Crypto Push

2023-05-18 18:00:02 As Tron witnesses a spike in burning activity, will it fuel TRX prices? Assessing…

With the intention of long-term market value growth, TRON [TRX] has taken deliberate measures to apply deflationary pressure on its native token TRX.

The network removed more than 20 million TRX tokens out of circulation on 16 May, marking the largest increase in burn rate in a month. Data from Tronscan showed that the burn rate increased significantly in 2023.

As the number of new tokens minted on the network remained largely constant, the net issuance rate, or the inflation rate fell further to -15.43 million, extending TRX’s deflationary streak.

The ‘burn’ is real!
Notably, TRX was in deflation for 249 straight days, as per data provided by Tronscan. With the spike in burn activity, TRX’s circulating supply contracted considerably in 2023.

At the time of writing, about 90.4 billion tokens were in public hands, registering a fall of more than 7% on a year-over-over (YoY) basis.

For the period from 29 December 2019 until press time, the annualized inflation rate for TRX was -2.89%.

Tron maintains dominance
Tron continued to outperform other major blockchain projects in terms of network activity.

As per data analytics platform Artemis, the daily active addresses on the Tron network hit 1.88 million on 16 May, eclipsing second-ranked BNB Chain and establishing a massive lead over chains like Ethereum [ETH] and Solana [SOL].

Moreover, the number of transactions executed on the network shot up over the past week. On 16 May, more than 9 million transactions were recorded on Tron, second only to top-ranked Solana.

TRX fails to impress
The impressive feat on the network traffic front started to pull TRX out of its predicament. At press time, TRX was valued at $0.07114, recording a marginal increase of 0.44% in the 24-hour period, as per CoinMarketCap.

TRX was under intense selling pressure in the last month, which resulted in value shedding of more than 13%. Open / Comment

2023-05-15 19:30:00 ​DOGE transactions trump BTC and LTC thanks to DRC20, but here’s the catch

Dogecoin [DOGE] experienced a significant surge in daily transactions, outpacing that of Bitcoin [BTC] and Litecoin [LTC]. Mishaboar, a prominent Dogecoin community member, made the update known on 5 May.

Following in the footsteps of the oldies
As stated in the tweet above, the introduction and adoption of the DRC20 token standard were responsible for the hike. Recently, Bitcoin experienced a tremendous increase in network activity due to the superb market participation with BRC-20 tokens.

Litecoin, following in a similar path of replicating a “lighter” Bitcoin, also introduced its own LTC20 standard. So, it seems like this is a repeat of Dogecoin creating a “joke” Bitcoin imitation, this time in terms of the experimental fungible token standard.

Interestingly, the creators had dedicated a Twitter page, Doge Labs, to DRC20, aimed at informing other members of the community about the objective. Termed “Doginals”, and inspired by BRC-20, Doge Labs noted that DRC20 had solved the indexer challenges.

An indexer challenge happens when individual transactions get stocks in between different blocks or between transactions in a single block. In addition, the DRC20 involves the process of assigning unique identities, including NFTs to Shibes, the smallest unit of Dogecoin from the first block.

But Santiment’s data showed that the development has not necessarily impacted the NFT sales volume on the Dogecoin blockchain.

Although there have been cases of spikes since 10 May, the volume had dropped to 831,000. This signals a decline in interest in trading Dogecoin-related non-fungible assets.

Watching for the hassles
Unlike the NFT volume, active addresses had a discreet reaction to the DRC20 innovation. Active addresses show the number of wallets involved in sending and receiving assets on a project’s network.

As shown above, the 24-hour active addresses had increased to 129,000. This surge signals that there has been an impressive level of interaction from Dogecoin’s already existing addresses.

However, the recent rush to mint tokens on the network might have created problems for Dogecoin. According to Dogecoin developer Patrick Lodder, there have been issues of clogging on the network.

Read Dogecoin’s [DOGE] Price Prediction 2023-2024

Clogging occurs when a transaction capacity has been used within a block, making it difficult for other transactions to be processed. Based on Blockshibe, Dogecoin’s block analysis platform, the transaction capacity utilized had increased by 11.43%.

While Dogecoin may have surpassed Bitcoin and Litecoin in network activity due to DRC20, its increasing presence is no guarantee of long-term viability. Neither does it indicate the Dogecoin ecosystem will become more well-established than that of the king coin. Open / Comment

2023-05-12 19:00:06 ​VeChain (VET) Price Prediction 2025-2030: VET’s price action is heading this way

VeChain is a blockchain platform that was created to improve supply chain management and business processes. It utilizes a dual-token system, with the VeChain Token (VET) serving as the main currency on the platform and the VeChainThor Energy (VTHO) used to pay for transactions.

VeChain aims to provide a secure and transparent way for businesses to track their products and services, from production to sale. It has partnerships with a number of major companies, including BMW and PwC, and has been used in a variety of industries, including luxury goods, agriculture, and logistics.

VeChain is a flexible enterprise-grade L1 smart contract platform. VeChain started out in 2015 as a private consortium chain, collaborating with a variety of businesses to investigate blockchain applications. It helps companies to create decentralized applications (dApps) and carry out transactions with higher levels of security and transparency.

VET’s massive rally on 8 November 2022 was triggered by an announcement by the VeChain Foundation. The firm announced VeChainThor’s most significant mainnet hard fork ready for deployment following the successful vote on VIP-220 dubbed the ‘Finality with one Bit’. This milestone upgrade brought the final phase of VeChain’s proof of authority 2.0.

VeChain was actively involved in UFC 280, which took place on 22 October, as part of its $100 million multi-year deal with UFC which was announced earlier this year in June.

The sustainability-centric blockchain is currently mulling over a significant Proof of Authority upgrade which will integrate VIP-220 with the VeChain Thor Mainnet.

If approved by all stakeholders’ votes, VeChain will gain finality and bring an end to the trade-off that is choosing between scalability with high throughput or instant finality. The VeChain Foundation stated earlier that this upgrade will make it the “perfect real-world blockchain”

VET investors who were disappointed with a three-month return of -11.5% on their tokens finally got some good news when Binance U.S. revealed that VeChain customers could stake their VET and earn 1% APY rewards in VeThor Tokens (VTHO)

DNV GL, a provider of audit and certification services for ships and offshore structures, partnered with VeChain in January 2018 to provide audits, data collecting, and a digital assurance solution for the food and beverage sector.

Apart from this, PriceWaterhouseCoopers (PwC), a large auditing and consulting business, has teamed up with VeChain since May 2017 to provide its clients with greater product verification and traceability.

Additionally, starting in April 2020, VeChain has been used by H&M, the Luxury Fashion Brand, the second-largest clothes retailer in the world with more than 5000 stores.

However, things are not turning around so well for the token. The price of VeChain dropped to its lowest level in the last twelve months with the outbreak of the Russia-Ukraine 2022 war. As is common with cryptocurrencies, it began to recover the very next day. Many traders are now unsure if it would be wise to invest in this currency at this time as a result of this.

If this trend persists, VeChain might easily reach $1 within the next few years or even more. Anything might happen in the cryptocurrency market, so this is by no means a guarantee. However, VeChain appears to be positioned for long-term growth, and $1 seems like a reachable goal in the foreseeable future.

In fact, data from VeChain Stats revealed a troubling decline in its mainnet activity. Open / Comment

2023-05-09 19:00:04 ​189 crypto firms shut down following Estonia’s recent regulations

The presence of crypto firms in Estonia shrunk dramatically after the European nation enforced stricter regulations upon crypto businesses. In little more than a year, the amended regulations have prompted hundreds of virtual asset businesses to shut shop.

189 crypto firms shut due to non-compliance
According to a recent press release from the Financial Intelligence Unit of Estonia, the amendments to the country’s Money Laundering and Terrorist Financing Prevention Act which was made in March last year, led to nearly 400 crypto firms going out of services due to invalid licenses.

Most of the expirations were based on the decision of the regulator. Regardless, almost 200 virtual asset service providers voluntarily had their authorization revoked.

The Financial Intelligence Unit revealed that, as of 1 May, 2023, there were 100 licensed virtual asset service providers operating in Estonia. The new financial regulations caused hundreds of crypto firms to abandon their authorization. The amendments resulted from various lapses identified by the regulator in the conduct of digital asset firms.

This included suspicious corporate structure of firms, falsified business records and personnel information, and a lack of connection to Estonia in the business plans of several firms.

Matis Mäeker, the Director of the Financial Intelligence Unit, stated:

“In the applications, we found very many suspicious circumstances on various topics. This calls into question the credibility of the companies that wanted to do business here – their actual desire to provide services in Estonia or, vice versa, shows the desire of certain persons to use the Estonian economic and financial system for illegal activities.”

The amendments were part of a broader campaign that Estonian regulators undertook over the past few years to restore the country’s reputation after a high-profile scandal in 2018 involving Denmark’s Dankse Bank. The scandal saw nearly $235 billion in illicit funds laundered through one of the bank’s branches in Estonia. Open / Comment

2023-05-06 17:30:00 ​Pepe [PEPE]: As market cap reaches $1 billion, where will the memecoin head next

Fuelled by its addition to Binance’s Innovation Zone on 5 May, the market capitalization of popular meme coin Pepe [PEPE] crossed the $1 billion mark, as the alt’s value jumped by almost 50% in the last 24 hours.

According to Coingecko, the token has surged by an astonishing 1,000% in the last week, propelling it to become the 42nd-largest cryptocurrency in terms of market capitalization at press time. As a result, it has surpassed the market capitalization of both Fantom [FTM] and Aave [AAVE].

Is your portfolio green? Check the Pepe Profit Calculator

As the general utility of meme coins remains highly doubted, leading exchange Binance, in its announcement, warned:

“Memecoins are extremely high risk; please ensure that you exercise sufficient risk management. Please note that, as of the time of writing, PEPE has no token utility or value support mechanism.”

PEPE croaks loudly on-chain
As of this writing, the meme coin exchanged hands at $0.00000309, with a 291% jump in trading volume within the last 24 hours. Increased trading following PEPE’s addition to Binance’s Innovation Zone pushed its daily trading volume to an all-time high of $2.76 billion, per data from Santiment.

In addition to a jump in its trading volume, the token’s network activity also registered a new milestone in the wake of its listing on Binance. During the intraday trading hours on 5 May, the count of unique daily addresses that traded the alt rallied by 119%.

As investors rushed to capitalize on the price surge of meme-inspired cryptocurrency PEPE, the token’s network experienced a surge in demand, with many new users flocking in to trade the alt.

According to data from Santiment, the count of new addresses created to trade PEPE rallied by an impressive 169% on 5 May.

Further, since the memecoin’s launch on 17 April, the whales have actively traded the token. For example, the count of whale addresses that hold between 10,000 and 10,000,000 PEPE tokens has since risen by over 23,000% in under 30 days.

While there have been a few price dips, this cohort of PEPE investors remains undeterred as they continue accumulating the meme coin.

According to on-chain data analyst Lookonchain, following Binance’s listing, a whale purchased 313 billion PEPE tokens for 1.24 million USDT and exchanged 120 million WOJAK for 27.83 billion PEPE.

Look before you “hop” in
PEPE’s key momentum indicators were positioned in significantly overbought spots at press time. Its Relative Strength Index (RSI) rested at 78.26, while its Money Flow Index (MFI) was pegged at a high of 88.15.

While these represented increased accumulation momentum at press time, these highs are typically followed by a price correction, as exhaustion sets in when the buyers in the market cannot sustain any further price growth. Open / Comment

2023-05-03 19:30:00 ​Assessing DOT’s recovery path after significant growth on this front

If you have been following up on blockchain networks leading in terms of development, you may have noticed that Polkadot is among them. This strong presence in the list of top networks in terms of development has not gone unnoticed.

One of the latest updates pertaining to the Polkadot network offered an overview of its social metrics in April. The findings revealed that the network achieved net positive growth in the last four weeks in key social metrics.

They include social mentions, dominance, engagement, and contributors. For example, social dominance was up by 97.8%, while Twitter volume grew by 100.5%.

Favorable social metrics are important because they underscore growing visibility to potential investors. But will the favorable social metrics have an impact on the demand for Polkadot and its native crypto DOT in the next few weeks? Well, multiple other factors come into play.

These Polkadot metrics paint a less inspiring picture
Polkadot’s development activity saw a bit of a slowdown in April and it kicked off May by falling to a new four-week low. Similarly, DOT’s weighted sentiment concluded April at its lowest monthly level.

Both the weighted sentiment and development activity demonstrated some recovery after bouncing back slightly from their four-week lows. But will these findings have an impact on the demand for DOT? Binance and DYDX funding rates registered a drop into negative territory in the last 24 hours.

A key reason for this shift is that DOT kicked off the first day of May with a surge in long liquidations which ensured a bearish outcome. Aside from overall sell pressure, over $600,000 worth of long positions were liquidated compared to just slightly below $9,000 short liquidations.

As a result, more traders embraced short positions in an effort to take advantage of the subsequent downside as seen on Coinglass.

Note that the liquidations only account for just six popular exchanges, hence it does not provide the full scope of the potential liquidations. Nevertheless, the selling pressure in the last few days ensured sub $6 prices. DOT traded at $5.73 at press time.

DOT’s latest price underscores the push and pull that has been going on between the bulls and the bears since the last week of April. In other words, Polkadot’s social metrics have not had much of an impact on DOT’s price action. Open / Comment

2023-04-30 20:00:03 ​Sensorium kickstarts SENSO token burn as private sale of UNDER NFT Land begins

The buzz around Sensorium’s highly anticipated metaverse gaming project, UNDER, has reached new heights as the company reported a private sale of Non-Fungible Tokens (NFTs) associated with this new virtual world. In a show of commitment to a healthy tokenomics ecosystem, Sensorium also burned $500,000 worth of SENSO tokens following the operation.

UNDER, a cutting-edge metaverse project, will feature 25,000 NFT land parcels integrated with blockchain game mechanics and an extensive upgrade system tied to original games. Once the private sale is concluded, the general public will get access to a multi-stage NFT drop.

The initial offering will comprise 2,500 NFT parcels, with all transactions settled using SENSO tokens. Both private and public proceedings will contribute to the burning of SENSO tokens. 

By owning an UNDER NFT land parcel, users will be able to monetize their blockchain gaming experiences on Sensorium’s decentralized platform. Each NFT land parcel is equipped with resources known as SENSO Aura (SAr) that can be mined by owners through various mechanics. Users can then exchange their SENSO Aura for ERC-20 SENSO tokens.

SENSO tokens play a crucial role in all operations within Sensorium’s platforms, functioning as the ecosystem token, facilitating NFT minting, NFT marketplace transactions, game mechanics, and social tokens. SENSO also enables users to participate in Sensorium Galaxy’s decentralized autonomous organization (DAO) for creators.

The recent burning of $500,000 worth of SENSO tokens is not the first time Sensorium has taken such a step. In 2021, the company burned 1 billion SENSO, leaving the total supply at 700 million tokens.

In another significant development, Sensorium recently announced that well-known crypto businessman Jay Hao, former CEO of OKX, has joined their Expert Advisory Board. With a wealth of blockchain experience, including his tenure at the world’s second-largest cryptocurrency exchange, Hao is expected to provide valuable insights for Sensorium as they continue to break new ground in the rapidly expanding Web3 space.

As the demand for quality blockchain gaming experiences grows, Sensorium’s UNDER project is well-positioned to capture the imagination of both gamers and crypto enthusiasts alike. The successful private sale of NFT land parcels and the strategic burning of SENSO tokens demonstrate the company’s interest in providing a thriving ecosystem for its users.

With more NFT land parcels set to become available to the public in the near future and the addition of industry expert Jay Hao to its advisory board, Sensorium appears poised to make a significant impact in the metaverse and blockchain gaming sectors. As the world continues to embrace the potential of Web3 technologies, projects like Sensorium’s UNDER could play a pivotal role in shaping the future of digital interaction and entertainment. Open / Comment

2023-04-27 18:30:00 ​Bitcoin leveraged longs liquidated after brief mid-week recovery above $30,000

Bitcoin [BTC] traders were in for a rollercoaster of price performance during 26 April’s trading session. Bitcoin briefly managed to rally back above $30,000, leading to euphoria about its bullish prospects but another crash sent it below $28,000.

To put things into perspective, Bitcoin’s market cap fell by roughly $49.13 billion from its highest point on that day. This officially makes 26 April the most volatile day in the last seven days. Note that, despite the sharp crash the market cap recovered slightly.

Leveraged long liquidations fueled the Bitcoin volatility
The $30,000 retest attracted an unusual amount of volatility. One major reason for this is that the price was previously on a bearish trend, followed by a brief period of uncertainty regarding market direction.

However, the midweek outcome demonstrated a return of bullish volumes, hence the uptick and retest of the $30,000 range which previously demonstrated resistance.

Many traders saw the recovery as a sign of demand and a possible push past the resistance range. As such, many traders in the derivatives segment were convinced that Bitcoin would offer a good rally, hence they embraced leverage. This explains why Bitcoin’s recent slap-down resulted in heavy liquidations.

Bitcoin’s long liquidations on 26 April soared to their highest level so far in the month. The liquidations also triggered a sharp drop in the estimated leverage ratio as leverage traders quickly shifted to the side of caution.

The Bitcoin long liquidations highlight some of the risks in the market. Some analysts believe that the recent rally was a setup for whales to secure exit liquidity.

Bitcoin’s brief rally presented the perfect opportunity for a leverage shakedown. Traders were high on hopium given that the market previously struggled to find enough momentum.

The news that another major bank was in trouble further supported the bullish expectations. Investors should also note that there might also be a bear trap ahead.

How many are 1,10,100 Bitcoins worth today

Bitcoin has already recovered slightly in the last few hours to its $28,995 press time price. The timing is particularly noteworthy because most investors will be sitting on the sidelines after the mid-week events.

There is still some uncertainty regarding BTC’s next move, especially as the market rolls into a new month. Open / Comment

2023-04-25 15:00:04 UTBAI's Price Rises from $0.02 to $0.2005, Reflecting UnitedTeleBot's Success

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24 hours: UTBAI +4.43%
7 days: UTBAI +18.21%
30 days: UTBAI +131.53%

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Stay Tuned Open / Comment

2023-04-24 20:30:00 ​Will Avalanche’s NFTs help AVAX go up? Refer to these metrics for an answer

The NFT market has primarily been dominated by Solana, Polygon, and Ethereum, attracting considerable user attention. Nevertheless, according to current data, Avalanche may be poised to close the gap and compete with these protocols soon.

According to recent data, it was observed that Avalanche NFT transfers surged. During April, the Avalanche network experienced over 2 million NFT transfers, a figure that was five times greater than the previous month of March.

The increased interest in Avalanche NFTs could be attributed to Blue chip AVAX NFT collections. Over the past few months, popular NFT collections like Chikn and Doggerinos have witnessed a significant surge in volume, as per the data from AVAX NFT STATS.

The dApps operating on the Avalanche network experienced a similar level of interest. Trader Joe, one of the leading DEXs on the Avalanche network, witnessed a surge of 183.8% in the count of unique active wallets on its network in the past month.

As a result, the volume and quantity of transactions on the network also increased during this period.

Still, a long way to go for Avalanche
However, despite interest in NFTs and high dApp activity, the overall number of daily active addresses on the network declined.

Over the past month, the number of active addresses on the network fell from 79,740 to 75,000, according to Artemis’ data. As a result, the number of transactions being made on the Avalanche network also went down.

Moreover, there has been a decline in the level of interest in staking on the Avalanche network.

According to Staking Rewards data, the count of stakers on the network decreased by 0.82% in the preceding week. At the time of reporting, the number of stakers on the Avalanche network stood at 84,419.

The state of the AVAX token wasn’t too well either. Over the past few weeks, the price of AVAX has experienced a substantial decline. Along with its volume, which decreased from 598 million to 149.23 million.

Despite this, the development activity on the Avalanche network’s GitHub has continued to increase. The recent upgrades and updates on the network resulting from the development activity could have a positive impact on the AVAX token in the long run. Open / Comment