Mt. Gox, the infamous crypto exchange, has started repaying its debts in Bitcoin (BTC) and Bitcoin Cash (BCH) to rehabilitation creditors. These repayments are being processed through designated crypto exchanges, adhering to the rehabilitation plan. According to an X post by the MtGoxBalanceBot, the Mt. Gox Trustee holds 94,457 BTC, with 47,288 BTC moved from these addresses since. Quick Take Rehabilitation creditors receive repayments from Mt. Gox in Bitcoin and Bitcoin Cash via designated exchanges. Repayments will occur only after confirming account validity and acceptance of Agency Receipt Agreement by creditors. Bitcoin price drops over 5% on July 5, amid repayment news and market fears. Analysts predict potential further declines, but long-term bullish outlook remains. The Rise and Fall of Mt. Gox Mt. Gox, founded in 2010 by Jed McCaleb, was once the largest BTC exchange, handling 70% of global BTC transactions. McCaleb sold the exchange to Mark Karpelès in 2011. However, in early 2014, Mt. Gox suspended all BTC withdrawals due to technical issues and later revealed a long-standing security breach that resulted in the loss of approximately 850,000 BTC. The exchange filed for bankruptcy in February 2014, and in 2018, the case transitioned to civil rehabilitation. In 2019, Karpelès was convicted of falsifying financial records. Reddit Users Report Receiving BTC, BCH Repayments Example of a Reddit user confirming Mt. Gox repayment | Source: Cointelegraph Several Reddit users have reported receiving BTC and BCH repayments credited to their accounts. One user shared an email from Mt. Gox, detailing the blockchain transfer of the repayable BTC/BCH amount as part of the Base Repayment and the Early Lump-Sum Repayment or the Intermediate Repayment. The email lists "MtGox Co., Ltd." as the Rehabilitation Debtor and Nobuaki Kobayashi, Attorney-at-law, as the Rehabilitation Trustee. Mt. Gox’s Conditions for Repayments Mt. Gox’s official confirmation about BTC, BCH repayments | Source: Mt. Gox The remaining rehabilitation creditors will receive their repayments once several conditions are met. These include confirming account validity and creditors' acceptance of the intent to subscribe to the Agency Receipt Agreement by designated exchanges. Additionally, the repayment procedures between the Rehabilitation Trustee and exchanges must be finalized to ensure safe and secure transactions. Bitcoin Drops Over 5% Amid Mt. Gox Reimbursements BTC/USDT price chart | Source: KuCoin Bitcoin faces significant market pressure as Mt. Gox's reimbursements trigger a major liquidation cascade. On July 5, Bitcoin's price dropped 5%, hitting a low of $53,600 on KuCoin. Traders are now focusing on the $52,000 support level, a critical point for Bitcoin's supertrend indicator on weekly timeframes. Popular trader Matthew Hyland notes that this support level has been a foundation for Bitcoin's price since mid-March's $73,800 all-time high. The supertrend line, which uses the average true range to delineate buy and sell phases, has kept BTC/USD above it since the end of 2022. Read more: Bitcoin Slides Under $59k as Mt. Gox Repayments Begin: Is It Time to Buy the Dip? Analysts Caution Against Reacting to Drawdowns BTC/USD chart | Source: Rekt Capital Adam Back, founder and CEO of Blockstream, advises investors to remain calm and increase their exposure to Bitcoin and MicroStrategy stock, highlighting that historical bull markets have seen multiple 30% drawdowns. Similarly, analyst Rekt Capital observes that the current pullback is an average retrace in depth and above-average in duration, suggesting that Bitcoin's price history is "repeating as we speak." Bitcoin’s Long-term Bullish Outlook Still Holds Despite the short-term bearish sentiment, some analysts remain optimistic about Bitcoin's long-term prospects. Josh Gilbert from eToro points to potential catalysts such as Federal Reserve interest rate cuts and the approval of an Ethereum ETF by the SEC, which could significantly boost the crypto market. Swyftx analyst Pav Hundal echoes this sentiment, emphasizing that while the short-term outlook may be challenging, the long-term macro conditions remain positive. Conclusion Mt. Gox's repayment process marks a significant milestone in the rehabilitation of the once-dominant exchange. While the immediate market reaction has been volatile, the long-term outlook for Bitcoin remains positive, with potential catalysts on the horizon. As the crypto market navigates these developments, investors are advised to stay informed and consider both short-term risks and long-term opportunities.
Toncoin (TON) from The Open Network led the price performance among the top 50 tokens by market capitalization for the second quarter. According to a report shared by CryptoKory on X, TON’s value surged over 40% in the last 90 days, elevating it to the eighth position among top cryptocurrencies by market cap. This surge is attributed to its association with Telegram, whose integration has opened the door to crypto for millions of mainstream users. Quick Take Toncoin (TON) led the top 50 tokens by market capitalization with a 40% value increase, elevating it to the eighth position among top cryptocurrencies. The integration of TON with Telegram has significantly boosted its user base and adoption. Total Value Locked (TVL) in Ton Blockchain has surged from $13.51 million to $725.31 million in 2024. Recent price trends suggest a bullish sentiment for Toncoin, with potential for further gains. Toncoin becomes the best-performing leading crypto | Source: CryptoKoryo on X Toncoin's Ecosystem Expansion The Ton blockchain has witnessed exponential growth in TVL, skyrocketing from $13.51 million at the beginning of the year to a staggering $725.31 million as of July 3rd, 2024. This substantial increase underscores the expansion of the TON ecosystem and investor confidence in its underlying infrastructure, as per analysis by CryptoPolitan. Toncoin among the top-performing large-cap coins | Source: Coinmarketcap Telegram Stars: A New Integration In an effort to reach a billion active users and become profitable, Telegram has introduced various business-centric features, including a digital currency called Stars. Initially launched for paying for digital goods offered by bots and apps within Telegram, Stars can now be converted to Toncoin, expanding its use cases. Content creators can post content that users can unlock with Telegram Stars. Additionally, channel owners can withdraw Stars and convert them to Toncoin using the Fragment platform. If you have Toncoin, you can trade crypto through various exchanges and transfer money to your bank account. Telegram has been using this portal to auction usernames over The Open Network (TON) blockchain. Channel owners can also use Stars to get discounts on ads to promote their channels. With its latest update, Telegram has added a Mini App bar at the bottom to let users quickly access mini apps without having to reload them. These integrations have significantly boosted Toncoin's utility and adoption. Read more: Telegram Launches In-App Token 'Stars' Amid Rising Toncoin Buzz Can Toncoin and TON Ecosystem Get a Boost from Hamster Kombat TGE? The upcoming Token Generation Event (TGE) of the highly anticipated Telegram clicker game, Hamster Kombat, scheduled for July 2024, has captured the attention of both gaming enthusiasts and crypto investors. Set to utilize Ton Blockchain for token generation and airdrop distribution, this event has further buoyed sentiment, potentially propelling Toncoin toward new highs. In addition to Hamster Kombat, other Telegram games like TapSwap, Pixelverse, Blum, and Gemz have also helped drive increased activity. Their integration with the TON network could also help onboard more users to the web3 ecosystem, driving higher on-chain activity and TVL in The Open Network in the coming months. Toncoin Technical Outlook: $7.5 Support Under Test? Toncoin 30-day price performance | Source: CryptoQuant Toncoin has navigated a tumultuous path in recent weeks, reflecting both resilience and volatility in the crypto market. Initially soaring to an all-time high of $8.182 on June 15th, Ton faced formidable resistance amidst heightened selling pressure, forcing a retreat to solid support at $6.79—a level it steadfastly defended. Recent trends, however, paint a more optimistic picture for Toncoin enthusiasts. Since June 19th, the coin has embarked on an upward trajectory, forming distinct higher highs and higher lows within a nearly parallel channel. This pattern suggests a bullish sentiment above the critical support level of $7.79. With this support level being breached, Toncoin price could see a retest of the $7.5 mark, underscoring the critical nature of current price dynamics. Conclusion Toncoin (TON) has navigated a tumultuous path in recent weeks, reflecting both resilience and volatility in the crypto market. As Toncoin moves through these critical junctures, stakeholders remain poised for further developments that could shape its trajectory in the evolving landscape of digital assets. With its growing ecosystem, integration with Telegram, and promising technical outlook, Toncoin stands out as a notable player in the cryptocurrency market. The combination of user-friendly features, strategic partnerships, and innovative solutions positions Toncoin for potential success and growth. However, it's essential to remember that the cryptocurrency market is inherently volatile and unpredictable. Investors should exercise caution, conduct thorough research, and consider the risks associated with market fluctuations before making investment decisions.
Hamster Kombat offers a unique gaming experience with daily rewards that significantly boost your in-game gold. The game’s Daily Combo cards and Daily Cipher code change daily, and cracking the correct answers can help you earn as much as 6 million coins every day. For new players, unlocking these rewards might seem challenging. This guide will help you unlock Daily Cipher and Daily Combo on July 4, ensuring you get your earnings in time. Read more: What Is Hamster Kombat? A Guide to the Trending Telegram Crypto Game Quick Take Solve a Morse code puzzle each day to unlock 1 million coins, enhancing your in-game currency effortlessly. Complete specific daily tasks to earn up to 5 million coins, giving your game a significant boost. Follow detailed, easy-to-understand instructions to successfully unlock both Daily Cipher and Daily Combo rewards. Hamster Kombat: A Clicker Game with Rewards Hamster Kombat is an online clicker game where performing specific tasks rewards you with coins. To drive higher engagement among players, Hamster Kombat has introduced Daily Combo and Daily Cipher features to help unlock more rewards. As the CEO of your own crypto exchange, you can use these and other features to mine more coins and scale your exchange. These coins can later be converted to cash after the launch of the Hamster token and the Hamster Kombat airdrop. In addition to daily combos, the game offers daily ciphers and rewards, boosting your Points Per Hour (PPH). Read more: How to Earn Hamster Coin with Daily Combo and Daily Cipher Daily Cipher: Unlock 1 Million Coins The Daily Cipher involves solving a Morse code puzzle. Every day, a new cipher is released, and you can earn 1 million Hamster coins by solving the Daily Cipher morse code. Here’s how you can decode it: Input a Dot (.): Tap the hamster once. Input a Dash (-): Tap and hold, then release. Input Timing: Wait for at least 1.5 seconds before entering the second sequence of a letter to ensure the app recognizes it correctly. Hamster Kombat Daily Cipher Code, July 4 For July 4, 2024, the Daily Cipher answer is "ORACLE". The sequence is: _ _ _ (O) . _ . (R) . _ (A) _ . _ . (C) . _ . . (L) . (E) Congrats, you’ve now successfully unlocked 1 million in daily rewards! Daily Combo: Earn 5 Million Coins The Daily Combo is straightforward. You need to find three specific cards among the tasks available. Like the Daily Cipher, the puzzle changes daily and has a universal answer for all players. Hamster Kombat Daily Combo, July 4 For July 4, 2024, the Daily Combo tasks are: GameFi Tokens Web3 Game Con SEC Transparency Completing these tasks will reward you with 5 million coins. Hamster Kombat Daily Cipher and Combo Answers To ease your gameplay, here’s a list of the daily answers for both the cipher and combo: Date Daily Cipher Answer Daily Combo Answer July 4, 2024 ORACLE SEC Transparency GameFi Tokens Web3 Game Con Bookmark this page for daily updates on the cipher and combo answers. Additional Tips to Mine More Hamster Coins Invite Members: Some daily combos might involve inviting new members. Join Channels: Tasks may include joining Telegram channels. Social Media Engagement: Following handles on Twitter, Facebook, or Instagram can also be part of the daily tasks. Conclusion We will update the daily combos regularly. Bookmark this page at the Hamster Kombat hashtag which you can find at the bottom of this page. This way, you can stay informed about the latest tasks and rewards. Note that some tasks might be challenging, and it’s okay to complete what you can and wait for the next day. Mastering the Daily Cipher and Daily Combo in Hamster Kombat is essential for maximizing your in-game gold. With this guide, you can easily unlock these daily rewards and boost your gameplay. Stay tuned for daily updates and enjoy the rewards! By following this guide, you’ll be well-equipped to navigate the daily rewards in Hamster Kombat and make the most out of your gaming experience. Happy clicking!
The rising popularity of the Solana ecosystem, especially its memecoins, looks set to challenge Ethereum’s dominance in the crypto market, according to Coinmarket’s H1 2024 report. Solana has already overtaken Ethereum in terms of daily active addresses in June 2024. Discover how the shift towards high-risk assets in Solana contrasts with Ethereum's focus on Real World Assets (RWA) and AI, and what it means in the Solana vs. Ethereum dynamics in the overall crypto market. Quick Take Solana’s daily active addresses crossed 1.6 million in June 2024, overtaking Ethereum, which saw around 450,000 daily active addresses. Solana's ecosystem, driven by memecoins, has gained significant attention and popularity since October 2023, indicating a growing prominence in the crypto space. Despite Solana’s lower gas fees, Ethereum leads in daily revenue and DeFi total value locked, while Solana focuses on meme-related transactions. In Q2 2024, Solana captured more attention than Ethereum, marking a significant trend shift. Since October 2023, Solana (SOL) and its memecoin ecosystem (valued at around $7 billion) have seen impressive gains in both price and popularity. While Solana hasn't overtaken Ethereum, the surge in interest highlights its growing influence in the crypto space. Solana ecosystem sees faster growth than Ethereum | Source: Coinmarketcap At the beginning of the year, Ethereum had a higher count of new token listings at 138 against Solana’s 119 listings. However, the Solana ecosystem has seen 147 new token listings since the beginning of 2024, while Ethereum has seen only 89 new token listings during this period. Read more: Solana vs. Ethereum: Which Is Better in 2024? Solana Leads with Over 1.6 Million Daily Active Addresses Solana leads in daily active addresses, boasting over 1.6 million, followed by BNB with 1 million. Both SUI and TON ecosystems have seen increased activity due to recent grants and popular projects. Memecoins Dominate on Solana Memecoins are the driving force in Solana's ecosystem. Retail investors are prioritizing quick gains over traditional projects, reflecting an anti-establishment sentiment. The rapid liquidity influx into memecoins creates a casino-like atmosphere, where high-risk assets are preferred over value-oriented, traditional projects. Some of the best-performing memecoins on Solana include dogwifhat (WIF) with a market cap of over $543 million, Bonk ($374 million), and BOME ($159 million). At the time of writing, Solana memecoins enjoy a market cap of under $7 billion as per data on CoinGecko. The overall memecoin sector is now valued at $48 billion, and is dominated by Ethereum-based tokens like Dogecoin, Shiba Inu, and Pepe. The sector includes celebrity-based tokens, but has often been marred by controversy and potential regulatory scrutiny. Ethereum creator Vitalik Buterin criticized the celebrity memecoin culture, urging creators to focus on projects offering public good. Notwithstanding its challenges, new meme-based crypto projects are gaining momentum at unprecedented speeds. Even AI-themed tokens like Turbo are popular, marking a shift from traditional finance versus crypto to a new split between the establishment and anti-establishment forces within the crypto market. Read more: Top Solana Memecoins to Watch in 2024 Memecoins dominate the Solana ecosystem | Source: Coinmarketcap Pump.fun, a memecoin generator on Solana and Blast blockchains, recently surpassed Ethereum in daily revenue for the first time, grossing $1.99 million compared to Ethereum’s $1.91 million. Despite a $2 million hack in May, Pump.fun has generated over $51.3 million in revenue since January, highlighting the booming memecoin trading frenzy on Solana. Read more: Pump.fun Tops Ethereum in Daily Revenue with $2M Surge Most memecoins are available for spot trading, but MarginFi plans to introduce mrgnswap for leveraged trading on Solana, potentially changing the memecoin trading landscape and offering more options for investors. Ethereum Ecosystem Gains From RWA and AI Sectors In contrast, Ethereum is focusing on Real World Assets (RWA) and AI distributed computing. This move aims to bridge traditional finance with blockchain technology. The DeFi sector is returning to its roots, with stablecoins now dominating interest. Previously, decentralized exchanges (DEXs) and derivatives were the focal points, driving innovation and excitement. Now, stability and reliability are the focus, with stablecoins providing a secure medium for transactions, savings, and lending. Ethereum Dominates L1 with 62% Market Share Market cap of leading Layer-1 coins | Source: Coinmarketcap The total market cap for Layer-1 Smart Contracts stands at $695.58 billion, with Ethereum holding a 62.11% dominance. The SEC’s approval of Ethereum Spot ETFs was a significant catalyst. BNB and Solana have been gaining momentum, adding $42 billion and $18 billion year-to-date, respectively. Ethereum (+45.33%) ranks as the third-best-performing smart contract platform, behind Toncoin (+221.5%) and BNB (+83.6%). In contrast, Solana posted a moderate 17.4% gain year-to-date. Ethereum Accounts for 70% of Daily Revenue Among Public Chains Ethereum has seen record low gas fees in Q2, thanks to the adoption of Layer-2 solutions and the recent Dencun upgrade. Despite this, Ethereum accounts for 70% of daily revenue among major Layer-1s, at $2.7 million. Solana ranks second with around $900k daily revenue. In DeFi, Ethereum holds a dominant 84.3% of the total value locked (TVL) market share with a TVL of over $57 billion against Solana’s TVL of $4.5 billion, driven by DEX trading and staking. Solana's transactions are mainly meme-related. Ethereum vs. Solana: Institutional Investors’ Outlook Recent outflows from Ethereum investment products reflect growing investor concerns and profit-taking behaviors. Ethereum faces scalability issues and high transaction fees, prompting accelerated upgrades towards Ethereum 2.0. Meanwhile, Solana attracted $1.6 million in inflows, showcasing investor confidence in its high throughput and low transaction costs. Solana's innovative Proof-of-History (PoH) mechanism and ultra-low transaction costs make it a preferred platform for high-speed transactions and complex tasks. The platform's proactive approach to scalability and strong community support have contributed to its appeal in decentralized finance (DeFi) and non-fungible tokens (NFTs). However, Ethereum could get a boost when the spot Ethereum ETFs get approved. As perthe latest news reports on Cointelegraph, this is widely expected to occur by July 8. Conclusion The contrasting trends between Ethereum and Solana underscore shifting investor preferences and strategic considerations within the cryptocurrency market. While Ethereum maintains its lead in market capitalization and ecosystem maturity, Solana's rapid growth and technological advancements, such as the introduction of Firedancer, a second validator client that enhances network resilience and performance, make it a formidable competitor. Solana's focus on memecoins and innovative Proof-of-History mechanism is attracting a new wave of investors seeking high-speed transactions and low costs. Regulatory developments and the introduction of cryptocurrency ETFs could further influence market dynamics. The SEC's approval of Ethereum Spot ETFs has already marked a significant milestone, potentially paving the way for similar products for Solana. However, the regulatory landscape remains unpredictable and could impact both platforms differently. Investors should remain cautious and aware of the inherent risks in the volatile cryptocurrency market. The rapid growth of memecoins, while offering high returns, also comes with significant risks.
Hamster Kombat는 텔레그램에서 인기 있는 플레이투언 (P2E) 게임으로, 7월에 토큰 생성 이벤트(TGE)와 햄스터 토큰 에어드롭을 포함한 흥미로운 업데이트를 공개했습니다. 전 세계적으로 2억 1천만 명 이상의 플레이어를 확보한 이 게임은 노트코인을 채택 측면에서 넘어섰으며, 빠른 성장으로 기네스 세계 기록을 세울 수 있을 것으로 보입니다. 빠른 요약 Hamster Kombat는 7월에 TON 블록체인에서 TGE와 토큰 에어드롭을 계획하고 있습니다. 플레이어는 TON 지갑을 연결하는 등의 특정 작업을 완료하여 참여할 수 있습니다. 이 게임은 2억 1천만 명 이상의 플레이어를 돌파하며 노트코인을 능가했으며, 나이지리아와 기타 아프리카 시장에서 큰 참여를 이끌어내고 있습니다. Hamster Kombat의 유튜브 채널은 빠르게 성장하여 3천만 구독자를 돌파했으며, 가장 빠르게 성장하는 채널로 기네스 세계 기록을 세울 가능성이 있습니다. Hamster Kombat, 7월 에어드롭 및 TGE 확인 Hamster Kombat의 가장 기대되는 업데이트 중 하나는 토큰 생성 이벤트(TGE)와 토큰의 인게임 유틸리티 도입입니다. TGE는 7월에 열릴 예정이며, TON 블록체인에서 토큰 에어드롭이 계획되어 있습니다. 플레이어는 게임에 자신의 TON 지갑을 연결하는 등의 특정 작업을 완료하여 에어드롭에 참여할 수 있습니다. 게임의 인터페이스에는 이미 '에어드롭' 탭이 표시되어 상장이 진행 중임을 나타내고 있습니다. 더 읽기: Hamster Kombat 에어드롭 작업 1 라이브: TON 지갑 연결 방법 7월에는 Hamster Kombat 토큰의 새로운 사용 사례도 도입될 예정입니다. 이러한 개발은 사용자 참여를 강화하고 게임의 매력을 높이는 것을 목표로 합니다. 새로운 인게임 유틸리티는 플레이어가 GameFi 생태계 내에서 다양한 목적으로 토큰을 사용할 수 있게 할 것입니다. TGE 및 게임 내 유틸리티 외에도 Hamster Kombat는 2024년 3분기에 여러 개발 업그레이드를 계획하고 있습니다. 이러한 업그레이드에는 새로운 캐릭터와 스킨, 시간 제한 이벤트 및 라이브 이벤트가 포함됩니다. 4분기에는 더 많은 업그레이드가 예상되어 플레이어들에게 지속적인 흥미를 제공할 것입니다. Hamster Kombat 사용자 수가 2억 1천만 명을 초과하다 출처: Hamster Kombat on X Hamster Kombat는 출시된 지 짧은 시간 만에 2억 1천만 명 이상의 플레이어를 기록하며 급격한 성장을 경험했습니다. 이는 또 다른 인기 있는 P2E 텔레그램 게임인 Notcoin의 성장 속도를 능가하며, Hamster Kombat의 다양한 지역에서의 매력을 강조합니다. 특히 나이지리아와 다른 아프리카 시장이 주요 사용자 참여 지역으로 부상했습니다. 텔레그램 앱을 통한 게임의 접근성과 사회적 기능이 결합되어 급성장에 기여했습니다. Hamster Kombat의 독특한 캐릭터와 단순한 게임 플레이는 어린이부터 성인까지 다양한 관객에게 매력을 줍니다. 게임의 세대를 초월한 매력과 독특한 콘셉트는 전통적인 격투 게임과 차별화됩니다. 더 알아보기: Hamster Kombat 에어드롭: 1억 명의 플레이어가 TON 토큰 출시를 준비하다 햄스터 커뮤니티 성장, 유튜브 채널 구독자 3천 1백만 명 돌파 Hamster Kombat의 유튜브 채널은 5월 24일 출시 이후 놀라운 성장을 보였습니다. 채널은 3천만 명 이상의 구독자를 얻었으며, 새로운 구독자 수에서 인기 유튜버 Mr. Beast를 능가했습니다. 단 6일 13시간 15분 만에 1천만 명 이상의 구독자가 가입한 Hamster Kombat은 가장 빠르게 성장하는 유튜브 채널로 기네스 세계 기록을 세울 준비를 하고 있습니다. 게임의 유튜브 채널은 또한 상당한 참여를 이끌어냈습니다. 사용자들은 동영상을 시청함으로써 게임 내 코인을 얻을 수 있으며, 채널은 일일 평균 2천만 뷰를 기록하고 있습니다. 이는 하루에 4,000달러에서 69,000달러 사이의 상당한 일일 수익으로 이어졌습니다. 채널의 교육용 동영상은 웹3 신입 사용자들을 도와주는 목적으로 설계되었습니다. Hamster Kombat, 일일 콤보와 일일 암호를 통해 참여 유도 Hamster Kombat은 플레이어들의 참여를 유지하기 위해 일일 콤보와 암호와 같은 독특한 기능을 제공합니다. 플레이어들은 이 작업들을 성공적으로 완료함으로써 수백만 포인트를 얻을 수 있습니다. 게임은 또한 사용자 생성 콘텐츠를 장려하며, 일일 콤보와 암호에 대한 튜토리얼이 유튜브와 틱톡과 같은 플랫폼에서 인기를 끌고 있습니다. 더 읽기: Daily Combo와 Daily Cipher로 Hamster Coin을 버는 방법 하지만 게임도 논란에 직면해 있다 인기에도 불구하고 Hamster Kombat는 여러 도전과 논란에 직면해 있습니다. AP 뉴스 보도에 따르면, 이란 정부 관리들은 다가오는 대통령 선거에서 국민의 주의를 산만하게 하는 서구의 도구로 게임을 비판했습니다. 경제적 어려움을 겪고 있는 이란인들 사이에서 인기를 끌고 있는 이 게임에 대해 일부는 이러한 추세를 절망의 신호로 간주하고 있습니다. 이란 관리들은 이 게임이 서구 국가들이 중요한 국가적 사건에서 대중의 주의를 돌리기 위한 더 넓은 전략의 일부라고 주장하며, 이는 열심히 일하고 기업가 정신을 잃게 할 수 있다고 경고하고 있습니다. 마찬가지로 러시아에서는 게임이 특히 어린이들에게 재정적 위험을 초래한다고 비판받고 있으며, 일부 전문가들은 이를 "피라미드 사기"로 간주하고 있습니다. 젊은 플레이어들 사이에서 극단적인 행동이 보고되어 게임의 영향에 대한 우려를 낳고 있습니다. 예를 들어, Tyumen의 한 14세 소년은 게임 점수를 극대화하기 위해 매 3시간마다 알람을 설정했다고 하여 부모가 정신과 도움을 요청하게 되었습니다. 우크라이나에서는 러시아 서버와의 연관성으로 인해 데이터 보안 우려가 제기되었으며, 이는 우크라이나 사용자들에게 잠재적인 위험을 강조하고 있습니다. 많은 사람들이 제재로 인해 비공식 소프트웨어를 사용하게 되어 악성 코드 노출이 또 다른 중요한 문제입니다. 우즈베키스탄은 게임 내 통화를 실제 돈으로 변환하려는 플레이어를 감옥에 보내거나 벌금을 물리는 등 엄격한 입장을 취하고 있습니다. 이는 암호화폐에 대한 국가의 전반적인 정책을 반영하는 것입니다. 이러한 논란은 게임 개발자, 사용자 및 다양한 정부 간의 복잡한 관계를 강조합니다. 결론 Hamster Kombat의 급속한 성장과 야심 찬 계획은 P2E 분야에서 주목할 만한 게임으로 만들고 있습니다. 다가오는 에어드롭과 TGE, 새로운 게임 내 유틸리티, 지속적인 개발 업그레이드로 인해 플레이어들은 7월과 그 이후에도 많은 기대를 할 수 있습니다. 그러나 이러한 급속한 성장과 암호화폐 시장의 변동성에 따르는 잠재적 위험과 도전에 대해 주의하는 것이 중요합니다. 여러 국가의 논란과 비판은 복잡한 역학 관계를 강조하며, 사용자들에게 게임을 열정적으로 접근하되 신중하게 접근할 것을 상기시킵니다.
In Q2 2024, the global crypto market cap took a hit, dropping 14.5% to $2.3 trillion, according to Coinmarketcap’s H1 2024 report. Despite this, the 24-hour trade volume soared by 223%, reaching $79.4 billion. The Crypto Fear and Greed Index stands at a neutral 49, showing a trend towards fear since Q1. Bitcoin's dominance remains strong at 53%, with no signs of an altcoin season. Liquidity has decreased by 18.5%, echoing a bearish phase within a broader bull market trend. Quick Take Memecoins became the most popular crypto category in Q2 2024, accounting for 23% of page views on CoinMarketCap. The stablecoin sector grew by 8.6%, while AI and Big Data sectors saw a 2.5% increase. Ethena and Lista's launches significantly boosted the stablecoin sector. Solana's ecosystem added 20 new tokens in Q2, surpassing Ethereum's 14. Solana-based memecoins outperformed Ethereum-based ones, with returns of 8,469% compared to 962%. Political meme tokens, led by MAGA (TRUMP), gained prominence, with the total market cap reaching $784 million. The MAGA token alone surged over 5100% this year. The RWA sector, dominated by fiat-collateralized stablecoins, saw significant growth. Notable developments include Ethena's USDe, which increased its market cap by 934%, and BlackRock's BUIDL fund, which attracted $453 million in just three months. Memecoins, Stablecoins, and AI Drive Crypto Market Growth in Q2 2024 Most active sectors in the crypto market in Q2 2024 | Source: Coinmarketcap Three sectors experienced positive growth in Q2: memecoins, stablecoins, and AI & Big Data. Memecoins, for the first time, have become the most popular category, accounting for 23% of page views. The memecoin season of March and early April gave way to focus on stablecoins (+8.6%), AI, and Big Data (+2.5%). Ethena and Lista's launches bolstered the stablecoin sector. Tether's $4.52 billion profit in Q1 underscores the sector's profitability, attracting new projects. Conversely, the hype around AI has declined since its February peak, capturing only 6.4% of attention in June. Derivatives and stablecoins also saw moderate growth. The memecoin and AI & Big Data sectors are slowing, with many projects delisting. Solana Overtakes Ethereum in the Memecoin Race Solana vs. Ethereum memecoins | Source: Coinmarketcap Solana's ecosystem has also gained significant attention, potentially challenging Ethereum's dominance. CoinMarketCap data reveals the Solana ecosystem is thriving, adding 20 new tokens in Q2, followed by Ethereum with 14 new tokens. Solana-based memecoins have outperformed Ethereum-based ones, returning an average of 8,469% compared to Ethereum's 962%. This trend is driven by speculative capital flows and the success of tokens like WIF and BONK. In the Solana ecosystem, memecoins dominate, reflecting a speculative rush. Retail investors prefer quick gains over traditional projects, indicating an anti-establishment sentiment. This casino-like atmosphere contrasts with Ethereum's focus on Real World Assets (RWA) and AI, emphasizing practical applications and bridging traditional finance with blockchain. PolitiFi Meme Tokens: Trump Leads the Pack Trump vs. Biden in the PolitiFi sector among memecoins | Source: Coinmarketcap Political meme tokens (PolitiFi) have emerged as a significant subcategory, with a total market cap of $784 million. The leading token, MAGA (TRUMP), has gained over 5100% this year, fueled by Trump's vocal support for crypto and acceptance of crypto for campaign donations. Real World Assets (RWA) Sector Fuels Stablecoin Growth RWA sector and stablecoin market see growth | Source: Coinmarketcap The RWA sector is experiencing significant growth, driven primarily by fiat-collateralized stablecoins, which now make up 96.6% of the total market cap in this category. Tether (USDT) remains the dominant force, consistently setting new market cap highs and serving as the base pair for almost 70% of spot trading volume on centralized exchanges (CEXs). USDC has seen a notable resurgence, increasing its market cap by 32% in the first half of 2024. This growth is largely attributed to Circle's strategic push towards institutional clients and the launch of Coinbase International, which has brought increased volume to USDC in non-US markets. A standout performer in the RWA sector is Ethena's USDe, launched in February 2024. This new stablecoin has already seen a 934% increase in market cap. Its high yield of 33.5% has attracted significant capital inflows, making it one of the fastest-growing assets in the sector. Despite the initial airdrop and the launch of its native token, ENA, USDe continues to draw considerable investor interest. BlackRock's BUIDL fund, which launched on Ethereum in March 2024, leads tokenized funds in assets under management (AUM). The fund witnessed an impressive $453 million inflow in less than three months, highlighting the growing institutional interest in tokenized finance. Ondo Finance, the largest contributor to BUIDL, has been instrumental in this growth, adding $195 million to its AUM. Since its launch on January 18, ONDO has gained 634%, making it the leading coin in the RWA sector. Despite this progress, the total value locked (TVL) in RWA protocols currently stands at $4.39 billion, still below the previous cycle's high of $6.37 billion. This gap suggests that there is ample room for further growth in the sector as it continues to mature and attract more institutional capital. Conclusion: A Dynamic Quarter Q2 2024 has been marked by significant shifts in the crypto market. Despite a notable 14.5% drop in global market cap, the surge in 24-hour trade volume by 223% reflects a resilient trading environment. Bitcoin's dominance at 53% and the sustained bullish macro sentiment indicate the strength of institutional investment, yet retail engagement remains conspicuously low. The stablecoin sector has shown robust growth, driven by new projects like Ethena and Lista, and Tether's substantial profits. Meanwhile, Solana's ecosystem has emerged as a formidable competitor to Ethereum, particularly in the memecoin space, where speculative investments are on the rise. However, this quarter also highlights the market's vulnerabilities. The decline in liquidity by 18.5% and the trending fear sentiment underscore potential risks. Investors should remain cautious, as market conditions can shift rapidly. The decreasing interest in AI and the volatility of memecoins further add to the market's unpredictability. As always, due diligence and a risk-aware approach are crucial for navigating the dynamic world of cryptocurrencies.
Pump.fun, a leading memecoin launchpad on the Solana blockchain, has achieved a significant milestone. It generated $2 million in daily revenue, making it the highest revenue generator among all blockchains and protocols on July 1, surpassing Ethereum. Quick Take On July 1, Pump.fun generated $2 million in daily revenue, surpassing Ethereum. Over 11,500 memecoin tokens were created on Pump.fun in a single day. The platform's cumulative revenue has reached $50.9 million and celebrity-themed meme coins has driven the surge in token creation. Pump.fun is projected to reach $268.95 million in annualized revenue. Pump.fun revenue | Source: Dune On Monday, Pump.fun recorded an impressive $2 million in daily revenue, outstripping Ethereum's $1.91 million, as per a report on CoinDesk. This surge was driven by the creation of 11,528 tokens, bringing the platform's total to nearly 1.2 million tokens. The cumulative revenue on Pump.fun has now reached $50.9 million, according to data from DefiLlama and Dune Analytics. Read more: What Is Pump.fun, and How to Create Your Memecoins on the Platform? Pump.fun Generates Over $22M Revenue in June Pump.fun’s revenue spikes in July | Source: DefiLlama Despite a $1.6 billion decrease in the total memecoin market cap since mid-June, Pump.fun continues to average $692,000 in daily revenue. This consistent performance indicates ongoing user interest and activity on the platform. If the current momentum is maintained, Pump.fun is projected to achieve an annualized revenue of $268.95 million, calculated by multiplying the revenue data from the last 30 days by 12, as per a report on Unchained Crypto. Pump.fun recorded $22.05 million in revenue in June alone, highlighting its robust growth trajectory. The platform's success has also spurred competition, with new entrants like Dexscreener's Moonshot aiming to capture market share in the memecoin space. Read More: Solana's Pump.fun Generates $30M from Memecoin Mania Celebrity-Driven Memecoin Frenzy Drives Pump.fun’s Growth The spike in revenue can be attributed to the ongoing trend of celebrity-themed meme coins. Since late May, celebrities like Caitlyn Jenner, Iggy Azalea, Trippie Redd, and Davido have launched their own meme coins on Solana, attracting significant attention and activity on Pump.fun. The platform's low costs make it an attractive option for creating and trading tokens, contributing to its rapid growth. Pump.fun's business model includes a 1% swap fee and a two SOL fee for listing tokens on the decentralized exchange Raydium. This straightforward approach has fueled user engagement and transaction activity on the Solana ecosystem. Are 95% of Tokens on Pump.fun Scams? However, Pump.fun's rapid growth has not been without challenges. The platform has seen a significant rise in fraudulent activities, with an estimated 95% of tokens being bogus. The low cost of launching tokens on Solana has made it easier for bad actors to create and manipulate tokens, leading to various scams. One common scam involves developers buying a small percentage of tokens and then quickly dumping them, causing the token's value to plummet. Another tactic, known as "King of the Hill" (KOTH), involves developers selling off large quantities of tokens, triggering panic among other traders and leading to a market crash. Despite these issues, Pump.fun's financial success and dominant market position underscore its impact on the memecoin market and the broader cryptocurrency ecosystem, especially within the Solana community. Conclusion Pump.fun's rise to the top of the revenue charts demonstrates the growing popularity and potential of meme coins and blockchain-based token creation platforms. With celebrity involvement and a user-friendly, cost-effective model, Pump.fun has carved out a significant niche in the crypto world. However, the platform must address the challenges posed by scams and fraudulent activities to sustain its growth and maintain user trust. As Pump.fun continues to evolve, its influence on the memecoin market and the broader crypto ecosystem will be closely watched by industry observers and participants alike.
Since April, Bitcoin has fluctuated between $59,000 and $74,000. The cryptocurrency faced significant selling pressure and negative sentiment among retail traders. Historical trends suggest that July could be a bullish month, offering hope for Bitcoin bulls. Quick Take Bitcoin's price has ranged between $59,000 and $74,000 since April. July historically shows a bullish trend for Bitcoin with an average return of over 11%. Bitcoin ETFs saw $130 million in inflows on July 1, the highest since early June. Analysts predict a possible strong rebound in July despite headwinds. Bitcoin's price is subject to seasonal cycles. Profit-taking around tax season in April and May often leads to price drawdowns. Conversely, December usually sees increased demand, known as the "Santa Claus" rally. These predictable patterns can influence cryptocurrency prices, leading to notable changes. Read more: Bitcoin Price Rebounds Past $63,000: Will It Hit $70k in July? Bitcoin’s Historical Performance in July Bitcoin’s historical performance in July | Source: CoinGlass Data shows that Bitcoin has performed well in July over the past decade. On average, Bitcoin has gained more than 11% in July, with seven out of ten years showing positive returns. For instance, from 2019 to 2022, Bitcoin's July returns were 27%, 20%, and 24%, respectively. The start of July saw U.S.-listed Bitcoin ETFs record nearly $130 million in inflows, the highest since early June. This followed over $900 million in outflows in the previous month. Such inflows indicate renewed investor interest and confidence. Analysts Forecast Bounce in BTC Price Singapore-based QCP Capital noted in a recent broadcast that Bitcoin tends to bounce back strongly in July, especially after a negative June. Their options desk saw flows positioning for an upside move, potentially in anticipation of the ETH spot ETF launch. Historical trends of Bitcoin’s gains in July | Source: X Crypto fund Matrixport reported that Bitcoin's July returns from 2019 to 2022 were around 27%, 20%, and 24%, respectively. This historical trend suggests a bullish July. According to trending polls on Polymarket, 78% users believe that Bitcoin price will hold above $61,000 by July 5. In another poll, 36% users expect BTC price to touch $70,000 in July. Potential Challenges Despite the optimistic outlook, some analysts predict that July could face challenges. The German government's sizeable Bitcoin sale and the upcoming Mt. Gox repayments may exert pressure on Bitcoin's price. The repayments could see around $8.5 billion in Bitcoin paid back to creditors, starting in the first week of July. Read more: Will $10 Billion in Bitcoin Repayments from Mt. Gox Weaken BTC Price? Market Resilience: Bitcoin Gains 4.5% BTC/USDT price | Source: KuCoin Despite these challenges, Bitcoin showed resilience. From June 28 to July 1, Bitcoin rose by 4.5%, breaking the $63,000 resistance. The bearish trend was reversed by three key factors: Inflows into Bitcoin ETFs. Entry of new major investors. Renewed investor confidence due to traditional market instability. Mainstream Market’s Impact on Bitcoin Price Trends Billionaire Michael Dell, founder and CEO of Dell Technologies, sparked excitement with a suggestive message about a possible Bitcoin investment. Dell's company holds $5.83 billion in cash and equivalents, potentially hinting at a significant Bitcoin investment. Additionally, Sony's Tokyo-based subsidiary, Amber Japan, rebranded as S.BLOX to focus on cryptocurrency trading. The firm emphasized user-friendliness and expanded features, indicating a strategic move into the crypto space. Some investors are turning to Bitcoin due to concerns over inflated tech stock valuations. For example, Nvidia's forward sales estimate jumped from 12 times to 21 times in two months. This shift reflects a broader trend where investors seek alternative assets, including Bitcoin. Conclusion Historical trends and seasonal cycles suggest that Bitcoin may see a strong rebound in July. Despite potential challenges, the renewed investor confidence and inflows into Bitcoin ETFs indicate a bullish outlook. As always, market dynamics are subject to change, but the signs point towards a positive performance for Bitcoin in the coming weeks.
TapSwap, a popular tap-to-earn game on Telegram, announced a delay in its much-anticipated token launch to the third quarter of 2024. The TapSwap airdrop, a free cryptocurrency giveaway, will also be rescheduled to the same period. Initially, TapSwap planned to hold the airdrop on May 30 but delayed it to July 1 due to an influx of bots attempting to farm airdrop points. Now, the team needs additional time to refine their launch strategy. Quick Take TapSwap pushes back token launch and airdrop to Q3 2024. The Telegram game’s developers need more time needed for tokenomics and launch strategy. The delay in TapSwap’s airdrop campaign aims to ensure a profitable and fair launch for users. But the community reaction to the delay is mixed. An Overview of TapSwap and Current Status Launched in February, TapSwap rewards users for tapping their screens. The game imposes rules and limits on the number of tokens that can be tapped based on the player's level. With over 48 million players, TapSwap's success has attracted both scammers and tier 1 exchange partners. The Telegram game initially planned to integrate with Solana but later switched to The Open Network (TON) due to its better fit with the Telegram-based mini-app. TapSwap Announces Airdrop Delay on X Source: TapSwap on X In a post on X, TapSwap assured users that the delay would ultimately benefit them. "The success we've had comes with some ‘inconveniences,’" they wrote. The project emphasized that ensuring a fair and profitable launch for all users is their priority. "This level of attention requires much more detailed work on tokenomics and the right launch strategy. And that means extra time." Despite the keen interest from users, TapSwap has been vague about the specifics of its planned token launch on the TON blockchain. During an AMA session on June 26, the team did not provide a concrete timeline for the TAPS token launch or details on airdrop eligibility. They explained that "many moving parts" in the tokenomics, including communications with multiple crypto exchanges, necessitated changes to their documentation. Read more: TapSwap Airdrop Anticipated in July: What to Know TapSwap’s Community-Centric Token Allocation Plans TapSwap reiterated its commitment to the community, stating that a significant portion of all tokens would be allocated to users. The team is finalizing the tokenomics and will provide updates once completed. They stressed the importance of fairness in the airdrop distribution and have implemented a monitoring system to track user behavior, identifying accounts that deserve to be banned. TapSwap is dedicated to a meticulous token allocation process for the airdrop. They are exploring ways to offer unscrupulous users the option to voluntarily surrender for a percentage of the drop, ensuring a win-win situation. "We are developing clear rules for token distribution to ensure fairness, although these cannot be disclosed beforehand to prevent abuse," TapSwap stated. Mixed Reactions from the TapSwap Community Source: X The community reaction to the delay has been mixed. Some users expressed frustration over the repeated postponements, while others appreciated the effort to ensure a fair and secure token distribution. Many are still eager to participate and hope the delay will result in a better launch experience. The sentiment on social media reflects a cautious optimism, with users actively engaging in Tapswap's activities to increase their airdrop eligibility. Conclusion Tapswap's decision to delay the token launch and airdrop aims to provide a more strategic and user-beneficial outcome. The extra time will allow the team to refine their tokenomics and launch strategy, ensuring a fair experience for all users. However, it is important for users to stay informed and be aware of potential risks associated with the delay. Time will tell if TapSwap airdrop will be successfully launched in Q3 2024.
Catizen, a popular Telegram game where you swipe to combine cats and earn crypto, has announced its official airdrop campaign in July after rolling out a Play for Airdrop campaign in June 2024. Learn how to qualify for the upcoming $CATI token airdrop by mining more coins on Catizen swipe-to-earn game. Quick Take $CATI token airdrop is scheduled for July on The Open Network (TON) and will distribute 35% of the token’s total supply. Catizen supports both TON and Ethereum’s Mantle network, providing diverse earning opportunities. The game donates 1% of its revenue to charities dedicated to rescuing stray cats worldwide. What Is Catizen Swipe-to-Earn Telegram Game? Catizen is a play-to-earn game on Telegram. It stands out with its swiping mechanic, which requires players to combine cats to increase their level and value. Catizen has seen tremendous growth and success in the past few months, completing the first two phases of its roadmap with flying colors. With over 23 million players, 3.4 million daily active users, and more than 14 million on-chain transactions, Catizen has solidified its presence in the gaming world. The platform ranked top in the Ton Open League for three consecutive seasons and gathered thousands of player feedback and heartwarming stories. As Catizen prepares for Phase III, the launch of the Catizen Gaming Platform, it plans to introduce over 200 mini-games, transforming into a comprehensive game center aimed at uniting over 100 million players. Additionally, Catizen is set to launch a game engine for Telegram Mini Apps, facilitating easy access for H5 game developers. The community eagerly anticipates the upcoming $CATI token airdrop in July, marking a significant milestone for Catizen. Through these developments, Catizen continues to foster deep emotional connections and a strong community spirit, all while committing 1% of its revenue to helping stray cats. Catizen isn't limited to the TON ecosystem. In April, they partnered with Ethereum’s Mantle network, gaining nearly 500,000 users by late June from Mantle. This allows players to engage with the game on both The Open Network (TON) and Mantle, expanding their opportunities for rewards. Read more: Exploring Catizen: A Cat-Raising Crypto Game in the TON Ecosystem Catizen Airdrop Launch Schedule Catizen has announced an upcoming airdrop of its $CATI tokens scheduled for July. The distribution of the airdrop will be based on participants' vKITTY production and the highest-level cat they possess. The $CATI token will be on The Open Network (TON), the same blockchain used by Notcoin and Hamster Kombat. A substantial 35% of the total $CATI token supply has been allocated for this airdrop. To participate and claim Catizen airdrop, ensure you connect your TON wallet to the Catizen Telegram mini-app ahead of the token launch. How to Play Catizen Game In Catizen, you run a virtual cat café. Here's how to get started: Launch the Bot: Go to Catizen Bot on Telegram. Start Playing: Click "Start" and then "Play for Airdrop." Combine Cats: Swipe to combine cats of the same level, leveling them up. You remain in Silver league until you earn 56 million points, while the Gold league is above 56 million and until 76 million. Earning above 76 million vKITTY coins gets you in the Platinum league. Earn vKITTY: Visitors to your café will earn you vKITTY currency. Buy More Cats: Use vKITTY to buy more cats or wait for regular drops. Fishing Mini-Game: Earn Fish Coins from daily logins and referrals to play a fishing mini-game for extra vKITTY. How to Earn More Coins on Catizen To make the most of the airdrop, focus on leveling up your cats. Sitting on a large pile of vKITTY isn't the best strategy. Instead, invest in higher-level cats to boost your earning potential. How to Qualify for the $CATI Airdrop Play the Game: Engage with the game and accumulate vKITTY. Level Up Cats: Combine cats to increase their levels. Connect a TON Wallet: Link your TON wallet to receive the Catizen airdrop. Popular options include Tonkeeper and the @Wallet integrated within Telegram. Complete Tasks: Participate in social quests and daily check-ins to earn more vKITTY. Rewards start at 5 coins per task and go all the way up to 300 for making daily purchases in the game. As a Telegram Premium user, you could win 200 vKITTY coins as rewards. Charity Commitment Catizen has pledged to donate 1% of its revenue to charities focused on rescuing stray cats. By playing, you’re not only earning potential crypto rewards but also contributing to a good cause. Conclusion Catizen offers a refreshing take on the play-to-earn genre with its unique swiping mechanic and charity commitments. Its upcoming $CATI token airdrop adds an exciting incentive for players. However, remember that participation in play-to-earn games involves risks. Always stay informed and cautious about your investments and gameplay activities.
This week, several major events are poised to impact the crypto market significantly. Key developments include the release of the Federal Open Market Committee (FOMC) meeting minutes, the launch of Etherfi’s airdrop Season 3, and several other crucial events that are likely to influence the decentralized finance (DeFi) sector and the broader crypto industry. Quick Take The release of the Federal Open Market Committee (FOMC) meeting minutes and non-farm payroll figures for June are critical for the crypto market. Etherfi’s announcement of its ETHFI airdrop Season 3 is a major event for Ethereum network participants. The unlocking of SUI tokens and other major tokens like ENA and DYDX is set to influence various token economies. FOMC Meeting Minutes and June NFP Data From the US This week, the crypto market is bracing for several macroeconomic data releases, notably the FOMC meeting minutes and the non-farm payroll figures for June. Analysts expect 180,000 new jobs in June, keeping the unemployment rate at 4%, the highest since February 2022. May saw a gain of 272,000 jobs, initially boosting confidence about the economy despite signs of a slowdown. Investor concerns about US economic momentum may grow with below-expectation numbers. June’s data revealed continuing unemployment claims at 1.84 million, a peak since November 2021, highlighting difficulties for job seekers. The focus will also be on the average hourly earnings growth, expected to decrease to a post-pandemic low of 3.9% year-on-year in June. BTC Price Performance: Watch Liquidity Levels - $62.5k to $63.5k BTC/USDT price chart | Source: KuCoin Analysts believe these insights will significantly impact Bitcoin (BTC) and the broader crypto market. According to crypto analyst CrypNuevo, Bitcoin has shown preliminary signs of potential market movements. CrypNuevo observed two crucial liquidity areas of interest: between $62,500 and $63,500 (primary short-term liquidity zone) and around $67,100 (significant mid-term zone). Additionally, CrypNuevo noted an issue in the opposite direction involving a long wick, which will likely get filled to balance the open interest gaps. “So I finally came up with this projection: Not necessarily for the week ahead, the time frame is more like 2-3 weeks. Impulsive moves up to liquidate high-leverage short positions and then drop back down to fill the 50% of the wick. Forming a potential accumulation range,” CrypNuevo wrote. Read more: Bitcoin Price Rebounds Past $63,000: Will It Hit $70K in July? Etherfi Announces ETHFI Airdrop Season 3 Etherfi, a protocol offering liquid restaking services on the Ethereum network, has announced details concerning its Season 3 ETHFI airdrop. Etherfi has committed to distributing 25 million ETHFI tokens. The allocation of these tokens will be based on each community member’s level of participation and engagement. Season 3 kicked off on July 1 and is expected to run until the beginning of September. Following the end of the season, the airdrop distribution will take place. SUI and Other Major Token Unlocks Ethena (ENA), the synthetic currency protocol on Ethereum, will unlock 14.89 million of its native token, ENA, dedicated to ecosystem development. These tokens represent 0.92% of ENA’s circulating supply and are worth approximately $7.62 million. In addition to ENA, DYDX and SUI have also held token unlocks earlier this week. Read more: DYDX, IO, SUI, and Other Major Token Unlocks to Watch in July 2024 zkSync Introduces Elastic Chain in 3.0 Roadmap zkSync, an Ethereum layer-2 (L2) network, has introduced a new “Elastic Chain” feature in its latest zkSync 3.0 roadmap. The v24 upgrade transforms zkSync into an Elastic chain from a single ZK chain. This Elastic Chain comprises multiple chains within the zkSync ecosystem, offering users the experience of using a single chain. Matter Labs, the team behind zkSync, describes the Elastic Chain as an infinitely extensible network of ZK chains. These include rollups, validiums, and volitions. They are secured by mathematical proofs and seamlessly interoperable with a uniform, intuitive user experience. Parcl’s Upcoming PRCL Staking Program Parcl, a real-world asset (RWA) tokenization protocol on the layer-1 blockchain Solana, will present its upcoming PRCL staking program this week. Staking will effectively unlock all participation in the Parcl ecosystem, including governance, existing and future protocol incentives, and Parcl Labs Data API access. Epochs are a fundamental principle of time for staking, with one epoch equaling seven days. The first epoch will be announced shortly. Zero1 Labs Reveals a New Community Program Zero1 Labs, a decentralized AI solution, has announced a major activation for the Zero1 community. This initiative, involving over 25 prominent communities, aims to further decentralize its native token, DEAI. The new Community Program seeks to foster greater engagement within crypto communities and expand Zero1 Labs into the largest AI crypto community. It delivers exclusive rewards to new supporters by forming strategic alliances with top community projects. Collaborating with well-known communities, Zero1 Labs offers users a chance to claim a share of a $2 million DEAI prize pool. Participants can earn rewards by engaging with the community and writing unique content about Zero1 Labs. They can enhance their chances of receiving more rewards by completing various social tasks, such as following on X, joining the Discord community, and discussing DEAI on X. The Community Program will officially kick off on July 3, 2024. To ensure fair participation, snapshots of specific communities will be taken the day before the announcement. This snapshot will determine eligibility, giving participants limited time to engage in social activities and maximize rewards. NATIX Token Launch and Listings NATIX Network will launch its token, NATIX, on July 2. On the same day, major crypto exchanges, including KuCoin and Gate.io, will list the NATIX token on their respective platforms. This launch is anticipated to provide significant opportunities for traders and investors as it becomes available on prominent exchanges. NATIX is an AI-powered dynamic map supercharged by the decentralized physical infrastructure (DePIN) and driver community. Conclusion This week’s news highlights significant milestones and potential market shifts in the crypto space. Investors should closely monitor the release of the FOMC meeting minutes and macroeconomic data, as they could impact Bitcoin and the broader market. Participating in Zero1 Labs' Community Program and Etherfi’s ETHFI airdrop Season 3 could offer lucrative opportunities. The launch of NATIX tokens and major token unlocks, like SUI and ENA, may present trading opportunities. Additionally, zkSync’s Elastic Chain and Parcl’s PRCL staking program could signal important developments in the DeFi sector. Stay informed, engage with these events, and be ready to act on emerging trends to maximize your investment potential.
In July, several crypto projects, including dYdX, Sui, IO, and Galxe, will have token unlocks. As the trending projects in DeFi and Web3 applications, these token unlocks might impact the balance of supply and demand and affect the price of the involved tokens. Quick Take Over 40 projects are set to release a combined total of $755 million in crypto assets as their vesting periods conclude. Significant token releases include AltLayer's $125 million unlock, Xai's $93 million, and Aptos' $77 million, among others. These events are critical to monitor for their short-term and long-term effects on market dynamics. What Are Token Unlocks? Token unlocks refer to the release of previously locked tokens as their vesting period concludes. This mechanism prevents early investors and team members from selling large amounts of tokens immediately, thereby helping to maintain market stability during the early phases of a project. Token unlocks will add more supply to the market circulation and increase selling pressure on digital assets, potentially putting downward pressure on their prices. While planned releases aim to avoid drastic market drops, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. According to Token Unlocks, around $755 million worth of crypto assets will be released in July. Here are the major token unlocks to watch as per a report on BeInCrypto: dYdX (DYDX) Unlock Date: July 1Amount: 8.33 million DYDX dYdX, a decentralized exchange, is set to unlock 8.33 million DYDX tokens on July 1, 2024, part of a larger vesting schedule designed to gradually release tokens to investors and team members. This token unlock is part of a structured plan where 20% of the total tokens are being released in equal monthly installments from July 1, 2024, to June 1, 2025. The tokens will be distributed among the community treasury, rewards treasury, and liquidity providers, aiming to enhance the platform's decentralization and incentivize participation in the network's security and governance. Read more: dYdX: A Beginner's Guide to the Decentralized Exchange Sui (SUI) Unlock Date: July 1Amount: 64.19 million SUI Sui, a high-performance Layer-1 blockchain, will release a significant portion of tokens on July 1, 2024. These tokens are primarily allocated to its Series A and B participants, community reserve, and the Mysten Labs treasury. The Series A and B allocations specifically support early investors and contributors, while the community reserve and Mysten Labs treasury allocations aim to fund ongoing development and operational costs. These tokens will enhance liquidity and facilitate various on-chain activities, including staking, transaction fees, and governance voting, which are critical for the network’s functionality and security. io.net (IO) Unlock Date: July 1Amount: 7.5 million IO io.net will unlock 7.5 million IO tokens on July 1. The project aggregates underutilized GPUs from various sources, including data centers, crypto miners, and independent hardware networks, to create a decentralized pool of computational power. This setup offers significant cost savings and improved accessibility for ML tasks and other computationally intensive operations. The initial token supply was set at 95 million out of a total cap of 800 million tokens, with the current unlock contributing to increased liquidity and network growth. This structured token release is part of io.net's broader strategy to incentivize community engagement and secure its network, ultimately driving the adoption of its decentralized computing solutions. Galxe (GAL) Unlock Date: July 5Amount: 3 million GAL Galxe, a platform focused on Web3 credential infrastructure, will unlock 3 million GAL tokens on July 5, 2024. These tokens are allocated to its foundation, team, and community, facilitating governance, staking, and access to premium features on the platform. The tokens' distribution is designed to enhance community engagement and secure the network through staking activities. This unlock follows a structured vesting schedule, aiming to maintain network stability and support the ongoing development of the Galxe ecosystem. Hashflow (HFT) Unlock Date: July 7Amount: 13.62 million HFT Hashflow, a decentralized exchange designed for seamless cross-chain trading, will release 13.62 million HFT tokens on July 7, 2024. This token unlock represents 1.84% of the circulating supply and is part of a structured vesting schedule aimed at distributing tokens to early investors, the core team, and for community rewards. The release is designed to incentivize network participation, enhance liquidity, and support the platform's ongoing development initiatives. Ethena (ENA) Unlock Date: July 7Amount: 14.89 million ENA Ethena, a synthetic currency protocol on Ethereum, is set to unlock 14.89 million ENA tokens on July 7, 2024. This token unlock is part of a broader strategy to support ecosystem development. Ethena, known for its synthetic stablecoin USDe, uses these tokens to promote decentralized governance, incentivize network participants, and enhance liquidity within its platform. The ENA tokens allocated for this unlock are intended to foster ongoing project development and ensure the protocol's sustainability. This scheduled release aims to bolster community engagement and maintain the platform's growth trajectory by distributing tokens across various stakeholders, including early contributors and development initiatives. Xai (XAI) Unlock Date: July 9Amount: $93 million in tokens Xai, an emerging decentralized gaming ecosystem built on the Arbitrum network, will unlock $93 million worth of XAI tokens on July 9, 2024. This significant release is part of a broader strategy to support the project's ongoing development and ecosystem growth. The unlocked tokens are allocated to the team, investors, and reserves, with a focus on enhancing the project's infrastructure and fostering community engagement. Xai has recently gained attention due to a notable 40% price increase, reflecting growing interest and confidence in the token among the gaming community. This increase is partly fueled by a recent airdrop that distributed 125 million XAI tokens, worth approximately $70 million, to eligible users, further solidifying its market position and boosting its market cap to over $154 million. Arbitrum (ARB) Unlock Date: July 16Amount: $75 million in tokens Arbitrum, a leading layer-2 scaling solution for Ethereum, is set to release $75 million worth of ARB tokens on July 16, 2024. This token unlock will distribute tokens primarily to team members, advisers, and investors as part of the project's structured vesting schedule. The release is significant, as previous token unlocks have shown substantial impacts on ARB's market price, leading to increased volatility and selling pressure. The community and market participants are closely monitoring this event due to its potential to influence short-term price dynamics and overall market sentiment. Uniswap (UNI) Unlock Date: July 16Amount: 8.33 million UNI tokensValue: $77.88 million Uniswap will unlock 8.33 million UNI tokens on July 16, 2024, adding to its already circulating supply of around 753 million tokens. This unlock is part of Uniswap's four-year vesting schedule, aimed at gradually distributing its total supply of 1 billion UNI tokens to community members, team members, investors, and advisors. This unlock is significant as it aims to promote decentralized governance and continuous development within the Uniswap ecosystem, which has a strong impact on its market dynamics. Read more: What Is Uniswap Decentralized Exchange (DEX)? Worldcoin (WLD) Unlock Date: July 24Amount: 6.62 million WLD tokens daily over 730 daysValue: Approximately $18 million per day Worldcoin (WLD), a project co-founded by Sam Altman of OpenAI, aims to establish the world's largest identity and financial network. Starting on July 24, 2024, Worldcoin will begin a significant token unlock, releasing 6.62 million WLD tokens daily over the next 730 days, valued at around $18 million per day. These tokens will be allocated to the community, the initial development team, and investors. The long-term release strategy is designed to support the project's growth, promote stability, and ensure broad distribution among users. Read more: What Is Worldcoin (WLD), and How to Get It? AltLayer (ALT) Unlock Date: July 25Amount: 684 million ALT tokensValue: Approximately $125 million AltLayer, a decentralized protocol focused on enabling interoperable blockchain ecosystems, will unlock 684 million ALT tokens on July 25, 2024. This release represents the largest token unlock for the month and constitutes around 27% of AltLayer's current market capitalization. The unlocked tokens are allocated across various categories including the team, investors, advisers, protocol development, treasury ecosystem, and community initiatives. The strategic distribution aims to support the project's continued growth and operational stability, fostering a robust ecosystem for decentralized applications and cross-chain integrations. Ronin (RON) Unlock Date: July 27Amount: 35.71 million RON tokensValue: $76.32 million Ronin, a blockchain protocol developed by Sky Mavis specifically for gaming applications like Axie Infinity, will unlock 35.71 million RON tokens on July 27, 2024. This release is significant due to its high value and the protocol's pivotal role in the gaming ecosystem. The RON tokens are allocated across several categories including the community, team, staking rewards, and the ecosystem fund. Sky Mavis, which owns 30% of the total RON supply, uses its allocation to support employee bonuses and shareholder contracts. The unlocked tokens are expected to enhance liquidity and incentivize participation in the network, contributing to the overall stability and growth of the Ronin ecosystem. Aptos (APT) Unlock Date: JulyAmount: 11.31 million APT tokensValue: $77 million Aptos, a high-performance Layer-1 blockchain, will continue its scheduled monthly token releases with an upcoming unlock of 11.31 million APT tokens in July 2024, valued at approximately $77 million. These tokens are allocated to the Aptos Foundation, community initiatives, core contributors, and private investors. The project’s strategic token release plan is designed to support its growth and development while ensuring a gradual increase in the circulating supply. Despite the structured approach, previous token unlocks have had notable impacts on the market, contributing to short-term price volatility. Read more: Top Crypto Projects and dApps in the Aptos Ecosystem Optimism (OP), Immutable (IMX), and Starknet (STRK) Beyond the tokens unlocks listed above, crypto projects including OP, IMX, and STRK will unlock substantial amounts of their native tokens in July, continuing their regular monthly releases. Optimism (OP): Known for its layer-2 scaling solutions on Ethereum, Optimism's monthly token unlocks aim to support its growing ecosystem and incentivize network participants. Immutable (IMX): Focused on scaling NFTs on Ethereum, Immutable regularly unlocks tokens to reward its ecosystem participants and fund development initiatives. Starknet (STRK): A layer-2 solution for Ethereum using ZK-rollups, Starknet's token unlocks are crucial for maintaining its development and operational incentives. These unlocks are essential for these projects as they ensure continuous development and reward early supporters while potentially increasing selling pressure on the market. Conclusion July's token unlocks are set to significantly impact the crypto market, with substantial releases across various projects potentially influencing market dynamics. As these tokens are unlocked, there is likely to be short-term downward pressure on token prices due to increased supply and potential selling by early investors and team members. For instance, the unlocks on January 12, 2024, and December 12, 2023, led to price decreases of 17.94% and 14.10%, respectively. Similarly, the Sui (SUI) token unlock on May 3, 2024, which added 34% of its circulating supply, and the dYdX (DYDX) unlock in the same month, adding 11% to the circulating supply, both resulted in bearish impacts on their prices. While these unlocks are structured to support long-term project growth and ecosystem development, they come with inherent risks, including increased volatility and liquidity concerns. Investors should exercise caution and conduct thorough research to understand the specific dynamics of each project and the potential impacts of these token distributions.
As the US Presidential election looms, Polymarket, a decentralized prediction platform on Ethereum and Polygon, is drawing significant attention. With over $200 million in wagers, the platform marks a crucial moment for cryptocurrency's integration into mainstream finance. Quick Take Polymarket captures $200 million in wagers for the US Presidential election. June trading volume surpassed $111 million. Metrics on the Poymarket prediction market platform have seen a dramatic increase: the total value locked (TVL) has risen by 69% to $40.2 million, and active user numbers have grown by 115%. An Introduction to Polymarket Decentralized Prediction Market Polymarket is a decentralized prediction market platform that allows users to place bets on the outcomes of various events using cryptocurrency. Operating on the Ethereum sidechain Polygon, it leverages blockchain technology to offer transparent and tamper-proof markets. Users can bet on binary outcomes, such as election results or sports events, by purchasing shares in the outcome they believe will occur. The platform uses oracles to resolve market outcomes, ensuring the results are based on verified data. Read more: What Is Polymarket Prediction Market, and How Does It Work? Polymarket’s Monthly Volume Crosses $111M in June Polymarket’s monthly trading volume | Source: Dune Analytics June saw Polymarket's highest monthly volume, surpassing $111 million. Analysts at Kairos Research predict the platform’s trading volume could exceed $1 billion by year-end. Total value locked (TVL) on the platform rose by 69% to $40.2 million, and monthly active users surged by 115% to 29,266. These metrics highlight the growing interest in decentralized prediction markets. Polymarket’s TVL grows | Source: Token Terminal Polymarket's Election Bets Cross $203M Polymarket's "Presidential Election Winner 2024" market has attracted $203.3 million in bets. Donald Trump leads with a 62% probability of winning, followed by Joe Biden at 21%. Biden’s odds have dropped significantly since his debate performance on June 28, sparking further speculation on his potential withdrawal. The "Biden drops out of presidential race" market saw a spike, with $10 million in bets and a 50% probability as of June 30. Yuga Cohler, a Coinbase executive, emphasized the importance of prediction markets, according to a report on BeInCrypto. "Prediction markets are the purest technological manifestation of liberal democracy. They take free markets and free speech as inputs and output truth. In an age when centralized control of information is a systemic risk, prediction markets offer a way of cutting through misleading narratives and viewing the unvarnished truth," Cohler said. This highlights the broader societal implications of decentralized prediction platforms like Polymarket. Read more: Trending PolitiFi Tokens to Watch Before the US Elections Polymarket Contradicts UMA on DJT Token Resolution In a recent controversy, Polymarket contradicted UMA Protocol’s resolution on Barron Trump's involvement with the DJT token. UMA Protocol, an optimistic oracle service, had determined "No" on a market betting whether Barron Trump was involved with the DJT token. Polymarket disagreed, stating, “We firmly believe that UMA got this resolution wrong.” They are working on a "near-term solution" to address the issue. Bettors placed over $1 million on the market, according to Polymarket. UMA’s oracle operates to record verifiable truth or data for smart contracts, used for dispute resolution with decisions voted upon by token holders. The DJT token, a Solana-based memecoin, has been surrounded by controversy. Entrepreneur Martin Shkreli claimed to co-create DJT, according to blockchain sleuth ZachXBT, who was awarded a $150,000 bounty for revealing Shkreli’s involvement. Despite these claims, the Trump campaign has yet to respond.
Toncoin (TON) is showing upward price trends due to the rapid growth of crypto mini-apps like Hamster Kombat, TapSwap, and more emerging games on Telegram. With its integration into the Telegram ecosystem and a growing user base, Toncoin is well-positioned for future growth. In this article, we'll explore Toncoin's current performance, key metrics, and future price predictions. Quick Take Toncoin boasts over 32 million active users on its network, with integration into Telegram driving this impressive user growth. The price of Toncoin has strong support levels at $7 and $7.36, backed by significant moving averages indicating a clear upward trend. Whales have shown strong interest, accumulating 45 million TON worth $346.5 million, and Toncoin has received regulatory approval for trading in Kazakhstan. The Total Value Locked (TVL) on the Toncoin network has reached $700 million, with a 113% increase in June, pointing to robust growth and increasing adoption. Toncoin's integration with Telegram provides a substantial advantage, leveraging Telegram's massive user base to drive adoption and usage. This integration sets Toncoin apart from other cryptocurrencies, embedding it within a well-established ecosystem and enhancing its viability for widespread use. Read more: Pantera Capital Eyes New Investment in Toncoin (TON): Bullish Outlook? Toncoin Receives Regulatory Approval in Kazakhstan Toncoin recently received approval from the Astana Financial Services Authority (AFSA) for trading in Kazakhstan. While Kazakhstan may not be a major crypto market compared to the United States, this regulatory approval highlights Toncoin's growing global appeal and legitimacy. TON’s User Base Surges to Over 32 Million Toncoin has seen remarkable user growth, with over 32 million active users on The Open Network (TON). This growth is largely attributed to its integration with Telegram, one of the world's most popular messaging apps. The synergy between Toncoin and Telegram provides a unique advantage, making Toncoin stand out in the crowded cryptocurrency market. The rising popularity of Telegram-based games, such as Notcoin, Catizen, Pixelverse, Blum, W-Coin, and more, could onboard more web2 users to web3 via the TON blockchain. Read more: Telegram Launches Adsgram for Devs to Earn Toncoin Through Ads Toncoin Price Shows Strong Support at $7 and $7.36 TON/USDT price chart | Source: KuCoin Toncoin's price has been steadily rising, currently trading at $7.73. The coin has strong support levels at $7 and $7.36, which have held firm despite market fluctuations. Significant moving averages, including the 26-day, 50-day, and 200-day averages, indicate a sustained upward trend. This bullish momentum suggests that Toncoin is on a strong footing for future gains. The volume profile for Toncoin shows steady trading activity, reflecting sustained interest in the coin. This consistent volume, coupled with the growing number of active users, points to a solid foundation for long-term growth. The Relative Strength Index (RSI) is around 58, indicating that Toncoin is in a neutral zone with room to rise before becoming overbought. Whales Accumulate Over 45M TON in the Past Week Whales have shown significant interest in Toncoin, with over 45 million TON purchased in the past week alone, valued at approximately $346.5 million. This accumulation by large investors underscores their confidence in Toncoin's future potential. The Open Network (TON) TVL Touches $700M, Up 113% in June TON DeFi TVL | Source: DefiLlama Toncoin's Total Value Locked (TVL) has reached $700 million, marking a significant milestone. This 113% increase in TVL in June reflects robust growth and increasing adoption among market participants. The TVL metric is a crucial indicator of the health and stability of the TON ecosystem. Read more: Toncoin Touches New ATH as TON TVL Surges 77% in June Toncoin Price Prediction: $10 ATH Next? Given Toncoin's current trajectory, analysts are optimistic about its future. If Toncoin can maintain its bullish momentum and break through the immediate resistance at $7.86, it could potentially surpass its previous all-time high of $8.24. Analysts project that Toncoin could reach the $10 mark in the long term, driven by continued growth in user adoption, integration with Telegram, and increasing investor interest. Conclusion Toncoin is positioned for substantial growth, supported by its integration with Telegram, increasing user base, and strong market fundamentals. With consistent trading activity, whale accumulation, and recent regulatory approval, Toncoin's future looks promising. As the coin continues to build on its current momentum, the $10 price target appears within reach. Toncoin's unique ecosystem, backed by Telegram's infrastructure, sets it on a promising path. Investors and users alike should keep an eye on Toncoin as it navigates the crypto market, potentially achieving new highs in the coming months.
Week 26 saw a significant decline in the crypto market, with Bitcoin shedding around 16% of its value. Bitvavo's detailed analysis attributes this downturn to a general atmosphere of uncertainty rather than specific events. Quick Take Bitcoin experienced a significant decline, losing 16% of its value in Week 26, attributed by Bitvavo to a general market uncertainty. Weekend trading volumes for Bitcoin have reached historic lows, and the impending Mt. Gox repayment could further increase selling pressure. On-chain indicators suggest profit-taking among investors, but Bitcoin's 200-day average remains stable, with potential bullish reversal targets at $64,770. Bitcoin's price has been stagnant recently, with investors closely monitoring inflation metrics and anticipating potential Federal Reserve actions. Analysts predict rough waters ahead, with several bearish indicators suggesting increased selling pressure in July. Mt. Gox Repayments of 140,000 BTC Start in July A significant bearish event in June was the announcement of Mt. Gox repayments. Starting in early July 2024, Mt. Gox will repay 140,000 BTC (worth around $9 billion) to its creditors. This long-awaited repayment follows a decade after the exchange's collapse. Analysts fear this distribution could lead to increased selling pressure, further impacting Bitcoin's price. Read more: Will $10 Billion in Bitcoin Repayments From Mt. Gox Weaken BTC Price? Bitcoin’s Weekend Trading Drops to 16% in 2024 Bitcoin's trading volume on weekends has dropped to its lowest level in history, according to TheBlock. In 2019, up to 28% of Bitcoin trading occurred on weekends; in 2024, this figure has fallen to 16%. Kaiko's report suggests that the launch of spot Bitcoin ETFs contributes to this decline, as ETF trading only occurs during the stock market's open hours on weekdays. Consequently, the last hour of market trading has become a popular time for Bitcoin trading. The closures of crypto-friendly Signature and Silicon Valley banks in March 2023 have also influenced market dynamics, as per a news report on Cointelegraph. These banks operated 24/7 networks, allowing large buy and sell orders for crypto. Since their closures, market makers have been less inclined to provide liquidity in a low-volume environment. Runes Activity Sees 90% Drop on Bitcoin Network Runes daily transactions on Bitcoin network | Source: Dune Analytics Recent data from Dune Analytics reveals a dramatic decrease in activity for the Runes token standard on the Bitcoin blockchain, with daily transactions plummeting by over 88% from their peak in June. Between June 22-28, average daily Runes transactions dropped to 37,820, a 90% decline from the 331,040 recorded between June 9-15, and on June 24, transactions hit a low of 23,238, the lowest since the protocol’s launch on April 20, 2024. This decline has significantly impacted Bitcoin miner fees, with Runes contributing less than 2 Bitcoin in fees over the past six days, down from 884 Bitcoin on April 24. The Runes protocol, created by Ordinals' Casey Rodarmor, was intended to efficiently create new tokens on the Bitcoin network, but recent data shows Runes transactions now account for only 4.9% to 11.1% of all Bitcoin transactions in the past week. The reduction in network fees, coupled with Bitcoin’s price decline, has led to a near-record low in Bitcoin’s hash price, a key indicator of miner revenue, and Bitcoin miner reserves have fallen to 1.90 million Bitcoin, the lowest level in over 14 years. Increased Profit-Taking Among Bitcoin Investors? Here’s a look at key on-chain indicators from a report in Cointelegraph and what they reveal about Bitcoin investors’ preferences: Bitcoin’s 30-day average aSOPR | Source: Cointelegraph Profit-Taking: On-chain indicators reveal increasing profit-taking among Bitcoin investors. The 30-day average of Bitcoin's Adjusted Spent Output Profit Ratio (aSOPR) has risen from 1 to 1.03 since May, indicating more investors are selling at a profit. This trend often precedes market corrections. Net Unrealized Profit and Loss (NUPL): The NUPL metric suggests potential upside exhaustion among Bitcoin buyers. A NUPL reading over 0 indicates investors are in profit, with an increasing trend hinting at a market correction. Currently, the 30-day average NUPL stands at 0.54. Increased Bitcoin Ownership: Glassnode data shows a consistent rise in the number of wallet addresses holding at least one Bitcoin. Over a million wallets now hold at least one Bitcoin, supporting a bullish outlook. Read more: Bitcoin’s Price Plummets to $61,000: Key Factors Behind the Recent Decline Bitcoin Technical Analysis: Bullish Reversal to $64,770 or Drop to $56,000? BTC/USDT price chart | KuCoin Bitcoin's 4-hour chart indicates a possible breakdown of a bull pennant. This pattern, formed during a price consolidation following a strong downward move, suggests a potential drop to around $56,000 if the lower trendline is breached. Conversely, a bullish reversal could target $64,770 if Bitcoin breaks above the 50-4H EMA at around $61,925. Bitvavo's Bitcoin Price Prediction: Breakout Past $76,000 on the Cards? Bitvavo highlights that Bitcoin's drop to $57,000 marks the second time it has reached the bottom of a price range that has persisted for nearly four months. This consolidation period mirrors that observed last summer, with Bitcoin's price stabilizing for over half a year. Despite recent fluctuations, Bitcoin remains above its 200-day long-term average. Bitvavo predicts a potential breakout above $76,000, albeit with caution given the market's unpredictability. The recent decline in Bitcoin's value is attributed to a global atmosphere of uncertainty. Investors face mixed economic signals and unpredictable market movements, leading to increased concerns and volatility. This nervousness underscores the importance of thorough market analysis and a thoughtful investment strategy. Other Analyst Predictions for BTC Indicate Gains Quinten Francois, an analyst and trader, predicts a 2016-2017 style bull run for Bitcoin, fueled by gains observed in previous post-halving cycles. Another analyst, @therationalroot, identifies Q3 as a crucial period for Bitcoin price gains. Conclusion The last week of the first half year, week 26, of 2024 highlighted the volatile nature of the crypto market, with significant factors influencing Bitcoin's price movements. While bearish indicators suggest potential challenges ahead, the long-term outlook remains cautiously optimistic, with analysts predicting possible bullish reversals and significant gains in the upcoming months.
Discover the top cryptocurrencies to watch this week, including XRP, Ethereum, and Solana. XRP shows signs of a possible reversal, Ethereum maintains stability with strong fundamentals, and Solana is fighting for growth with positive developments and increasing trading volume. Learn about their current trends, potential reversals, and key indicators driving their price movements. Quick Take Trading at $0.4721 with support at $0.47 and resistance at $0.499, XRP's low trading volume and RSI around 41 suggest a potential reversal. Steadily trading around $3,400, Ethereum shows long-term bullish indicators, maintaining above the 200-day moving average. Solana, maintaining around $150, saw a 50% trading volume jump to $1.68 billion, with Blockchain links (blinks) and 200-day EMA support at $130 indicating potential bullish momentum. XRP Price Show Signs of a Reversal, What’s Next? XRP/USDT price chart | Source: KuCoin According to analysis by U.Today, XRP has traded under pressure with the price remaining mostly unchanged around $0.47, but signs suggest a possible reversal. Currently, XRP is in a phase where not many people are selling, and almost no one is buying. The chart shows difficulty in increasing value over the past few months, with minimal trading activity. The low volume indicates that neither buyers nor sellers are taking large positions. However, a spike in volume could signal renewed interest, potentially raising the price. With an RSI of approximately 41, XRP is in the lower neutral zone. This suggests room for growth before overbought conditions. If the RSI rises above 50, it would indicate increased buying pressure and a potential new uptrend. Despite recent declines, XRP's fundamentals remain strong. The resolution of Ripple's legal dispute with the SEC could positively impact XRP's price. Ripple's ongoing partnerships and technological advancements provide a solid foundation for future growth. XRP: Key Levels to Watch Monitoring these levels can help identify potential entry and exit points as the market conditions change. Support Level: $0.47 Critical Support Level: $0.466 Resistance Level: $0.499 Critical Resistance Level: $0.50 Downside Risk Level: $0.43 If the price breaks below $0.466, it may trigger a sell-off towards $0.43. Conversely, a bullish reversal could drive prices to the next significant level around $0.499. Spot Ethereum ETFs to Take ETH Price to $6,500? Steno Research predicts net inflows of $15-20 billion into Ether spot ETFs in the first 12 months. Ether's price is expected to hit $6,500 later this year due to strong ETF inflows and other positive factors. Galaxy Research estimates $5 billion of net inflows to spot Ethereum ETFs in the first five months, while Bitwise expects $15 billion in the initial 18 months. The crypto market is optimistic about the imminent launch of spot Ether ETFs in the U.S. Steno Research forecasts a net inflow between $15 billion and $20 billion in the first 12 months. This should drive Ether's value higher, both in dollar terms and relative to Bitcoin. Read more: Spot Ethereum ETFs by July? SEC Chair Gensler Confirms Progress on Approval Ethereum Technical Analysis: ETH Holds Above $3,370 ETH/USDT price chart | Source: KuCoin Ethereum has been actively trading around $3,400, showing signs of both strength and concern. The chart indicates that Ethereum has maintained above the $3,370 mark, closely resembling the 100-day EMA. This level has stabilized the price amid recent market turbulence. Trading volume has been inconsistent, yet the steady interest at current prices is noteworthy. A spike in volume might indicate a strong move in either direction. Ethereum's RSI is around 43, pointing to potential upward movement before overbought conditions. If the RSI moves closer to 50, it would provide additional proof of bullish momentum. Long-term trend indicators, the 26-day and 200-day EMAs, show Ethereum trading above the 200-day moving average, a bullish signal. However, it remains below the 50-day EMA, indicating some short-term pessimism. Market sentiment heavily influences Ethereum's price action. Despite a few negative signs, the overall trend remains positive. Continuous network upgrades via Ethereum 2.0 developments, increased staking activity, and growing user adoption strengthen Ethereum's fundamentals, suggesting potential price increases. Solana Gains Over 16% in a Week Solana has seen a spike in price amid fresh applications for exchange-traded funds tracking its spot price in the U.S. Solana's trading volume jumped 50% to $1.68 billion, becoming the third-most traded cryptocurrency, excluding stablecoins. Solana’s weekly gains increased to 16.59%, driven by applications for spot ETFs. After VanEck and 21Shares filed for such investments, Solana's price saw a boost. Read more: VanEck Files for First Solana ETF in the U.S.: A Potential Game Changer? Solana Technical Analysis: SOL Facing Strong Resistance at $150 SOL/USDT price chart | Source: KuCoin Solana has been battling for the $150 threshold recently. Positive fundamental developments, like the introduction of Blockchain links (Blinks), haven't significantly moved the asset's price. Read more: Solana ‘Blinks’ and ‘Actions’ Bring Crypto Trading to Social Media Feeds To verify a bullish reversal and pursue the $150 target, Solana needs to close above multiple moving averages. Recently, Solana found support at the 200-day EMA around $130. Numerous tests of this level indicate significant buying interest. The volume profile shows mixed signals. While some trading activity is present, there's not enough to indicate strong bullish momentum. An increase in volume would signal growing confidence in Solana's price action. Solana's RSI is around 50, suggesting potential for positive movement. Bulls would benefit from an RSI move above 50. Economic Events That Might Impact Market Sentiment This Week: Several key macroeconomic events could influence crypto prices this week: The Federal Reserve's June meeting minutes, set to be released on July 3, will provide insights into the Fed's decision-making process, especially regarding interest rates. A hawkish stance could weigh on the crypto market, while prolonged rate stability could support crypto prices. Multiple U.S. job data releases for May and June will offer a comprehensive view of employment trends, where higher-than-expected job openings and employment figures could signal economic strength but may also raise inflation concerns, impacting crypto market sentiment. The release of U.S. trade deficit data for May on July 3 could signal economic challenges if the deficit widens, potentially deterring investment in high-risk assets like cryptocurrencies. The implementation of MiCA crypto rules in the EU, starting June 30, will create a comprehensive framework for crypto trading in Europe, potentially causing short-term volatility but aiming for long-term stability. Additionally, Fed Chair Jerome Powell's participation in discussions at the ECB Forum on Central Banking in Portugal on July 2 will provide insights into the Fed's outlook on inflation, interest rates, and global economic trends, impacting market sentiment. Conclusion This week, XRP, Ethereum, and Solana are the top cryptos to watch due to their unique market positions and potential for significant price movements. XRP shows signs of a potential reversal with low trading volume and an RSI around 41, suggesting room for growth. Ethereum remains stable with strong fundamentals, including anticipated ETF inflows of $15-20 billion and maintaining a bullish stance above its 200-day moving average. Solana, maintaining around $150, has seen a 50% jump in trading volume to $1.68 billion, bolstered by positive developments like Blockchain links (Blinks) and strong support at the 200-day EMA. As always, keep an eye on market trends and indicators for the latest updates and potential investment opportunities.
Avalanche (AVAX) saw a significant price spike of 9.1% in the past 24 hours, bringing its price to $27.96. This surge followed speculations about an AVAX ETF on X by Quinten Francois, a crypto influencer with over 115k followers. Last week, AVAX suffered a price drop due to the BtcTurk exchange hack. Quick Take AVAX price increased by 9.1% in the past 24 hours supported by rumors of an AVAX ETF following VanEck’s Solana ETF filing. Formation of a falling wedge, crossing above the 50-day SMA, and RSI approaching 60. If AVAX breaks above the wedge, a 76% rally could push the price to $58. An increase in open interest by 6.14% indicates accumulation among AVAX traders. Why Is Avalanche Price Surging? AVAX/USDT price chart | Source: KuCoin The recent AVAX price surge follows speculations about an AVAX ETF on June 27. This speculation was sparked by VanEck’s filing for a Solana ETF, categorizing the asset as a commodity. A crypto investor, Quinten Francois, shared a list of altcoins likely to see ETF filings soon, with Avalanche being a top contender. Source: @quintenfrancois on X Read more: VanEck Files for First Solana ETF in the U.S.: A Potential Game Changer? AVAX Technical Analysis: 76% Rally in the Cards? AVAX hit a yearly high in March but began to decline, forming a falling wedge. Falling wedges are bullish patterns that often lead to an upward breakout. Recently, AVAX crossed above the 50-day simple moving average (SMA) but remains below the 200-day SMA. The 14-day relative strength index (RSI) dipped into the oversold area before recovering and is now approaching the midpoint of 43, aiming for 60, where resistance exists. If AVAX breaks above the falling wedge, it could rally by 76%, bringing the price to $58. However, if bearish trends continue, the price could find support around $23.51 and $19.54. On a lower time frame, AVAX broke out of an inverted head and shoulders pattern. This pattern suggests a 7% upside move, potentially raising AVAX’s price to $30.07. AVAX Registers 6.41% Increase in Open Interest Data from Coinalyze shows a 6.14% increase in aggregate 24-hour open interest (OI) for AVAX, indicating investor accumulation and anticipation of further price movement. According to Santiment, the AVAX rally is largely ignored by the crowd, reducing the risk of a sudden correction due to FOMO (fear of missing out). Bullish Reversal Indicators Avalanche NVT Ratio | Source: AMBCrypto AVAX shows promising signs of a bullish reversal, supported by recent market dynamics and buying pressure. However, for a full bullish reversal, several factors need to align: NVT Ratio: AVAX’s network value to transactions ratio is in a downtrend, suggesting potential undervaluation. Ichimoku Cloud: AVAX needs to break above the Ichimoku cloud, with the Tenkan-Sen crossing above the Kijun-Sen within or above the cloud. MACD Indicator: A bullish reversal requires the MACD line to cross above the signal line, and the price to break above the middle Bollinger Band. Current Bearish Signals Despite bullish indicators, some bearish signals persist: Ichimoku Cloud: The cloud shows a red phase, indicating potential bearishness. Tenkan-Sen and Kijun-Sen: The blue line (Tenkan-Sen) is below the red line (Kijun-Sen), another bearish signal. MACD Line: Currently below the signal line and trending downward, led by bears. Conclusion Avalanche (AVAX) is at a critical juncture. Bulls are positioning for a breakout, driven by ETF speculations and technical patterns. However, bearish indicators suggest caution. For a sustained bullish reversal, AVAX needs to break above key resistance levels and see supportive market indicators.
VanEck, a pioneer in digital asset investments, has taken a bold step by filing for the first Solana ETF in the United States, as per a news report on Watcher Guru. This move comes from their head of digital asset research, Matthew Sigel, who announced on X (formerly Twitter) that the application was submitted to the U.S. Securities and Exchange Commission (SEC) on June 27, 2024. Quick Take VanEck has filed for the first Solana ETF in the United States, submitted to the SEC on June 27, 2024. Following the announcement of the ETF filing, Solana's native token, SOL, saw a significant price increase, rising 12% from $135 to $151 on June 27. Solana has experienced substantial growth, with its total value locked (TVL) increasing by 120% to $4.48 billion in 2024. Solana as a Commodity Sigel explained that VanEck views Solana's native token, SOL, as a commodity, similar to Bitcoin and Ether. SOL is used for transaction fees and computational services on the Solana blockchain. It can be traded on digital asset platforms or used in peer-to-peer transactions, much like Ether on the Ethereum network. "The Solana blockchain’s unique combination of scalability, speed, and low costs may offer a better user experience for many use cases," Sigel, VanEck’s head of digital asset research, added. This perspective underscores the potential of Solana to revolutionize the blockchain industry, particularly in handling thousands of transactions per second with minimal fees. Read more: Solana Fund: 3iQ Files for North America’s First Solana ETF on the Horizon VanEck's Ambitious Plans The proposed VanEck Solana Trust aims to reflect the price performance of Solana, excluding operational expenses. The trust will value its shares daily using the MarketVector Solana Benchmark Rate index, calculated based on prices from top trading platforms. VanEck's move comes on the heels of the SEC's approval of spot Ether ETFs in May 2024. This approval marked a significant shift in the regulatory landscape, classifying Ether as a commodity rather than a security. Following this trend, VanEck's Solana ETF could pave the way for further crypto-based investment products. Read more: Spot Ethereum ETFs by July? SEC Chair Gensler Confirms Progress on Approval Solana Price Gains 12% From Institutional Investors, Airdrop Campaigns, Rising TVL SOL/USDT price chart | Source: KuCoin The announcement of the Solana ETF filing has already had a positive impact on SOL's market performance. Data from Cointelegraph Markets Pro and TradingView shows that SOL rose sharply from a low of $135, climbing as much as 12% to an intraday high of $151 on June 27. The layer 1 token jumped 8.5% in just two hours following the news. VanEck's pioneering move has sparked significant interest among institutional investors, similar to the surge seen when spot Bitcoin ETFs debuted. The approval of a spot Solana ETF is expected to further boost SOL’s price, potentially mirroring the positive impact seen with Bitcoin and Ether ETFs. Solana's Airdrop Momentum Solana’s price has had an impressive run over the last year, rallying more than 780% over the last 12 months and 45% year-to-date. Much of these gains can be attributed to successful airdrops, leading to the emergence of popular Solana-based tokens such as Jupiter (JUP), Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME). Adding to this momentum, Solana-based decentralized exchange (DEX) Zeta Markets has launched its native token, ZEX, and opened airdrop claims. The airdrop is designed to reward early users and encourage long-term participation in the protocol. Eligible users have 90 days to claim their airdrop allocations, with 2% of the token supply (20 million ZEX) allocated for staking during the Genesis Epoch. Read more: Zeta Airdrop Starts June 27: Here’s How to Claim ZEX Tokens Solana TVL Up By 120% in 2024 Solana DeFi TVL | Source: DefiLlama The flurry of airdrops and increased activity within the Solana ecosystem has significantly boosted the total value locked (TVL) on Solana. In 2024, TVL increased by 120% to $4.43 billion, indicating a strong engagement from users and developers. This rise in TVL enhances investor confidence by showcasing the network’s robustness and growing adoption, translating into higher buying interest and propelling the price upward. SOL Technical Analysis: Path to $200? SOL/USD price chart | Source: Cointelegraph SOL’s price action during the daily timeframe indicates a V-shaped recovery pattern. The 20-day exponential moving average (EMA) at $143.5 is acting as immediate support. The relative strength index (RSI) is rising towards the 70 mark, showing buyers’ dominance in the market. The bulls now focus on the 100-day EMA at $148.5 and, later, the 50-day EMA at $150.5. The next barrier lies at the neckline of the prevailing chart pattern at $176. A daily candlestick close above this level would confirm the continuation of the uptrend. The next logical move would be to the March 18 range high at $209, bringing the total gains to 42%. On the downside, failure to hold above the 20-day EMA at $143 would signal the inability of the buyers to sustain the uptrend. If this happens, SOL could drop to the pattern’s low at $126, invalidating the bullish outlook. Conclusion VanEck's filing for a Solana ETF marks a significant milestone in the evolving relationship between traditional finance and the crypto world. With the potential for significant market impacts and the possibility of political shifts influencing regulatory decisions, the future of Solana and other crypto assets in ETF form looks promising yet uncertain. Solana's strong price performance, driven by institutional interest and strategic airdrops, positions it well for future growth. As the regulatory environment adapts, VanEck's proactive approach could pay off, making SOL one of the next big names in crypto ETFs.