Kategorie: Crypto News

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Shiba Inu price lags as Pepe, Keke, Ben volume and traction jumps

  • Shiba Inu price performance has lagged that of new meme tokens like Keke, Ben, and Pepe. 

  • The volume of Shiba Inu in the past 24 hours stands at $120M compared to Pepe’s $500M.

  • Many novice crypto traders are buying meme tokens that are clearly scams. 

Shiba inu price has recoiled recently as focus remains on the upcoming alternatives like Keke, Ben, Pepe, and Bambi. SHIB was trading at $0.0000090, which was the lowest level since January 13. It has dropped by more than 42% from the highest point in March.

Meme coin season continues

A major news theme in the cryptocurrency industry is the meme coin season. In the past few days, we have seen many new meme coins move from obscurity to become some of the biggest coins in the industry. 

Shiba Inu, the second-biggest meme coin in the world after Dogecoin, has been abandoned as investors focus on these new tokens. For example, data by CoinMarketCap shows that the volume of Shiba Inu traded in the past 24 hours stands at just $120 million. 

On the other hand, the volume of Pepe traded in the same period stands at about $508 million. This makes it the fourth coin after Bitcoin, Ethereum, and Sui. BEN, another meme coin, has seen the volume jump to $79 million, which is a substantial figure considering that it is a relatively new token. 

Other smaller meme coins like Keke, FourCoin, and Bambi have seen their volumes jump. 

However, the risk is that many crypto traders are buying tokens that are being pumped and dumped. As we wrote here, some whales have started to move their Pepe tokens. Indeed, the prices of most of these new meme coins have dropped sharply from their all-time high. Since they lack a clear utility, I suspect that most of these tokens will drop sharply in the near term. 

Shiba Inu price prediction 

Turning to the daily chart, we see that the SHIB price has been in a strong bearish trend in the past few weeks as attention shifts to the new meme coins. The token managed to move below the key support level at $0.0000096, the lowest level on March 10.

Shiba Inu remains below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the oversold level. Therefore, the outlook of the token is still bearish, with the next level to watch being at $0.0000080. A move above the resistance level at $0.000010 will invalidate the bearish view. 

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The post Shiba Inu price lags as Pepe, Keke, Ben volume and traction jumps appeared first on CoinJournal.

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Why is Stacks (STX) going down: Can it stay above $0.6?

Key takeaways

  • STX is the worst performer amongst the top 100 cryptocurrencies by market cap so far today.

  • Stacks has lost more than 9% of its value today and could record further losses in the near term.

  • The broader market is stagnant ahead of today’s CPI readings.

STX dips by more than 9% today

STX, the native token of the Stacks ecosystem, is the worst performer amongst the top 100 cryptocurrencies by market cap so far today. The coin has lost more than 9% of its value over the last 24 hours and could experience further bearish trend continues.

There is no catalyst behind STX’s ongoing poor performance. The cryptocurrency is correcting after rallying to its weekly high of $0.81. Over the past month, STX has lost more than 20% of its value after reaching a high of $0.9819.

At press time, the price of Stacks stands at $0.6442. If the bearish trend continues, STX could drop below the $0.6 psychological level in the near term. 

Crypto investors await the CPI readings

The Consumer Price Index (CPI) readings in the United States will be revealed later today. Cryptocurrency investors are awaiting the figures before making their moves, with volatility in the market currently low.

The CPI will give investors insight into the current inflation situation in the United States. If the inflation figures increase, the Federal Reserve could continue its interest rate hike.

Earlier this month, the Fed increased interest rates by 25 basis points, taking interest rates in the US to a 16-year high.

However, a lower inflation figure could see the Federal Reserve cool down its rate hike. 

Bitcoin, the world’s leading cryptocurrency by market cap, continues to trade just below the $28k level. The total cryptocurrency market cap stands at $1.14 trillion, down by less than 1% today.

The post Why is Stacks (STX) going down: Can it stay above $0.6? appeared first on CoinJournal.

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Bitcoin shorts surge on BitMEX, implications for Metacade price?

  • Metacade price rose to an all-time high after its presale and listing on major cryptocurrency exchanges.
  • Today’s Bitcoin price prediction highlights the implications for Metacade price as BTC is heavily shorted.
  • The week is key to investor sentiment with markets awaiting US inflation data.

Bitcoin (BTC) traded around $27,575 on Wednesday morning even as equities and other risk assets traded lower ahead of key US inflation data. While US Futures and European stocks edged lower, Bitcoin lumbered within a range that sees it down nearly 4% this past week.

On-chain data shows BTC is being heavily shorted as investor caution adds to the negative sentiment that has prevailed since the dip from highs of $30,000. What does the outlook for Bitcoin price mean for Metacade (MCADE)?

Bitcoin price prediction: crowd sentiment is negative but what’s the outlook?

The price of Bitcoin rose to $30,000 last Friday, with bulls looking to retest recent year-to-date highs. However, with sentiment flipping negative amid broader market anxiety and new FUD saw the benchmark cryptocurrency’s value dump to a weekly low under $28,000.

At current prices, Bitcoin is under fresh pressure with on-chain data showing bets on further declines have surged on crypto exchange and derivatives trading platform BitMEX. 

For the BTC price outlook, analytics firm Santiment points to Bitcoin’s funding rate, which is at its most negative ratio in nearly two months. While prices are likely to fall to support in the $25,000 region should a meltdown follow the CPI data and investor reaction to potential Fed rate hike path, the current crowd perspective has historically given way to new upside momentum.

Santiment says of BTC price prediction:

“Bitcoin’s funding rate on BitMEX is seeing its most negative ratio since the heavy bets against prices in mid-March, just before prices soared. Generally, price rise probabilities increase when the crowd overwhelmingly assumes prices will be dropping.”

This short term outlook for Bitcoin price will likely align with the anticipated new bull cycle ahead of the next halving. Altcoins are likely to see some action before then, and projects with greater ecosystem pull like Metacade could be stand out performers.

Metacade’s big GameFi ecosystem bet

Metacade is a play-to-earn (P2E) project looking to offer the gaming ecosystem an all-in-one GameFi and Web3 hub. As highlighted in the project’s whitepaper, the goal is to offer an arcade-style gaming platform where gamers, developers, and crypto enthusiasts connect, play and earn.

One aspect of Metacade’s unique approach to the gaming ecosystem is its rewards system. Unlike other traditional P2E platforms, MCADE offers complete utility as it allows for multiple earn revenues for token holders and investors via a strategy that will bring new game titles.

The team is also focused on incorporating leading industry gaming studios and developers, opening up the platform to growth into the ultimate GameFi environment.

The platform is set to go live soon and has a native token that will power transactions and interactions for users. The token, MCADE, concluded its presale successfully in April before going live on major exchanges Uniswap, BitMart and MEXC Global.

Is MCADE worth investing in in 2023?

Metacade’s MCADE token sold out swiftly during its presale, with investors scooping the allocated supply portion amid greater interest in what the project offers. Investors also saw the token’s value explode after the crypto market showed confidence in Metacade’s potential with listings on the highlighted exchange platforms.

Accomplishing roadmap milestones such as introducing Metagrants to support ecosystem development, and improving governance via a DAO, could help catapult Metacade into position as one of the biggest crypto gaming platforms.

The upcoming launch of the mainnet coupled with the diverse opportunities MCADE offers could be the catalysts that elevate Metacade’s price in 2023 and beyond.

Metacade price prediction

Market experts are long-term bullish on Metacade price, particularly on being a potential game-changer in the GameFi sector.

Metacade has a fixed supply of 2 billion MCADE tokens, with 1.4 billion tokens (70% of supply) available to investors during the presale. Demand for the token and removal from circulation via a burning mechanism should see buy pressure push the price higher long term as more people enter the Metacade ecosystem.

If we look at Metacade price today, we see its trading largely in tandem with the major altcoins. The forecast for MCADE price in the short term looks at the broader implications of Bitcoin ripping higher again to uplift the entire sector.

MCADE price hit an all-time high of $0.045 on 3 May 2023. The token’s current price is $0.024, down nearly 9% in the past 24 hours. MCADE/USD is also in negative territory on the weekly timeframe, although it trades above its Uniswap listing price level of $0.022 per token in April.

If the altcoin market dumps further, primary support for MCADE would be at around the mentioned buffer of $0.022. There’s a possibility of $0.020 and the all-time low of $0.014 could come into play incase of a deeper rot.

Should bulls regain control, a retest of the peak and targets of $0.1 in 2023 will likely be achievable. Meanwhile, the medium term price target could be $1 in 2024.

The post Bitcoin shorts surge on BitMEX, implications for Metacade price? appeared first on CoinJournal.

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Nearly a million addresses hold more than 1 bitcoin, half the US median salary


Key Takeaways

  • The distribution of Bitcoin can be analysed through the transparent nature of the blockchain
  • Nearly 1 million addresses now hold more than 1 Bitcoin, equivalent to $27,500, or half the US median annual salary
  • As Bitcoin collapsed in price last year, falling 77% from peak to trough, the 1 Bitcoin hurdle became far easier to achieve

The funny thing about the blockchain is that, while it is impossible to know the identities of individuals or institutions behind a Bitcoin address, the distribution of the asset is readily available on the Internet for all to see. 

This means that we can study the distribution of coins across the network. For example, the largest holder of Bitcoin is the anonymous creator, Satoshi Nakamoto, at approximately 1 million coins, or over 5% of the entire supply. 

In digging deeper, however, we can assess how many people own certain thresholds of Bitcoin. Notably, one target is about to be hit: there will soon be 1 million addresses holding 1 Bitcoin or greater. 

The current number, as of 8th May 2023, is at 997,919 addresses containing 1 Bitcoin or greater, equivalent to $27,500. With the median US salary at $56,400 per year, 1 Bitcoin thus equates to roughly half of that – and a lot more in most other countries. 

To be clear, one Bitcoin address is not equal to one person, so this doesn’t necessarily mean 1 million people own 1 Bitcoin. Certain individuals are in control of multiple Bitcoin addresses, while some addresses may belong to institutions or groups of people. But it is the best approximation we have, as like we said above, it is impossible to know the identity behind these addresses. We just have an alphanumeric code on the blockchain, which is the beauty of it. 

The one million addresses represent just over 2% of the total number of non-zero addresses on the Bitcoin network. 

“For a long time, one Bitcoin was just a small amount of money. It was only ten years ago that it first crossed the $100 mark. Then in 2017, it passed $10,000 for the first time. It is remarkable to be sitting here now with nearly one million addresses containing at least one Bitcoin, despite how expensive it has become”, said Max Coupland, director of CoinJournal. 

How does the distribution change as Bitcoin’s price moves?

Obviously, Bitcoin’s price is incredibly volatile. Back in November 2021, the price of Bitcoin was nearly $69,000, well clear of the median wage in the US. Since then, the asset’s price has collapsed. Despite rising 66% thus far this year, it remains 60% off its peak. 

Therefore, this has made owning certain amounts of Bitcoin a lot more achievable. In plotting the pattern of Bitcoin addresses holding more than 1 Bitcoin against the price of Bitcoin, there is a clear shift upward in trajectory from the spring of 2022, when the price of Bitcoin began to crater downwards.  This followed a period of levelling off during COVID as the price of Bitcoin went parabolic, surging from $7,000 at the start of 2020 to nearly 10X that by late 2021.

When comparing the growth in addresses holding 1 Bitcoin to total (non-zero) addresses on the network in the next chart, one can see that non-zero addresses have grown at a much more steady pace, with the pickup in early 2022 of addresses holding 1 Bitcoin or more not matched. This makes intuitive sense, as the world is on a dollar standard, and less dollars required to buy 1 Bitcoin means more people can hit that hurdle. 

Despite the hurdle of owning more than 1 Bitcoin becoming easier to achieve, it is still a lot of money. If Bitcoin ever retakes the levels it did during its pandemic boom, the trajectory of people reaching this elusive “whole coiner” status will again slow, as it simply will not be possible. Of course, Bitcoin’s price can always go the opposite way, in which case it won’t be quite such a difficult – or desirable – target. 

If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.

The post Nearly a million addresses hold more than 1 bitcoin, half the US median salary appeared first on CoinJournal.

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ETH/BTC price has upside potential, according to this bullish pattern

  • Bitcoin’s YTD return exceeds Ethereum’s
  • The best way to speculate on the difference between the two is to trade the ETH/BTC cross
  • A bullish flag favors more upside for Ethereum

Two of the leading cryptocurrencies are Bitcoin and Ethereum. The direct correlation between the two is so strong that one cannot move up or down without the other one to follow.

Bitcoin is supposed to lead, but that has not always happened. In any case, in 2023, Bitcoin gained 67.05% YTD, while Ethereum 53.95% YTD. Hence, Bitcoin leads, but for those believing in Ethereum, it means that there is more room to catch up.

The best way to speculate on the difference between the two is to focus on the ETH/BTC price. The cross tracks the differences between the two leading cryptocurrencies; the higher it gets, the closer the two move.

For example, if the cross moves to parity, it means that 1 Ethereum equals 1 Bitcoin. But that is a long road to such a level. As for now, the cross trades at 0.066, moving in a tight consolidation in 2023.

A bullish flag favors more upside for Ethereum

The ETH/BTC cross more than doubled in April 2021, moving from 0.03 to above 0.06. Since then, it moved into a range with the highest point 0.08 and the lowest 0.05.

ETHBTC chart by TradingView

But a bullish flag pattern keeps the focus on Ethereum. On a daily close above 0.07, bulls might want to invest in Ethereum instead of Bitcoin because the cross has room for more upside until the flag’s measured move is reached.

The post ETH/BTC price has upside potential, according to this bullish pattern appeared first on CoinJournal.