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ApeCoin v Decentraland – Which one is a better buy?

While both are primed for a huge bounce back, APE has better odds

Key Points:

  • ApeCoin is the leading Metaverse cryptocurrency today. However, its price is heavily depressed due to the crypto bear market. 

  • Decentraland is one of the older Metaverse cryptocurrencies. While demand is growing, the market correction has affected it negatively.

  • While MANA and APE are likely to do well once the market rebounds, ApeCoin’s hype advantage could see it outperform MANA. 

ApeCoin (APE)

ApeCoin is the utility token for the entire APE ecosystem, including the highly popular Bored Ape Yacht Club NFTs. ApeCoin was one of the most popular cryptocurrencies in March/April 2022. In March, the hype was driven by the launch excitement. ApeCoin then gained accelerated momentum in April following the launch of the Otherside Metaverse. While the broader market correction has weighed down on APE for the better part of May, the level of community activity within the Ape ecosystem continues to grow. This means APE has a bright future once the markets turn bullish again. 

Decentraland (MANA)

Decentraland is a popular Metaverse cryptocurrency and has been around since 2017. Over the last two years, there has been a sharp increase in demand for its Metaverse lands by retail players and institutional investors. It is an indicator that as the Metaverse gains traction, Decentraland will have a significant role to play in it, a factor that could help drive up the value of MANA tokens long-term. 

Which one is a better buy?

Both ApeCoin and Decentraland are good buys, especially now that the cryptocurrency market is heavily depressed. As the largest Metaverse cryptocurrencies in the market today, the odds favor their bounce back once bulls return.

However, in terms of comparative gains, the odds tend to favor ApeCoin both in the short term and long term. This is all thanks to its association with the Bored Ape Yacht Club, the hottest line of NFTs in the market today. Besides the hype around Bored Ape NFTs, the Ape ecosystem has grown fast in a very short amount of time. For instance, it only took less than two months after the ApeCoin launch for the Otherside Metaverse to launch. Many other milestones are underway, all of which could play positively into APE’s price action in the future.

Conclusion

Both ApeCoin and Decentraland are high-potential Metaverse cryptocurrencies to buy today. Once the crypto market turns bullish again, these two have the potential to make a strong rebound. However, in terms of comparative gains, ApeCoin has hype strongly in its favor. Since hype plays a critical role in the cryptocurrency market, there is every reason to believe that ApeCoin will beat Decentraland in gains.

The post ApeCoin v Decentraland – Which one is a better buy? appeared first on CoinJournal.

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Tether launches its USDT stablecoin on the Polygon network

Tether, the world’s largest stablecoin company, has launched its USDT stablecoin on the Polygon network bringing its utility to the over 19,000 decentralized applications (dApps) running on Polygon.

Polygon, a layer 2 (L2) scaling solution for the Ethereum network, allows cheaper and faster transaction costs using ZK rollups and optimistic rollups technologies. Its dapps have been created by more than 8k developer teams from 3k in October.

Tether has a variety of tokens backed by assets with a more “stable” value like the commercial paper and US treasury bills. These assets keep Tether tokens pegged to one dollar each. Besides, Tether had recently announced a new stablecoin, MXNT, launch that will be pegged on Mexican Peso.

Advantages of stable assets

Stable assets are very important as they help to increase the rate of trade in the market as well as cubbing all the risks involved in the DeFi ecosystem in terms of market volatility.

Polygon is now the 11th blockchain to host USDT. Other blockchains that host USDT are; Solana, Ethereum, Avalanche, Omni, Kusama, Algorand, EOS, Bitcoin Cash’s Standard Ledger Protocol, and Tron.

Paolo Ardoino, Tether CTO said:

“We’re excited to launch USD₮ on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space.” 

Notably, USDT had faced some turbulence after TerraUSD (UST) collapsed. This could not be dealt with since UST was an algorithmic stablecoin that was backed by unstable crypto instead of direct dollars.

However, Tether’s recovered its peg quickly and reassured its holders that their reserves were fully backed.

The post Tether launches its USDT stablecoin on the Polygon network appeared first on CoinJournal.

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STEPN (GMT) price surges 20% a day after STEPN said it’ll block GPS services in China

STEPN, the most popular fitness-focused Move-to-earn game, shared an official announcement stating that they will block geolocation (GPS) services for users in China mainland starting on July 15.

Following the announcement, the price of STEPN (GMT) dropped by 5.29% to a low of about $0.83 before bouncing back by 20.67% to trade at $1.05 at the time of writing.

What is STEPN?

After its launch in late 2021, STEPN gained popularity in the world gaining over $20M profit in Q1 of 2022. Currently, the game has over 580K global players, however, it’s not clear how many players are in China.

Since the company will be blocking all the China-based IP addresses, local users have been given up to July 15 to make arrangements themselves for their virtual assets before the change becomes effective. 

STEPN uses the GPS concept to track the movement and steps of the players who purchased the virtual NFT sneakers. The virtual NFT sneakers are then converted to in-game utility tokens.

What caused STEPN to block GPS services in mainland China?

The move to block GPS services in mainland China is mainly due to regulatory issues.

Although STEPN did not explain the reason why the team decided to take that stand, their Twitter thread has hinted at regulatory policies compliance.

The post noted:

“STEPN has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies. We also remind users to beware of scams.”

However, the Chinese government is known for its strict policies against digital recording technologies it has not provided and also the fear of foreign surveillance.

Last year, the Chinese government banned the use of Tesla cars by its state officials due to their facial recognition cameras saying that they can be used to spy and gather state information.

Earlier this year, China’s general prosecutor added the level of inspecting non-fungible tokens (NFTs) and the Metaverse. Besides, the officials in the country have been warned against financial crimes like illegal fundraising and money laundering carried out through the Metaverse and NFTs. Related crimes will not be tolerated and will attract severe punishment

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Ankr’s (ANKR) bearish outlook continues as the coin struggles to escape major resistance

Ankr (ANKR) continues to show bearish signs and could remain on the downside for weeks. The coin is suppressed below several crucial resistance zones. It will take time and a significant change in sentiment for this overall bearish outlook to reverse. Here are some points:

  • ANKR was largely exposed to the UST collapse about a week ago.

  • UST’s recovery in recent days has however failed to translate into gains for ANKR.

  • The coin lost nearly 5% in the last 24 hours.

Data Source: TradingView

Will ANKR recover in 2022?

The long-term outlook for ANKR has always been positive. However, there is still a long way to go before the coin reaches any meaningful milestones. First, the biggest challenge will be to overcome the $0.041 resistance zones. At the moment, ANKR is roughly 15% away from this. 

However, we don’t see the token testing of $0.041 in the coming days. In fact, owing to the broader weakness in the crypto market, ANKR will likely retreat by at least 10% by the end of the week before its next leg up. This will push the token towards its next support of around $0.031. 

Now, here is where things might get interesting. If indeed ANKR consolidates above $0.031 for a few days, it may reverse the downtrend and test $0.04. But if bulls fail to hold that, then ANKR will likely bottom at $0.023 by the end of June.

Is ANKR worth buying?

Despite the price decline over the last few weeks, ANKR still retains very good fundamentals. In fact, the project recently announced a major partnership with the Tron Network. 

So, for the long term buyer, ANKR is a decent buy. However, wait a few weeks for the price action to retreat further. That way, investors can get an even bigger discount as they await a long term ANKR recovery.

The post Ankr’s (ANKR) bearish outlook continues as the coin struggles to escape major resistance appeared first on CoinJournal.

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Three DeFi coins to buy by the end of May

DeFi has stagnated somewhat for most of 2022. Even though most projects in this area have shown a lot of promise, the price action for most DeFi coins remains very suppressed. This is of course a gloomy sign, but it also means that there are more opportunities for investors to take advantage of. Here is how:

  • Despite the slowed outlook in 2022, DeFi projects can still offer decent returns this year.

  • The slowed sentiment also suggests that coins have become significantly undervalued.

  • There is huge application potential for DeFi projects in the future

Now, finding a nice bargain in DeFi can often be confusing for the average investor. But here are 3 coins that should be ideal as a start.

Uniswap (UNI)

Uniswap (UNI) is a decentralised exchange that runs on the Ethereum network. It has in fact grown over the years to become one of the biggest DEX in the world. Also, over the last few weeks, the DEX has seen important growth milestones.

Data Source: TradingView 

For example, Uniswap crossed $1 trillion in trade volume the other day. Unique monthly users have also risen sharply. However, UNI is still trading very low. This undervalued nature means the coin can shoot up once sentiment in the market gets better.

Nexo (NEXO)

Founded in 2018, Nexo is a decentralised lending protocol that focuses on offering loans to those who need them. The platform has seen sharp increases in total loan volumes and is set to become one of the largest lending protocols in terms of market cap. The project still has a lot to deliver this year, so it should be a good buy.

BenQi (QI)

BenQi (QI) is also a lending protocol. It is one of the biggest DeFi projects on the Avalanche network. Since its inception, the project has attracted a lot of investments and continues to work on ways to improve its ecosystem.

The post Three DeFi coins to buy by the end of May appeared first on CoinJournal.