Monat: Dezember 2022

• Decentraland is one of the biggest players in the metaverse.

• But its population is less than 1,000 people.

The metaverse is dead! MANA price has crumbled in 2022 as investors assess the state of Decentraland’s ecosystem. The token was trading at $0.3140, which was about 95% below its all-time high. In this period, the token’s market cap has plunged to about $582 million. At its peak, Decentraland had a market cap of over $7 billion.

Decentraland is dying

The metaverse was pitched as the best use-case for the blockchain technology. For a while, the concept appeared to work well as the number of people using the technology surged. At the time, most metaverse-associated tokens like Decentraland, Sandbox, and Enjin Coin surged to record highs.

The industry was supercharged after companies like Meta Platforms and Nvidia moved into the industry. It also expanded as some individuals and companies decided to spend a fortune buying metaverse property.

This year, however, the industry has changed as the number of people using the technology has crashed. Recent data shows that the actual population of Decentraland totals about 810 while the number of NFT buyers in the ecosystem stands at 3,668. Data by Nansen shows that Decentraland’s population is actually much smaller than that at 526, as we wrote here.

With such a small and shrinking population, there are concerns that Decentraland is dying unless a miracle happens. A possible factor that could see the network resurrect is events that could attract thousands of users.

However, as we saw earlier this year when Decentraland hosted a fashion event, the industry is still young. The event attracted well-known brands like Forever 21 and Balenciaga but users had a tough time navigating the platform.

For MANA price to recover, it also needs for the broader crypto industry to bounce back. If this happens, there is a likelihood that it will recover because of the close correlation that exists in the crypto industry.

MANA price prediction

MANAUSD chart by TradingView

The daily chart shows that the Decentraland MANA price has been in a strong bearish trend in 2022. This drop culminated in it falling below the important support level at $0.6057, which was the lowest level in May. It has also plunged below all moving averages while the Relative Strength Index (RSI) has moved to the oversold level.

Therefore, MANA crypto will likely continue falling as sellers target the next key support level at $0.1500. A move above the resistance point at $0.60 will invalidate the bearish view.

How to buy Decentraland

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy MANA with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy MANA with OKX today Disclaimer

The post MANA price needs a miracle to recover: Here’s why appeared first on CoinJournal.

• Kava has integrated with Axelar to make it easier for users to transfer assets across blockchains.

• KAVA is up by less than 1% today but could rally higher over the next few hours.

• The total crypto market cap continues to stay above $800 billion.

Kava integrates with Axelar

Axelar Network announced a few hours ago that it has integrated with the Kava network. Thanks to the integration, users can now transfer assets from any connected chain to Kava, and developers can tap into the vast ecosystem of dApps building on top of Kava’s unique architecture.

Kava is now live on Axelar! 🦾🔥https://t.co/m3m8V7icpj users can now transfer assets from any connected chain to @kava_platform and developers can tap into the vast ecosystem of dApps building on top of Kava’s unique architecture.

More to come on liquidity, so stay tuned 👀 pic.twitter.com/yFeqPdCpXB

— Axelar Network (@axelarcore) December 22, 2022

Despite this latest cryptocurrency news, KAVA has only added 0.6% to its value over the last 24 hours. At press time, the price of KAVA stands at $0.7163. However, KAVA could rally higher as the market sentiment improves.

The total cryptocurrency market cap has remained above $800 billion since the start of the week. If the bulls gain more momentum, the market cap could reach the $815 billion mark soon. 

Bitcoin and Ether are also trading in the green zone today and could end the week on a positive note.

Key levels to watch

The KAVA/USD 4-hour chart is bearish despite Kava’s positive performance so far today. However, the sentiment is improving, and the chart could soon turn bullish.

The 14-day relative strength index of 51 shows that KAVA is no longer in the oversold region. If the positive momentum increases, the 14-day RSI could move toward the 70 mark over the next few days.

The MACD line remains below the neutral zone but is slowly moving toward the positive region as the bulls gather momentum.

If the bullish trend increases, KAVA could surge past the first major resistance level at $0.8150 over the next few hours. However, crossing the $0.8662 resistance level will require huge support from the broader cryptocurrency market.

Where to buy KAVA now

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy KAVA with Binance today

Wazirx

WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.

Buy KAVA with Wazirx today

The post Should you buy KAVA after its integration with Axelar? appeared first on CoinJournal.

• The FTX collapse has severely damaged trust amongst the crypto community
• Projects that focus on community, decentralisation, and transparency likely to benefit
• Metacade, a new play-to-earn community hub, is a prime example of a projects with longevity and stability

Over the past few weeks, the crypto space has been rocked by the stunning multi-billion dollar collapse of one of the world’s most widely-recognised crypto exchanges, FTX. But it might not be all bad, however. The need for transparency and decentralisation has been thrust back into the spotlight recently – two things that are essential to restore trust in the crypto community.

This article will explain why the FTX collapse could actually be a positive thing for new tokens like MCADE and the Metacade platform as a whole. 

What Happened to FTX?

FTX was one of the world’s largest centralised crypto exchanges, serving over five million customers and facilitating over $700 billion in trading volume in 2021. The exchange was founded by Sam Bankman-Fried, who also ran Alameda Research, a quantitative trading firm with close ties to FTX.

On November 2nd, an article by Coindesk reported that Alameda held around $5 billion in FTT, FTX’s native token, in its almost $15 billion worth of assets. As these tokens were effectively created out of thin air, concerns were raised around Alameda’s, and therefore FTX’s, ability to stay solvent should the price of FTT drop. 

The first domino fell when Changpeng “CZ” Zhao said he would be selling Binance’s holdings of FTT on November 6th. This started a death spiral of negative speculation, causing FTT’s price to fall. This led to a liquidity crisis as investors rushed to pull their assets off the FTX exchange. And on the 8th of November, FTX paused all withdrawals. 

As a result, FTT’s price plummeted from $21.8 to a low of $3.26, decimating FTX’s assets. Meanwhile, Binance announced a plan to buy FTX but then pulled out the following day. This meant FTX was without the funds to pay back investors and eventually led to the exchange filing for bankruptcy protection on November 11th. Through bankruptcy proceedings, it was determined that FTX owed its 50 biggest creditors over $3 billion. Court-appointed liquidators have cited serious fraud and poor risk management practices as the reasons for FTX’s collapse.

What is Metacade (MCADE)?

Metacade is a community hub that’s aiming to be the number one destination for play-to-earn gaming. It’s a space where gamers, crypto investors, developers, and entrepreneurs can go to connect and have fun while exploring the budding GameFi industry. On the platform, you’ll be able to see the latest trending games, read reviews, and access the most advanced GameFi alpha to help you make the most out of your play-to-earn adventure.

Metacade has drawn some attention recently due to its community-first philosophy that puts users first. Metacade’s goal is to maximise user value at every step of the way and to put gaming back into the hands of the players. For instance, Metacade rewards anyone who posts reviews, tips, or other valuable content with the MCADE token. It’s also launching the Metagrants scheme, which allows users to direct funding to the games they want to play in a competition-based arena amongst game developers, with the finished title being added to Metacade’s virtual arcade.

Metacade’s ultimate plan is to become the world’s first player-owned virtual arcade, revolutionising how traditional community hubs are formed in the process. To fulfil this vision, Metacade plans to become a decentralised autonomous organisation (DAO) once development is complete. This means that every decision affecting the community will be put to a vote for MCADE holders to determine the direction of the platform. 

Why Could the FTX Collapse Be Positive For Metacade (MCADE)?

Putting the pieces together, it’s now possible to see why FTX’s collapse could open doors for new tokens like Metacade. Some have compared the collapse to the dotcom bubble, which severely dented trust but encouraged internet-based businesses to adopt more sustainable business models. The same is likely to happen to the crypto market as low trust means that more crypto investors will be seeking transparent projects with solid fundamentals like Metacade.

For example, Metacade has made it clear that 70% of its tokens will be available in presale, with no founder or venture capital allocations. It’s also implementing multi-signature wallets, which require multiple key holders to sign off on transactions made from the Metacade treasury. As the team puts it in the Metacade whitepaper, “achieving maximum security for $MCADE and its holders is our highest priority,” which is why they’re undergoing a full audit from Certik, one of the leaders in blockchain auditing. 

There’s also likely to be a greater shift towards decentralised projects that don’t have a central point of failure. Once Metacade becomes a DAO, the likelihood of it falling prey to the downsides of centralisation is vastly reduced as decisions are made by the community, not a handful of people with ulterior motives. 

Above all else, projects that focus on their users, not profits, are likely to become much more attractive to investors. FTX is a prime example of what happens when a centralised group prioritise profit and not their users, and projects like Metacade could be an antidote to this toxic philosophy. 

Metacade (MCADE) Might Emerge as a Winner After the FTX Fiasco

It remains to be seen how the fallout of FTX’s collapse will affect the future of crypto. There’s a strong chance that more regulatory oversight is coming, which might not be a bad thing for projects like Metacade. Trust is low right now, and these kinds of transparent projects are likely to be highly sought after by crypto investors across the globe.

Given the rapid pace at which play-to-earn is growing, combined with a number of innovative features and a transparent, community-first approach, Metacade seems like an excellent investment opportunity post-FTX collapse. And right now, there’s no better time to get involved with the MCADE token still in presale. If you’re looking for a fresh token that’s putting investors, not profit, first, it’d be wise to check out the Metacade presale today.

 You can participate in the Metacade presale here.

The post FTX Collapse Opens the Door for Newcomers Like Metacade (MCADE) – Here’s Why appeared first on CoinJournal.