Monat: Mai 2024

• Analyst picks Floki Inu over Pepe and Bonk as meme coins join the crypto party
• Surging Bitcoin and Ethereum could help FLOKI price higher.
• Technical picture also bullish for the meme coin as price nears.

Pepe (PEPE) and Bonk (BONK) are up 33% and 24% respectively as the memecoin world bids to join the crypto party after Ethereum ETF news sparked a buying frenzy.

But while PEPE and BONK are standout performers among the top meme coins by market cap today, an analyst has shared some of the reasons to be bullish on Floki Inu (FLOKI).

“$PEPE and $BONK are both up over 34% today, showing that the memecoin economy is super strong,” crypto analyst Shelby noted via X.

While the two meme coins lead the gainers across the sector, the analyst points to Floki Inu (FLOKI) as one to watch.

According to Shelby, Pepe and Bonk’s massive spikes in the past 24 hours are a precursor of what the market could witness with Floki.

“I believe now is a good time to start paying attention to Floki,” Shelby noted, pointing to Floki’s standing as one of the top meme coins.

Floki’s ecosystem growth, which includes key product updates, is also a factor to consider when analyzing its price potential down the road.

Floki Inu’s growth and the 2024 roadmap

Floki has witnessed steady growth since the team unveiled the project’s 2024 roadmap earlier this year.

With part of the goal being to move Floki beyond the memecoin status, key developments to watch include staking, Floki debit cards and digital bank and the flagship utility product Valhalla.

In the market, Floki price recently surged by more than 13% amid a new DAO proposal that sought community approval to burn 15,246,000,000 FLOKI.

According to an announcement on Tuesday, that burn is set to occur on May 22, 2024 following a 99.84% vote approval.

Floki Inu price today

Today’s 11% gains come as Floki mirrors prices of top coins BTC and ETH, with sentiment positive amid the potential approval of spot Ether ETFs by the SEC.

A sharp rise for cryptocurrencies due to an approval could catapult FLOKI higher. The token burn, as in the recent case, also adds to the positive outlook.

However, the technical picture also supports an upside continuation for FLOKI with momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) hitting at bullish strength.

Floki Inu price is currently at $0.00022, its highest level since early April.

The post Analyst bullish on Floki as Pepe and Bonk rally appeared first on CoinJournal.

• LDO price is surging after Lido DAO resolved a security breach involving Numic.
• No funds were lost or operations disrupted, demonstrating strong crisis management.
• The token’s market cap has exceeded $2 billion with significant increases in trading volume.

Lido (LDO) price have experienced a remarkable surge following the resolution of a security breach involving one of its Node Operators, Numic.

The security incident, which occurred between May 11th and 14th, 2024, initially raised concerns among investors and contributors. However, swift and decisive action by Lido DAO has mitigated potential risks, resulting in a significant increase in the price of LDO.

The Numic security breach

The security breach stemmed from a malware infection on a developer computer at Numic, a Node Operator working with Lido on the Ethereum protocol.

Despite the alarming nature of the breach, Lido DAO’s collaborative efforts with Numic ensured that operational continuity was maintained, and no funds were lost.

Immediate responses, including disconnecting the infected machine and initiating a thorough investigation, underscored the commitment to security and transparency within the Lido ecosystem.

One of the key measures taken in response to the breach was the rotation of all validators as a precautionary step.

By preventing new deposits to Numic and initiating validator exit messages, Lido DAO effectively contained potential risks and restored confidence in the network’s security.

Furthermore, ongoing reassessment of security and backup processes, coupled with consultations with data security experts, demonstrates a proactive approach to safeguarding against future vulnerabilities.

Lido (LDO) price reaction

The market response to Lido DAO’s handling of the incident has been overwhelmingly positive.

LDO prices surged by over 36% in the past two days, reaching a high of $2.412 before retracing to the current price of $2.216, while the market cap exceeded $2 billion, placing Lido DAO at the 56th position on CoinMarketCap. In the past 24 hours alone, the price of LDO has surged by over 25%.

The token’s trading volume also experienced a significant uptick, with a 650.74% increase in derivatives trading volume and a 488.22% surge in 24-hour trading volume.

The LDO price surge reflects investors’ confidence in Lido DAO’s ability to navigate security challenges and maintain the integrity of the network has been reinforced by the transparent and collaborative approach taken throughout the incident.

The swift resolution of the breach, coupled with the implementation of preventive measures and ongoing security enhancements, highlights the maturity and resilience of the Lido ecosystem.

The post Lido (LDO) price soaring after Lido DAO resolved Numic security breach appeared first on CoinJournal.

• Over $9o,000 traders were liquidated in 24 hours as Ethereum, Bitcoin prices surged to $3,800 and $71k respectively.
• Total liquidations reached $383 million, with $297 million in shorts and $86 million on longs.
• Market is upbeat about SEC approving spot Ether ETF after latest developments the regulator initiated late Monday.

Coinglass data shows that more than 90,000 traders were liquidated in the past 24-hours, with total liquidations reaching $383 million.

The spike in prices for Ethereum, Bitcoin, Dogecoin and other tokens saw over $297 million in short positions liquidated. Longs accounted for about $86 million in liquidated positions as crypto prices skyrocketed late Monday and on Tuesday.

According to Coinglass, the total number of liquidated traders reached 93,833 at 11:40 am ET on Tuesday. The largest liquidation happened on BitMEX, with an XBTUSD trade worth $4.26 million liquidated.

Ethereum traders see over $100 million in short liquidations

Ethereum (ETH) led the 24-hour liquidation as the top altcoin’s spike to above $3,813 on May 21 saw over $131 million rekt. This included a total of $104.5 million in shorts and $26.5 million in longs.

As well as Ethereum, Bitcoin (BTC) also recorded a significant spike in its price. 

The benchmark crypto jumped from lows of $67k on Monday to hit highs of $71,650 on Tuesday. The gains led to the liquidation of positions worth over $106 million, including $88 million in shorts and $18 million in longs.

Solana (SOL) saw a total of nearly $24 million, with shorts accounting for over $17.9 million and longs $5.9 million.

Other tokens to see notable liquidations in the past 24 hours are Dogecoin (DOGE) with $10.2 million, Pepe (PEPE) with $7 million and Gala (GALA), which suffered a major security breach on Monday.

Over $2.69 million short positions and $2.1 million worth of longs have been liquidated in the past 24 hours, although Gala has received a bullish forecast from market maker DWF Labs, which announced the purchase of 25 million GALA tokens.

SEC’s potential approval of spot Ether ETF boosts bulls

The huge liquidations come as fresh sentiment around spot Ethereum ETFs approval lifted the crypto market. 

This followed SEC’s request for Ether ETF issuers to file their 19b-4s by 10 am on May 21, a development that has seen Bloomberg ETF analysts increase their odds for a SEC approval from 25% to 75%.

Standard Chartered Bank’s Geoff Kendrick said in a note on Tuesday that there’s a possibility of the SEC greenlighting the first spot Ethereum ETF for the US market this week.

Standard Chartered also predicts that ETH price could spike to $8,000 by the end of the year.

In March, analysts at the bank projected Bitcoin could surge to $15ok in 2024 and $250k by end of 2025 on the back of ETF traction.

The post Over 90K traders liquidated amid massive crypto price surge appeared first on CoinJournal.

• Hex Trust launches USDX, the first native stablecoin on Flare, backed 1:1 by USD.
• USDX can be staked in Clearpool’s T-Pool for real-world yield without lock-ups.
• USDX aims to enhance Flare’s DeFi ecosystem, supporting lending and borrowing.

Hong Kong-based digital asset custodian, Hex Trust Group, has launched USDX, the first native stablecoin on the Flare network.

The move by Hex Trust Group will bolster the decentralized finance (DeFi) ecosystem on Flare, a layer-1 blockchain tailored for data-intensive applications.

USDX stablecoin by HT Digital Assets

USDX, developed by HT Digital Assets, Hex Trust’s tokenization ecosystem, is a stablecoin backed 1:1 against the U.S. dollar or equivalently valued assets.

The stablecoin’s reserves primarily consist of 1-3 month Treasury Bills, held securely by regulated tier-1 financial institutions, ensuring stability and trust in the stablecoin’s value.

The stablecoin is designed to serve as a fundamental building block for DeFi on the Flare blockchain. It will be available for various applications, such as lending and borrowing protocols, as well as perpetual futures exchanges.

USDX’s integration with Clearpool

While launching the USDX stablecoin, Hex Trust Group also announced a strategic partnership with Clearpool, a decentralized credit marketplace.

Through this collaboration, USDX holders can stake their tokens in a dedicated T-Pool created by Clearpool.

This innovative staking mechanism allows users to earn real-world yields without the constraints of lock-up periods.

In return for staking USDX, users receive cUSDX tokens, which can be utilized as collateral across DeFi protocols on the Flare network, including Flare Labs’ FAsset system. This system supports the use of non-smart contract assets like Bitcoin (BTC) and Dogecoin (DOGE) in DeFi applications.

Market impact and future prospects

Hex Trust’s CEO, Alessio Quaglini, emphasized that the launch of USDX will reduce cryptocurrency market volatility and streamline transactions. He highlighted that USDX bridges the gap between traditional financial security and blockchain innovation, enhancing trust and security within the digital asset ecosystem.

In addition, Hugo Philion, the Co-Founder of Flare, remarked on the essential role of stablecoins in developing a vibrant DeFi ecosystem and noted that the collaboration between USDX and Clearpool on Flare delivers a stable, yield-generating asset that will greatly benefit the network’s users.

Jakob Kronbichler, the CEO & Co-founder of Clearpool, also weighed in on the launch stating that the launch of a custom T-Pool for USDX on Flare provides everyday users with opportunities to earn real-world yield from their stable holdings.

The post Hex Trust Group launches, USDX, the first native stablecoin on Flare Network appeared first on CoinJournal.