PRESS RELEASE. The world of meme coins has been dominated by Pepe (PEPE) for quite some time. However, a new contender, Mpeppe (MPEPE), is rapidly gaining traction, posing a significant challenge to Pepe (PEPE)’s supremacy. As Mpeppe (MPEPE) continues to attract a growing number of investors, the question arises: is this the end of the […]
Bitcoin News
Bitcoin Ownership Trends: Short-Term Spike As ETFs Gain Popularity – Report
The winds of change are blowing in the Bitcoin market, bringing a fresh wave of short-term traders while veteran holders remain steadfast in their convictions.
A recent report by Bitfinex Alpha reveals a fascinating dichotomy in investor behavior, with new players chasing quick profits and seasoned hodlers (hold on for dear life) accumulating for the long haul.
Short-Term Surge Fueled By ETF Frenzy
Spot Bitcoin ETFs, financial instruments that mirror Bitcoin’s price, have emerged as a game-changer. These easily accessible options are attracting a new breed of investor, one with a keen eye for short-term gains.
This influx is evident in the significant rise of short-term holders (those holding Bitcoin for less than 155 days). Their holdings have skyrocketed by nearly 55% since January, indicating a surge in speculative activity.
It looks like we still have overhang from last cycle.
Short term holders realized price is steadily rising as new players enter the market and Buy #Bitcoin. Hedge funds, Pension Funds, Banks etc.
But the price isn’t taking off because older coins are being distributed.
We… pic.twitter.com/VxaXozgANT
— Thomas | heyapollo.com (@thomas_fahrer) June 12, 2024
However, this newfound enthusiasm comes with a caveat. Short-term investors, by their very nature, tend to be more reactive to price fluctuations. A sudden market correction could trigger a sell-off, causing price volatility. The report highlights this vulnerability, emphasizing the need for caution amidst the current “greed” sentiment in the market (as measured by the Fear & Greed Index).
Long-Term Holders: Diamonds In The Rough
While the short-term scene buzzes with activity, long-term holders continue to display unwavering faith in Bitcoin’s potential. These digital veterans, who weathered previous market cycles, have shown a remarkable buying spree after initially offloading some holdings at Bitcoin’s all-time high in March.
The report further underscores this bullish sentiment by pointing out the minimal amount of Bitcoin held by long-term investors that was purchased above the current price point. This signifies a “hodling” mentality, where investors are confident that the current price represents a good entry point for future gains.
Additionally, Bitcoin whales (large investors holding significant amounts) are mirroring their pre-2020 bull run behavior by aggressively accumulating Bitcoin, indicating a potential repeat of the previous market upswing.
Navigating The Crosscurrents
The current Bitcoin market presents a unique situation. On one hand, the influx of short-term investors injects fresh energy and liquidity. However, their presence also introduces the risk of increased volatility. On the other hand, long-term holders continue to be the bedrock of the market, providing stability and confidence.
Bitcoin Price Forecast
The Bitfinex Alpha report coincides with a technical analysis-based prediction, forecasting a potential rise in Bitcoin’s price by 29.51%, reaching ,897 by July 13, 2024.
However, the report also acknowledges the mixed sentiment in the market, with a Fear & Greed Index hovering at “Greed” territory. This indicates a need for caution, as investor optimism can sometimes precede price corrections.
Featured image from VOI, chart from TradingView
Bybit Report Shows Growing Popularity of Meme Coins Among Institutional and Retail Investors
A new report by crypto exchange Bybit shows that meme coins are becoming significant components of crypto portfolios. Institutional meme coin holdings surged 226% from February to March while retail meme coin holdings spiked 478% from February to April. However, they “aggressively sold off” their meme coins when market sentiment soured. ‘We Saw a Large […]
Bitcoin News
Cat-Themed Memecoins Growing Popularity: Traders Earn Millions With MEW and MOEW
The memecoin market has been dominated by dog-themed tokens for the past few years. Despite not being as popular and well-known as their canine crypto counterparts, cat-themed tokens are starting to appear at the forefront of the meme-inspired market.
Cats In A Dogs Crypto Market
Memecoins can become a market sensation overnight, and their communities can be some of the most supporting investors, as seen with the Vegas Sphere “wif on sphere” fundraiser campaign.
Dogecoin and Shiba Inu remain the biggest tokens by market capitalization in this category. About a month ago, eight of the ten largest memecoins by market capitalization were canine-inspired.
Nonetheless, cat-themed tokens have started infiltrating the pack of dogs after a recently launched player made it to the top ten memecoins list.
Cat in a Dogs World (MEW) launched on March 26 and just 48 hours later reached a 0 million market cap. MEW surpassed BONK, WIF, and PEPE as the fastest fair launch to accomplish this feat.
MEW’s market cap reached 4 million in just eight days, making it the eighth largest memecoin by this metric. Moreover, the token rallied over 50% on Wednesday after crypto exchange KuCoin announced its listing.
MEW’s performance in the past seven days shows an impressive 267.54% surge. Despite this, the token’s rally slowed down today. The cat-themed cryptocurrency lost over 15% of its value from the day prior. At writing time, MEW is trading at .00737049.
Similarly, its daily market activity took a hit, decreasing 35.3% to 8.4 million traded in the past 24 hours.
What Are They Feeding Cat-Themed Memecoins?
The growing interest in feline-inspired tokens has resulted in many newly launched memecoins quickly surpassing massive levels.
On Wednesday, a new token called Ansem’s Cat (HOBBES), inspired by Hobbes, the cat of crypto trader Ansem, broke a 0 million market cap on its launch day.
MOEW, a Base token launched on Wednesday, made the news after a trader turned ,000 into million in just one hour. According to data provided by Lookonchain, the crypto trader spent 3 ETH (,000) to buy 499.9 million MOEW, a 158x gain.
Then, the trader sold 116 million MOEW for 99 ETH, around 8,000, when the rice surged. At the time of the report, the trader had 388.24 million MOEW left, worth over .7 million.
In less than 1 hour, this guy turned K into M, a gain of 158x!
He spotted $MOEW 10 minutes after opening trading and spent 4 $ETH(K) to buy 499.9M $MOEW.
Then he sold 111.65M $MOEW for 99 $ETH(8K).
He currently holds 388.24M $MOEW, worth .76M.… pic.twitter.com/DFRGOYh8ZM
— Lookonchain (@lookonchain) April 3, 2024
Similarly, another trader made a profit on MEW’s opening day. In 20 minutes, this crypto trader made almost 0,000 in profits from selling SOL and buying the memecoin.
Nonetheless, the community has questioned these whale moves. Many wonder whether the cat-themed profits come from strategic trading or insiders from the projects.
Whichever the case, cat-themed tokens are starting to make a sound in the crypto market. Ultimately, the crypto community has begun noticing potential in the feline-inspired coins.
‘Trust in Authority’ Sustains Popularity of Centralized Exchanges in Latin America, Says Ricardo Da Ros
According to Ricardo Da Ros, CEO of the crypto platform Patex, many crypto users in Latin America (LATAM) seem to prefer using centralized exchanges (CEXs) over decentralized ones. He attributes this preference to a culture in the region that “has been built on trust in authority.” Da Ros suggests that this culture, combined with the […]
Bitcoin News
Solana’s Biggest Memecoin Gains Over $680,000 In 3 Days As Investors Bet On Its Popularity
Over the past day, the cryptocurrency and memecoin market has experienced a significant downturn, marked by Bitcoin’s sharp decline from ,750 to as low as ,620, leading to a broader slump in altcoins and a nearly 6% decrease in the total crypto market capitalization, which now stands at .8 trillion. However, amidst this volatility, Dogwifhat has emerged as a notable exception.
Despite the overall market turbulence, Dogwifhat has demonstrated remarkable strength and resilience, witnessing a surge in its value from .90 to a peak of .50, with its current trading price at .20.
This surge in value is indicative of a broader trend for WIF, which has seen a remarkable 70% increase in price over the past week and an astounding 800% surge over the course of this month.
Dogwifhat (WIF) has emerged as an unlikely hero, defying the odds and wagging its pixelated tail all the way to the top of the Solana meme coin food chain.
BREAKING: Solana’s Meme Coin @dogwifcoin $WIF to be Featured on Vegas Sphere After Raising 1K in just 3 days https://t.co/zoBnkwbP5F
— SolanaFloor | Powered by Step Finance (@SolanaFloor) March 13, 2024
From Humble Beginnings To Sin City Lights
Dogwifhat, sporting a logo featuring a Shiba Inu sporting a stylish knit cap, started as just another meme coin vying for attention in the crowded digital landscape. However, a recent community-driven fundraising campaign propelled WIF into the spotlight.
By collectively raising over 0,000, the Dogwifhat faithful secured a prime advertising spot – a giant image of their beloved canine mascot plastered across the dazzling Las Vegas Sphere. This audacious move, fueled by internet enthusiasm and a dash of canine cuteness, sent shockwaves through the crypto-verse.
Memecoin Mania On Solana’s Speedy Blockchain
Solana, a blockchain known for its blazing-fast transaction speeds and lower fees, has become a breeding ground for meme coins. Dogwifhat exemplifies this trend.
Unlike its meme coin cousin Dogecoin, which operates on its own blockchain, WIF leverages Solana’s technological prowess. This translates to a smoother trading experience for users, with minimal transaction fees and the ability to seamlessly interact with other blockchain ecosystems.
Industry experts like Ryan Selkis, CEO of Messari, point to these features as key differentiators for Solana, making it a prime playground for the next generation of meme coins.
Dogwifhat: More Than Just A Pretty Shiba Inu?
The astronomical rise of Dogwifhat has sparked conversations about its potential to transcend its meme coin origins.
Proponents argue that WIF’s association with the fast-growing Solana network and its focus on community engagement could pave the way for a more substantial role in the world of decentralized finance (DeFi).
The project itself claims to be “the most sophisticated meme coin ever made,” hinting at potential future developments beyond just viral appeal. However, skeptics remain cautious, highlighting the inherent volatility of meme coins.
Featured image from Meme Arsenal, chart from TradingView
Donald Trump Acknowledges Bitcoin’s Popularity — Says BTC Has Taken on ‘a Life of Its Own’ and ‘I Can Live With It’
U.S. presidential candidate and former President Donald Trump has acknowledged the growing popularity of bitcoin, stating that “a lot of people are doing it” and the crypto has taken on “a life of its own.” Trump further shared: “More and more I’m seeing people wanting to pay bitcoin and you’re seeing something that’s interesting so […]
Bitcoin News
Rosfinmonitoring: Crypto Popularity Soars in Russia, 185K Transactions Registered in 2023
Director of Rosfinmonitoring Yuri Chikhanchin referred to the rise in popularity that crypto is experiencing in Russia in a recent interview, stating that more than 185,000 cryptocurrency transactions were completed during the first nine months of 2023. Chikhanchin also called for regulation in the crypto industry to be introduced as soon as possible due to its involvement in illicit activities.
Rosfinmonitoring: Crypto Adoption Rises in Russia
Cryptocurrency is gaining traction in Russia, according to statements by Yuri Chikhanchin, director of Rosfinmonitoring, the Federal Service for Financial Monitoring. In an interview given to Izvestia, Chikhanchin talked about the recent rise in crypto transactions during the first nine months of 2023 and how they have surpassed the total completed in 2022.
Chikhanchin told Izvestia:
According to our data, the number of transactions with cryptocurrency in the nine months of this year exceeded 185,000 (last year, during the same period, 60,000 were recorded).
The volume of funds moved also rose. Chikhanchin stated that during the specified period, the volumes registered for crypto transactions almost doubled.
Chikhanchin disclosed that Rosfinmonitoring uses “Transparent Blockchain,” a software toolkit launched in partnership with VTB bank, the second largest bank in the country, to track crypto transactions. He explained that the software allows tracking transactions on more than 30 blockchains, having access to the identity of the senders and receivers in these movements.
The tool is now being eyed by Arab, African, and Latin American states, and it also allows banks to conduct crypto-compliance tasks, he added.
Regulation Needed
Chikhanchin further referred to the state of cryptocurrency regulation in Russia, calling for a regulatory framework to be completed as soon as possible, even if it bans cryptocurrency entirely. When asked about the position of the institution regarding cryptocurrency regulation, he explained:
The sooner a decision is made, the better. We already know how we will work both if cryptocurrency payments are legalized and if they are completely banned. But we need to understand the rules of the game.
The reason given for Chikhanchin’s position is that crypto is being used as part of illicit activities in Russia, with drug dealers, terrorists, and corrupt officials leveraging it as a substitute for cash.
The institution has a different view of the upcoming digital ruble, the Russian central bank digital currency, currently in its pilot stages. “The digital ruble is a project that allows you to see the sequence of operations, which makes calculations transparent,” the director of Rosfinmonitoring concluded.
What do you think about the popularity of crypto in Russia? Tell us in the comments section below.
The Popularity of Crypto Online Gambling in Canada
Since its inception, cryptocurrency has grown in popularity day by day. Nowadays, we see cryptocurrencies used in various industries with great success. It didn’t take long for the casino industry to accept cryptocurrency as a payment method.
Bitcoin is the most widely used cryptocurrency at leading Canada online casino sites. However, you can also use altcoins like Ethereum Dogecoin and Shiba Inu.
That said, Canada has a tech cluster with a pioneering research and application record. With the country at the cutting edge of technology, it’s no surprise that cryptocurrencies like Bitcoin are gaining popularity.
Is there, however, more to it than that? Let’s look at some factors contributing to the popularity of online crypto gambling in Canada.
Privacy and security
First and foremost, we want to emphasize that you have the option of processing transactions in a safe manner. Cryptos use a cutting-edge technology called blockchain to secure every online transaction.
To maintain the security of every transaction, blockchain technology requires certain complex phases in the process and advanced security measures.
However, when it comes to traditional fiat currency given by credit cards, there are several situations when cyber-attacks take your funds. As a result, bettors were very apprehensive about losing their money.
Cryptography has done an excellent job of resolving this problem. This is one of the primary reasons for Bitcoin’s appeal in Canada. It ensures that the deposits are protected to the fullest extent possible.
Crypto has made it into the mainstream
There has been a significant movement in how cryptocurrencies are seen in the last few years in Canada. It was once thought to be a transitory trend, something too hazardous and without practical application. That demonstrates how erroneous people may be.
Not only have major corporations invested in cryptocurrency, but some have begun to accept it as a means of payment. The argument that cryptocurrency has no place in society because it cannot be utilized is no longer valid.
One of the most significant trends has to be the rise of crypto-accepting online casinos. This demonstrates how technology has infiltrated every aspect of our life, from investments to leisure. As you can see, Canada is ideally positioned to take maximum advantage of this. Crypto’s popularity will only continue to rise as a result of this.
The birth of crypto casinos
Although it is still a relatively new trend, many online casinos are already embracing Crypto as a means of payment. Gamblers perceive cryptocurrency as the ideal solution for payment methods because of the security and anonymity it provides.
Canada leads the way when it comes to Bitcoin casinos. There are several to pick from in the country, although such are still in their infancy in other countries. Many Canadian gamers choose Bitcoin as their preferred money at online casinos when given the option.
Bitcoin gaming is growing so popular in Canada that online casinos that do not accept it are scrambling to catch up. Players in Canada are major lovers of online casino games, so anything that enhances the experience, like the ability to utilize cryptocurrency, would be warmly received.
Elon Musk factor
Elon Musk may not have been born in Canada, but his mother is Canadian. That means that when the man speaks, Canadians are all ears. After all, if one of the world’s wealthiest people has something to say, there’s a good chance you’ll learn something from it. Musk is more than a little outspoken when it pertains to cryptocurrency.
This man’s speech of a few lines on a TV show or a Tweet can send cryptocurrency prices flying. Musk understands the long-term significance of cryptocurrencies like Bitcoin and Ethereum. Those who perceive him as an adopted son in Canada will concur with his assessment.
Bitcoin is now being used for practical purposes, such as Bitcoin casinos. Canadians will be eager to hold it to watch the value rise and utilize it like any other currency.
Decentralized nature
Cryptocurrencies are decentralized. Those unfamiliar with the word indicate that cryptos are not linked to third-party institutions, such as banks or government agencies. As a result, you can accept payments without opening a bank account or complying with onerous banking requirements.
Furthermore, keeping track of each transaction becomes a breeze. To maintain track of your payments, you do not need to furnish a bank statement. Therefore, cryptos were created specifically for you if you despise banks and all of their operations. Their decentralized nature is contributing immensely to their popularity in Canada.
Anonymity
Anonymity is another feature that contributes to the popularity of crypto gaming in Canada. When depositing on a Canadian casino website, you can remain anonymous.
Also, when creating an online crypto wallet, you are not needed to provide any personal information or reveal your identity. Therefore, there is practically no method to identify your data when making payments on the platform.
This is particularly useful for the bulk of Canadian gamers, who desire to remain anonymous for various reasons. For example, due to government prohibitions or any other reason. As a result, completing transactions with cryptocurrencies gives you a wonderful possibility to do so.
Great bonus offers
Players at Canadian casinos are frequently treated to fantastic bonuses. When you play at crypto casinos, these incentives are even much better. This has helped them gain a lot of popularity among Canadian gamers.
By playing with Crypto on Canadian casino websites, you will find a plethora of lucrative bonuses and incentives. They use this to make you feel welcome when you arrive. This will urge you to keep gambling with Crypto for a long.
Once you fund your account with Crypto for the first time, many casinos offer 100% welcome bonuses. More options open up as you continue to deposit funds with Crypto in the future. This is helping to fuel the expansion of cryptocurrency gaming in Canada.
Conclusion
Crypto online casinos are booming right now, especially in the last few years, with a 70 percent increase in revenue. The Canadian crypto gaming business has grown to become one of the most powerful in the world.
Why Centralized Exchanges (CEXs) Are Losing Popularity to Decentralized Exchanges (DEXs)
Centralized Finance (CeFi) is the fundamental model of the traditional financial ecosystem, which comprises stakeholders such as monetary oversight bodies, regulators and financial institutions. As such, all these stakeholders work in collaboration towards sustaining sound financial markets.
Despite its value proposition in traditional finance, the CeFi model has come under constant criticism due to its centralized nature. One of the shortcomings of this model is reliance on human power to make decisions for a larger population. For instance, the U.S federal reserve can decide to lower or hike interest rates without much public consultation. While it may be in the public’s best interest, some decisions made by monetary authorities are largely unpopular.
Furthermore, central authorities are notorious for using their control over systems to stamp out rivals or threats. This can be seen in the crypto industry, where authoritarian governments have an easier time cracking down on market operations or passing laws that limit innovation. In most cases, the authorities claim to be acting in the consumers’ interest, which might be true, but some simply protect their control over market operations.
The Risk of Third Parties in Financial Ecosystems
Moving away from the oversight bodies, we have financial institutions that provide services such as loans, insurance and fund investing. These financial vehicles act as third parties by enabling consumers to access market services. In doing so, they bridge the gap of financial inclusion, although not completely.
While third parties pose significant risks to the existing market systems, the risk is even more significant in nascent ecosystems like the crypto industry. For example, prominent crypto exchanges such as Binance and Coinbase have had to halt transactions in recent months as their systems were overloaded. During these times, crypto investors and traders had to bear the risk of their assets losing value and not being able to sell.
It is also quite noteworthy that crypto exchanges follow stringent KYC/AML measures to comply with the underlying CeFi architecture. While it may be a positive approach for their regulatory risk mitigation, it is a significant hurdle towards the growth of crypto as most countries are yet to adopt proper regulations.
Given this situation, it comes as no surprise that many crypto enthusiasts are shifting to decentralized ecosystems and trading on decentralized exchanges (DEXs) instead of CEXs.
What are Decentralized Exchanges (DEXs)
DEXs became popular with the rise of Decentralized Finance (DeFi), an emerging crypto niche that seeks to decentralize financial services. Currently, there exist DeFi protocols that offer services ranging from lending and borrowing, exchanges and market instruments, including Bitcoin derivatives. The space gained popularity throughout 2020 as DeFi projects launched governance tokens and yield farming programs.
Today, we have multiple DEXs where crypto users can seamlessly trade without giving up their details to centralized exchanges. Ideally, DEXs are designed as decentralized platforms, which means that no central parties are involved. Instead, these applications rely on blockchain networks and smart contracts for execution.
Some of the advanced DEXs are now going to the extent of providing direct access to multiple digital exchanges. One such platform is the OrionProtocol which allows users to view offers across various exchanges. This DeFi protocol simplifies trading by integrating an all-in-one ecosystem where crypto investors and traders can execute their orders.
In addition, the OrionProtocol allows anyone to start buying crypto-assets like Bitcoin and Ether without providing any KYC documents. Instead, users only need a wallet address, and in a few clicks, they can purchase the crypto of their choice.
Closing Thoughts
The traditional financial market infrastructure remains a fundamental pillar of today’s market and future innovations such as DeFi. However, a few improvements or changes need to be made to be compatible with the digital ecosystem era. This will require the collaboration of stakeholders, including crypto innovators, regulators and prospective consumers. So far, some progress has been made, but it may take time before decentralized markets are fully adopted across the globe.