Igloo Inc., the team behind the Pudgy Penguins non-fungible tokens (NFTs) has announced the acquisition of Frame, aiming to enhance the consumer crypto experience by developing Abstractchain. This move is expected to address limitations in current layer two (L2) solutions and expand cultural and community-driven crypto adoption. Igloo Expands Crypto Infrastructure With Frame Acquisition Igloo […]
Bitcoin News
Cardano (ADA) Faces Fresh Decline: Key Drivers Behind The Downtrend
Cardano price failed to surpass .40 and started another decline. ADA is now trading below .3850 and might extend losses in the near term.
- ADA price started a fresh decline and traded below .3880.
- The price is trading below .3850 and the 100-hourly simple moving average.
- There was a break below a key bullish trend line with support at .3845 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could extend losses and test the .370 support zone.
Cardano Price Dips Again
In the past few days, Cardano attempted a recovery wave above the .3650 zone like Bitcoin and Ethereum. However, ADA failed to clear the .40 resistance zone. A high was formed at .3967 and the price started a fresh decline.
There was a move below the .3880 and .3865 support levels. The price declined below the 23.6% Fib retracement level of the upward move from the .3620 swing low to the .3967 high. Besides, there was a break below a key bullish trend line with support at .3845 on the hourly chart of the ADA/USD pair.
ADA price is now trading below .3850 and the 100-hourly simple moving average. If there is another upward move, the price might face resistance near the .3850 zone.
The first resistance is near .3880. The next key resistance might be .40. If there is a close above the .40 resistance, the price could start a strong rally. In the stated case, the price could rise toward the .4150 region. Any more gains might call for a move toward .4250.
More Downsides in ADA?
If Cardano’s price fails to climb above the .3850 resistance level, it could continue to move down. Immediate support on the downside is near the .3795 level or the 50% Fib retracement level of the upward move from the .3620 swing low to the .3967 high.
The next major support is near the .370 level. A downside break below the .370 level could open the doors for a test of .350. The next major support is near the .3350 level.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – .3790, .370, and .350.
Major Resistance Levels – .3880 and .400.
WIF Plunges 11% As Whale Deposits Millions To Binance, Who’s Behind It?
Memecoins are in red this week as most sectors of the crypto market struggle. Dogwifhat (WIF) has not been the exception. The memecoin sensation of Q1 saw a significant price drop following the movements of a whale. Recently, an address transferred millions of WIF to a crypto exchange, which ignited speculation about who was behind the transaction.
6 Million WIF To Binance
On Friday, reports of a massive WIF transfer to Binance hit the crypto community. Per the report, one of the top dogwifhat holders moved millions to the largest crypto exchange.
The whale transferred 5.97 million WIF, worth around million, on June 21. Additionally, the address offloaded 48 million Trump Coin (DJT), approximately 0,000.
After the news, the crypto community began speculating who was behind the transfer. Some users claimed the whale was crypto trader Ansem, who was very vocal about WIF. The trader was also part of the Las Vegas Sphere project, where users donated around 0,000 to project the token’s image in the Sphere.
Users on X criticized Ansem for the alleged deposit, expressing their disappointment in his “capitulation”. Some investors took the opportunity to express their discontent with the trader for “grifting and dumping on investors.”
The discussion sparked an important conversation: should Key Opinion Leaders (KOLs) not move their money? One user considers that Ansem, and all KOLs, are free to do what they want with their money. The user argued that KOLs are subjected to criticism regardless of their route.
When people sell before you do, they are “jeet”. When KOLs sell some of their holdings or even move it around, they are “pump and dampers”.
Several community members agreed and questioned if KOLs are “obligated” to hold a token until investors are happy with their profits. However, others argue that community members are “arbiters” of traders’ reputations.
Dogwifhat Take A Blow, But Was It Ansem?
Despite the rumors, online reports suggest the wallet is not linked to the crypto trader. After deep-diving into the address, a community member found that the address was not associated with Ansem.
The post notes that the only reason it was linked to the trader was the large WIF balance and many Solana memecoins.
However, the address has a record of selling their token at a loss “to FOMO into new shiny stuff.” Furthermore, the wallet seems to be linked to a now-deleted X account. At the time of writing, the trader has not acknowledged the rumors.
After the reports, WIF’s price dropped from the .90 to the .80 price range. On the last day, the memecoin plunged from the .15 mark, representing a 13% decrease.
The token has also seen a 25.3% and 36.1% drop in the weekly and monthly timeframes. Crypto analyst Bluntz forecasted a bearish target for the dog-themed memecoin. Ultimately, the analyst stated that a descent to the support level was “inevitable” before the “next parabolic leg.” As of this writing, WIF is trading at .83.
Controversial Figure Martin Shkreli Allegedly Behind New Trump-Themed Crypto Token DJT
Martin Shkreli, known for his previous securities fraud conviction, has reportedly claimed to co-create the DJT token, a new crypto asset themed after Donald Trump. The revelation comes as the token’s association with the Trump campaign remains unverified, stirring significant speculation and controversy. ‘Pharma Bro’ Martin Shkreli Allegedly Co-Creates Trump Crypto Token In a recent […]
Bitcoin News
Rwanda Develops CBDC to Avoid Falling Behind, Central Bank Deputy Governor Says
Rwanda is contemplating launching a Central Bank Digital Currency (CBDC) because it does not want to be left behind and to prevent any hindrances to trade between the African country and its major trading partners. According to a deputy governor with the National Bank of Rwanda, the country should be prepared for digital currencies being […]
Bitcoin News
Understanding Notcoin: The Token Behind the Click-to-Mine Telegram Game
This week, the crypto community has been buzzing about a new token called notcoin (NOT), recently launched on The Open Network (TON). This token is tied to a game on Telegram where users earn NOT by completing tasks and clicking a button, featuring a distinctive click-to-mine system. The following is a comprehensive overview of what […]
Bitcoin News
Fantom Price Continues To Shine – What’s Behind The Latest 15% Surge?
Fantom price has been such a joy to watch for investors in recent days, as a much-needed breath of fresh air continues to spread throughout the crypto market. Bitcoin and other large-cap assets seem to be recovering well after a period of sluggish and frustrating price action.
Notably, Fantom emerged as one of the best performers in the cryptocurrency market over the past week, posting a substantial 26% price increase in the last seven days. The Layer 1 token has particularly been on a hot streak in the past day, soaring by 15%.
The Catalyst Behind The Latest FTM Surge
The much-awaited Sonic upgrade has been critical to the turnaround the Fantom price has witnessed in the past few months. Sonic is expected to improve Fantom’s technology stack and introduce major scalability enhancements without a disruptive hard fork.
Most recently, the Fantom Foundation unveiled the details of the upcoming layer-1 chain Sonic Network. According to the blog post, the new blockchain network will be connected to and be able to tap into vast amounts of liquidity, users, and protocols from “Ethereum and beyond” via a native layer-2 bridge.
As disclosed previously, the Sonic Network is expected to go live alongside a new token, with the ticker S. In the latest memo, the project revealed that FTM token holders will be able to migrate Sonic’s token at a 1:1 ratio, depending on the results of a governance vote.
The Fantom Foundation said in its latest blog post:
Initially, this migration process is anticipated to be bi-directional, which will allow users to swap back and forth between $FTM and $S. Since the $S token will only exist on Sonic and $FTM will only exist on Opera, we anticipate utilizing a bridge to enable bi-directional swaps. This process enables a seamless migration for current Opera network participants to experience Sonic. After a transitional period (to be determined in the future), the migration process is expected to transition to a one-way migration of $FTM to $S.
The project noted that the supply of the new S token will match that of FTM to facilitate the token migration process after the Sonic chain launch. It is worth mentioning that the Fantom price experienced a significant surge following this update on the Sonic Network on May 17.
Fantom Price At A Glance
As of this writing, the Fantom price is around .908, reflecting an almost 15% increase in the past 24 hours.
US Authorities Arrest Chinese Nationals Allegedly Behind Crypto Scam Network
An indictment unsealed in the Central District of California charges two Chinese nationals, Daren Li and Yicheng Zhang, with leading a scheme to launder at least million tied to an international crypto investment scam, often known as “pig butchering.” Li and Zhang allegedly managed a global network that laundered proceeds from fraudulent crypto investments, […]
Bitcoin News
Solana Takes The Crown: CoinGecko Ranks It The Best, Leaving Ethereum Behind In Key Metric
The race to achieve the fastest blockchain transaction processing speeds is heating up, Solana (SOL) is in the spotlight as a new report from crypto data aggregator CoinGecko reveals some surprising findings.
The study analyzes the real-world transaction per second (TPS) performance of a range of large blockchain networks, both Ethereum-based and non-Ethereum (ETH) Virtual Machine (EVM) protocols.
Solana Emerges As The Undisputed Speed Champion
According to the findings, Solana has proven to be the fastest among large blockchains, with its actual daily average transactions per second (TPS) reaching a record high of 1,504 on April 6th, 202. Notably, this figure makes Solana 46 times faster than Ethereum, the second-largest cryptocurrency by market capitalization.
Furthermore, Solana’s TPS is more than 5 times faster than Polygonm (MATIC), which currently holds the highest TPS among Ethereum scaling solutions.
According to CoinGecko, this demonstrates the superior processing power of the non-EVM blockchain and its ability to handle a large influx of transactions, especially during periods of heightened market activity, such as the recent Memecoin mania, specifically within the Solana network.
However, it’s important to note that despite Solana’s performance, the blockchain has only achieved 1.6% of its “theoretical maximum speed” of 65,000 TPS. This suggests that there is still significant room for improvement, and the network’s upcoming upgrades will be closely watched to see how quickly it can record even higher real TPS.
Ethereum Scaling Solutions Lag Behind Non-EVM Blockchains
The second-fastest blockchain in the study is another non-EVM protocol, Sui (SUI), which recorded its highest real TPS of 854 in July 2023 as the on-chain game Sui 8192 gained popularity. Other fast blockchains among the non-EVMs include The Open Network (TON) at 175 TPS and Near Protocol (NEAR) at 118 TPS.
In contrast, the non-EVM blockchains that have recorded relatively lower real processing speeds are Aptos (49 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and Thorchain (2 TPS).
Collectively, the 8 non-EVM large blockchains have an average peak TPS of 284, which is 3.9 times faster than the 17 largest EVM and EVM-compatible blockchains, which have an average of just 74 TPS.
The EVM-compatible blockchain that has achieved the fastest real TPS is BNB Smart Chain (BSC), which recorded 378 TPS on December 7th, 2023, amid the surge in on-chain activity driven by the inscriptions craze. This performance places BSC as the fastest Ethereum-based blockchain, though it still lags behind the top non-EVM protocols.
Similarly, the surge driven by inscriptions allowed Polygon to record 190 TPS on November 16th, 2023, making it the fastest among the largest Ethereum scaling solutions and 8.4 times faster than Ethereum itself. However, the leading non-EVM blockchains still outpacing even Polygon’s impressive speed.
At press time, SOL was trading at 8, up nearly 7% in the last 24 hours and registering an impressive 720% gain year-to-date.
Featured image from DALL-E, chart from TradingView.com
The Hidden Forces Behind Bitcoin Price: Latest Insights From On-Chain Data
Leading on-chain analyst James Check, popularly known as Checkmatey, has recently delved into the intricacies of Bitcoin’s market dynamics, offering a detailed on-chain data analysis that sheds light on the forces driving Bitcoin prices. His latest insights highlight a period he describes as “Quiet and Trending,” suggesting a robust underpinning despite significant sell-side pressures and shifts in volatility.
Bitcoin Follows The Stair-Stepping Rally-Consolidation-Rally Pattern
Since December, Bitcoin has experienced substantial sell-side pressure, with over 1.5 million BTC being sold. “Around 30% of this came out of GBTC, but the rest of it was good old fashioned profit taking,” Check explains.
Despite such substantial market sales, Bitcoin has demonstrated resilience with a relatively modest price correction of just -20%. This suggests that the foundational support levels for Bitcoin are stronger than what surface-level market movements might imply.
A striking aspect of Check’s analysis is the transformation in Bitcoin’s volatility profile. “The overall realized volatility profile for Bitcoin is half what it was in 2021, and 3x smaller than 2017,” states Check. This trend indicates a growing maturity within the Bitcoin market, reflecting its evolution into a more stable asset over time compared to its early years.
Check counters the typical narrative surrounding Bitcoin’s volatility: “What a lot of people forget however is that Bitcoin is volatile to the upside. Volatility to the upside is good!” He posits that the current increment in volatility is moderate and suggests that the market is still in the early phases of a bull run, rather than nearing its end.
A critical tool in Check’s analysis is the Short-Term Holder MVRV (STH-MVRV) Ratio, which he uses to gauge market sentiment and phases. According to Check, this ratio consistently finds support at 1.0 and resistance at 1.4 during stable uptrends. Stability is maintained as long as the ratio remains within these bounds. “Only when it breaks above this ceiling do things become unstable,” Check notes, which could signal a transition to bearish conditions.
Despite the sell-off that brought Bitcoin down to k, Check observes that this has not significantly dented the profitability of short-term holders. “The magnitude of Unrealised Loss was very much in line with bull market corrections, calming fears of a top-heavy market.”
He further highlights that several of the local top buyers panic sold their Bitcoin at the lows, an action he interprets as beneficial for the correction phase, serving to stabilize the market by shaking out weak hands.
Expanding his analysis, Check refutes the criticism that Bitcoin’s volatility makes it a less viable asset. He points to a chart comparison of Bitcoin’s 30-day volatility against top-performing US stocks, showing that Bitcoin’s volatility is well within a manageable range.
Furthermore, he discusses the lower realized volatility of the SPY index, attributing it to the “out sized performance of the Magnificent-7,” which is counterbalanced by the poorer performance of the other components.
By highlighting the structural aspects of the current “Quiet and Trending” market phase, Check offers a refined perspective on how Bitcoin is navigating its maturation pathway, balancing between its speculative origins and its potential as a mainstream financial asset.
He concludes, “Overall, the Bitcoin uptrend in 2023-24 looks fairly structured, following stair-stepping rally-consolidation-rally pattern. However, as the charts above show, volatility tends to pick up during a consolidation, and that can lead to instability.”
At press time, BTC traded at ,288.