Monat: August 2022

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Is the Spell Token a buy as it forms an inverted H&S pattern?

Spell Token price surged to the highest level since May 22nd even as other cryptocurrency prices dropped. The SPELL token rose to a high of $0.00170, which was the highest level since May 21st of this year. It has risen by more than 131% from its lowest point this year.

What is SPELL and why is it rising?

Spell Token is the native token for Abracadabra, decentralized finance (DeFi) platform. Abracadabra is a DeFi platform that helps people to borrow online and leverage up their tokens. It is part of the Frog Nation, a company that owns veNFT and Frog USD.

Borrowers deposit their favorite cryptocurrencies as collaterals and then borrow Magic Internet Money (MIM), a leading stablecoin. MIM is a stablecoin that has a market cap of over $221 million. At its peak, it was one of the biggest stablecoins in the industry. Abracadabra also owns Magic Internet Gold (MIG), a stablecoin that is pegged to the US dollar.

The Spell Token price has been in a strong downward trend in the past few months as demand for the coin waned. It has crashed by more than 90% also as controversies in Frog Nation have kept people away from the platform.

As a result, the total value locked in Abracadabra has crashed from an all-time high $6.7 billion to less than $500 million. This sell-off accelerated after Terra UST lost its peg in May this year. The depeg led to a sharp decline in MIM’s and MIG’s total market cap as investors worried about algorithmic stablecoins.

Therefore, the current strong performance of the Spell Token price is likely because of a short squeeze in the market. This view is supported because there is no major news in the ecosystem and the total inflows into the network have remained low.

Spell Token price prediction

The daily chart shows that the SPELL price has made a strong recovery in the past few days. The coin has formed an inverted head and shoulders pattern and moved slightly above the 25-day and 50-day moving averages.. 

In price action analysis, this pattern is usually a bullish sign. Therefore, the Spell token price will likely continue rising as bulls target the key resistance at $0.0025.

The post Is the Spell Token a buy as it forms an inverted H&S pattern? appeared first on CoinJournal.

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CurateDAO launches decentralized Pinterest-like data curations on Avalanche

CurateDAO has released decentralized Pinterest-like data curations supported by incentives on Avalanche blockchain. The integration has made the CurateDAO curate-to-earn protocol features available on Avalanche.

In a nutshell, users will be able to assemble boards similar to the ones on Pinterest and earn AVAX tokens if other users use the boards.

CurateDAO uses a Web2 application-like interface and the integration with Avalanche will offer low transaction fees and high throughput.

CurateDAO curate-to-earn protocol

The CurateDAO curate-to-earn protocol boards are decentralized and use smart contracts to distribute revenue among content creators and curators.

Users can access curated lists on CurateDAO including metaverse governance books, futuristic snakes, Web3 apps, and Codes for NYC bathrooms among others.

CurateDAO, however, aims at migrating to a subnet to increase its reach with the help of the Blizzard grant fund it received from Avalanche.

According to CurateDAO’s founder, Michael Fischer, CurateDAO is at the moment the best platform for helping users find the best content while rewarding data scouts and curators.

How CurateDAO works

Curators first mint a curation and define the guidelines for the information to be provided within the curation. Scouts then find data for the curation following the set guidelines.

The scouts then stake some money in the curation, which is returned to them once the curation is accepted. It is the prerogative of the curator to accept or deny the provided curation.

The accepted curations then earn money through affiliate links, benefactors, paid subscriptions, and advertisements. What is earned is then dived between the scouts and curators based on their contributions.

The post CurateDAO launches decentralized Pinterest-like data curations on Avalanche appeared first on CoinJournal.

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Crypto futures exchange CoinFLEX has filed for restructuring in Seychelles

CoinFLEX, a renowned crypto futures exchange, has filed for restructuring in a Seychelles court.

This comes two months after the exchange temporarily halted withdrawals before allowing a limited withdrawal mid-last month.

The recent move with filing for restructuring is part of the exchange’s efforts to address a shortfall caused by a counterparty that failed to make a margin call.

The exchange has however said that it intends to get approval from depositors and the court on a proposal to give recovery value USD (rvUSD) tokens, equity, and locked FLEX coins to depositors.

Portraying optimism, the Chief Executive Officer of CoinFlex, Mark Lamb, said:

“We look forward to welcoming a new group of shareholders to CoinFLEX and are glad to be in a jurisdiction where we can quickly resolve this situation and return maximum value to depositors.”

Previous events

On June 23, CoinFLEX suspended withdrawals citing the harsh crypto market conditions and uncertainty involving a counterparty. The exchange then went ahead to suspend the trading of its native token, FLEX Coin (FLEX), Spot trading, and perpetual contract trading.

On July 22, the exchange proposed a plan to compensate depositors amid its efforts to recover the over $84 million debt owed by a “large individual customer.”

Mid-July, CoinFLEX partly reopened withdrawals allowing customers to withdraw 10% of their assets for a week. It also went ahead to cut down its workforce in order to lower the cost of running its business.

The crypto exchange has also outlined its focus on recovery plans that would enable it to regain insolvency. The firm said it was open to new acquisitions, and equity investors.

The post Crypto futures exchange CoinFLEX has filed for restructuring in Seychelles appeared first on CoinJournal.