Kategorie: Crypto Analysis

• SOL is among the well-recovered assets, but it’s not out of the woods yet.
• 10 days ahead of the end of its presale, POODL has raised over $5 million. 
• Bitcoin seems set for a dead cat bounce.

As the markets stabilize, Solana has emerged as one of the top crypto gainers in Tuesday’s session. Meanwhile, one of the meme coins under the Solana network, Poodlana, has already raised over $5 million – 10 days ahead of its presale end. With its viral traction, it gives a one-of-a-kind opportunity for lovers of meme coins to earn heftily from modest investments. 

SOL not out of the woods yet

Solana, the fifth largest cryptocurrency, extended its gains on Tuesday after the huge bearish wave that swept across markets at the beginning of the week. After dropping to a five-month low at $110.47 on Sunday, it rose back above the $150 mark on Tuesday. 

As at the time of writing, it was trading at $152.12; equating to a 9.15% increase over a span of 24 hours. At the same time, its market cap and volume was at $70.9 billion and $ 5.5 billion respectively. 

The close to 40% gain recorded over the past two days comes amid the heightened discussions regarding SOL ETF(exchange-traded fund). Granted, the natural recovery phenomenon across markets has also contributed to the rally.   

With regards to the  SOL ETF, there is heightened optimism that it will likely be the 3rd spot token availed to investors after BTC and ETH. 

A look at the chart below shows SOL is not out of the woods yet. On the one hand, it formed a bullish hammer candlestick on Sunday. However, it is still trading below the 20 and 50-day EMAs. 

As the markets stabilizes, the region of 140 will likely be a steady support level in the ensuing sessions. However, it will likely face substantial resistance around 159.47. As such, the crypto may remain within the aforementioned range in the short term. Success in breaking that barrier will then have the bulls eyeing the next resistance level of 170.05. 

Poodlana already past the $5 million mark with 10 more days to go

Increased interest in the SOL blockchain has seen meme coins within the network record substantial gains.In the past 24 hours, HahaYes, Ginnan The Cat, and YAWN have risen by 225.4%, 117.9%, and 170.2% respectively. 

There are these meme coins, and then there is Poodlana, the “Hermes of Crypto”. POODL has captured the attention of the fashion-savvy populace and the constantly growing number of crypto enthusiasts. Seeing that the two industries are enormous sectors expected to continue growing, the poodle-themed meme coin might just be the biggest Solana listing yet. 

At the moment, Shiba Inu and Dogecoin and the dominating dogs in the crypto market. However, the love for crypto and the fashion-centric poodle places POODL on the right path for dominance. 

Since launching its presale on 17th July, this largely talked-about coin has raised $5.50 million. So heightened is the hype that in just 10 days after the launch of its presale, it raised over $3 million. The one-month presale is set to end on 16th August. 

As indicated on the project’s website, the current price is $0.0458 and is expected to rise to $0.0499 in its next stage. At the set listing price of $0.060, there is a huge opportunity for investors to make big bucks before and once it goes live on the trading market.

Indeed, the meme coin market has a huge return potential despite the associated risks. Based on its viral traction, a modest investment on POODL can yield immense returns. 

Bitcoin likely in a dead cat bounce situation

BTC dropped below the psychological level of $50,000 on 5th August for the first time since 14th February. While it has since recouped some of those losses, it lacks enough momentum to break the previously steady support zone of $57,500. 

A look at the technicals shows the possibility of a dead cat bounce. With an RSI of 33, it will likely make temporary gains before embarking on a downtrend. 

As the markets stabilize, it may gather enough momentum to push past the $60,000 mark. However, to reverse the current downtrend, it will need to move past the 50-day EMA at $62,880. 

 

The post Crypto price prediction: Solana, Poodlana, Bitcoin appeared first on CoinJournal.

• UK online casino sector to grow from $6.47B to $7.10B annually by 2029
• UK leads globally in online casino revenue, surpassing the US in 2024
• Cryptocurrency adoption boosts UK online casino growth and user engagement.

The online casino industry in the United Kingdom is set to experience significant growth over the next five years. Currently generating an impressive $6.47 billion annually, market projections indicate that this figure will rise to $7.10 billion a year by 2029. 

This growth underscores the dynamic and evolving nature of the UK’s online gambling sector, which remains a global leader in terms of revenue.

Current online casino market performance

The UK’s online casino market is not only thriving but also outpacing other nations. With a projected revenue of $6.47 billion in 2024, the country has the highest-earning online casino sector globally. 

It surpasses the United States, which, despite its larger population, is expected to generate slightly less revenue at $6.29 billion in the same year. 

The key to this success lies in the UK’s higher user penetration rate of 17.4%, compared to the US’s 9.4%, and a significantly higher average revenue per user (ARPU). UK players spend approximately $0.63k annually, more than double the US ARPU of $380.50.

Factors driving the growth of online casinos in Britain

Several factors contribute to the robust performance and future growth of the British online casino industry. A significant driver is the growing adoption of cryptocurrencies by crypto casino sites. 

A crypto casino site with cryptocurrencies incorporated into the platform’s payment and withdrawals system offers enhanced security, anonymity, and faster transaction times, which appeal to many casino users. This technological adoption is making online gambling more accessible and attractive to a broader audience.

Additionally, the convenience and tax-free nature of online gambling in the UK are compelling factors. The shift towards online platforms, accelerated by the COVID-19 pandemic, has remained strong even as traditional gambling venues reopened. 

The ease of access from home, coupled with a wide array of gaming options, continues to draw more users to online casinos.

Cultural and regulatory influence

The cultural acceptance of gambling in the UK, supported by a long history of betting on events like horse races and the national lottery, also plays a crucial role. 

According to YouGov’s Global Gambling Profiles data, nearly half of UK online gamblers spend more than £5 monthly on fantasy sports and sports bets. The diversity in gambling preferences, spanning slot machines, casino games, and bingo, reflects a deeply ingrained gambling culture.

Regulatory frameworks established by the United Kingdom Gambling Commission (UKGC) have provided a secure environment for online gambling. These regulations ensure fair play, consumer protection, and the integrity of the gambling industry. 

Despite these stringent measures, challenges such as addiction, bankruptcy, and fraud persist. The UK government has introduced measures like levies on individual stakes for online slot machines and increased funding for treatment systems to address these issues. 

Advocacy for further measures, including slower spin speeds and affordability checks, continues.

The rise of non-GamStop casinos

Another emerging trend is the rise of non-GamStop casinos. These platforms operate outside the jurisdiction of the UKGC, providing an alternative for players seeking to bypass the restrictions of GamStop, the UK’s national online self-exclusion scheme. 

While these casinos offer greater flexibility, they also pose significant regulatory and safety risks. Players must exercise caution, ensuring they engage with reputable platforms that prioritize security and fairness.

Future outlook

The future of the UK’s online casino market looks promising. With an expected annual growth rate (CAGR) of 1.88% from 2024 to 2029, the market is projected to reach $7.10 billion by 2029. 

The number of users is also expected to grow, reaching 12.4 million by 2029, with a slight increase in user penetration to 17.9%.

This growth trajectory highlights the UK’s position as a global leader in the online gambling industry. The combination of cultural acceptance, advanced regulatory frameworks, and technological adoption, including cryptocurrencies, positions the UK’s online casino market for continued success. 

As the industry evolves, it will be crucial to balance growth with responsible gambling practices, ensuring a sustainable and secure environment for all players.

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• Chris Li predicts blockchain will shift from horizontal to vertical scaling soon.
• Vertical scaling could enhance efficiency in online casinos and improve user experience.
• Advanced solutions like atomic swaps may replace wrapped assets, preserving decentralisation.

Chris Li, a former Microsoft engineer and the founder and CTO of Ava Protocol, has made a bold prediction for the future of blockchain technology. 

According to Li, the focus of blockchain development is set to shift from horizontal scaling towards vertical scaling within the next five years. This transition is anticipated to redefine how various industries utilise blockchain technology, particularly in terms of efficiency, user experience, and decentralisation.

Horizontal scaling solutions reach saturation

Horizontal scaling, which involves increasing the number of nodes or expanding network capacity, has been the primary method for improving blockchain performance. However, Li suggests that this approach has reached its limits. 

The saturation of horizontal scaling solutions, such as Ethereum’s layer-2 solutions and zk-rollups, indicates a pressing need for new strategies. 

Vertical scaling, on the other hand, aims to enhance the capabilities of individual transactions, making them faster and more cost-effective while maintaining decentralisation.

Online gaming set to benefit significantly from vertical scaling

One industry poised to benefit significantly from vertical scaling is online gaming, specifically online casinos.

The integration of blockchain technology in online casinos has already shown promise in terms of transparency, security, and fair play. 

Vertical scaling could further revolutionise this sector by enabling more complex transactions and interactions within gaming platforms. Enhanced smart wallets and multi-signature solutions could streamline the user experience, making it easier for players to manage their assets and engage in secure, instant transactions.

Li highlighted the limitations of wrapped digital assets, which, despite their utility in bridging assets across different blockchains, reintroduce centralisation risks and trust dependencies. 

For online casinos, this means that the current reliance on custodians for asset management could be replaced by more decentralised solutions such as atomic swaps and cross-chain bridges. 

These technologies promise to preserve the decentralised ethos of blockchain while enhancing functionality and security.

Balancing between security, scalability and decentralisation

Moreover, vertical scaling could address the blockchain trilemma — balancing security, scalability, and decentralisation. 

By allocating resources more efficiently and enhancing transaction capabilities, vertical scaling could provide industries like online casinos with robust, scalable solutions that do not compromise on security or decentralisation.

Vertical scaling offers a promising future, transforming how blockchain technology is applied across various sectors and paving the way for more efficient and user-friendly applications.

The post Top Microsoft Engineer Predicts Blockchain Vertical Upscale: Which Industries Might Lead the Charge? appeared first on CoinJournal.

Crypto traders and investors are bracing for a new crypto bull run as sentiment in the industry improved and a sense of greed ensued. Bitcoin rose and retested the crucial resistance point at $70,000 and then pulled back. Other tokens joined the rebound and eventual sell-off. 

Solana meme coins like Book of Meme (BOME), Dogwifhat (WIF), and Popcat were among the best performers on Monday. At the same time, Poodlana (POODL), an upcoming Solana meme coin continued its token sale, raising over $3.5 million from investors. 

A new bull run could start soon

Crypto investors believe that we could be in for a strong bull run in the coming weeks for a few reasons. First, there is political goodwill in the crypto industry as evidenced by the recent Bitcoin Conference in Tennessee.

In it, Donald Trump vowed to be a key supporter of Bitcoin if elected as the president. He also noted that his administration would approve a Bitcoin reserve for the government. This approach would likely involve moving some of the 220k Bitcoin it owns into these reserves. 

Meanwhile, Michael Saylor, the founder of MicroStrategy predicted that his base case is that Bitcoin will soar to $13 million in the next 21 years. His worst-case scenario is where the coin rises to $3 million while his most optimistic situation is where it rises to $49 million. 

In a separate X post, Ki Young Ju, the founder of CryptoQuant predicted that the crypto industry was still in a bull market that would last until mid-2025. 

A likely catalyst for this price action will be the upcoming easing cycle by central banks like the Federal Reserve, European Central Bank and Bank of England. The ECB has already started to cut interest rates while the BoE is expected to start cutting on Thursday. The Fed will likely start in September. 

The unwinding of these high rates will likely lead to a rotation to riskier assets like Bitcoin and other cryptocurrencies. 

Poodlana token sale continues

Meanwhile, meme coin investors are preparing to welcome a new fast-growing token into the ecosystem. Poodlana, an upcoming Solana meme coin, is expected to start trading in August after raising millions of dollars.

Data on its website shows that Poodlana has already raised over $3.5 million, less than three weeks after the developers started the token sale. 

For starters, Poodlana is a dog-themed token that incorporates the concepts of luxury. It describes itself as the Hermes of crypto. 

According to its white paper, Poodlana has allocated 500 million tokens for its token sale. The other 50% of the tokens will go to activities like marketing, liquidity, partnerships, and rewards. 

Token holders will be able to trade them 30 minutes after the token sale ends. This is a big difference compared to other token sales where they remain locked for months. You can buy the Poodlana token here.

The post Traders prepare for new crypto bull run: Poodlana scoops $3.5M appeared first on CoinJournal.

Key takeaways

• BTC has recovered from its recent poor performance and is now targeting the $68k level. 
• The Poodlana presale has surpassed $3m after raising more than $500k in four days.

BTC approaches $68k

The cryptocurrency market has had a rollercoaster week. Bitcoin underperformed earlier this week, hitting the $63k level due to the Mt.Gox BTC and BCH dump in the market.

However, the market began to recover later on and Bitcoin is now approaching the $68k level. At press time, the price of Bitcoin stands at $67,538, up by 1% in the last seven days. If the bullish momentum is built upon, BTC could be heading towards the $69k resistance level in the coming days. 

What is Poodlana?

The cryptocurrency market is slowly recovering following its recent bearish run. The bearish run didn’t stop investors from pushing funds into new and promising projects. One of the projects in this category is Poodlana. 

Poodlana is a Solana-based meme coin focused on introducing the glamor of high fashion to the crypto world. The plan is to make Poodlana the leading dog-themed meme coin on the planet, with the developers leveraging the ethos of community-driven growth to reach its goal. 

The popularity of the Poodlana dog breed in Japan, Korea, and China, and their love for meme coins would be crucial in building a strong community for this project. Poodlana wants to become a bigger dog-themed meme coin, surpassing the two giants, Shiba Inu and Dogecoin. 

Poodlana’s presale hits $3m

The Poodlana presale began eleven days ago and will last for 30 days. The project has raised more than $3 million in the last elevel days as more investors troop into the project. 

In the current stage, the POODL token goes for $0.0299 but will increase to $0.0335 in the next presale stage. Investors can purchase this token using SOL, BNB, ETH, USDT, USDC, and Fiat/card payment options.

According to the development team, Poodlana will not have a lock-up period for their tokens. The POODL presale will end on August 16 and the listing on exchanges will take place immediately after. 

Read more about the Poodlana presale here. 

50% of Poodlana’s total supply goes to presale

The Poodlana tokenomics is simple as the team values total transparency in its operations. The team will issue 1  billion POODL tokens, with 50% going presale. The remaining 50% will be divided among marketing (15%), rewards (5%), partnerships (5%), treasury (10%), and liquidity (15%). The Poodlana team assured investors that 100% of tokens will be unlocked on day one, with no lock-ups or vesting periods.

Furthermore, the unsold tokens would be burned after the presale, ensuring the deflation of the token, (which could lead to a price increase). 

Is it a good idea to buy Poodlana tokens?

Poodlana is a meme coin that holds a lot of promise. However, the ultimate decision to invest or not depends on the investor. Meme coins have become a crucial part of the cryptocurrency ecosystem, with several of them having a market cap of $1 billion and above. 

Poodlana wants to join this rank and become one of the leading meme coins in the world. The project is taking advantage of the popularity of the Poodlana dog breed and is building a community that could see it challenge industry leaders like Shiba Inu and Dogecoin.

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