Kategorie: Crypto News

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Star Atlas wants to revolutionize P2E gaming – Should you buy

Play to earn or P2E is seen as one of the most promising sectors in crypto. After all, some projects have seen massive success in this area, including the popular Axie Infinity. But one game that is trying to take over the P2E space is Star Atlas. The metaverse game has seen major milestones over the past few months. Here are some of them:

  • Massive community growth with over 350,000 followers on Twitter

  • The game is built on Solana, offering better speeds and scalability

  • It has hundreds of thousands of active players each day

Data Source: TradingView 

Star Atlas – Should you buy it?

Before we get to the economics of Start Atlas, it is important to note that the metaverse offers a dual token economy. The governance token is called the POLIS. Now, as an investor, you would normally purchase the governance token since it gives you a lot of leverage over the game. 

So, the more the game grows, the more valuable the POLIS token becomes. This token has a fully diluted market cap of around $138 million. This is still modest and offers quite some potential for more expansion. 

The second coin is the in-game utility token called ATLAS. This one would be ideal for people who want to actually play the game. The market cap for ATLAS is around $219 million.

Why buy Star Atlas?

The potential growth that Star Atlas offers is quite incredible. In fact, just recently, JP Morgan has come out with a report that predicts the metaverse would be worth $13 trillion by 2030. Start Atlas is one of the projects leading this revolution, and it could help you unlock a huge chunk of that industry.

The game dynamics and in-game economy of the Star Atlas metaverse are very sustainable. This ensures the game can run on its own without further injections of capital.

The post Star Atlas wants to revolutionize P2E gaming – Should you buy appeared first on CoinJournal.

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Avalanche could drop below $10 – Here is why

Avalanche, like many major coins, has had some reprieve from the crash we saw at the start of the week. Although the coin is down 3% over the last 24 hours, it has managed to stabilize. However, the altcoin is not out of the woods yet; in fact, another major sell-off could be on the way. Here is what you need to know:

  • Low trade volumes in crypto could precipitate a liquidity challenge for AVAX

  • The prospects of a global recession and tight monetary policy are major risk factors.

  • AVAX could drop nearly 50% and bottom below $10 in the coming weeks.

Data Source: TradingView 

Avalanche price analysis and prediction

At the moment, Avalanche appears to be in a consolidation phase. However, this does not mean there is likely bullish momentum. In fact, this consolidation is basically a small reprieve from the massive sell-off reported earlier in the week. We expect Avalanche to resume the downtrend owing to weakened demand in crypto and wary investors. 

Also, as trade volume in the market slows, altcoins will likely face liquidity challenges. This may contribute to a major downfall in the near term. At the moment, AVAX is trading at around $16. The coin still has strong support at the $12 mark. 

However, we don’t think bulls have what it takes to hold it. Instead, AVAX will slide down past $12 and settle at around $9. This will represent a 50% drop from the current price. Nonetheless, this thesis will become invalidated if AVAX reclaims $20.

Why is AVAX falling?

Well, it is a combination of many things. For instance, the overall sentiment in crypto has slowed. As such, coins like AVAX are facing major headwinds. 

Also, we have not seen any major rally for AVAX this year. It turns out that 2022 is a year of corrections. As such, the coin could drop below $10 for the first time in 12 months.

The post Avalanche could drop below $10 – Here is why appeared first on CoinJournal.

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Cardano establishes a strong trading range despite pressure

Before the crypto crash this week, Cardano had shown outstanding upward momentum. The coin at one time even rallied by nearly 50% in less than a week. But as weakness sips through the market, all these incredible gains have now reversed. Despite this, ADA has managed to establish a strong trading range. Here are some highlights:

  • ADA has traded between $0.47 and $0.55 over the last few days

  • This range will likely hold as the broader crypto market slightly recovers

  • Cardano however faces very limited upside to overcome the $0.55 barrier.

Data Source: TradingView 

Where will ADA go from here?

The trading range established by ADA over the past few days represents short-term support and resistance. It is likely that the coin will trade within this range for days before it finds direction. 

However, we do not see a lot of downsides. In fact, if ADA was to lose the $0.47 support, it could still find a lot of resilience at $0.435. This is actually a longer-term support zone for the coin. Also, if there is a period of price consolidation above $0.55, we may see a short-term rally for ADA. 

But it doesn’t seem like the coin has so much room to run. In fact, the best-case scenario for bulls would be to try and reclaim the highs of $0.77. Here, ADA will face major sell-off pressure and will likely retreat even before it attempts to test $1.

When will ADA return above $1?

It seems like yesterday when we were all looking at ADA above $1. The coin was projected to hit at least $5 by the end of the year. However, this is now highly unlikely since ADA would need to grow more than 10x to hit that estimate.

But a return above $1 is not out of the cards. Sentiment will however need to improve drastically over the month ahead for this to happen.

The post Cardano establishes a strong trading range despite pressure appeared first on CoinJournal.

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Immutable unveils $500M fund to support Web3 gaming adoption

Immutable, the firm behind Ethereum’s leading NFT scaling solution Immutable X, has announced a $500 million fund aimed at boosting Web3 gaming development, according to details shared on Friday.

Immutable will count on experience gained from the development of Gods Unchained and Guild of Guardians to help new developers. New talent is also being added to the team from leading game studios like Riot Games in a bid to provide the best in terms of game design, tokenomics, and marketing.

Venture and Grants program

According to the platform, the fund will be split into two – ventures and grants – with both layered on the objective of accelerating the global adoption of Web3 games.

The venture side of the fund will see Immutable partner with leading venture funds to provide developers access to the support they need to build on the platform. Firms already in the mix include BITKRAFT, Airtree, Animoca Brands, GameStop and King River Capital among others.

Grants will also involve Immutable X (IMX), the native token on the L2 platform. All token-related investments will be unlocked after 24 months.

Immutable says their goal is to help onboard the next big project on Immutable X, joining the likes of TikTok, GameStop, Illuvium, Opensea, Ember Sword and VeeFriends among other top gaming platforms and IP holders.

The post Immutable unveils $500M fund to support Web3 gaming adoption appeared first on CoinJournal.

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MANA price jumps as Decentraland DAO votes to give Decentral Games $1M grant

As the crypto market ructions continue, cryptos with metaverse backup like Decentraland (MANA) have stood tall as others nosedive. MANA, for example, registered some gains today after Decentraland DAO voted in favor of giving Decentral Games (DG) a $1 million grant.

At the time of writing, MANA was trading at $0.8399, up 1.98%.

Decentraland approves DG request for grant

Decentraland metaverse platform DAO approved the proposal made by the DG last month to give them a $1 million grant to support its liquidity pool. However, this grant is more than four times higher as compared to the $240,000 community grant that is paid out in MANA. The DAO uses these grants to support projects that steer the growth of their platform.

According to the DG’s proposal, the grant will offer rewards to its ICE-USDC liquidity pool on QuickSwap. DG play-to-earn ICE Poker game, launched in October 2021, uses ICE token. For those staking USDC-ICE LP tokens, the MANA from the DAO will be distributed to the users for over three months.

Decentral Games CEO and Co-founder, Miles Anthony said:

“This MANA allocation is a stepping stone to assist in boosting our in-game economy as we prepare to launch ICE Poker Sit-n-Go tournaments, along with other key initiatives that drive organic demand and utility for ICE and solidify our ecosystem’s long-term sustainability.” 

DG impact on the Decentraland ecosystem

According to Decentraland, DG has been a key player in its ecosystem with the ICE Poker game accounting for about 60% of its active users weekly and over 8000 active players daily in 12 different decentral venues, besides it has bought thousands of Decentraland land packages.

DAO members voted in favor of the proposal

For the proposal to be approved, a total of 191 DAO members with more than 11 million Voting Power (VP) voted, with 151 members voting in favor of the proposal against the 40 who opposed it. Voting Power determines the winners however it has to be with over 6 million VP threshold and in this case, there was a 6,162,990 VP against 4,952,747 VP.

The VP is calculated based on the total of LAND, MANA, and NAMES that are linked with the Voter’s wallet. In this case, big holders can sway a vote where only 10 voters accounted for 81% VP. But the DG team also played a big role by casting 2 million to reach the VP threshold.

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