Kategorie: Crypto Markets

• Sui price rose more than 11% as Bitcoin and Ethereum declined below key levels.
• SUI gains after ByteDance subsidiary BytePlus chose to enter Web3 via the Sui blockchain.

Sui (SUI) traded higher today despite a broader crypto market downturn that saw Bitcoin dip below $61k and Ethereum fall below $3,000.

While Sui price remains below the recent peak above $2.17, its surge to $1.27 in the past 24 hours represents gains of more than 11% and better than most altcoins in the top 100 by market cap.

Why is SUI price up as altcoins dip?

On April 17, the Sui team announced that BytePlus, a subsidiary of the technology firm ByteDance, had joined the crypto network as it makes its Web3 debut.

🚨BREAKING: BytePlus, the enterprise technology arm of ByteDance (the company behind @TikTok_US), is coming to Sui! pic.twitter.com/GtutYyFI5X

— Sui (@SuiNetwork) April 17, 2024

BytePlus is expected to collaborate with Mysten Labs to bring its gaming and social apps to the layer 1 blockchain.

This means Sui developers can now access and tap into BytePlus services across content distribution, personalisation and user engagement solutions.

For instance, BytePlus Recommend is a service that will help developers create and deploy personalized apps, while builders can leverage BytePlus Effects’ 80,000 “ready-to-use stickers and effects for video apps.”

BytePlus and Sui’s partnership could unlock a new Web3 adoption curve on Sui.

Sui price outlook

As noted, SUI soared today as most cryptocurrencies mirrored Bitcoin’s struggles. When the benchmark cryptocurrency fell below $62k on Wednesday afternoon, Sui’s price went the opposite direction.

While recent token unlocks may have contributed to the sell-off pressure, SUI is likely to have benefitted from the major news development today.

Sui has soared on positive news recently, with the token rising more than 16% after Mysten Labs announced the release of Pilotfish. The token’s value also rose after the stablecoin First Digital USD (FDUSD) expanded to Sui, only the third blockchain network to have native support for the new stablecoin. The others are Ethereum and BNB Chain.

With Sui price above $1.27, its likely bulls could push above $1.30 and target the immediate resistance near $1.50. The upside includes the March 27 highs above $2.17, which is the current all-time high for SUI.

On the downside, Sui price may rely on support at $1.00 and potentially $0.79.

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• NEAR Protocol (NEAR) price jumped more than 7% to be among top gainers as Bitcoin (BTC) looked to hold above $63k.
• KangaMoon (KANG) presale reached over $4.9 million amid increased attention in the final stage.
• The project combines meme culture with GameFi and SocialFi and could be a dominant player in the space.

NEAR Protocol (NEAR) is among top gainers in the market today as the market buzz around Bitcoin’s upcoming halving intensifies. But what’s the price outlook for NEAR as BTC holds near key level and what does it mean for new token KangaMoon (KANG).

KangaMoon records increased interest from investors

KangaMoon seeks to stand out among new crypto projects by combining play-to-earn gaming and socialFi.

This project is community-driven, an approach that also taps into a meme-inspired environment where one can play, interact and earn the native KANG token among other exclusive rewards. 

KangaMoon also provides for an opportunity for token holders to access rare NFTs, opening up further opportunities for gamers. These will come via the “Kangaverse” ecosystem, where holding KANG offers exclusive games and rewards.

Ahead of the project’s official launch, KANG tokens are available in presale.

NEAR price prediction amid AI token’s surge

NEAR Protocol price surged by more than 7% on Wednesday as NEAR token defied overall negative sentiment across altcoins.

The gains have pushed NEAR above the key price level of $5.00, which could act as a major support level after the bounce from weekly lows of $4.58.

NEAR Protocol’s price surge in the past 24 hours comes amid fresh sentiment around the project as decentralized AI and Web3 take center stage at is TOKEN2049 Dubai. There’s also a lot of positives related to NEAR’s collaboration with Sweat Economy to drive the next chapter of Web3 adoption.

With increased traction coming into view as AI and Web3 align, its likely NEAR Protocol could see a strong performance in the market in coming months. This outlook suggests a return to highs of $8.80 reached in March 2024 could bring the psychological $10 into play in the short term.

On the downside, a break below $5.00 could offer a re-entry level around $4.25. December 2023 lows of $3 could be a buffer if there’s a bearish flip.

KangaMoon price prediction

Per the KangaMoon whitepaper, the total supply of KANG is 1 billion tokens, 600 million of which is set for presale buyers. This means the token’s price could quickly surge amid market demand, rising from a potentially low market cap to become one of the top meme-linked crypto projects.

Currently, KangaMoon is in stage 5 of its presale. KANG is priced at $0.0196 and still offers a 10% bonus that one can scoop on all their purchases.

The opportunity to earn more KANG during the presale and the potential dominance in the future has seen early birds allocate more than $4.9 million to KangaMoon. 

Once the presale ends, the official launch will see KangaMoon begin trading on exchanges.Only 65% of the final stage allocation remains.

While time is running out, there’s still an opportunity for an early bet. This is because the new meme-inspired project has the potential to dominate the GameFi and SocialFi markets.

What can impact KangaMoon (KANG) price post presale?

The market debut price and prevailing conditions, including the macro environment, could dictate market performance.

However, given KangaMoon’s presale performance so far, it’s likely a positive flip for top coins like Bitcoin, Ethereum and NEAR Protocol could buoy the rest of the market.

In this case, KangaMoon (KANG) could be one of the top new tokens to watch in the coming months.

To learn more or buy KANG, visit the official KangaMoon website.

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• X Layer is a zero knowledge (ZK), EVM-compatible Layer-2 network.
• The Polygon CDK powered L2 is live and  integrates with over 200 dApps across DeFi, wallets, NFTs and gaming among others.

OKX, one of the world’s largest crypto exchange companies, has launched the public mainnet of its EVM-compatible Layer 2 network “X Layer” is now live.

Haider Rafique, the chief marketing officer at OKX, announced the launch in a blog post on Tuesday.

According to the OKX official, the Polygon Chain Development Kit (CDK)-powered L2 integrates with over 200 decentralised applications (dApps) onboarded during X Layer’s testnet.

X Layer integrates over 200 dApps

X Layer also integrates with the OKX exchange’s CEX platform and the OKX Web3 Wallet.

As an EVM-compatible network, X Layer allows users to tap into dApps on Ethereum as well as bridge assets from the OKX CEX and Web3 Wallet.

“Our objective is to make it cheaper and faster for millions of people to go in and out of on-chain applications through our Zero-Knowledge Proof (ZK) powered, EVM compatible L2 network,” Rafique noted in the blog post published on April 16.

Applications currently available with the mainnet launch include 40 DeFi projects, 20 Infrastructure, 12 bridge,  and 16 wallets. There are also 10 NFT and gaming, 10 SocialFi applications and numerous dev tooling dApps.

Popular DeFi dApps on X Layer include Chainlink, Curve, Renzo, and QuickSwap while Infra applications include LayerZero, Wormhole, and EigenLayer (DA).

X Layer is aimed at unlocking and accelerating adoption of Web3 economy, Rafique said.

OKB, the native OKX token, will serve as the native asset of the X Layer network. Users will leverage the token for transaction fees on the network.

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• WOO plans innovation hub expansion to bolster Bitcoin’s ecosystem
• The new initiative will focus on projects bringing Bitcoin Layer-2s, RWA, DeFi, AI and DePIN to the Bitcoin ecosystem.

WOO has announced plans aimed at using its innovation hub and the WOO token to power the next growth chapter for the Bitcoin (BTC) ecosystem.

WOO, which features a top CEX platform WOO X and top DEX platform WOOFi, revealed its latest initiative at Token2049 week in Dubai.

What are WOO’s plans to bolster BTC ecosystem?

According to a recently published announcement, WOO’s Europe-based innovation center will be expanded to tap into the native WOO token’s potential in driving the new era of decentralized projects on Bitcoin.

We’re excited to expand our innovation hub to vastly increase the number of WOO-aligned products in the coming months.

Expect greater alignment with high-potential projects under verticals such as RWA, AI, DePIN, and the emerging BTC ecosystem: https://t.co/pIPc8sURJQ

— WOO (@WOO_ecosystem) April 16, 2024

WOO’s strategic plans will initially target new growth verticals such as artificial intelligence (AI), Bitcoin L2s,  Real World Assets (RWA), Decentralized Physical Infrastructure Networks (DePIN) and DeFi within the BTC ecosystem.

The project’s goal is to ramp up WOO-aligned products across these verticals, with development focused on leveraging the WOO token. Projects will receive grants among other support, to work on these objectives, Ben Yorke, VP of Ecosystem, said in a statement.

“Our ecosystem can provide resources, such as access to liquidity, market makers, users, and partners, which will create a powerful flywheel effect as more high-quality builders become aligned with WOO,” Yorke noted.

Projects or teams that join the WOO Innovation hub will be selected on the basis of their commitment to AI, RWA, DeFi, and BTC L2 innovation. The criteria will also include their capacity and ability to integrate the WOO token, Yorke added.

The Bitcoin ecosystem has attracted a lot of developer attention in recent months, with innovative projects looking to tap into the top blockchain network’s security and traction. Experts have also opined that the burgeoning BTC L2 ecosystem could be a huge market in coming years.

As well as the highlighted sectors, there’s gaming and NFTs, the latter seeing great developments since the launch of Bitcoin Ordinals.

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• Puffer Finance secures $18 million in funding round led by Brevan Howard Digital and Electric Capital.
• Crypto exchanges Coinbase and Kraken also invest in the Ethereum liquid restaking protocol.

Puffer Finance, an Ethereum liquid staking protocol on Eigenlayer, has raised $18 million in its latest funding round.

An announcement on Tuesday says Brevan Howard Digital and Electric Capital led the Series A funding round.

Puffer’s financing effort also attracted the participation of several top venture capital firms, including Fidelity, Coinbase Ventures, Franklin Templeton, and Consensys. Other key investments were by Kraken Ventures, Lemniscap, Mechanism, Lightspeed Faction and Animoca.

As a liquid restaking protocol, Puffer Finance allows ETH stakers to contribute to Ethereum’s decentralization by staking just 1 Ether (ETH). This is far less than the 32 ETH an individual staker needs to earn Ethereum staking rewards.

The project’s Liquid Restaking Token (LRT) also allows holders to earn yield from other DeFi projects.

Puffer Finance growth

Puffer Finance has so far raised $23.5 million as it moves closer to its mainnet launch. The Series A round follows a $5.5 million seed round raised in 2023 that venture capital firms Lemniscap and Lightspeed Faction co-led.

Puffer has recently partnered projects such as Ethereum L2 platform CyberConnect, DeFi’s yield hub Balancer and multi-chain interoperability platform Wormhole.

According to DeFiLlama data, Puffer’s TVL stands at around $1.15 billion. The total value locked reached $1.5 billion in mid-March.

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