Tether, the company that manages the issuance of USDT, the largest stablecoin of the crypto market, has announced a shift in its focus on providing support to blockchains based on community interest. The company announced it would stop minting USDT tokens in two blockchains, Eos and Algorand, starting June 24. Tether Announces Change to Community-Driven […]
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Former Microsoft Engineer Predicts a Gradual Shift in Blockchain Development Focus Toward Vertical Scaling
While wrapped digital assets have enabled the bridging of assets and expanded their utility, their perceived need for custodianship reintroduces centralization risks and trust dependencies. This contradicts the decentralized ethos of blockchain technology, according to Chris Li, founder and CTO of Ava Protocol. Attaining Utility While Preserving the Core Principles of Decentralization Li told Bitcoin.com […]
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Are The Days Of Meme Coins Mania Over? Market Trends Suggest A Shift To Substance
In a market that has long been captivated by the rapid rise and often speculative nature of meme coins like Dogecoin (DOGE), Shiba Inu (SHIB) and PEPE, a notable shift is underway.
According to Ki Young Ju, the CEO of CryptoQuant, the once-dominant meme coins are witnessing a decline in market influence, potentially signaling a maturing cryptocurrency landscape.
The Decline of Meme Coins Dominance
Ki Young Ju’s analysis reveals a significant reduction in the dominance of meme coins within the altcoin sector, a trend observed from recent market data.
This change suggests a shift from speculative investments towards projects with more substantial fundamentals, akin to earlier phases in the development of the crypto market.
“The era of meme coin speculation is winding down,” Ju states, emphasizing a return to fundamental analysis as a key driver for investment decisions.
Memecoin dominance in alt markets is declining.
CT would be shifting from gambling to focusing on fundamentals, similar to a few years ago.
Pack it up lads, it’s over. pic.twitter.com/H5d81mRIJB
— Ki Young Ju (@ki_young_ju) June 19, 2024
This observation is seen as a reflection of a broader movement away from high-risk gambles in digital assets. Meanwhile, as meme coins may be experiencing a downturn, Ju maintains a positive outlook on more fundamentally sound assets like Bitcoin.
The CryptoQuant CEO particularly noted:
Some people misunderstood my tweet. I’m bearish on memecoins, not BTC. Long-term bullish on Bitcoin.
Market Response And Future Outlook
The current market dynamics further illustrate this shift. So far, the top meme coins have declined over the past week. Particularly, Dogecoin, Shiba Inu, and PEPE have all experienced a week-long downturn, with declines of 13.1%, 14.1%, and 7.9%, respectively.
This trend continued over the past 24 hours, with Dogecoin dropping an additional 0.3%, Shiba Inu 1.8%, and PEPE 4%. However, despite these decreases, IntoTheBlock data shows a silver lining, as a large proportion of holders for these meme coins remain profitable—74.99% for Dogecoin, 80.57% for PEPE, and 76.85% for FLOKI holders.
In contrast to the recent downturns, analyst Moustache remains optimistic about the potential for altcoins in the coming year. He parallels current chart patterns and previous bullish years like 2020 and 2017.
There are some massive signs that Altcoins will rise exponentially in 2024.
-The chart looks like it did in 2020, or even 2017.
-The 2W Gaussian Channel has changed from red to green.Don’t get shaken out of the market, this is just a retest imo. pic.twitter.com/aEm9FE8o06
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) June 20, 2024
The 2-week Gaussian Channel shifting from red to green is a significant technical indicator supporting his outlook, signaling potential upward movements.
Moustache advises investors to stay the course despite the market’s short-term volatility, suggesting that the current fluctuations may be setting the stage for a major rally in 2024.
Featured image created with DALL-E, Chart from TradingView
Openai Reportedly Mulling For-Profit Shift
Openai, the artificial intelligence (AI) company, is considering shifting to a for-profit model, according to The Information. Sam Altman, CEO of the company, is said to be contemplating this decision and taking Openai’s non-profit board out of the picture, given that it would not have control over this new venture. The shift might spur an […]
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BRICS Meeting Highlights Shift to Local Currencies
BRICS Ministers of Foreign Affairs have emphasized using local currencies in trade, reaffirming economic resilience and financial sovereignty. At their meeting on Monday, the Ministers underscored the importance of the enhanced use of local currencies in financial transactions between the BRICS countries. BRICS Ministers Push for Use of Local Currencies The BRICS Ministers of Foreign […]
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Sleepy Crypto Market ‘May Get Caught Offside’: QCP Capital Eyes Bullish Shift in Ethereum
This weekend, the Singaporean cryptocurrency firm QCP Capital reported a significant drop in market volatility after the approval of spot ethereum (ETH) exchange-traded funds (ETFs), despite ongoing catalysts. QCP highlighted that bitcoin is under bearish pressure due to potential new supply from the Mt Gox distribution, estimated at .6 billion, and from the DMM Bitcoin […]
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Elon Musk Says Crypto Can Shift Power From Government to the People, but Denies Discussing Crypto With Trump
Tesla and Spacex CEO Elon Musk has debunked reports claiming that he advised former U.S. President Donald Trump on cryptocurrency. While stating that he is pretty sure he has not discussed crypto with Trump, Musk said crypto can “shift power from the government to the people,” and he is generally in favor of it. Musk: […]
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Is Solana Becoming The Preferred Choice For Ethereum Developers? SOL’s Uptrend Suggests A Shift
Since trading firms like FTX collapsed in November 2022, the Solana blockchain has seen significant gains and regained investor confidence, with Ethereum developers increasingly migrating to it.
According to a recent analysis by Jack Inabinet, Senior Analyst at Bankless, with significant growth in key metrics and SOL’s year-to-date increase of 770%, Solana has solidified its position as a top-tier blockchain. Native teams within the Solana ecosystem played a key role in its resurgence, but now non-native protocols are also seizing the opportunity.
Developers Deliver On Hype
Solana’s comeback, from a low of in December 2022 to an annual high of 0 in March, is one of the most notable uptrends of this bull cycle. However, the ecosystem’s growth extends beyond its native token holders.
According to Inabinet, developers have delivered on the hype, starting with the PYTH airdrop, the Pyth network’s native token. This incentivized users from different ecosystems to explore SOL by assigning tokens to addresses interacting with Pyth oracles across multiple networks.
Additionally, Solana-native liquid staking protocol Jito Labs conducted its airdrop, catalyzing “mass adoption” through points-based incentive systems.
While Solana-native protocols laid the foundation for the platform’s mainstream adoption, Ethereum developers are increasingly migrating to SOL. Inabinet highlights that recognizing the significant on-chain activity within Solana, projects are eager to capitalize on the opportunity.
Ethereum Developers Flock To Solana
For example, the decentralized compute-sharing network Render migrated its token to the Solana Program Library (SPL) standard, and MetaMask introduced Solana compatibility by introducing “Snaps.”
In addition, according to Inabinet, Aave, Ethereum’s first lending destination, has approved the deployment of a minimally viable version of its V3 isolated money market through Neon Ethereum Virtual Machine (EVM), a compatible Ethereum development environment built on top of Solana.
Proposals for independent deployments, such as the EVM-based perpetual trading platform GMX, further demonstrate the growing interest in SOL.
However, the analyst noted that Ethereum and Solana have different approaches to scaling, with Ethereum opting for network fragmentation and Solana favoring a unified state.
Given these approaches, Inabinet suggests that Solana’s alternative vision of blockchain offers attractive features, attracting developers seeking scalability and concentration of use.
Nonetheless, the analyst cautions that developers must take a diversified approach to maximize success and secure market share. Inabinet concluded:
The crypto industry must hurdle a massive chasm of uncertainty to progress from infancy into an end-state where true adoption is achieved, and trillions upon trillions of dollars in traditional assets make their way on-chain. Until then, application developers succumbing to blind chain loyalty are leaving money and market share on the table.
As of press time, SOL has seen a 5% increase in the last 24 hours, resulting in a current trading price of 1, with the next price hurdle at 6.
Featured image from Shutterstock, chart from TradingView.com
China’s $53.3B Divestment in US Treasuries Signals Massive Shift From Dollar Assets
According to records, China has divested .3 billion in U.S. Treasury notes and agency bonds during the first quarter. Some analysts suggest this reduction in foreign exchange reserves might be China’s strategic move to leverage its holdings against the United States. China’s Treasury Holdings Drop Dramatically, Raising Red Flags for U.S. Markets China has significantly […]
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Decreasing Bitcoin Supply on Exchanges Indicating Possible Bullish Shift
Bitcoin’s supply on exchanges has significantly decreased, reaching new lows amid a bullish market trend, which analysts interpret as a shift towards long-term holding rather than short-term trading. A report by Bybit claimed that the diminishing supply could deplete within the next nine months, driven by factors such as the recent Bitcoin halving event and […]
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