Dell CEO Michael Dell recently conducted a poll asking people to identify the most important factor among artificial intelligence (AI), love and relationships, and the crypto asset network Bitcoin. The poll concluded with Bitcoin receiving a majority of the more than 64,000 votes. Dell’s Poll on AI, Bitcoin, or Love and Relationships — Elon Musk […]
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FTC Warns of Crypto Scams From Online Love Interests
The U.S. Federal Trade Commission (FTC) has issued a warning about cryptocurrency romance scammers who offer investment advice. The FTC emphasizes the risks involved and urges immediate reporting and caution to protect others. “They establish an emotional connection with you so you’re more likely to believe that they’re an expert in cryptocurrency investing, for example,” […]
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Argentina’s Greenback Love Is Being Substituted by a Bitcoin Rush
The popular savings strategy of exchanging pesos for U.S. dollars in Argentina is being substituted by bitcoin investments, which have had better performance lately. Numbers from Lemon, a local cryptocurrency exchange, indicate bitcoin purchases have risen to their highest number in 20 months as Argentines seek better alternatives than the dollar, whose value has been […]
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Australian Crypto Love: Value of Digital Assets Held in Super Funds Surges Past $650 Million
In just three years, Australian self-managed super funds saw the value of their respective crypto asset holdings rise from just over 9 million to over 0 million. According to an executive with a local crypto exchange, many Australians are seeking to “allocate at least a percentage of their retirement funds to cryptocurrencies.” Crypto Assets Held […]
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Dogecoin Stuck In Limbo: Will Valentine’s Day Bring Love (And Price Gains)?
Dogecoin (DOGE), the meme-driven cryptocurrency, remains confined within a narrow trading range of .075-.088 since the beginning of 2024, leaving investors grappling with its future trajectory. While activity has dwindled compared to early 2023, a significant portion of DOGE addresses remain profitable, fueling cautious optimism.
Profitable Addresses Offer Glimmer Of Hope
Approximately 60% of DOGE addresses, totaling roughly 1.34 million, currently hold their tokens at a profit, implying they bought at lower prices. This data, gathered by blockchain analytics firm IntoTheBlock, suggests underlying bullish sentiment despite declining market engagement.
Technical Support And Resistance Levels
Analysts highlight key support levels around .077-.079, where a large number of investors entered the market. This zone could act as a buying floor, preventing further price depreciation.
However, breaching this support could trigger a dip to .07, offering potential entry points for bargain-seeking investors. Conversely, overcoming the .088 resistance level could pave the way for a price climb towards .094.
Dwindling Activity Raises Concerns
A closer look at network activity paints a less rosy picture. Both transaction volume and whale activity, signifying large-scale investments, have decreased significantly, indicating reduced trading interest. This lack of enthusiasm could hamper Dogecoin’s upward momentum.
#Dogecoin is experiencing a decrease in transaction volume and whale transaction count, which typically indicates lower trading activity. This could be a sign that fewer people are buying, selling, or transferring #DOGE, possibly due to reduced interest or confidence in it! pic.twitter.com/SiKNxx4FhN
— Ali (@ali_charts) February 12, 2024
Technical analysis reveals a stalemate between the 50-day Exponential Moving Average (EMA) acting as support and a falling trendline acting as resistance. This pattern signals a lack of clear direction in the near term. Flipping the trendline to support could be a positive indicator, but achieving that requires renewed buying pressure.
Valentine’s Day Prediction Offers Modest Hope
Crypto exchange Changelly offers a moderate prediction for Valentine’s Day, forecasting a 1.12% price increase to .082591. While this could bring temporary cheer to DOGE holders, it also underlines the currency’s sensitivity to market sentiment and overall volatility.
Dogecoin: Long-Term Concerns Linger
Meanwhile, Dogecoin’s recent fall from the top 10 cryptocurrency rankings raises concerns about its long-term viability. Unlike competitors offering real-world applications, DOGE primarily relies on celebrity endorsements and internet trends. This raises questions about its ability to compete in the rapidly evolving crypto landscape.
The future of Dogecoin remains uncertain. While a short-term price rise is possible, concerns about its utility and competitive edge compared to other projects persist. Investors should approach DOGE with caution and conduct thorough research before making any investment decisions. Remember, price predictions are merely educated guesses, and the cryptocurrency market remains inherently unpredictable.
Featured image from Pexels, chart from TradingView
Cardano’s Future Revealed: Founder Would “Love To Be The Taylor Swift Of Blockchain”
Charles Hoskinson, co-founder of Cardano, joined Discovery Crypto to discuss his thoughts about the state of the crypto space, what current developments in the industry suggest, and the network’s future as the “Taylor Swift of Blockchains.”
Cardano’s Big Reputation
The recent interview sparked a discussion about Cardano’s relationship with crypto exchanges like Gemini and other figures in the crypto industry, as the interviewers suggested there appears to be a “coordinated effort to minimize Cardano’s impact.”
During this discussion, Charles Hoskinson noted that most players in the crypto space seem to “fear” Cardano for “doing everything right” since the beginning. Hoskinson listed factors like liquid staking and its growth without Venture Capital (VC) funding as crucial elements that make Cardano “pretty scary.”
When asked why stablecoins like USDC are not on the Cardano blockchain, it was highlighted that the reason is neither economical nor technical. Instead, the conversation indicates a seeming “lack of a strong desire to engage” with the blockchain and its projects.
Following the discussion, Hoskinson expressed his thoughts and concerns on asset-backed stablecoins, affirming that he doesn’t like them and they “are not crypto” despite 80-90% of the real money velocity and value transactions that happen on-chain being done through them.
The Cardano founder considers the highly centralized state of asset-backed stablecoins as a concerning matter, as they grant control over the crypto space to a few entities:
At the end of the day, they’re controlled by centralized entities, and the problem when you look at asset-backed stablecoins connect them to CEXs, centralized exchanges, they have gargantuan and enormous control and now we have a new actor, ETFs, and a huge amount of control over crypto. So, 10 companies now basically control the cryptocurrency space.
Hoskinson’s View Of The Crypto Industry’s Future
The current developments of the crypto space are also a matter of concern for Cardano’s founder, with the recent tendencies and developments leaning towards a “road opposite of the original mission for cryptocurrencies: financial freedom.
To Hoskinson, the crypto market is handing “soft power” to a handful of regulated entities that control the value and volume of the crypto industry instead of aiming to take down “banks and legacy financial systems.”
Cardano’s founder considers asset-backed stablecoins inevitable and highlighted that Cardano “is not looped into that, but eventually it will happen.”
However, he believed addressing his concerns was necessary as they weren’t “compatible with the long-term cryptocurrencies being decentralized” and would generally affect the industry.
To address this concern, Cardano’s team has extensively researched algorithmic stablecoins, as Hoskinson considers them a potential solution more suitable for the crypto industry.
Lastly, Cardano’s founder closed the interview by comparing American Singer Taylor Swift and the crypto industry, jokingly suggesting that compared to the 14th Grammy winner, nobody knows who Charles Hoskinson is.
However, the interviewer pointed out that, like Swift, Cardano could follow a similar trajectory and grow from a smaller and niche artist to a globally recognized and mainstream figure with a significant impact on the world. Hoskinson replied that he “would love to be the Taylor Swift of Blockchain.”
No Love For FTX: Ex-Girlfriend Delivers Scathing Testimony Against Sam Bankman-Fried
The trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), resumed on October 10. As expected, the prosecution called Alameda Research’s ex-CEO and SBF’s ex-girlfriend, Caroline Ellison, to testify against the defendant.
Ellison Does More Damage To Sam Bankman-Fried Defense
According to a thread on the X (formerly Twitter) platform by Inner City Press, which was present at the trial, Ellison confirmed what was already known as she stated that she and the defendant dated for a couple of years with their on-and-off relationship, beginning in the summer of 2020.
However, any affection or feelings that she may have had for the defendant didn’t seem to hinder her as she lived up to the hype as the prosecution’s star witness, providing key insights into how Sam Bankman-Fried allegedly misappropriated FTX’s customers’ funds through Alameda which she headed before its collapse.
During her testimony, she admitted that she had committed fraud alongside the defendant. Specifically, she stated that Sam Bankman-Fried directed her to commit these crimes. As to her involvement, she collaborated Wang’s testimony while stating Alameda (and her, by extension) took “several billions of dollars” from FTX customers and used these monies for investments.
Meanwhile, Ellison confirmed that Sam Bankman-Fried was the one who set up the systems and directed the trading firm to take the money. Besides using FTX’s customers’ funds for investments, Alameda also took around million to repay its lenders. She also manipulated Alameda’s balance sheets, making the firm look risky to potential lenders.
Prosecution Uses Ellison To Drive Home Major Allegations
In its opening statement, the Prosecution alleged that Sam Bankman-Fried diverted customers’ fiat deposits to a bank account linked to Alameda, which Ellison confirmed on the stand. She stated that FTX received money into Alameda’s bank accounts between 2021 and 2022. The total sum deposited was between 10-20 billion dollars.
Alameda used some of these deposits to repay loans, investments, and stablecoin conversions like USDC. According to her, this summed up to about billion. It didn’t stop there, though, as the trading firm used the other money for other Alameda-related purposes.
Sam Bankman-Fried and his lawyers have, at different times, tried to lay a foundation that SBF wasn’t in charge of Alameda and didn’t know what was going on at the trading firm after he stepped down as the CEO.
However, Ellison rebutted this on the stand as she stated that things didn’t change much, even when she became the co-CEO alongside Sam Trabucco, as she checked everything with Sam Bankman-Fried and directly reported to him. He also had the power to fire her.
Wire fraud on lenders to Alameda Research and conspiracy to commit wire fraud on lenders to Alameda Research is part of the seven charges brought against SBF. As such, Ellison’s testimony is deemed critical (as someone with first-hand knowledge) in the prosecution’s bid to prove these crimes beyond reasonable doubt.
Axie Infinity Smooth Love Potion (SLP) Explodes With 300% Gain This February
Smooth Love Potion (SLP) is skyrocketing in value just prior to the launch of Season 20 of Axie Infinity, the world’s most popular play-to-earn blockchain game.
In a matter of days, the SLP token triples in value. As of February 12, 2022, SLP is now selling for .027 with a 24-hour range of.024 -.032.
The in-game currency has a market capitalization of 7,503,521 and a trading volume of ,365,400,410 during the 24-hour period.
SLP is now the 102nd largest cryptocurrency by market value.
The rally occurs following a significant update to the game’s economy, which removed player benefits for completing key in-game tasks, such as Adventure Mode SLP and Daily Quest SLP.
Axie Infinity: How Does It Work?
In the world of play-to-earn games, Axie is a well-known title. Its gameplay is inspired by classic games like Pokémon and Tamagotchi.
Players can gather, breed, combat, and trade “Axies” in the game. SLP tokens are earned as rewards and can be redeemed for in-game features such as breeding new species.
SLP/USD price at .028230 in the daily chart | Source: TradingView.com
Related Reading | Binamon NFT Game, on the Way to be the Next Axie Infinity on Binance Smart Chain
SLP is an ERC-20 token that acts as an in-game currency in Axie Infinity, a popular blockchain-based game.
Axie Infinity allows users to collect one-of-a-kind digital creatures called Axies.
Axies are NFTs that can be bred, sold, or used against other players in combat. The Axie Infinity game utilizes a multi-token economy and Axie Infinity Shards (AXS) as the ecosystem’s governance token.
SLP cryptocurrency is used in-game to support Axie breeding. The Axie Metaverse allows for the buying, selling, exchange of other cryptocurrencies on supported exchanges.
How Does Axie Rewards Work?
One of the most recent updates to Season 20 appears to be a 56% reduction in the daily supply of SLP tokens.
SLP will be removed from daily questing and adventure mode, further increasing the token’s scarcity.
SLP/BNB was added as a trading pair on Binance earlier this week, allowing traders to now exchange BNB for SLP on the exchange.
When tokens are listed on a major exchange such as Binance, they frequently experience a price increase as the token becomes more accessible to new investors.
While Axie Infinity’s SLP has seen significant increases in recent months, it remains well below previous highs. Only seven months ago, the SLP token has been trading at .39 per unit.
Meanwhile, the game continues to attract an increasing number of players and investors.
According to Crypto Records Australia, an Axie Infinity land plot NFT sold for a record-breaking US.48 million in November.
Related Reading | Philippine Government Requires A Cut In Profits From Popular Games Like Axie Infinity
Featured image from Crypto Economy, chart from TradingView.com
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Phemex to List Smooth Love Potion (SLP) As Their Latest Metaverse Endeavor
Crypto trading and investment platform Phemex is making strides to deliver on its mission to build and support the metaverse. The full-service crypto exchange was launched in 2019 and has already built out a bevy of tools. In a short amount of time, Phemex is already approaching 100 total spot and contract pair offerings. Now, the platform continues to show its support of the metaverse by listing the Axie Infinity-based token SLP. In addition, Phemex is hosting a special Metaverse edition of their popular Grab a Coin Campaign where users can join to win SLP.
The platform’s latest “Choose Your Reality” campaign kicked off its focus on metaverse-related projects. Now Phemex expands upon that initiative by listing the Axie Infinity-powered token, Smooth Love Potion (SLP). The move comes after Phemex already introduced support for two other metaverse-based tokens in recent months: native Axie Infinity platform token AXS, and Decentraland’s MANA token. The exchange has also introduced their own virtual reality GameFi product and hosts a deep-dive brief on everything you need to know about Axie Infinity on the Phemex Academy.
The announcement to support SLP shows Phemex’s prolonged interest in metaverse-based products and platforms. SLP is an ERC-20 token that is earned by playing Axie Infinity and winning battles against other players. It can be used to breed new Axies. Additionally, SLP can act as incentives for Axie Infinity players who reach certain levels, and SLP can also be used to buy and sell items outside of Axie Infinity. While SLP had to be previously earned through in-game battles, increased accessibility of SLP courtesy of Phemex will allow the Axie environment to grow and develop even further.
Axie Infinity has served as the ‘face’ of play-to-earn thus far, as the landscape continues to grow and expand. 2021 proved to be a massive growth year for Axie Infinity and many other play-to-earn and metaverse products. This bodes well for the longevity and innovation in our constantly-growing digital worlds. Through its SLP listing, Phemex shows clear belief in the emergence of the metaverse, as well as other relevant initiatives like GameFi, play-to-earn, and NFTs.
CoinEx 4th Anniversary|Festival of Love: A Message of Love from Nigeria to the World
On the 4th anniversary of the exchange, CoinEx has launched the “Meet the CoinEx Team” anniversary celebration together with its global partners as a gesture to thank and give back to users. In Nigeria, CoinEx has hosted the “Festival of Love” charitable event.
On December 20, to celebrate its 4th anniversary, CoinEx held the “Festival of Love” charitable event at Uniuyo Teaching Hospital, Nigeria. Orok Godspower, one of the exchange’s Nigerian Partners represents CoinEx donated 700 care packages to children in the hospital on behalf of CoinEx. For the kids, these are heart-warming gifts. CoinEx contributes to charitable causes and offers a helping hand through real actions.
On the same day, Orok also went to the University of Uyo for the Festival of Love, which featured lotteries, games, creative dancing, and quiz contests. By encouraging the locals to follow the exchange’s SNS account, produce songs about CoinEx, and answer quizzes for rewards, the event helped them learn more about CoinEx and become new users.
At the end of the event, all users present received a 4th-anniversary gift package from CoinEx, and the game winners got custom-made CoinEx gifts like T-shirts and hats. With joint efforts by the Nigerian partners and CoinEx, the Festival of Love was a great success.
Other than the offline charitable event in Nigeria, which was a great success, CoinEx also held a meet-up in Minneapolis MOA, US on December 21.
Since its inception in 2017, CoinEx has always been trying to build a global presence for its products. The Nigerian Partners are key to this globalization strategy. Apart from marketing promotions, CoinEx has also been doing its part to contribute to charitable causes worldwide. The Festival of Love held at Uniuyo Teaching Hospital fully demonstrates the exchange’s commitment to its social responsibilities. Furthermore, the event also brought more attention to the health sector in Nigeria and improved the recognition of CoinEx among local users.
During the last four years, CoinEx has always put users first while serving a global audience. Along the way, the exchange has experienced many surprising changes and advancements. CoinEx now supports 16 languages, offers over 400 first-rate token services, and lists nearly 100 contract markets and almost 800 spot markets. Meanwhile, over 6 billion CET have been burnt.
These solid advancements are all backed by joint efforts made by CoinEx and Nigerian users around the world. In the future, CoinEx will keep offering more user-friendly, more stable trading environments and services for its global users in a world full of both opportunities and challenges. We look forward to meeting more users in Nigeria.