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Apecoin could see massive gains as whales continue to accommodate

Apecoin (APE) has faced a consistent downtrend over the last four days. But today, the coin has bounced back and appears to have reversed the downward pressure. APE is however not done yet. More gains could come as whale accumulation continues. Here are the main facts:

  • APE could add 22% to its value in its recent bull run

  • The coin could however face selling pressure after crossing $15.

  • APE is up 10% over the last 24 hours.

Data Source: Tradingview 

Apecoin – The bullish setup

After peaking at the $17.46 price back in March, APE has struggled to find any decent momentum. Instead, the coin had started to spiral downwards. But it seems this downward trend is now reversing. In fact, APE was up 10% over the last 24 hours. 

This recent bull run could trigger a 22% rally as whales continue to accumulate the coin. RSI also shows that APE is building momentum. As long as the price action remains above $10 in the days ahead, we can expect more gains in the near term. 

However, there is some limited upside potential here. In recent days, the range between $14.23 and $15.98 has proved to be a serious sell zone for investors. We don’t expect this to change anytime soon. Although the 22% upswing is very possible, APE is likely to pull back further down the moment it hits the sell zone above.

How to profit from this setup

There isn’t a lot of downside risk right now for APE. After four down days in a row, it seems the coin is poised for better returns. The best entry price will be between $11.5 and $12.5. It is likely that APE will surge past $14 in the days ahead. This would be the perfect time to sell and earn at least 15% in profit.

The post Apecoin could see massive gains as whales continue to accommodate appeared first on Coin Journal.

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Why has Atari Token (ATRI) dropped by over 25% today?

While the majority of the coins are making significant gains, Atari Token (ATRI) is nose diving.

At the time of writing, Atari Token is trading at $0.012993 after hitting a daily high of $0.0183 and a daily low of $0.01112.

But why is the token price dropping? In this article, we will focus on all the possible reasons for the downtrend.

Why is Atari Token price plummeting?

Before we go into the details as to why the token is dipping, let’s first understand what Atari is.

Atari Token is a decentralized cryptocurrency launched on the Ethereum blockchain to establish a universal mode of payment in the Atari video gaming space as well as allow publishers and developers to have a new way of monetizing their products.

Let’s now take a look at why is the token price tumbling.

Atari terminates its partnership with ICICB Group

One of the main reasons for the dip is the Atari, the gaming company, announcement in a news release that it has terminated its partnership with ICICB Group.

 The two companies had teamed up to launch the crypto and also Atari branded hotels across the globe.

This was back in 2020 when the hotels had announced that they will be accepting ATR as a mode of payment, where the gaming brand was to receive a 5% cut-off of all the revenues from the business venture with each venue set to offer immersive video game theme.

This was a big blow to the crypto and its holders. Following the news, the token has been on a downtrend.

However, it’s not clear what altered the deal, but the covid 19 pandemic might have contributed to some length of their plans to build extravagant accommodations worldwide.

Atari told the investors that the ICICB group is not authorized to represent the Atari brand on any of its official websites, social media channels, or whitepapers.

Reimbursing its holders

Despite all that, On Monday afternoon, April 18, 2022, a snapshot of all the ATRI holders was taken and a new exchange platform will be launched at a later date, therefore investors don’t have to worry.

 

The post Why has Atari Token (ATRI) dropped by over 25% today? appeared first on Coin Journal.

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$SAND price has gained more than 10% today: here is why

SAND price has been rising since April 17 and the bullish trend is gaining momentum every day.

At the time of writing, SAND was trading at $2.94; up 11.18% in the last 24 hours. It has hit a daily high of $2.99 and a daily low of $2.61.

Currently, its trading volume is $522.46 million which is much higher than the one it had on April 17 trading volume of $225.07 million.

In this article, we will focus on the factors causing the price of SAND to rally.

Why is SAND price rising?

Before we go into the details of the current price rally, let’s first lay a state what is The Sandbox and what is SAND.

The Sandbox is a blockchain-based online game owned by Amonica Brands Corporation that allows users to create, sell and buy digital assets. It was launched in 2011 and SAND is its native token.

Now onto the reasons behind the current rally.

Plan to raise $400 million

One of the main reasons that have attributed to the current price upswing is Bloomberg comment that the team behind the The Sandbox is planning to raise another $400 million; something that will see its valuation jump to $4 billion from both existing and new investors.

It is important to note that The Sandbox had a similar fundraising project in November last year 2021, where it was able to raise $93 million led by Softbank. 

However, the team has not yet set the grounds on which the fundraising will be carried out since this will be influenced by the markets.

The Sandbox gameplan

This time round The Sandbox has a clear game plan for having its Metaverse platform. 

Besides, The Sandbox had attracted prominent organizations like HSBC, a British banking organization, where they had partnered earlier this year after the organization was interested in buying a virtual real estate, LAND.

Rumors of The sandbox conducting an IPO

There have been rumours of The Sandbox conducting an Initial Public Offering (IPO), but The Sandbox Co-founder and chief operating officer, Sebastien Borgen disapproved the rumors.

The post $SAND price has gained more than 10% today: here is why appeared first on Coin Journal.

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CoinDCX raises $135M in funding towards crypto and Web3 growth

CoinDCX CEO Sumit Gupta said the crypto exchange will use the funds to help support crypto adoption and Web3 projects in India.

CoinDCX, one of the largest cryptocurrency exchanges, has announced a $135 million Series D funding round, according to details shared by the firm’s CEO Sumit Gupta.

“Excited to share that CoinDCX has raised over USD 135 million, in our latest Series D funding round. Another step closer to our dream of making crypto accessible to every Indian,” Gupta tweeted on Tuesday.

The funding round was led by Pantera Capital and Steadview Capital. Others to participate in the round were Kingsway, Draper Dragon, Kindred and Republic. 

CoinDCX’s series D financing also attracted further investment from existing investors B Capital Group, Coinbase, Polychain Capital and Cadenza.

The investment round pushed the India-based crypto exchange’s valuation to $2.15 billion. The company became India’s first crypto unicorn when it was valued at $1.1 billion during its Series C funding last August. The exchange has now raised over $245 million.

Web3 growth in India

The crypto startup’s funding round and plans around crypto adoption and Web3 comes just a couple of weeks after India’s tax regulation took effect. The 30% capital gains tax took effect on 1 April, with various aspects of the taxation criticized as potential setbacks to the industry.

CoinDCX wants to support growth within the crypto sector as well as Web3.

“We are on a mission to build a greater understanding and trust between regulators, industry, and our users. This latest round of funding will help us accelerate the growth of Crypto adoption in India and further the march of Web3.0,” he noted.

To help achieve these goals, CoinDCX has plans to make an even bigger impact via blockchain awareness and education programs for Indian investors.

The exchange will also use the funds for risk management as it seeks to offer its users a safe platform to transact.

The post CoinDCX raises $135M in funding towards crypto and Web3 growth appeared first on Coin Journal.

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BNB Chain burns $772M worth of BNB

BNB Chain has successfully burned over 1.8 million BNB tokens in a transaction completed on 19 April 2022.

Per data from Binance explorer, the transaction saw 1,830,382.48 BNB burned. The market value of the tokens at the time of the burn was over $772 million.

Binance CEO Changpeng Zhao had earlier confirmed the removal of the over 1.8 million BNB. He also acknowledged the successful burn, stating that this activity is part of BNB’s whitepaper.

19th BNB Burn

This was BNB’s 19th burn (for Q1 2022) after Binance adopted an auto burn system that automatically triggers from an on-chain command.

The auto burn system allows for a planned removal of BNB from circulation and takes into account the coin’s price and total blocks generated in the given quarter on the Binance Smart Chain. For Q1 2022, the total number of blocks was 2581627, with the average price at $403.22.

During the 18th burn, over $729 million worth of BNB was removed from circulation.

The next burn is estimated to also see 1.8 million BNB (estimated at $769 million) taken out of circulation. According to data on the BNB Chain, the 20th burn is expected to occur at an average price of $424.59.

BNB Chain plans to reduce the total supply from 200,000,000 BNB tokens to 100,000,000. As of the latest burn, a total of over 34.6 million tokens have been destroyed. Data shows the circulating supply is currently just over 165.3 million.

 BNB supply

 

BNB was trading at $420 at writing time, with the token’s value up by 4.4% in the past 24 hours. BNB/USD has added nearly 7% in the past week.

The post BNB Chain burns $772M worth of BNB appeared first on Coin Journal.