Metacade Releases on Multiple Exchanges as ApeCoin Price Enjoys Rally. Which Token is the Better Investment?

ApeCoin is home to one of the most valuable NFTs, with the Bored Ape Yacht Club (BAYC) continuing to attract fans and be one of the most sought-after meme coins. After a recent slump, ApeCoin’s price has surged in recent weeks. While this price action is impressive, the new crypto gaming platform Metacade is going from strength to strength after selling out its presale, snowballing now that it has hit decentralized exchanges (DEX).

Metacade thrives after Uniswap listing.

After the presale event sold out of its total token allocation, raising $16.4 million, Metacade listed its native MCADE token on leading DEX Uniswap in the first week of April and the CEX Bitmart on the 20th of April. MCADE’s momentum continues; investors who reserved their tokens during the presale round for between $0.008 and $0.02 have seen excellent returns during the early stages of its public listing.

Meanwhile, Metacade recently announced an exciting partnership with MetaStudio, an innovative team of developers with extensive experience. More good news for the new MCADE token was that CoinMarketCap listed it within hours of the presale concluding. All of this positivity underlines the platform’s potential to become one of the leading crypto opportunities of 2023, with potentially vast returns on the horizon.

ApeCoin price rallies after setbacks

APE, the native token of ApeCoin, suffered losses in early 2023 after community members voted against releasing two new NFT collections. Yuga Labs wanted to capitalize on the overwhelming success of its Bored Ape Yacht Cat (BAYC) with the release of the ApeCoin Armory Club and ApeCoin Pet Club. Members voted decisively against the proposals, with more than 83% of the community voting against them.

In addition, a recent release of 7.3 million APE tokens caused a 10% drop in the ApeCoin price, while a further 15.6 million tokens are due to drop in mid-April, dropping even more tokens onto the market. However, there is some good news for those that hold ApeCoin coins with the news that the ApeCoin price has recovered from dropping below $4 at the end of March to its current value above $4.50.

ApeCoin (APE) price prediction 2023

All signs point to the ApeCoin price beginning to move after being stuck in the $4 to $4.20 range for several weeks. Many believe this is the beginning of a return to bullish price action for APE, with $8 achievable this year.

Even the more pessimistic ApeCoin price predictions that see the token struggling to surpass $7 would return plenty for ApeCoin investors. Even then, these gains could be dwarfed by those possible with crypto gaming newbie Metacade. Here’s why.

What is Metacade?

Metacade is a ground-breaking new play-to-earn (P2E) crypto gaming platform developed to provide gaming fans, crypto enthusiasts, and developers with a thriving community to hang out and collaborate. Blockchain technology will set the standard of what’s possible for future crypto-gaming platforms, particularly with its multi-faceted and comprehensive rewards system that goes beyond the usual GameFi norm of P2E.

For example, the Create2Earn scheme rewards users for contributions to community building. Each time a user posts a piece of social content such as game reviews, alpha, or contributions to live chats and Reddit-style sub-forums.

As well as giving crypto gaming enthusiasts the wherewithal to make the most of their gaming experience, thus maximizing the platform’s total addressable market (TAM), Metacade looks set to drive innovation in the wider GameFi sector with the introduction of the pioneering Metagrants scheme.

Developers can submit their concepts to create new P2E games exclusively for Metacade in return for crypto funding to support their ventures. Each submission goes into a pool, which the MCADE community votes on, with the most popular ideas receiving funding from the central treasury to support the development journey.

This community-led approach will likely drive user retention and engage an ever-growing number of new users to the platform, and form a vital part of the platform’s devolution to becoming a decentralized autonomous organization, which will empower users to take control of Metacade’s future direction and create the platform they want to use.

How high can Metacade (MCADE) go?

After launching at $0.008 during the beta phase of the presale event, MCADE launched at the beginning of April on Uniswap at $0.022. With other listings to come in the coming weeks and months likely to increase buying pressure on MCADE, that could push the price to $0.50 by the end of the year, depending on the broader economic outlook. This would represent gains of more than 20x for those that purchased their MCADE tokens on the exchanges early.

Is MCADE a good investment?

Metacade has the potential to be a strong investment opportunity in isolation, given the platform’s many merits that look likely to push the price forward, particularly with the impending releases on Bitmart and MEXC in the next few weeks and the announcement of the partnership with MetaStudio.

Compared with returns available for buying ApeCoin, which looks to be about to crest the wave of bullish performance, MCADE still looks like the better investment opportunity as it intends to promote innovation in the crypto gaming market over the coming months and years.

You can find more information, including how to buy MCADE, here.

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Crypto price predictions: Chainlink, Filecoin, Pepe

Cryptocurrency prices had a mixed performance last week as investors focused  on the impending collapse of First Republic Bank (FRC). After falling to a low of $27,100, the coin jumped to about $30,000, where it has been in the past few days. Here is a crypto price prediction for some of the top coins like Chainlink (LINK), Filecoin (FIL), and Pepe.

Chainlink price prediction

On the daily chart, we see that the LINK has been in a consolidation phase in the past few days. The coin remains slightly below the important resistance point at $9.510, the highest point on November 8, August 13, and June 9. 

It is also below the key resistance level at $8.82, the highest point on April 19. The coin is also trading slightly below the 25-day moving average. Therefore, there is a likelihood that Chainlink will have a bearish breakout as sellers target the green ascending trendline at $6. A break above the key resistance at $8 will see it jump to $9.51.

How to buy Chainlink

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Filecoin price prediction

Filecoin price has been in a tight range in the past few days. The coin is trading at $5.9, where it has been recently. It has moved above the ascending trendline shown in green. FIL has moved slightly below the important resistance point at $6.60, the highest level on November 5 last year. The Relative Strength Index (RSI) has moved slightly below the neutral point at 50.

Therefore, the Filecoin price will likely remain in this range in the next few days. More downside will be confirmed if the price moves below the ascending trendline. If this happens, the next key level to watch will be at $4.0.

How to buy Filecoin

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

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Pepe price prediction

The hourly chart shows that the Pepe crypto price has been in a strong bullish trend in the past few days. It has dropped to a low of $0.00000013 to about $0.00000061. This means that the token has jumped by over 300% from the lowest level this year. It has moved above all moving averages.

Therefore, it seems like the Pepe token is having a bullish momentum. If this happens, the next key level to watch will be at $0.00000070. A move below the support level at $0.00000044 will invalidate the bullish view.

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What moves the cryptocurrency market?

  • Bitcoin moves the cryptocurrency market 
  • Its dependency on the US dollar increased 
  • Bitcoin holders better believe that the US dollar is in a bearish market

Investing in the cryptocurrency market is not for everyone. Volatility, for example, is much higher than in other markets. 

Sometimes, for no apparent reason, the prices of various cryptocurrencies bounce or decline aggressively, leading to speculation that the market is rigged. Lack of regulation might explain the moves, but surely investors wonder what moves the cryptocurrency market. 

The one and the only answer is Bitcoin. Its share of the total cryptocurrency market capitalization nears 50%. 

In other words, if Bitcoin’s price is rising, Ethereum or other cryptocurrencies can’t decline. And the other way around is true – if Bitcoin enters a bearish market, the other cryptocurrencies will follow. 

Therefore, the right question is not what moves the cryptocurrency market but what moves Bitcoin? 

Lately, Bitcoin moves following developments in the traditional currency market. More precisely, it follows the dollar. 

Bitcoin chart by TradingView

Bitcoin follows the dollar’s strength or weakness

The chart above shows Bitcoin’s performance from late 2021 to the present. Above, in orange, is the dollar index (DXY). 

It shows clearly that during the bear market of 2022, Bitcoin declined while the dollar strengthened. EUR/USD dropped below parity in 2022, trading as low as 0.96 at one point. The euro is the main component of the DXY, and thus the EUR/USD currency pair is the relevant one to consider. 

Bitcoin dropped, too, trading well below $20k. 

But then, in October 2022, the dollar bottomed. EUR/USD bounced above parity and rallied into the year’s end. 

It took Bitcoin until the end of the year to catch up with the dollar’s weakness. Eventually, it bounced too, rallying in 2023 and gaining over 75% in four months. 

To sum up, Bitcoin holders better believe that the US dollar will weaken lies ahead. Otherwise, it is difficult to hold Bitcoin if the dollar enters a bull market. 

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Ethereum and Tether – the only cryptocurrencies keeping pace with Bitcoin

  • Bitcoin makes up about 48% of the total cryptocurrency market capitalization
  • The share rises to 75% if we include Ethereum and Tether
  • Other cryptocurrencies’ share declined despite the latest cryptocurrency market rally

The cryptocurrency market bounced in 2023 and rallied right from the start of the trading year. As a result, Bitcoin is up +77.60% YTD, a remarkable performance in just four months. 

Other cryptocurrencies took the lead from Bitcoin. As such, the entire market bounced, as reflected by the total crypto market capitalization. By the end of 2022, it dropped to $755 billion following a bearish market but now reached $1.16 trillion. 

It means that investors regain confidence in the crypto space after the FTX scandal and other frauds. 

But besides Bitcoin, what other cryptocurrencies are favored by investors? Two stand out of the crowd: Ethereum and Tether. 

Ethereum and Tether keep pace with Bitcoin

The chart above shows the total crypto market capitalization dominance in percentages. Unsurprisingly, Bitcoin leads with 48.58%. 

Its share rose from 40% at the end of 2023, in the detriment of other cryptocurrencies, such as USD Coin or Solana. Even Binance Coin lost share, sitting at 4.31% currently. 

The chart shows that only two cryptocurrencies keep pace with Bitcoin – Ethereum and Tether. Ethereum’s share remained stable even during the bearish market of 2022. The same with Tether. 

The three comprise about 75% of the total cryptocurrency market capitalization – a good statistic to consider next time when investing in cryptocurrency. 

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Bitfarms stock still has another 80% upside from here, analyst says

  • H.C. Wainwright analyst sees upside in Bitfarms to $2.0 a share.
  • He explained his constructive view in a research note on Friday.
  • Bitfarms stock has already nearly tripled since the start of 2023.

Shares of Bitfarms Ltd have already nearly tripled since the start of the year but an H.C. Wainwright analyst is convinced that rally is far from over just yet.

Bitfarms stock could climb to $2.0

On Friday, Kevin Dede reiterated his “buy” rating on the bitcoin miner and said its shares could climb to $2.0 – up another 80% from here.

The bullish call on Bitfarms stock arrives only hours after the company expanded operations in Argentina that increased its fleet hash to 5 EH/s.

Estimates Dede has for 2023 are based on a hash rate of about 5.7 EH/s – a level he’s confident the miner will hit in its September quarter.

This fleet expansion also came without further shareholder dilution – an added prize not universally shared across the spectrum of publicly traded bitcoin miners.

Bitfarms Ltd is generating cash

The H.C. Wainwright analyst remains constructive on Bitfarms Ltd also because it did not slip into negative EBITDA even in the fourth quarter when thing went haywire for the crypto space at large.

Other reasons cited for the constructive view on Bitfarms stock include its gross mining margin that declined sharply (year-over-year) in 2022 but still stood at a healthy 33% nonetheless. Dede said in his research note:

We understand potential upside in Argentina. With greater financial flexibility via stronger balance sheet, Bitfarms has options to consider additional business development opportunities.

Expansion in Quebec, Paraguay, and Washington State will help the share price as well, he concluded.

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