Kategorie: Altcoin News

• Shiba Inu plans to launch new stablecoin

• SHIB tokens posted a 6% jump in the past week

• New token underway as part of Shiba Inu’s expansion plan

While market sentiments initially drove meme tokens, some are gaining multiple use cases and project expansion. Shiba Inu inu is one such. The network recently integrated metaverse gaming and is now entering the stablecoin space. Its rival Dogecoin has also seen adoption as a form of payment. 

Shiba Inu token is based on the Ethereum blockchain as an ERC-20 asset. The token was founded in 2020 under the pseudonym ‘Ryoshi.’ While the original aim of Shiba Inu was to have a decentralized digital currency for value sharing, the network is seeing numerous uses.

SHIB is the native token powering Shiba Inu as a utility token. The protocol has created two other tokens, Leash and Bone, available in its in-built ShibaSwap DEX. Token holders can stake SHI tokens for xSHIB at the xSHIB pool.  

Shiba Inu to unveil new stablecoin

Shiba Inu’s lead developer, Shytoshi Kusama, has announced plans to launch an experimental stablecoin. The developers said that SHI stablecoin would launch in about a year. SHI comes amid a volatile stablecoin market that saw algorithmic TerraUSD collapse.

The meme-token community is also planning to have a new reward token called TREAT. The token will reportedly be useful in the Shibarium metaverse and the upcoming collectable card game. Kusama added that Shibarium was on track with new developers working on the project.

The developments around Shiba Inu seem to be giving it some bullish momentum. The latest data from CoinMarketCap shows that the meme token is trading at $0.00001081 after a 2.67% increase in the past day and a 6.85% weekly gain.

SHIB shows bullishness amid consolidation

Source: TradingView

The daily price outlook above shows that SHIB has remained range-bound since May 12. The tokens have been trading between a low of $0.00000726 and a high of $000001243. However, the MACD is showing a bullish momentum. The RSI is slightly above a neutral reading but above the oversold zone.

Summary

SHIB is showing bullish momentum as cryptocurrencies embark on a recovery path. While meme tokens like Shiba Inu were initially seen as lacking real use cases, the trend seems to be changing. Entry into the stablecoin space and the metaverse could give SHIB long-term value and benefits to the holders.

The post Shiba Inu to launch a new stablecoin. Is it a buy? appeared first on CoinJournal.

• Sandbox’s native token, SAND, jumps 30% in a week.

• Sandbox is a virtual world for gaming experiences powered by NFTs.

• Holders of SAND tokens could reap long-term gains.

Metaverse-related tokens are currently leading the crypto market recovery. Sandbox’s (SAND/USD) has surged 30% in the past week, while Decentraland’s MANA (MANA/USD) has gained 13.44% in the same period, according to data from CoinMarketCap.

The Sandbox is a blockchain-based virtual world that enables players to monetize gaming experiences using non-fungible tokens. With the Sandbox, gamers can develop digital assets as NFTs, have them in a marketplace, and integrate them into online games.

SAND shows recovery amid bearish momentum

The daily price chart below shows that SAND is trading at $1.27. The token is currently showing bullish momentum, with the 20 and 50-day moving averages joining the support. The RSI remains below the overbought zone. 

The monthly price outlook indicates that SAND has remained resilient. The token has only lost 0.78% in the period despite an extended period of a bearish market. However, the metaverse-based token has sunk by 78% year-to-date. SAND peaked at $8.4 in November last year.

Source: TradingView

The Sandbox has gained popularity with its public LAND sales as big corporations move to have a piece of the technology. The platform has secured multiple partnerships with brands including Adidas, Atari, as well as celebrities like Snoop Dogg.

The future of the metaverse will reportedly be decentralized immersive spaces geared toward the advancement of Web3. The COO and co-founder at Sandbox, Sebastian Borget, recently commented that the metaverse would become a virtual realm controlled by the users and a lucrative opportunity.

Borget believes that the metaverse will grow to have job opportunities that are not currently available in the physical world. Sandbox features virtual parcels of land, which are limited. Some of the use cases in the immersive spaces include entertainment, fashion, and retail.

Summary

The value of SAND remains tied to the long-term adoption of metaverse technology. The token derives its value from being a utility token in immersive technology. Another factor to consider is the growth in NFTs, digital collectables used as in-game items. With this in mind, holding SAND could be beneficial in the long run considering its current bear market.

The post SAND forecast after posting 30% weekly gains appeared first on CoinJournal.

• JasmyCoin gained more than 9% on Monday,

• The protocol announced it is launching Metaverse 2.0 this month.

• JASMY met resistance at $0.01.

JasmyCoin JASMY/USD is a utility token of the Ethereum blockchain. The coin is native to the Jasmy platform. The blockchain network allows individuals to control their personal data in a “data locker.” They can then share it with entities willing to pay for it.

JasmyCoin was the talk of retail traders on Monday. The token had surged by nearly 10% in 24 hours. The trading volume had jumped by more than 220% in the same period. At the time of writing, JASMY was trading at $0.01. The price is, nevertheless, significantly below $1.25 when it started trading on February 10, 2021.

JASMY’s gains are connected to an announcement that was made on June 29. The protocol said that it was launching Metaverse 2.0 on July 15. The network said the launch includes two important updates. The first is Block Identities for People, and the second is a Browse Jasmy Metaverse. Jasmy said that the metaverse would support DeFi and NFTs. It also includes GameFi, SocialFi, IoT, innovative eco-systems, and new collaborative models.

JASMY trapped by $0.01 resistance amid 24-hour gains 

Source – TradingView

Technically, JASMY has met resistance at $0.01 after the gains in the last 24 hours. The price is in the overbought region as the trading volume surged. However, moving averages joined the support, in line with the bullish move. JASMY could go lower after meeting resistance. We encourage investors to buy in the short term once the price retraces to the moving average. JasmyCoin must clear $0.01 to rise to the next resistance at $0.012.

Summary

Jasmy announced it is launching Metaverse 2.0 on July 15. The token surged 9% on Monday. The price has met resistance and could slide back.

The post What are all about JasmyCoin as trading volume surges and price pumps? appeared first on CoinJournal.

• Fantom token trades at $0.25, slightly below the $0.28 support.

• Fantom network has been hit by crypto sector weakness and developers exit.

• FTM could find the next support at $0.5 if $0.28 fails to hold.

Fantom network FTM/USD experienced exponential growth in 2021. The growth continued in January this year, as the native token almost recovered to its all-time high. However, Fantom was subsequently hit by a weakness that swept across the sector. 

Fantom experienced a downturn in March this year. Two of its leading developers announced the exit of a once booming crypto project. Andre Cronje, one of the lead developers, was instrumental in the growth of Fantom. The market didn’t receive the news well, as Fantom’s native token crashed afterward. The network’s total value locked dropped by more than 21% in 24 hours after the news. Currently, Fantom boasts $842.25 million TVL. The TVL is significantly below an all-time high of $12.79 billion as of January 25.

Fantom has been bearish as network woes continued. There were speculations of the return of the developers, but nothing remains confirmed to date. Alongside the crash in the crypto segment, Fantom remains under pressure.

Fantom trades slightly below $0.28 support

Source – TradingView

From the technical outlook, FTM is trading around the support, established at $0.28. The current price is $0.24, although not sufficient to be called a breakout. The price is under pressure as nothing confirms a bullish reversal at the support. The 21-day and 14-day moving averages offer resistance above. The MACD indicators are in the bear zone. We project a further decline of the Fantom token. The next support is established at $0.05 if the $0.28 zone fails to hold. However, crypto volatilities mean the price could recover quickly.

Concluding thoughts

Fantom is under pressure at the $0.28 support. Although yet to successfully break below, technical indicators support a lower price. The crypto-token may fall further if the support fails to hold, with the next level at $0.05. The price may reverse above the next support if crypto fundamentals improve.

The post Fantom’s failure to take off at $0.28 could see the price drop to below $0.1 appeared first on CoinJournal.

• Decentraland is a blockchain protocol for powering individuals to the Metaverse.

• MANA/USD has been bearish but is keeping $0.78 support intact.

• Watch for a potential breakout or MA support for price movement confirmation.

Decentraland’s MANA/USD has held key support of around $0.78 since mid-May. The support coincided with oversold conditions, with the RSI at 19 on May 13. However, potential surges have been muted as the overall crypto sentiment remains weak.

Decentraland aims to power organizations, entities, and individuals to the virtual world or the Metaverse. An array of activities last year saw its native token MANA stage strong gains. On Decentraland, people can acquire virtual assets, including avatars and land. They can also play games. In mid-June, Yahoo said it intends to host virtual events in Decentraland for Hong Kong residents. Samsung and JPMorgan are other entities seeking to enter the Metaverse through Decentraland.

With the growth of virtual assets and Metaverse, Decentraland will benefit. Its native token MANA/USD will surely make a comeback. However, despite MANA/USD holding to a support zone, the situation is still bearish. We believe $0.78 is a key area for investors seeking to buy MANA/USD.

MANA’s price keeps $0.78 support intact despite a bear market

Source – TradingView

MANA/USD holds onto the $0.78 support. The price is consolidating, suggesting a potential breakout could occur soon. The 14-day and 21-day moving averages offer slight support, but we can’t confirm a bullish move now. 

Two scenarios are evident for MANA. A bullish reversal will be confirmed by a cross-over of the 14-day MA above 21-day. The price must remain above both moving averages. A break below the $0.78 support will confirm a bearish momentum. Currently, MANA/USD will keep consolidating as the weak sentiment prevails.

Summary

Decentraland’s MANA is consolidating with no directional movement. The $0.78 support holds the price in place. Watch for key signals before getting in.

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