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Chancer seizes the moment as meme trading volume dips

  • Currently, one CHNACER toke is going for $0.011.
  • The price is expected to rise to $0.012 in the next presale stage.
  • The trading volume of the top meme coins on August 4 dropped by about 8%.

The new decentralized predictive market-making platform is seizing the moment with its CHANCER presale while a majority of popular meme coins struggle to gain traction. At the time of writing, the presale had raised $1,129,584 confirming the excitement that the new betting platform is causing among bettors and crypto investors.

Betting fans are rushing to own the CHANCER tokens for fear of being left out when the platform launched in Q1, 2024 allowing token holders to create, participate in and profit from their very own predictive markets based on their interests, expertise and social opportunities. If interested, you can visit Chancer’s official website to purchase CHANCER tokens.

Meme coins price performance 

A majority of popular meme coins like Dogecoin (DOGE), PEPE, FLOKI, and others have been struggling to turn bullish. The once very popular PEPE, for example, has lost 10% in value in the past week while Dogecoin has dropped by 3% in the same timeframe.

Apart from Shiba Inu (SHIB) and its sister token Bone ShibaSwap (BONE) which have registered considerable gains among the old meme coin projects, a majority of the best-performing meme coins are the newly launched coins like Bald 2.0 (BALD2), 4-Chain (4CHAIN), and Turbo (TURBO) which have gained by 28%, 31%, and 17% respectively according to data on Coinmarketcap.

The rise and rise of new meme coins is a positive proposition for Chancer which is seeking to revolutionize the betting industry by using blockchain technology to give bettors the freedom of being their own wager market makers. And while some may argue the meme mania only lasts for a short period after a new project launches and then fades off, Chancer’s case could be different seeing that it is leveraging the multibillion betting industry.

Is Chancer a good investment opportunity?

The choice of investing in any new project is purely a discretion of an investor especially when it comes to cryptocurrency projects, which carry quite significant risks due to the volatile nature of the cryptocurrency market.

That said, new meme crypto projects have been stealing the show within the crypto sphere with the explosion of the value of their tokens. A good example is PEPE and KEKE which briefly surpassed the two leading meme coins, SHIB and DOGE, in popularity when they were launched. Interestingly, once a meme coin becomes popular, it remains a favourite among crypto traders and investors even after the popularity fades.

Chancer is riding on the meme coins frenzy and the rising betting industry and it is already stealing the show with its presale which has sold 21,660,036 CHANCER tokens so far. Besides offering holder opportunities in the Chancer platform once it launches, holders are excited about the price which has been constantly rising throughout the presale.

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Shiba Inu and IOTA become collateral assets on Binance

Key takeaways

  • Crypto exchange Binance has added SHIB, IOTA and other cryptocurrencies as collateral assets on its platform.

  • Binance also included 22 new cryptocurrencies as loanable assets. 

Binance Approves SHIB as a collateral asset

Binance, the world’s leading cryptocurrency exchange, announced on Friday, August 4th that it has approved SHIB, Shiba Inu’s native token, as a collateral asset on its lending platform.

While announcing this latest cryptocurrency news, Binance said it had added new loanable and collateral assets for its users.

In its blog post earlier today, Binance said that SHIB, COMP, IOTA, RLC, HOT, ENJ, THETA, and IOST are now collateral assets on its platform. This means users can borrow funds on the Binance lending platform and use these cryptocurrencies as collateral.

Furthermore, users can borrow new assets, including AUCTION, PYR, ILV, KNC, YGG, GAS, CELO, and IRIS, using the flexible loan option. Meanwhile, NKN, FARM, DIA, YGG, OGN, and ACA have been added to the VIP loan options.

Binance explained that its Flexible Loan is an isolated, over-collateralised, and open-term loan service that allows users to complete loan orders while collateralising cryptocurrencies in existing Simple Earn Flexible Products subscriptions. 

Meanwhile, the VIP Loan is designed as a large personal and institutional over-collateralised loan featuring competitive rates, terms, and services.

Binance could list the BONE token 

The cryptocurrency is also considering listing the BONE token on its platform. BONE is the governance token of ShibaSwap, Shiba Inu’s decentralised exchange. The token allows the Shiba Inu community to vote on upcoming proposals, submit proposals and access future NFTs.

The BONE token could also be an integral part of the upcoming Shibarium mainnet launch. The project’s lead developer, Shytoshi Kusama, has previously stated that the Shibarium mainnet launch could happen this month.

However, there is no specific launch date. SHIB, the native token of the Shiba Inu ecosystem, is currently up by more than 4% in the last 24 hours. At press time, the price of SHIB stands at $0.00000861.

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Should you buy or sell Bitcoin ahead of the July NFP report?

  • The July NFP report is due today, and the US dollar’s volatility is set to increase
  • Bitcoin holds close to its yearly highs
  • The bias for Bitcoin remains bullish while the market holds above the rising trendline 

The Non-Farm Payrolls (NFP) report is released on the first Friday of each month. It shows the change in the number of workers in the US economy – the largest economy in the world. 

Because of that, the economic report directly impacts financial markets. The dollar fluctuates widely on the NFP report’s release, and even the cryptocurrency market participants are interested in trading the report. 

Bitcoin’s correlation with the dollar’s strength or weakness increased since more institutional investors included Bitcoin in their portfolios. This year, the dollar declined, as reflected by the EUR/USD exchange rate that reached a new high for the year less than two weeks ago. 

Therefore, it is unsurprising that Bitcoin holds close to its yearly highs ahead of the July NFP report. Also, the bias remains bias as Bitcoin holds above the upward trendline that marks the 2023 bullish trend. 

Bitcoin chart by TradingView

The bias remains bullish while Bitcoin holds above the rising trendline

The technical picture favors more upside for Bitcoin for at least three reasons. 

First, since the 2022 lows, Bitcoin formed a series of higher highs and higher lows. Such formation is typical in bullish trends, and while in place, the bias remains bullish. 

Second, one can properly identify the bullish trend by connecting the lower highs. Bulls will keep buying the dips as long as the price action holds above it. 

Third, a possible bullish flag, marked in blue on the chart above, has a target of $35k for Bitcoin, as indicated by its measured move. 

Therefore, today’s NFP report can be the one to make or break the trend. On a better-than-expected report, Bitcoin might test the trendline as the dollar should strengthen. On the other hand, if the US economy added fewer jobs in July than the market expects, Bitcoin might go for the bullish flag’s measured move in the days to come. 

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Coinbase reports a 13% sequential decline in transaction revenue

  • Coinbase reported its second-quarter financial results on Thursday.
  • Berenberg analyst Mark Palmer sees downside in “COIN” to $39.
  • Coinbase stock has nearly tripled since the start of the year 2023.

Shares of Coinbase Global Inc wobbled but eventually ended flat in extended hours today even though the crypto exchange reported market-beating results for its fiscal second quarter.

Why is Coinbase stock unimpressed in after-hours?

The stock is primarily responding to weakness in transaction revenue that printed at $327 million – down nearly 13% sequentially. Trading volume also tanked to $92 million versus $145 million in the prior quarter.

Also a negative was interest income that declined about 17% on a quarter-over-quarter basis to $201 million. Reacting to the earnings print in an email, Mark Palmer – a Berenberg analyst wrote:

Interest income and staking revenue appear to be at risk going forward given the ongoing declines in USDC’s market cap and regulatory challenges to staking programs.

USDC holdings brought in $151 million in interest income to Coinbase in Q2.

Notable figures in Coinbase Q2 earnings report

  • Lost $79 million versus the year-ago $430 million
  • Per-share loss also narrowed from $1.98 to 34 cents
  • Revenue tanked roughly 35% YoY to $773 million
  • Consensus was 76 cents loss on $628 million in sales
  • Subscription and services revenue printed at $335 million

In June, Coinbase Global Inc was sued by the SEC that accused it of violating the U.S. securities laws (read more).

Should you buy Coinbase stock?

Coinbase also revealed in a letter to shareholders today that transaction revenue stood at $110 million in July.

The crypto exchange now forecasts at least $300 million in subscription and services revenue in its current financial quarter. According to Berenberg’s Palmer:

Guidance was muted, and adjusted EBITDA print included a huge adjustment for stock-based compensation – an area management had said it would look to reduce.

Note that Palmer has a $39 price target on Coinbase stock that warns of a more than 50% downside from here. In his own words, shares of the crypto company are uninvestable at least in the near term.

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