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Biggest Movers: DOGE, SHIB Near 10-Day Highs, Following Recent Surges in Price
SHIB was trading almost 15% higher during today’s session, as its price approached a ten-day high. Its fellow meme coin, DOGE, was also in the green on Tuesday, with prices hitting their highest point since June 12.
SHIB was once again in the green on Tuesday, as it continued to move away from this weekend’s lows.
Over the weekend, SHIB/USD fell to an intraday low of $0.00000707, which was its lowest point since October 2021.
Since then, prices have picked up momentum, and today saw prices hit an intraday peak of $0.000009556.
This is the most the meme coin has traded at since June 12, and comes as bulls are attempting to recapture a key resistance point.
Looking at the chart, this ceiling appears to be the $0.00001135 point, which hasn’t seen a true breakout since early May.
Overall sentiment in SHIB seems to have turned bullish, with relative strength now tracking at its highest point since April.
Since Elon Musk stated that he will continue to support DOGE despite its recent declines in price, the token has racked up steady gains.
These gains have seen prices of DOGE/USD climb to an intraday high of 0.0668 in today’s session, which is the most prices have traded at in nine days.
Overall, prices have climbed from a bottom of 0.0494 on Saturday, which was a 15-month low, to now trading nearly 20% higher.
However, this momentum may be challenged, with the 14-day RSI appearing to have reached a key resistance point.
This is the 44.50 ceiling, which hasn’t been broken since May 3, when DOGE was trading at $0.1330.
Should we see this level broken, then we could see an influx of more bulls looking to take prices back towards that point.
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Belgian Banking Group KBC Creates Blockchain-Based Coin
KBC Group, a major European banking and insurance institution headquartered in Belgium, has launched a token based on a blockchain platform. Its customers will be able to acquire the new proprietary coins and use them through their KBC wallet and mobile app.
KBC, the Brussels-based financial group with extensive presence in Central and Eastern Europe, has announced its own crypto called ‘Kate Coin.’ The bank said it’s preparing a large-scale test of the token, with the participation of thousands of employees who will be able to spend it at a festival in Belgium this week, and it will eventually roll it out throughout the group.
The coin comes a year and a half after the launch of Kate, KBC’s personal digital assistant. In a press release, the company noted that a whole new economy is now developing on the basis of technologies such as web 3.0, cryptocurrencies and non-fungible tokens (NFTs). With its latest initiative, KBC wants to enter this new world and confirm its position as a leader in digital banking insurance.
As a bank-insurer, KBC is focusing on private clients and small to medium-sized enterprises in Belgium, Bulgaria, Hungary, Slovakia, and the Czech Republic. Its customers will be able to acquire Kate coins and use them via their digital wallets and mobile accounts.
The token will initially be available in KBC’s ‘closed loop’ banking and insurance environment. Eventually, it will be introduced into a wider ecosystem, which includes some KBC enterprise customers, third parties and partners that are offering services through the bank’s mobile platform to 1.8 million users.
“Powered by the digital assistant Kate, the Kate Coin will proactively make life easier for our customers throughout the KBC group, today and in the future. The combination of the digital assistant Kate and the Kate Coin will enable KBC customers to save time and money,” KBC Group said in a statement published Thursday.
This isn’t the first time a large banking corporation creates its own digital currency. In 2020, the global investment bank and financial services company JPMorgan announced its own crypto, JPM Coin, also based on blockchain technology and enabling payments between institutional clients.
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Biggest Movers: MATIC Slides to 1-Year Low as LINK Rebounds Following Losses
MATIC fell to a one-year low on Wednesday, as crypto markets continue to crash this week. The decline sees MATIC almost 10% lower, and comes as LINK rebounded on Wednesday, hitting a four-day high in the process.
MATIC was a notable mover on hump-day, as prices of the world’s 20th-largest cryptocurrency fell by almost 10%.
Following a peak of $0.4331 on Tuesday, MATIC/USD slipped to a low of $0.3658 earlier in today’s session.
Wednesday’s move saw prices drop for a sixth consecutive day, hitting their lowest point since May 2021 in the process.
Overall, prices are down by over 35% in the last seven days, with the 14-day RSI also tracking at a one-month low.
As of writing, the Relative Strength Index is hovering at 26.2, which is its lowest point since May 13.
MATIC still appears to be looking for a stable price floor, and should this not be found, we might see even further lows in upcoming sessions.
Following recent drops in price, LINK rose on Wednesday, as it moved away from multi-year lows during today’s session.
LINK/USD rebounded from a low of $5.88 on Tuesday, to hit an intraday peak of $6.87 earlier in the day.
This move comes as prices re-entered the support point of $6.15, following yesterday’s breakout, which took LINK close to a two-year low.
Since breaking back into this level, bulls now seem to be targeting resistance at $7.60, however there are some hurdles in the way of this happening.
The first and main, is likely to be the 43.70 ceiling on the RSI indicator, which is slightly above where price strength currently resides at 42.11.
In addition to this, the 10-day moving average seems set for a downward turn, which may continue to push momentum lower.
Meme Token King Dogecoin Lost 91% in Value Since Last Year’s High, DOGE Mining Revenue Plummets
After a prominent rise last year, 2022 has not been too kind to the top meme coin asset dogecoin. Currently, the father of the meme coin economy, dogecoin, has lost 91% in value since the crypto asset’s all-time high. Despite the drop, dogecoin is still a top ten contender among the largest crypto market valuations today.
Dogecoin fans have been watching the largest meme coin asset plummet in value week after week. While it is still a top ten cryptocurrency, dogecoin (DOGE) has lost a lot of value since the asset’s all-time high on May 8, 2021. Over a year ago today, DOGE exchanged hands for $0.739 per unit and today the 24-hour price range for DOGE has been between $0.064 to $0.072 per coin.
On Sunday, June 12, 2022, there’s $567 million in worldwide DOGE trade volume during the past 24 hours. Dogecoin’s market valuation today is $8.68 billion which equates to 0.755% of the $1.15 trillion crypto economy. While being the tenth largest market cap, DOGE is below solana (SOL) and just above polkadot (DOT) in terms of market positions.
While 91% down from the all-time high is pretty significant, DOGE is still up a whopping 75,260% since the asset’s all-time low on May 6, 2015. At that time, seven years ago today, DOGE was trading for $0.00008690 per unit. Dogecoin’s recent market performance has not been so optimistic as 12-month stats show DOGE is down 79.3%.
DOGE lost 21% in 30 days, and 19.9% of that percentage was removed during the past two weeks. Today, the entire meme-coin economy is valued at $14.4 billion and DOGE equates to 60.27% of that value. The rest is occupied by shiba inu (SHIB) and the myriad of meme coin cryptos that were born during the past year.
Additionally, DOGE mining revenue lost more than 76% last year. Out of 15 different mineable crypto assets, DOGE is the 11th most profitable on the list. DOGE miners reached a hashrate all-time high on April 23, 2022, at block height 4,196,514 when it reached 1.34 petahash per second (PH/s).
Today, the DOGE hashrate is coasting along at 362.97 terahash per second (TH/s), which is a 72.91% drop from the 1.34 PH/s high. Both DOGE mining revenue and the overall hashrate plummeted a great deal during the past two months. While DOGE has been down in value a great deal, it’s not the meme coin’s first bear market.
DOGE has been through difficult times over the last decade and it will arguably survive longer than some of the newer meme coin assets that were created during the last 12 months. The only other meme coin that comes close to DOGE is shiba inu (SHIB) with its $5.15 billion market valuation.
Yellen Downplays Stimulus Contributing to Inflation, Republicans Grill US Treasury Secretary’s Decisions
U.S. Treasury secretary Janet Yellen doesn’t think inflationary pressures stem from the stimulus policies enacted after the Covid-19 outbreak. While speaking to lawmakers on Wednesday, during the House Ways and Means Committee, Republicans criticized Yellen for not knowing about the risks of inflation. A U.S. senator from Wyoming questioned the Treasury secretary’s “pronouncements and decisions” concerning the record gas prices and rising inflation.
On Wednesday, Treasury secretary Janet Yellen downplayed the theory that the stimulus from the American Rescue Plan and other monetary expansion policies contributed significantly to the current rising inflation. “The success of the policy adopted is that we have an economy with the strongest labor market, arguably in the entire post-war period,” Yellen remarked during her House Ways and Means Committee statements. She added that the spending “produced excellent rewards for Americans and, at most, it contributed modestly to inflation.”
Americans are more concerned these days with the hot inflation plaguing the U.S. economy than banning “assault weapons,” according to a poll by Quinnipiac University on June 3-6. Despite the Treasury secretary’s commentary, Republicans such as Wyoming senator John Barrasso do not seem convinced with Yellen’s opinion. “Is there a risk of inflation? You responded, ‘I think there’s a small risk,’” Barrasso said to Yellen on Wednesday. Barrasso added:
Given that, it makes me wonder why Americans should put any confidence in your pronouncements and decisions and recommendations today.
John Thune, a Republican senator from South Dakota, believes the trillions spent toward the stimulus plans created the inflation issues America is facing. “I think that there’s no question that the $2 trillion bill last year overheated the economy, and it’s why we have the mess that we have today,” Thune explained during the House Ways and Means Committee. The Republican senator from Illinois, Darin LaHood, said he was confused by the Biden administration’s lack of remedies. LaHood stated:
As I listened to you here today, and I look at what’s not been done by this administration, it’s really perplexing in a lot of ways on whether the administration is tone deaf or unaware or becoming aware right now.
Just recently, American president Joe Biden told the U.S. public that “families are carrying less debt” and “their average savings are up” since he became president. However, U.S. Bureau of Economic Analysis (BEA) statistics show that American savings have plummeted to levels not seen since 2008. Biden’s speech further noted that his administration feels more Americans “feel financially comfortable” since 2013.
The American television host Tucker Carlson opined after Yellen’s first day of testimony on Tuesday, that the U.S. Treasury secretary’s “reckless, loose money policies caused inflation.” The Fox News anchor said that Yellen’s monetary policy is typical of bureaucrats seeking more power.
“Within a year, Yellen had all but abandoned the traditional constraints of monetary policy,” Carlson said. “Instead, there she was yammering on in public about things like racial equity and environmental justice. Now, those are issues that, unlike economics, cannot be quantified or even specifically defined. They are therefore perfect vehicles for power-hungry politicians hoping to become more powerful.”
Yellen stressed during her testimony that the White House is focused on curbing inflation back to pre-pandemic levels, and that addressing inflationary pressure is “the administration’s highest priority.” An official from the Treasury backed Yellen’s comments by noting “the unparalleled strength of America’s recovery enables our country to address global challenges like inflation and Russia’s attack on Ukraine from a position of strength.”