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ApeCoin is now a Top 25 Crypto Asset, Flips Chainlink, Others




The foremost utility token, ApeCoin, has flipped LINK, the native token of the Chainlink (the popular oracle network), to become the 23rd largest crypto asset by market cap, according to data from CoinMarketCap.

The entry of ApeCoin into the top 25 list represents a significant growth rate that rarely happens. This growth becomes even more significant and interesting when considered from the relatively young age of the token. 

ApeCoin was launched on March 17 by the ApeCoinDAO, and it was revealed that it would serve as the utility token for all Yuga Labs-related projects like the Bored Ape, MAYC, Otherside Metaverse, etc.

Per the announcement, APE holders are automatically members of the ApeCoinDAO, and they would be allowed to vote on governance issues concerning the ecosystem. 

ApeCoin Reaches new ATH

Since its launch, the token has largely recorded what many analysts term ‘wild price fluctuations.” Just a few weeks after its launch, the coin’s value dropped to an all-time low of $6.21, but it soon regained ground and touched a new ATH of $26.7 on April 28.

The current rise to its ATH was pushed by the coming launch of Yuga Labs’ Otherside metaverse project. Per available information, each virtual land deed would go for a flat fee of 305 ApeCoin.

This price performance has also indirectly helped push it above other Metaverse tokens such as Decentraland’s MANA and The sandbox’s SAND. APE currently has a market cap of over $5 billion, making it the 23rd biggest cryptocurrency. 

In addition to ApeCoin’s new highs, Yuga Labs NFTs are also trading at record prices on OpenSea. The floor price for Bored Apes has soared to over 140 ETH, up 40% over the past 30 days. Mutant Apes have seen a more significant price increase, with the cheapest examples now setting users back 37.5 ETH, a rise of 70% from a month ago.

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Polkadot, NEAR, Fantom Price Analysis: 01 May



With Bitcoin rediscovering a way to its $37,000-base after seven weeks, the global market cap crumbled down toward the $1.8T-mark.

Needless to say that Polkadot, NEAR, and Fantom took a plunge on their charts over the last few days. On the flip side, the technicals of these altcoins could now aim to see a gradual recovery as they rise from the oversold territory.

Polkadot (DOT)

Source: TradingView, DOT/USDT

Considering an over three-month time span, DOT has been holding its grounds at the $14.4-level. In doing so, it has found a compression range with a ceiling at the $23.1-mark. 

Taking sight of the short-term price movements, the recent bearish phase from its April highs led the alt to lose more than 40.5% of its value. As a result, the altcoin tumbled to its two-month low on 1 May near the $14.4 floor. DOT’s historical tendencies could steer the alt to mark an upswing. The southbound 20 EMA (red), in this case, could pose hurdles in buying recuperation.

At press time, DOT traded at $14.99. The RSI’s week-long downward slide pulled the index to match its 14-week low. While resurging from the ashes of the oversold area, a close above its trendline resistance could open doorways for further recovery.

Near Protocol (NEAR)

Source: TradingView, NEAR/USDT

While the long-term narrative for NEAR is certainly not favoring the bulls, the buyers have refrained bears from finding new grounds in the last few months.

But with the sellers keeping a regular check on the alt’s peaks, NEAR lost nearly half its value from its multi-week April highs. With the 20 EMA (red) and 50 EMA (cyan) falling below the 200 EMA (green), the buyers found it challenging to uphold the Point of Control (horizontal red line) level at $11.

At press time, NEAR was trading at $10.728. Resonating with its peer alts, NEAR’s RSI saw slight improvements after drifting in the oversold region. From this moment forth, a close above the 35-mark would position the alt for a stronger comeback.

Fantom (FTM)

Source: TradingView, FTM/USDT

Contrary to NEAR, FTM bears have successfully punctured through vital points to find fresher grounds to rest on. Since reversing from the long-term $3.3-resistance, the sellers have denied any trend-altering privilege to the bulls.

The digital currency lost nearly 80.5% of its value (from 17 January) and hit its eight-month low on 1 May. The latest sell-off propelled a series of bearish engulfing candlesticks that kept testing the lower band of the Bollinger Bands.

At press time, FTM was trading at $0.6951. Without a surprise, the money volumes had taken a plunge, as reflected in the bearishness of the CMF. But over the last two days, the oscillator bullishly diverged with price while keeping the bullish comeback hopes alive.

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20 Billion Shiba Inu Tokens Burnt in One Week



Popular meme coin, Shiba Inu, has seen over 20 Billion units of its token burnt by its newly launched Shiba Inu burn portal.

The portal was launched earlier this month and has recorded over 1500 transactions that had burned SHIBs worth approximately $455,000. 

A breakdown of this burning process indicates that the Shiba Inu burn portal has been used by roughly 1203 users, with an average transaction burning around 14 million units of the meme coin.

A more cursory look would reveal that of the top 10 burn contributions, nine of them happened within the first 48 hours of the launch. This indicates that the enthusiasm surrounding the portal launch might be wearing out as we have seen fewer burns since then.

7.2 billion SHIB was burned on 24 April – the top day for SHIB burns. On 27 April, the portal recorded a burn of just 785 million SHIBs, but this number jumped to 1.6bn SHIB the following day as it was helped by three burns for over 100 million SHIB each.

MetaMask is the most popular choice for burning Shiba Inu, but around one-third of the transactions have taken advantage of the Buy and Burn method.

Welly Joins Burn, Offers Shiba Inu Community 15% Stake

Popular Shiba Inu-themed burger joint, Welly, in a slew of recent developments, has revealed that it would also join in helping to burn the meme coin.

The company also revealed that it would be giving the Shiba Inu community a 15% stake in its business —a business that has enjoyed enormous growth after it rebranded to the token.

Welly continued that the SHIB community would be able to earn from its activities, and that community would also have the right to decide on whether its earnings should be burnt or used for any other purpose of their choice.

According to the firm, all of these are geared towards ensuring the scarcity of the Shiba Inu token and also driving its popularity and adoption.

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Why MATIC is having a difficult time to recover despite record progress



Polygon has established its presence in the DeFi space and continues to do so, and this way, what Polygon lacks in the spot market is being fulfilled by killing it in the DeFi market.

Polygon has everyone’s attention

Polygon achieved a huge milestone recently after it hit 19000+ dApps this month. The DeFi network currently has over $3.69 billion locked in all, with over 8000 active teams on a monthly basis.

The low gas fees and quick finality has been drawing developers and investors alike to the chain, and their loyalty is visible in their behavior. Alchemy data shows that 65% of the teams integrated exclusively on Polygon, while another 35% deployed on Ethereum.

A significant proportion of the credit goes to alchemy, whose integration in May pushed the development rate significantly higher.

Furthermore, the explosion of NFTs helped Polygon in attracting more developers, which is why between October and now, Dapps on Polygon has grown sixfold.

Compared to last year, Polygon this year is observing significantly higher interest when it comes to NFTs as the total volume it noted throughout 2021 was $295 million, whereas NFTs just in these last four months have managed to accrue over $236 million.

Polygon NFTs volume every year | Source: Dune – AMBCrypto

Although the NFT trading volume and selling have gone down over the last month or so, it is on the path to recovery eventually.

However, Polygon’s DeFi front is the only attractive component of the network atm since its price action is certainly not at its best. Trading at $1.41, MATIC is at its 6-month lowest, thanks to the 18.32% decline observed over the week, which will result in panic from a lot of investors.

MATIC price action | Source: TradingView – AMBCrypto

As it is over 81.73% of MATIC holders are out of money and are currently waiting for MATIC to touch $1.2 at the least so that some 9k investors would be free from the bear trap.

Polygon investors in loss | Source: Intotheblock – AMBCrypto

The biggest impact on investors would be when MATIC actually crosses $1.2 as between $1.2 and $1.7, about 4.92 billion MATIC is waiting to be saved. This would lift pretty much more than 70% of the investors currently in loss out of losses.

Investors are waiting for profits at $1.2 to $1.7 | Source: Intotheblock – AMBCrypto

For now there isn’t much that investors can hold on to but hope.

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