, particularly those from Tesla CEO Elon Musk, have undeniably shaped Dogecoin’s dramatic price swings. Musk’s tweets, often laced with humor and references to the Doge meme, have triggered sudden buying sprees, leading to periods of intense volatility. DOGE market cap currently at $31 billion on the weekend chart. Chart: TradingView.com Also, recent whale activities have accompanied Dogecoin’s price rise. The increase in activity, as seen in on-chain market dynamics, has boosted investor confidence in Dogecoin. The rise in whale accumulation shows how huge holdings influence cryptocurrency market trends and prices. Related Reading: From $90 To $400 Litecoin: Analysts Bullish On LTC Soaring Trajectory Meanwhile, Dogecoin’s adoption by Coinbase Derivatives marks a major shift in thinking, recognising its rise from a fanciful internet phenomena to a crypto asset. Dogecoin’s longevity and expansion beyond meme status indicate growing institutional and retail investor adoption. As anticipation grows for the Coinbase IPO, Dogecoin’s recent gain shows its endurance and attractiveness in the ever-changing cryptocurrency world. Featured image from Pixabay, chart from TradingView

With the growing adoption of blockchain technology in various digital asset infrastructures, a team from Abu Dhabi, known for its wealth from the oil industry, has made a significant entry into the space with the launch of the Venom Blockchain.  Venom Blockchain Market Cap Soars Venom operates as a foundational Layer 0 blockchain network, equipped with dynamic sharding and a proof of stake (PoS) consensus method. Designed to offer a scalable and efficient infrastructure, this advanced blockchain platform is tailored for the development of diverse products. It seamlessly bridges governmental applications and traditional Web3 projects through its sophisticated mesh network architecture.  Related Reading: BREAKING: Sam Bankman-Fried Sentenced To 25 Years In Prison The distinguishing feature of the Venom blockchain is its infrastructure, which, according to its official website, is capable of processing 100,000 transactions per second, with an average fee per transaction of just $0.0002.  As a result, the Venom Blockchain is currently attracting significant attention, as evidenced by various metrics. The Venom Blockchain currently boasts a market capitalization of over $5.2 billion and a trading volume of over $200 million, highlighting Abu Dhabi’s interest in the technology. Over One Million Users In The First Year The launch of Venom had a significant impact, attracting over one million users in 24 hours, demonstrating the platform’s appeal to investors and developers for building Web3 products. In addition, the platform reportedly has over 20 projects ready to debut on the platform and several pilot stablecoin initiatives in different countries, underscoring the confidence developers have in its infrastructure. Related Reading: New Era For VeChain: Marketplace Platform Unveiled, Price Spike Looming? Overall, the rise of Venom Blockchain underscores Abu Dhabi’s ability to adopt innovation beyond its traditional sectors and demonstrates the emirate’s interest in promoting the advancement of blockchain technology.  On March 27, the native token of the blockchain, VENOM, was listed on KuCoin, leading to a significant price surge of over 27% within 24 hours. Presently, the token is trading at $0.6580, reflecting a recent increase of 3.8% in the past trading hour. In the past 24 hours, the trading volume of the VENOM token has reached $62,515,705, marking a notable increase of 193.60%, according to CoinGecko data.   Featured image from Shutterstock, chart from TradingView.com 

Ondo Finance (ONDO), a decentralized finance (DeFi) protocol focused on tokenizing US treasuries, has witnessed a meteoric rise in its native token’s price over the past week. According to CoinMarketCap, although ONDO was only able to muster a meager 1.3% increase in the last day – yet pushing its value to a record-breaking $0.94 – the impressive feat comes on the heels of a 138% weekly gain, marking an impressive performance for the token. Related Reading: Analyst Bullish On Polkadot (DOT), Predicts $17 Price Target Before April ONDO Marks Banner Week With Big Numbers ONDO doing things right on the weekly chart. Source: Coingecko Analysts attribute this surge to a confluence of factors. Whale investors, known for their significant holdings and market influence, have been accumulating ONDO at a substantial clip. Data from on-chain tracking platform Lookonchain reveals that three whale wallets recently withdrew over 9 million ONDOs, worth around $9 million, from various exchanges. This behavior suggests a long-term bullish outlook on the token’s potential, potentially inciting a follow-the-leader mentality among retail investors. Whales are accumulating #RWA token $ONDO! Whale”0x56F9″ withdrew 6.53M $ONDO($5.88M) from #Bybit in the past month. Fresh wallet”0x92dD” withdrew 1.98M $ONDO($1.78M) from #Gateio in the past hour. Wallet”0xE6bf” withdrew 937,600 $ONDO($845K) from #Gateio 3 hours ago. Address:… pic.twitter.com/o5jWqhresp — Lookonchain (@lookonchain) March 25, 2024 Indeed, Santiment data analyzed by NewsBTC shows a 30% increase in the total number of ONDO holders since March 19th, surpassing the 10,000 mark. This influx of new investors, likely influenced by the whales’ actions and the overall hype surrounding tokenization, has further fueled the token’s price rally. Total crypto market cap at $2.5 trillion on the daily chart: TradingView.com The recent surge in ONDO’s popularity coincides with a broader trend within the DeFi space. Last week, global investment giant BlackRock announced the creation of a tokenized fund on the Ethereum blockchain, allowing investors to earn US dollar yields through a decentralized platform. This move underscores the growing interest in tokenization, which involves representing real-world assets like securities, currencies, and real estate on a blockchain. TVL Not Impressive Despite Weekly Rise However, amidst the celebratory atmosphere surrounding the token’s price surge, a curious detail emerges. Despite the significant increase in ONDO’s value, the platform’s total value locked (TVL), a metric reflecting the total value of crypto assets deposited in its DeFi protocols, has remained relatively stagnant over the past week. While the reasons behind this discrepancy are unclear, it could be a cause for concern for some investors. A stagnant TVL might suggest that the recent price increase isn’t necessarily translating to increased usage of the Ondo Finance protocol itself. Related Reading: Social Media Storm Gives Dogecoin 14% Price Boost – Details Overall, the past week has been undeniably positive for Ondo Finance. The token’s impressive price surge, coupled with the current tokenization hype and strategic alignment with BlackRock’s recent venture, paints a promising picture for the future. However, the stagnant TVL serves as a reminder that long-term sustainability hinges not just on speculation but also on real-world adoption and the continued development of the Ondo Finance ecosystem. Featured image from AlphaTradeZone/Pexels, chart from TradingView

In a thread on X (formerly Twitter), the popular crypto analyst known as cyclop (@nobrainflip) delivered a bold forecast to his substantial following of 394,000. He proclaimed, “We are close to the biggest altseason in history. Everyone will make x50-x100 on their entire portfolio. $5k portfolio will be around $250k-$500k in 2025. All you need is to buy the right lowcaps.” This assertion hinges on a strategic selection of low market capitalization cryptocurrencies, which, according to Cyclop, are poised for an exponential surge in value. Cyclop elucidates his strategy by detailing the liquidity flow typically observed during a bull market phase, a sequential process starting with Bitcoin (BTC) and cascading down to meme coins. He explains, “Here is a typical bull run liquidity flow: 1: BTC pump 2: ETH pump 3: High cap alts pump 4: Low caps pump 5: Memecoin pump.” Importantly, he highlights that high cap memecoins have already experienced their growth phase, suggesting that “lowcap/lowcap memecoins – next” are primed for significant value appreciation. Related Reading: What is Macro/Crypto Summer? Don’t Miss Out, Says Expert Within this framework, Cyclop underscores the potential for staggering returns without the necessity for professional day trading expertise. “It’s cause each coin has its maximum, and if its MC is already high, it’s not so far away. But when the market cap is almost at zero, the potential is enormous,” he advises, promoting a hands-off investment strategy focused on the ‘right’ coins. Crypto Watchlist: Top-10 Lowcap Coins Cyclop’s watchlist is a selection of ten recently launched projects with low market caps and, in his view, substantial growth potential: #1 Wolf Wif (BALLZ): A meme coin that took the Solana blockchain by storm, achieving a $75 million market cap within a day of its launch. Despite a subsequent correction, Cyclop views this as an optimal entry point, confidently stating, “I’m holding my BALLZ tight.” #2 Entangle (NGL): Positioned as a potential leading messaging infrastructure for the Web3 space, Entangle aims to enhance liquidity within the ecosystem. It offers secure, flexible, and interoperable solutions for blockchain data communication, positioning itself as a critical infrastructure for dApps and builders. #3 StarHeroes (STAR): This esports-centric, multiplayer third-person space shooter game is making waves with its dynamic and competitive gameplay. Cyclop sees this as a revolutionary blend of gaming and blockchain technology, offering intense gaming emotions and a new avenue for esports within the crypto realm. #4 Heroes of Mavia (MAVIA): A blockchain strategy game that allows players to build bases, engage in battles for cryptocurrency rewards, and form partnerships with landowners. Cyclop highlights its potential in the play-to-earn space, marking it as a standout project. #5 VoluMint (VMINT): This project introduces a decentralized, AI-driven market-making service, aiming to redefine market-making in the era of blockchain. Cyclop is bullish on its ability to unlock the potential of crypto projects, emphasizing its innovative approach. #6 SatoshiVM (SAVM): As a decentralized Bitcoin ZK Rollup Layer 2 solution, SatoshiVM bridges the gap between Bitcoin and Ethereum’s EVM, using BTC as gas. This project aims to combine the value and security of Bitcoin with the programmability of Ethereum, creating a powerful ecosystem for decentralized applications. Cyclop notes, “SAVM’s unique positioning as a bridge between BTC and EVM ecosystems presents a groundbreaking opportunity for growth.” Related Reading: STX Brushes Off Sluggish Crypto Market As It Shoots Up By 30% #7 Graphlinq Chain (GLQ): Offering a no-code interface for automating blockchain tasks, Graphlinq Chain simplifies the creation and deployment of blockchain automations. Its suite of tools, including an IDE, App, Engine, and Marketplace, is designed to make blockchain automation accessible to a wider audience. “GraphLinq Protocol demystifies blockchain automation, paving the way for innovative applications and efficiencies,” Cyclop remarks. #8 zKML (ZKML): This project addresses the pressing need for privacy in digital transactions and communications. By combining zero-knowledge proofs, homomorphic encryption, and multi-party computation (MPC), zKML offers a secure and private framework for blockchain interactions. “ZKML’s focus on privacy-enhancing technologies is timely and critical, offering a secure haven for digital transactions,” observes Cyclop. #9 Monai (MONAI): Monai stands out for its development of uncensored generative AI tools, integrated with its blockchain, Monad. It features an advanced, unrestricted Large Language Model as its flagship product, aiming to revolutionize the way we interact with AI. “Monai’s pioneering approach to generative AI within the blockchain space is a game-changer, offering unparalleled possibilities,” Cyclop asserts. #10 EMC Protocol (EMC): Dedicated to AI applications, EMC Protocol is a blockchain network that includes a computing power consensus mechanism. It aims to facilitate the execution of AI tasks within a decentralized framework, including validator, smart router, and computing power nodes. “EMC’s innovative approach to integrating AI and blockchain could redefine the landscape of decentralized applications,” Cyclop concludes. At press time, cyclop’s top pick – BALLZ – traded at $0.04231, down almost 50% from its alltime-high. Featured image from Shutterstock, chart from TradingView.com

The development team behind the dog-themed meme coin Floki Inu has unveiled its highly anticipated roadmap for 2024, revealing several upcoming features and utility-focused initiatives.  Notable highlights include the launch of regulated digital banking accounts, integration with the Venus decentralized finance (DeFi) protocol, the Floki debit card’s introduction, and the Valhalla mainnet’s upcoming release. Floki Inu Aims To ‘Bank The Unbanked’ Floki Inu plans to introduce regulated digital banking accounts, enabling users to create and fund bank accounts using FLOKI tokens.  Related Reading: Fantom (FTM) Jumps 180% In 4 Weeks: Just The Beginning? In partnership with an unnamed licensed fintech company operating in key jurisdictions such as Canada, Spain, Dominica, Australia, and the UAE, these accounts will support SWIFT payments and SEPA IBANs.  In addition, the upcoming launch of Floki Debit Cards will allow users to link their digital bank accounts to debit cards, providing a convenient and secure way to spend their FLOKI tokens in traditional currencies such as Euro (EUR) and US dollars (USD).  According to the proposal, the initiative aims to “bank the unbanked” by enabling a broader user base to access traditional banking services using their FLOKI tokens while increasing the utility and adoption of cryptocurrency. Pending governance approval, Floki Inu also seeks to list its native token, FLOKI, on the Venus Core Pool. This integration aims to unlock deeper liquidity, comparable to established blue-chip cryptocurrencies and allow FLOKI holders to use their tokens as collateral to borrow various assets such as Maker (DAI), Circle’s USDC stablecoin, Binance Coin (BNB) and Ethereum (ETH).  By integrating Venus Markets directly into Floki’s user interface (UI), the protocol states that users will have frictionless access to the liquidity provided by the platform, further integrating Floki into the decentralized finance ecosystem. FLOKI-Powered Trading Bot And Valhalla Mainnet Launch Floki Inu plans to introduce a cross-chain Telegram and Discord trading bot powered by the FLOKI token. This bot will allow users to buy and sell cryptocurrencies on leading blockchain networks. Specifically, 50% of the fees generated will be used to buy and burn FLOKI tokens, increasing their utility and contributing to a deflationary mechanism.  Finally, the highly anticipated mainnet release of Valhalla, Floki Inu’s flagship utility and metaverse game, will occur. Valhalla on the Mainnet will feature on-chain game mechanics, a PlayToEarn economy, upgradeable NFTs, and an open-world experience.  Related Reading: Bitcoin Spot ETFs See 4 Consecutive Days Of Outflows, Here’s What Happened Last Time As of this writing, the FLOKI token has experienced a correction of over 17% in the past seven days, aligning with the overall market trend. This correction has resulted in the current trading price of $0.0002295 for the FLOKI token. Despite the recent downtrend, it is worth noting that FLOKI has still achieved a remarkable year-to-date gain of 440%. This substantial increase in value has propelled the token’s market capitalization to $2 billion, solidifying its position at the 59th spot among the top 100 cryptocurrencies in the market. Featured image from Shutterstock, chart from TradingView.com

Cryptocurrency traders constantly look for the next big project to yield significant profits. However, not all of their investments result in massive gains. A recent report by Lookonchain revealed that a trader lost more than $1 million within three days. Related Reading: Leading The Pack: Solana Captures Nearly 50% Of Global Crypto Attention When Buying High Doesn’t Result In Selling Higher According to the blockchain research platform Lookonchain, a crypto trader lost 6,039 SOL over the last three days after FOMO-buying a memecoin. Per the report, the trader bought Slerf (SLERF) for 4,958 SOL, worth around $1 million. The different transactions occurred when the price hovered between $0.8 and $1.4 on its launch day. A couple of hours later, the trader sold its SLERF tokens, losing 2,793 SOL after the token’s price plunged to the $0.4-$0.6 range, for a loss of $564,000. This #FOMO buyer sold all $SLERF at a loss of 6,039 $SOL($1.15M) again. Then he deposited all his $SOL to #Binance and may no longer trade #MEMEcoins.https://t.co/ubHQwYoM54 pic.twitter.com/RIJkDF103C — Lookonchain (@lookonchain) March 21, 2024 Seemingly, the fear of missing out made the trader buy SLERF a second time when the price neared its all-time high (ATH) of $1.30. The address bought 3 million Slerf at $1.17, spending 19,133 SOL, worth around $3.152 million. At the time, the pending question was whether the trader would profit from this second attempt or lose more money. As Lookonchain reported, the FOMO buyer sold all their SLERF tokens at a loss again, losing 6,039 SOL, worth $1.15 million. The Slerf token, which has been all over the news for its dramatic launch, saw a significant price decrease of 52.39% from the ATH registered the day after launch. At writing time, SLERF is trading at $0.6351, an 18.4% decrease in the past 24 hours. oh fuck#Slerf #Slerfthesloth #slerfsup $slerf pic.twitter.com/MZes6fVjHN — Slerf (@Slerfsol) March 22, 2024 A second trader lost 3,731 SOL, worth $775,000, just one hour after buying 790,236 SLERF at its ATH price. The trader then doubled down on its bet and bought another 650,000 SLERF. Unluckily, the token’s price plummeted after both purchases. Is The Crypto Presale Meta Hand In Hand With FOMO? To paint an even bigger picture, another crypto trader lost money yesterday after buying a different ‘presale meta’ memecoin. Although the figures are more modest than the other two cases, this trader bought SMOLE and lost 371 SOL. Later, the address spent 2,549 SOL to buy SLERF. This guy always buys high and sells low. He lost money on $SMOLE twice in just 20 minutes, with a total loss of 371 $SOL($70K). Then he spent all 2,549 $SOL($484K) to buy $SLERF.https://t.co/X4aRpNrZuC pic.twitter.com/oZlWkyKD8B — Lookonchain (@lookonchain) March 21, 2024 SMOLE, despite only being out for one day, has already seen massive criticism and a 17.1% price drop. At writing time, the memecoin is changing hands at $0.0001499, a 70.39% decrease from its highest price of $0.0005086. As this might suggest, FOMO seemingly drives memecoin traders’ decisions during this presale meta. The trend has seen hundreds of millions of dollars sent to memecoins, most of which report millions in losses for investors. 2024 is a #FOMO #YOLO kind of year go for it ! pic.twitter.com/AT8iMZchdQ — Crypto Damus (@AstroCryptoGuru) March 20, 2024 Despite experienced traders being able to profit from this trend, the current numbers hint at a considerable amount of traders losing massive figures while trying to catch the next memecoin to go “turbo parabolic,” even if it doesn’t have a long-term roadmap. Related Reading: Trezor X Account Hacked: How Much Was Taken In The Fake Crypto Presale? SOL is trading at $172.25 in the 1-day chart. Source: SOLUSDT on Trading.view.com  Featured Image from Unsplash.com, Chart from TradingView.com

Stablecoins have recently achieved a significant milestone, surpassing $150 billion in market capitalization, with daily trading volume reaching $122 billion. This achievement marks a notable resurgence and growth in the stablecoin sector, with implications for the broader cryptocurrency ecosystem. Related Reading: BONK Bonked: Price Crashes 30% In 7 Days – More Pain Ahead? Market Dynamics And Growth Factors Stablecoins are digital assets designed to maintain a stable value by pegging their price to a reserve asset, such as the US dollar or other fiat currencies. They serve as a crucial bridge between traditional finance and the crypto space, offering stability and liquidity for users and investors. The recent surge in the stablecoin market can be attributed to several key factors. Firstly, the growing demand for stable assets in the volatile crypto market has driven increased adoption of stablecoins as a safe haven for traders and investors. Additionally, the rise of decentralized finance (DeFi) platforms has fueled the demand for stablecoins as a means of conducting transactions, providing liquidity, and earning yields. Source: CoinMarketCap Tether’s Dominance And Market Impact Tether (USDT), one of the most widely used stablecoins, has played a significant role in driving the growth of the stablecoin market. With a market capitalization exceeding $100 billion, Tether’s dominance underscores its position as a key player in the crypto space. Undoubtedly dominant in this sector, Tether commands a 70% market share. With a market capitalization of over $31 billion, USD Coin (USDC), the second largest stablecoin, grants Circle’s stablecoin a market share exceeding 20%. At the time of writing, DAI held a 3% market share and $4.7 billion, placing it in third position. Total crypto market cap at $2.4 trillion on the 24-hour chart: TradingView.com Tether’s market impact extends beyond its role as a stable asset, as it has faced scrutiny and regulatory challenges due to concerns about its reserve backing and transparency. Despite these challenges, Tether’s resilience and continued dominance highlight the strong demand for stablecoins and their utility in the digital economy. Crypto Enthusiasts Celebrate Stablecoins’ Rising Market Cap The crypto community is cheering the rising market cap of stablecoins, seeing it as a sign of coming prosperity. Total Stablecoin Mcap: Mar 21st. $147b. Feb 21st. $138b. Jan 21st. $133b. Dec 21st. $130b. Nov 21st. $127b. Oct 21st. $124b. it is impossible and stupid to not be bullish on DeFi whilst this chart is just up and to the right for the last 6 months. pic.twitter.com/qkcERkIXi8 — ZeroToTom (@zerototom) March 21, 2024 A growing market cap suggests more money is flowing into crypto, providing much-needed liquidity for trading and potentially pushing prices up. Additionally, stablecoins offer a safe haven during market dips, potentially encouraging more investors to enter the broader crypto market. This increased comfort and investment could fuel the entire market’s growth. Related Reading: Fantom (FTM) Bull Run: Can FTM Hit $2 After 20% Price Spike? Implications For The Crypto Ecosystem The surpassing of $150 billion in stablecoin market capitalization signifies a maturing and expanding crypto ecosystem. Stablecoins have become essential infrastructure in the digital economy, enabling seamless transactions, cross-border payments, and financial services innovation. Featured image from Xverse, chart from TradingView

The surge in XRP trading volume has been significant, with multiple sources reporting substantial increases over a short period. On March 19, 2024, CoinMarketCap data revealed an increase in XRP’s trading volume by 130% to over $4 billion within 24 hours. Related Reading: DeFi Turmoil: Over $5 Million Wiped Out In Liquidations Amid Ethereum Price Drop This surge occurred amidst a general market downturn, where XRP’s trading volume increase helped offset some losses experienced by other assets. Despite a slight decrease in XRP’s price to $0.605, the asset remained in the green over the last month, showing an increase of more than 8%. Source: CoinMarketCap Market Developments Trigger Spike One of the key drivers behind this uptick in trading volume is a favorable court ruling between the US Securities and Exchange Commission and Ripple Labs. This ruling provided much-needed regulatory clarity for XRP, leading to major exchanges like Coinbase, Kraken, Bitstamp, and Binance.US either relisting or announcing plans to resume trading with XRP. The increase in trading volume also reflects an uptick in investor enthusiasm for XRP. The trading volume spike, which at one point constituted over 22% of XRP’s market capitalization, indicates a strong wave of interest and confidence among investors. Additionally, an impressive price rally in XRP, with the price soaring by nearly 100% at one point, further fueled trading activity as investors capitalized on the price movement. XRP market cap currently at $32 billion. Chart: TradingView.com Exchange Listings Boost Trading Activity The reopening or relisting of XRP on major exchanges post-court ruling played a pivotal role in boosting trading volume. Exchanges like Coinbase, Kraken, Bitstamp, and Binance.US reopening XRP trading provided traders with increased opportunities, contributing to the boost in overall trading volume. In the past week, the price of XRP has experienced notable fluctuations, reflecting a mix of ups and downs in the cryptocurrency market. According to Coinbase, XRP’s price has seen a 3% decrease in the last 24 hours and a significant 17% decline over the past week. This downward trend indicates a challenging week for XRP investors as the price struggled to maintain its position. Related Reading: AVAX Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In Profit Varied Price Data From Different Sources On the other hand, YCharts data presents a slightly different picture, indicating an XRP price of 0.6539 USD on March 19, 2024. This figure represents a 5.61% increase from the previous day and a significant 68% uptick from one year ago, showcasing a more positive outlook for XRP in the long term. Investors and traders are closely monitoring XRP’s development as it works through the uncertainty in the market. A break below the 200-day moving average at $0.57 could be the first sign of impending market decline. Featured image from iStock, chart from TradingView

The decentralized finance (DeFi) ecosystem teetered on the brink of a meltdown yesterday as cascading liquidations swept through the market following a sharp drop in Ethereum (ETH) price. Over $5.4 million in collateralized assets were forcibly sold off in a 24-hour period, raising concerns about the stability of the DeFi house of cards. Related Reading: AVAX Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In Profit Ethereum, the world’s second-largest cryptocurrency by market capitalization, bore the brunt of the liquidations. Its price plummeted over 9% to below $3,200, a far cry from its recent high of $4,092. This price swing triggered a domino effect, as collateralized loans used to amplify returns in DeFi protocols faced margin calls. Data from Parsec paints a bleak picture, with a potential $24 million liquidation event looming if ETH price dips further to $3,008. Volume of transactions involving Ether across Defi protocols. Source: Parsec On-Chain Derivatives Spark $52 Million DeFi Liquidation Blitz To make matters worse, within the same time frame, major on-chain derivatives have triggered liquidations totaling more than $52 million. After selling at a high of $4,100 for Ethereum, short traders recouped their losses by repurchasing the cryptocurrency at $3,200. The pain wasn’t shared equally, however. Panic selling by long position holders, those betting on an ETH price increase, resulted in a whopping $104 million in liquidations compared to a  little over $16 million for short sellers. This imbalance could exacerbate the ETH price decline, creating a negative feedback loop. The situation highlights the inherent risks associated with leverage in DeFi protocols, While leverage can magnify profits, it can also amplify losses, especially during periods of high volatility. Ether market cap at $378 billion on the 24-hour chart: TradingView.com The bloodbath wasn’t confined to the DeFi space. The broader crypto market experienced heightened volatility as investors braced for the upcoming Federal Open Market Committee (FOMC) meeting. The potential for a Federal Reserve interest rate hike, coupled with weak inflows into Spot Bitcoin ETFs, cast a shadow of bearish sentiment across the digital asset landscape. Ether price down in the last 24 hours. Source: Coingecko. Ethereum Price At A Glance Currently, Ethereum (ETH) is experiencing a decline of nearly 10% and is currently trading at $3,138. The 24-hour trading volume for ETH stands at $29 million. Ethereum had a 20% retracement, making it the second most significant decliner among the top 10 cryptocurrencies. ETH traders maintained their sense of confidence by retaining and mitigating their positions in anticipation of an impending period of recovery. Related Reading: XRP Price On The Crosshair As Trading Begins On US-Backed Exchange Based on the prevailing market indicators, it is plausible that the price of Ethereum may evade more drops in the foreseeable future, as the bullish sentiment seeks to consolidate at the support level of $3,200, thereby establishing a foundation for a subsequent phase of recuperation. Featured image from Pexels, chart from TradingView

ETHFI, the governance token for the Ether.fi staking protocol has seen a significant drop in price since its debut on Binance on Monday, March 18. After initially trading at $4.13, the token has lost over 25% of its value, raising concerns among investors.  Nonetheless, recent on-chain activity has fueled speculation of further sell-offs, potentially threatening the token’s stability and its ability to hold the $3 mark. In particular, blockchain analytics firm Nansen has identified interesting behavior involving Arrington XRP Capital on the Ether.fi platform, highlighting some significant transactions. Price Concerns For ETHFI  In a recent post on social media site X (formerly Twitter), Nansen’s analysis reveals interesting activity involving venture capital fund Arrington XRP Capital on the Ether.fi platform.  According to the blockchain analytics firm, Arrington XRP Capital minted 5,000 units of eETH, Ether.fi’s natively reshaped liquid staking token. Notably, these eETH tokens were distributed to ten different wallets, each containing 500 units. Related Reading: AVAX Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In Profit Following the distribution, Arrington XRP Capital proceeded to claim a total of 200,498 ETHFI tokens across the ten wallets. The funds were transferred to another address, consolidating the acquired ETHFI tokens.  In the final step of the observed activity, Arrington XRP Capital sent the entire balance of ETHFI tokens to the Binance cryptocurrency exchange, potentially for selling purposes, which could put further pressure on ETHFI. However, the Ether.fi team has responded to the speculation surrounding the on-chain movements made by Arrington XRP Capital. Ether.fi Clarifies  According to Ether.fi, Arrington XRP Capital has been a consistent investor in the platform and has provided significant support since its inception. The statement further noted that as early adopters and active stakers, the Arrington team has actively staked its assets on Ether.fi, contributing to the platform’s growth.  The multi-wallet distribution observed in recent activity did not surprise Ether.fi, as they were reportedly informed of this approach in advance. Ether.fi claimed that splitting the assets into multiple wallets did not provide additional benefits or change the distribution outcome. The protocol alleged that consolidating the assets into a single wallet would have produced the same results. The protocol alleged that these assets are part of their liquid funds, which are “actively traded.” The decision to transfer the assets to the Binance cryptocurrency exchange was motivated by the nature of their trading activities and liquidity needs, the Ether.fi team concluded. Arrington Capital Addresses Speculations The Arrington Capital team also clarified the context through a social media post. They clarified that they had been long-term investors, staking over $50 million of ETH since February 2023.  The company claimed that the recent sale of a “small percentage” of its initial airdrop tokens amounted to less than $700,000, allegedly representing only 0.1% of the day’s trading volume. Related Reading: Crypto Report Says ‘Alameda Gap’ Is Gone After Bitcoin Rally, What This Means Ultimately, Arrington Capital emphasized that their actions were not a “Sybil attack” and did not exploit the protocol’s distribution methodology. They wrapped up their response by claiming that airdrop distribution follows a linear model that is “unaffected” by distribution across multiple wallets. Featured image from Shutterstock, chart from TradingView.com

The winds of change are blowing through the Bitcoin landscape. On March 14th, 2024, the network witnessed a monumental shift – mining difficulty skyrocketed to a record-breaking 84 trillion hashes. This unprecedented challenge coincides with another significant event on the horizon: the Bitcoin halving slated for April. Related Reading: Euphoria Or False Dawn? Why The Ethereum $4,000 Party Might End Soon According to BTC.com, the rate has risen by nearly 5.80% since the previous modification. The mining hashrate for the original coin has also peaked, indicating that more people are now participating in the mining process. At present, the value stands at 617 EH/s. Source: BTC.com Bitcoin Mining: The Difficulty Dilemma Mining Bitcoin is no easy feat. Miners compete to solve complex cryptographic puzzles, and the difficulty of these puzzles adjusts based on the overall network hash rate. As more miners join the network, the difficulty increases to ensure a steady block production rate (roughly 1 block every 10 minutes). This recent surge in difficulty signifies an influx of new miners, likely drawn by Bitcoin’s recent price rally that saw it peak at a staggering $73,800 on the same day. The Halving Effect The upcoming halving event in April throws another variable into the equation. Every four years, the block reward for miners – the amount of Bitcoin earned for successfully mining a block – is cut in half. This economic policy is a cornerstone of Bitcoin’s design, aiming to control inflation and maintain scarcity over time. The last halving in May 2020 witnessed a significant price increase in the following months, and many analysts believe the upcoming halving will follow suit. BTCUSD weakens today and trades at $68,178: TradingView.com Here’s the logic: with the supply of new Bitcoins being halved, the existing ones become relatively more scarce, potentially driving the price up due to increased demand. A Balancing Act For Miners Despite the rising difficulty, the potential for Bitcoin’s price to appreciate after the halving could incentivize miners to weather the storm. This economic incentive is bolstered by the recent spike in mining rewards, which reached nearly $79 million This suggests that even with the increased difficulty, miners are still reaping substantial profits due to the high Bitcoin price. However, the long-term sustainability of this model is debatable. As difficulty continues to climb, the energy consumption required for mining will also rise. It raises concerns about the environmental impact of Bitcoin mining, especially considering the reliance on non-renewable energy sources in some regions. Related Reading: Number Of Ethereum Short-Term Holders Increasing – Is A Bull Rally Next? Beyond The Headlines The narrative surrounding Bitcoin’s recent surge often focuses on its price and the upcoming halving. However, there are crucial underlying factors to consider. The ever-increasing mining difficulty raises questions about the long-term viability of proof-of-work, Bitcoin’s current consensus mechanism. Alternative, more energy-efficient mechanisms are being explored, but their widespread adoption remains uncertain. Featured image from Unsplash, chart from TradingView