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Why buy Illuvium to diversify your metaverse portfolio

The metaverse and web3 are seen as the next frontiers of crypto innovation. In fact, in the last six months or so, some incredible metaverse projects have been coming out. So, if you are thinking of diversifying your portfolio of the metaverse and web3 projects, Illuvium could be a great choice. Here is why.

  • Illuvium is still a small project with so much potential

  • The project has attracted some of the leading crypto venture capital firms in the world.

  • Illuvium has announced major milestones in its proposed roadmap in recent weeks.

Data Source: TradingView

What makes Illuvium Unique

Illuvium is an immersive metaverse that allows users to earn by exploring an open virtual world. The metaverse also has a gaming aspect with tournaments and quests as well. So far, the project is still under development. But genesis NFTs have already been minted and besides, Illuvium recently opened sales for metaverse land.

Once the game is fully operational, users will be able to build virtual industrial plants to produce the energy needed to hunt and catch Illuvials. These are the most important collectibles in the game. Illuvium offers an exciting gameplay with immersive graphics. It has the potential to become a huge web3 project.

Should you buy Illuvium

There are many metaverse projects out there. But Illuvium is actually a very decent catch. First of all, it’s new. As noted above, the full game is not even ready yet. The plan is to launch it later this year. There is, therefore, so much value to unlock here.

The in-game mechanics and play-to-earn model for Illuvium also look sustainable. After all, Illuvium has added an array of dimensions into the metaverse that could be commercialized in the future.

Finally, we strongly believe that the project is undervalued. This is probably because the overall crypto market has slowed in recent weeks. But if you want to buy ILV, this would be a great time.

The post Why buy Illuvium to diversify your metaverse portfolio appeared first on CoinJournal.

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Amazon stock split: What it means for DeFiChain’s dAMZN token

Amazon, and many other top stocks in the traditional market, have equivalent decentralized tokens that give investors price exposure to these real-world stocks. 

For AMZN, one such token is dAMZN that’s listed on DeFiChain. With a minted dAMZN, an investor can gain investment opportunities closely mirroring the Amazon stock, only that this DeFi token does not offer holder ownership in the company.

So, how does Amazon’s stock split affect the available dAMZN tokens? Should you be worried as an investor? Here’s what you might want to know, but first – the Amazon stock.

Amazon shares after 20-for-1 split

Shares of Amazon (AMZN) currently trade around $118.28, about 2.4% down as the stock market hits another downside amid concerns over economic slowdown.

The AMZN stock is down 4.8% over the past five days and more than 31% year-to-date, with the latest losses for the tech stock coming after Monday’s brief rally. That aside, if you have followed market events over the past few weeks, then you know that Amazon announced a 20-for-1 stock split in early March.

The split took place on 3 June 2022, with each shareholder receiving 20 shares for every AMZN share they held. Trading for the split-adjusted stock opened on Monday, and at current prices, relatively cheap and accessible to small investors.

What it means for DeFi tokens tracking AMZN

It’s notable that the crypto market continues to show a high correlation with the stock market, with the latter’s performance invariably influencing crypto. The mirroring also reflects in the DeFi tokens sector, and as such, the stock split does have an impact on dAMZN.

dAMZN was also split into 20 tokens, with holders receiving 20 tokens for every one of their dAMZN tokens. However, it does not mean that the holder’s investments will increase 20 times. Rather, the value of their holdings will remain the same as before the split.

What investors will see is a reflection of the current Amazon stock price, and with the split concluded smoothly, nothing much changes. 

Here’ what a DeFiChain developer Prasanna Loganathar said after the split.

The post Amazon stock split: What it means for DeFiChain’s dAMZN token appeared first on CoinJournal.

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STEPN and the M2E revolution: Should you buy

STEPN has captured the attention of the crypto market over the past few months. The app is a new move to earn platform that rewards users for running and walking. So far, the project has hit a market cap of around $600 million. Here is why STEPN is growing:

  • The platform has quite literally defined the M2E space.

  • STEPN is integrating NFTs and social gaming into its metaverse.

  • The in-game economy is user-centered which allows more incentive for folks to join.

Data Source: TradingView 

How does STEPN Work?

STEPN pays you to move. However, it’s not as straightforward as it seems. First, to join the app, you must purchase an NFT-powered sneaker. There are different types of sneakers, each with its own level of rarity, quality, and other features.

On average, a sneaker can cost you around $1000 depending on the prevailing price of SOL. Also, users get limited energy each day. So, you cannot just sign up and run for a living. There will be a time cap as to how much running or walking you can do. Ether way, STEPN offers a good way to earn while doing something healthy.

Tokenomics and Sustainability

The biggest challenge for most web3 earning projects is sustainability. As we have seen from platforms like Axie Infinity, it’s very hard for P2E web3 platforms to generate enough value to keep the revenues flowing. 

The STEPN model falls into the same trap. You see, the money earned from walking or running comes from the purchase of newly minted sneakers. So, if at some point the number of new users joining declines, the whole system comes tumbling down. 

While STEPN is a good investment right now, it’s not something you want to be holding for a long time. Unless there is a huge change in utility and value, it’s a short-term play. You can buy into STEPN through its native governance token GMT.

The post STEPN and the M2E revolution: Should you buy appeared first on CoinJournal.

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Apecoin falls below crucial support – Are more losses likely?

Apecoin has, for the last 3 weeks, seen a persistent correction. The token has however managed to find some demand albeit it has largely moved sideways. But despite this, APE is still suppressed below a crucial resistance level. Could this trigger more weaknesses? More details are below but first, highlights:

  • Apecoin has lost the $7.37 support zone in recent days

  • This drop could trigger another 15% decline in the near term

  • But a daily close above $7.37 today will invalidate this analysis

Data Source: TradingView 

Where Will APE go from here?

Apecoin bulls need to be patient for now. The coin is weak, and we don’t think the downtrend seen over the last 3 weeks is over. In fact, we expect APE to bottom at around $4.92 before another leg up. In fact, this will not be the first time the coin finds demand at this price. 

At the start of May, a period of panic selling put a lot of pressure on APE. The coin established a range of between $4.93 and $7.37 at the time as volatility dominated. We think this pattern will likely play out. But there could be more upside if indeed APE retraces the $4.92 mark. 

The last time this happened, the coin bounced back sharply and rallied by nearly 104% in just a few weeks. While a 104% surge may not happen this time, APE will still offer so much upside if it consolidates at $4.93.

How to trade this setup

There are two options here. First, you can wait to see if APE is able to recapture $7.37 in the coming days. If this happens, a short sell in the near term could come into play. 

But the best upside remains with the $4.93 bottom. The coin will likely hit this support and consolidate there. That would be a good entry for bulls.

The post Apecoin falls below crucial support – Are more losses likely? appeared first on CoinJournal.