Yesterday, August 5, LINK, the native currency of Chainlink, a decentralized Oracle provider, plunged to a six-month low. Changing hands at around $8, LINK fell by 64% from March highs, breaking out from a bull flag, signaling weakness. The correction was across the board, and leading altcoins like Solana and Cardano also posted sharp losses. LINK Holders Accumulating, Outflows From Exchanges Spike However, as the markets bled, breaking below key support levels, smart investors saw this as an opportunity to accumulate. According to IntoTheBlock data on August 6, yesterday, there was a marked increase in the number of active LINK addresses, rising to levels not seen in roughly three months. Related Reading: UNI Price Bounces Back 13% Above $5.6, Can Bulls Maintain Control? The uptick in active addresses coincided with a spike in outflows from exchanges. This development suggests that users were more keen to accumulate LINK, not sell, despite falling asset prices. Outflows from centralized exchanges like Binance and Coinbase are usually considered net positive. With users controlling coins via their non-custodial wallets, they can’t readily sell for other liquid coins or stablecoins. Over the years, prices tend to recover steadily afterward whenever there is extreme fear, especially among LINK holders. Like the events of March 2020, when crypto prices flash crashed due to a COVID-19-led collapse, aggressive investors can consider such drops an opportunity to buy. In March 2020, LINK fell by a whopping 70%. However, months later, as the money printers were powered on, crypto prices rose, lifting LINK by nearly 35X at its 2021 peak. Similar to what happened then, the drop in prices coupled with outflows from exchanges and accumulation among entities makes it likely that LINK will bounce back strongly. Most Holders Are In Red, But Partners Are Interested In Chainlink Solutions So far, IntoTheBlock data reveals that 65% of LINK holders are in losses, and only 32% are in green. Encouragingly, though, most LINK holders are “diamond hands” and have been holding their stash for over a year. The more long-term holders or addresses holding the coin or token for over 155 days, the more resilient prices are in the wave of liquidation. Besides price action, optimism is high among LINK holders. Chainlink is a leading decentralized oracle provider offering services to DeFi and NFT protocols. Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem At the same time, Chainlink Labs, the middleware developer, continues to strike quality partnerships. Recently, 21Shares integrated Chainlink’s Proof-of-Reserve on Ethereum to enhance transparency. Feature image from DALLE, chart from TradingView
The skepticism towards an NFT resurgence may signal a shift in investor focus and priorities within the crypto market.
The post Only 19% of crypto investors expect an NFT comeback this cycle: CoinGecko appeared first on Crypto Briefing.
Jonathan Mann, known for creating a song daily for over sixteen years, and conceptual artist Brian L. Frye have filed a lawsuit against the US Securities and Exchange Commission (SEC). The case centers on whether NFTs representing digital art, such as those created by Mann and Frye, should be classified as securities under US law. […]
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Coinbase’s new wallet app will allow users to connect any self-custodial wallet for an aggregated view of assets.
So-called “Boosters” enhance the yield from WOO tokens, which are staked to earn a share of the DEX’s fees.
The class action suit from DraftKings buyers alleges that NFTs are investment contracts.
A user has been drained of their non-fungible tokens, worth hundreds of thousands of dollars in a phishing scam on the Blur marketplace.
Toshiuki Otsuka, who founded a snap-to-earn platform, strongly opposed the narrative and argued that NFTs are "evolving."
Ava Labs, the developer behind the Avalanche blockchain network, is working on introducing web3 technologies to enhance intellectual property management in the rapidly growing K-pop market. Justin Kim, who leads Ava Labs’ operations in South Korea, discussed the company’s strategic moves to bring blockchain solutions to the forefront of the entertainment sector in an interview […]
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MetalCore’s CB3 launches on June 27. It integrates NFTs and SHARDS, a new offchain currency, and aims to appeal to both Web2 and Web3 gamers.
TiTok AI, a new method for efficient onchain image compression, could be a useful tool for blockchain applications.
Dapper Labs has reached a tentative settlement agreement with a group of investors who sued the non-fungible token (NFT) company and its co-founder and CEO Roham Gharegozlou for allegedly violating federal securities laws.
Pudgy Penguins, a prominent NFT collection, has announced a partnership with Mythical Games to develop a Web3-powered AAA mobile game on the Polkadot-based Mythos Chain, according to a May 30 statement. The game will launch in 2025, featuring the beloved Pudgy Penguins characters and their unique lore and humor. Pudgy Penguins Pudgy Penguins is one […]
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"The report determines that illicit actors can use NFTs to launder proceeds from predicate crimes," the Treasury said.
Between 2020 and 2021, the development of nonfungible tokens saw significant growth and billion-dollar expansion across various sectors.
DeFi is a game of narratives. However, these narratives are constantly changing, and the trends within them continuously evolve. Keeping up with the latest trends requires in-depth knowledge of what these narratives are and how they rapidly evolve in the crypto market. This analysis is based on data from Dune Analytics, specifically from @cryptokoryo, who […]
The post Shifting DeFi narratives: Memes soar as wallets position for dominance appeared first on CryptoSlate.
OpenSea has debuted its integration with ERC-721C, a new standard that enables programmable earnings for NFT creators.
Ethereum’s blobs transaction fees witnessed an unprecedented surge yesterday with the debut of “BlobScriptions.” Blobs represent a novel transaction type that alleviates layer-2 fees on the Ethereum network and was introduced through the Dencun upgrade. Since its inception, the minimum gas price for a Blob to secure inclusion in an Ethereum block has stood at […]
The post Ethereum L2s face bottlenecks as ‘BlobScriptions’ drive fees up by over 10,000% appeared first on CryptoSlate.
NFT Project Azuki is partnering with Abritrum to launch a blockchain dedicated to Anime fans.
Wu-Tang Clan's Ghostface Killah is about to drop new tracks on the Bitcoin blockchain through a new Ordinals collection.
WIF pieces have surged in the past hour as X users found out the trader user now holds the original image.
The owners of the actual "Dogwifhat" meme canine are trying to get a piece of the $3 billion phenomenon that they started. So why are people upset?
Digital collectibles platform VeVe goes deeper into the comic book game with a dedicated app that features Marvel Comics NFTs.
Long-running Ethereum NFT art platform SuperRare is embracing Bitcoin Ordinals via a collection from artist Killer Acid in April.
Candy Digital and DC Comics will release 11,544 Batman-themed NFTs, celebrating the iconic superhero's 85th anniversary.
The “NFT” token drop will benefit Magic Eden’s Bitcoin Ordinals traders, along with those on Solana and Ethereum.
The largest ordinal inscription, the Runestone, is up for auction. The highest bid is $17,261.61.