Month: May 2023

Approximately $1.2 billion worth of HBAR tokens are set to be released on June 1, unlocking 2.54% of the cryptocurrency’s total supply. Despite token unlocks typically signaling bearish outcomes, Hedera’s multiple past unlocks may reduce selling pressure and lessen the impact on HBAR’s price.

The Terra Luna Classic community has agreed to raise the LUNC burn tax after the token’s price fell significantly. Proposal 11515 “Increase the Burn tax to 0.5%” is currently up for voting, with 77% of votes in favor so far. Major validators support the increase, which could lead to a rise in Binance LUNC burns and LUNC burn rate.

This update explores the latest trends in the meme coin market, focusing on Floki Inu and the rising interest in low market cap meme coin SPONGE. As the popularity of meme coins grows, investors are seeking early-stage investment opportunities in cryptocurrencies like SPONGE for potential gains.

India’s top cryptocurrency exchange, Unocoin, recently listed meme coins FLOKI and PEPE, offering users more diverse investment options. However, the long-term sustainability of meme coins remains questionable, as their popularity relies heavily on social media hype, possibly creating a bubble that could burst and impact smaller investors.

Bitcoin traders closely watch support levels amid concerns about the market’s future after a “scam wick” led to a two-month low. As the weekend commenced, analysts identified the critical $26,500 milestone for considering long positions but expressed skepticism due to the Binance order book’s state and lack of bid liquidity.

Bitcoin’s trajectory is a topic of debate among investors and experts. Global Macro Director of Fidelity Investments, Jurrien Timmer, highlights Bitcoin’s role as a powerful inflation hedge, while MicroStrategy’s Michael Saylor emphasizes its importance in a declining fiat currency landscape. However, declining liquidity on Binance and other market factors contribute to potential volatility.

Bitcoin price saw a brief dip below the 200-week moving average before rebounding, but on-chain data like the Puell Multiple indicate a bearish outlook, suggesting investors should consider booking profits. Factors affecting BTC prices include macroeconomic forces, false sell-off reports, and high transaction fees. It’s crucial for investors to conduct thorough research before making decisions to avoid unexpected losses.

The Shiba Inu (SHIB) community faces a concerning 70% plunge in token burn rate within the past week, potentially correlating to the recent spike in Ethereum gas fees. This highlights the significant impact rising Ethereum network costs can have on ERC20 tokens like SHIB, raising questions about its value sustainability amidst changing market conditions.

Pepe Coin, a new meme coin, witnessed a recovery rally after an Elon Musk tweet, though experienced a 38% decline over the past week. With $85 million in total liquidations in 24 hours, it raises questions over whether meme coins are genuine investment opportunities or risky speculative assets.

The correlation between Bitcoin and Ether prices has dropped below 80% for the first time since November 2021, signaling a potential divergence in their price movements. This may reduce volatility linked to Bitcoin for Ethereum-based tokens, allowing them to chart their own course independent of Bitcoin fluctuations.

Meme coins like Pepe Coin and $SPONGE are gaining popularity, delivering outstanding returns to early investors. Despite their highly speculative nature, these coins show strong growth and potential, with projects like AiDoge.com ($AI) merging meme coins with AI technology. Proceed with caution, making informed investment decisions.

This week, Tether reported $1.48 billion profit and increased crypto adoption by institutions like PayPal and Goldman Sachs. However, the Central Bank of Ireland Governor likened cryptocurrencies to a “Ponzi scheme.” US lawmakers are considering crypto regulations under SEC and CFTC supervision.

The number of Bitcoin addresses holding more than 1 BTC has reached the one million milestone, despite its price drop from $69,000 to around $26,8000. This growth underlines Bitcoin’s increasing mainstream presence and could potentially lead to increased price stability and further growth in the digital asset ecosystem.

US bank deposits are nearing $17 trillion, possibly signaling a shift towards cryptocurrencies like Bitcoin. Factors like bank failures, inflation concerns, and increased interest rates contribute to this decline, driving investors to explore alternative investment opportunities such as crypto. However, caution and thorough research are necessary before committing to cryptocurrency investments.

Ecoterra, an award-winning green Web3 project, has raised over $3.5 million in its presale and aims to promote recycling and carbon footprint reduction through its unique Recycle-to-Earn (R2E) system. With plans to launch on major cryptocurrency exchanges and release Recycle2Earn applications, Ecoterra aims to educate the public while providing financial incentives for sustainable actions.