Schlagwort: blockchain analysis

• Litecoin has dropped by more than 30% from its highest level this year.

• Focus now shifts to the upcoming FOMC minutes.

Litecoin price continued falling on Wednesday as focus shifted to the upcoming FOMC minutes. LTC plunged to a low of $78.78, the lowest level since June 20th. The coin has fallen by over 32% from its highest level in July. Other coins like Bitcoin, Ethereum, and XRP have also retreated.

FOMC minutes ahead

Litecoin has lost momentum in the past few weeks as the hype of the recent halving event faded. In most periods, cryptocurrencies tend to do well ahead of a major event and plunge shortly thereafter. This is known as buying the rumour, selling the news.

The next key catalyst that will move the LTC price will be the upcoming FOMC minutes. These minutes will show the deliberations that happened in the last meeting. In it, the bank decided to hike interest rates by 0.25%.

In the past, Fed minutes have moved key financial assets like cryptocurrencies and stocks. However, there is a likelihood that LTC and other cryptocurrencies will react mildly to the minutes.

Besides, they have failed to react positively to important events recently. For example, Litecoin and Bitcoin remained in a consolidation mode after last week’s US inflation data. The numbers showed that US inflation, except housing, is falling at a quicker rate than expected. 

Therefore, there is a likelihood that the Fed will pause hiking rates. Some analysts believe that the bank will even start cutting rates in the first quarter of 2024 since risks are rising. 

Bitcoin and Litecoin also ignored important news on China. The country has published weak economic numbers recently. For example, its imports and exports have slipped while retail sales and industrial production rose at a slower pace than expected.

Litecoin price forecast

The daily chart shows that LTC price has been in a downward trend after peaking at $114 in July. It has already dropped below the 50-day moving average and the crucial support at $82.50, the lowest point on June 28th. 

The two lines of the MACD indicator have moved to almost minus 3 while the Relative Strength Index (RSI) has moved to the oversold level. It also remains below the important resistance at $103.60, the highest point in February and March.

Therefore, Litecoin has more downside going forward, with the next level to watch being $64.77, the lowest swing on March 11th. This price is ~18% below the current level.

How to buy Litecoin

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• Shiba Memu has raised $2 million in a fast-happening presale

• Investors have been thrilled by Shiba Memu’s AI capabilities set to make it a marketing powerhouse

• Shiba Memu has a potential higher 1,000% price increase as the project gains popularity

Shiba Memu (SHMU) buyers are shy of the $2 million mark regarding the value of tokens bought. Since launching the presale a few weeks ago, token buying has been unstoppable. At this point, it is fair to say that buyers have huge bets for the new meme kid on the block. That positions the token to a potential price surge after listing. Investors can purchase the token via the project’s website. 

Is Shiba Memu the best meme cryptocurrency of 2023?

There are notable crypto names in the meme scene. Dogecoin and Shiba Inu have been the top dogs for quite a while. Still, new names like PEPE debuted in 2023 and became instant sensations. Undoubtedly, the meme space has been growing fast. The market hit a market cap of $20 billion in early 2022 from $0 in early 2020.

Nonetheless, there has been a notable challenge for most, if not all, meme cryptocurrencies. They have yet to replicate gains and remain sustainable to generate lasting returns. For Dogecoin and Shiba Inu, a prolonged bear market has caught up with the assets.

The search for a meme token likely to remain powerful and deliver lasting returns is on. Shiba Memu looks like that alpha edge investors have been looking into meme investments.

Against the backdrop of enjoying the privileges of being a meme, Shiba Memu aims to be sustainable. The project is built with an artificial intelligence angle. With AI, the focus is to make Shiba Memu powerful and intelligent, capable of doing more than humans. Shiba Memu will write its own PR, devise a marketing strategy, and generate FOMO for itself. After all, meme tokens are mostly driven by hype. 

But think of what AI can do in creative advertising. It can crawl the web and find the best ideas in marketing. The AI can then package the information in a fun, friendly, and understandable manner. As an AI-led project, Shiba Memu will feature these capabilities. 

The added advantages of AI in Shiba Memu make the project one of the best in crypto right now. As such, Shiba Memu could be the unlikely hero of 2023 while the rest of the sector sleeps.

Is Shiba Memu a 10x investment? 

It is highly speculative how much potential a newly launched token could rise. However, a 10x increase in value is an understatement, as meme tokens have risen up to 50x. 

So far, Shiba Memu has been a presale king, hinting at how much potential the token has. Thus, the future of the token is huge, which could start to get realised after listings in 2024. 

The possible price drivers for the token are hype due to ingenious self-marketing and demand. As the world evolves through AI, we could see more demand being unlocked for Shiba Memu. 

The project also allows users to interact with the software through an AI dashboard. They can ask questions, give suggestions, and be informed of the latest in creative advertising. This could unlock demand and make Shiba Memu a more than 10x investment.

What are the benefits of buying Shiba Memu in the presale?

Shiba Memu’s presale is quite unique. The price started at $0.011125 and is now at $0.020575. The price of the token will be $0.0244 when the presale ends. The increases have been due to SHMU tokenomics. The tokenomics will see SHMU value double by the end of the 8-week presale period.

Essentially, Shiba Memu’s price increases daily at 6 pm GMT. This allows buyers to see investment increases for their tokens daily and have a meme vibe. At the end of the presale, investors will receive their tokens and be set for huge benefits as SHMU lists.

The post Shiba Memu’s presale is nearly $2 million. Is the token set to explode? appeared first on CoinJournal.

Key Takeaways

• Google search interest in the metaverse is down 92% from its peak, highlighting the fall from grace for the concept
• 92% of respondents globally said that they have heard of crypto, but only 8% considered themselves to be very familiar with the concept of Web3
• Web3 often has trouble defining exactly what it is, with abstract and shifting goals frequently changing with time
• Collapse of token economy and pullback in wider crypto space has curtailed enthusiasm
• Web3 is not the metaverse, but there are valuable lessons to be had for tokens with regard to lofty goals and abstract descriptions 

Lockdowns, stimulus packages, social distancing – the year 2021 could not seem more different when looking back on it today. 

The same holds true within crypto. The year saw Bitcoin sail past $68,000, El Salvador declare the orange coin as legal tender, cartoon monkey pictures sold for millions of dollars, and a doggy token by the name of Dogecoin at a valuation of $88 billion.

Among the hysteria, a virtual world was touted more and more as the future. A future world where everybody could work, hang out and more, built on top of blockchain rails. They called it the “metaverse”. The only problem is, that clamour has become a whisper, as data for the search term “metaverse” on Google shows below, which is down 92% from its peak. 

Web3 has also pulled back

While the metaverse may be low hanging fruit to target, the more ubiquitous- and somewhat related – concept of Web3 has also struggled to maintain the excitement levels of the pandemic. 

Despite lofty predictions that Web3 was on the verge of a parabolic rise, in a recent survey conducted by YouGov and Consensys, the results suggested this was nowhere near. While 92% of respondents globally said that they have heard of crypto, only 8% considered themselves to be very familiar with the concept of Web3. 

With so many aware of crypto yet so few familiar with what Web3 is, it may suggest two things. The first, quite simply, is that Web3 has had trouble catching on; the results not delivering on the lofty promises, the protocols struggling to deliver utility amid a declining crypto environment. 

The second is a long-running criticism of Web3; namely, it has trouble defining exactly what it is, at least without venturing into an overly abstract realm. 

Interestingly, the same survey indicated enthusiasm around solving problems which proponents of Web3 claim it aims to fix. For example: 

• 79% want more control over their identity on the Internet
• 83% think data privacy is important
• 67% believe they should own the things they make 

For some enthusiasts, this may be optimistic, as it highlights interest in the problems which Web3 aims to solve and an inevitable target market. And yet, in another way, it sums up the exact problem. These issues are extremely broad and vague. In a survey, it is not surprising that the majority say that they believe they should own the things they make, or that data privacy is important. 

Just because people are interested in these things does not necessarily mean that Web3 protocols built with the supposed goals of tackling these “problems” will succeed. As we have seen, once token prices fall, the climate shifts rapidly. 

Facebook rebranding to Meta sums up struggles

Perhaps there is no better way to sum up the popping of the bubble quite like Facebook’s decision to rebrand as Meta. On last month’s earnings call, CEO Mark Zuckerberg was forced to outline that the company’s determination to focus on the metaverse remains intact. 

“We remain fully committed to the Metaverse vision as well,” Zuckerberg said. “We’ve been working on both of these two major priorities (AI and the metaverse) for many years in parallel now, and in many ways the two areas are overlapping and complementary.”

Meta’s metaverse ventures have hurt shareholders. Last year, its Reality Labs unit, in charge of the Metaverse project, lost $13.7 billion. The year before, a further $10.2 billion was lost. 

“I can’t guarantee you that I’m going to be right about this bet. I do think that this is the direction that the world is going in,” Zuckerberg added. 

Thus far this year, Meta has performed strongly in conjunction with the bouceback in the tech sector. However, the rebound comes after the stock significantly underperformed the Nasdaq, with the underperformance widening after the company’s Meta rebrand in October 2021 (not that it is necessarily indicative, but it is interesting all the same). 

Looking back, the timing of Meta’s rebrand was unfortunate. Its public commitment to the metaverse and company name change came on October 28th 2021, only thirteen days before the Bitcoin price peak and the pinnacle of the COVID-driven crypto bonanza.

Of course, the pertinent counterpoint of this is that Meta represents the exact antithesis of what many Web3 believers desire. A dominant big tech company with a questionable history and public image, to say the least. And besides, the metaverse is not Web3 – although this inability to define it in tangible and actionable terms is part of the issue. 

Obviously, the entire crypto sector is hurting badly, not just metaverse and Web3 tokens. Bitcoin remains over 55% off its high. The macro environment has been problematic and risk assets have struggled across the board, with interest rates hiked north of 5% following so many years of treading water near zero.

In a more direct comparison, even interest in Bitcoin from the mainstream is down, with search volume for Bitcoin falling to two-year lows. And yet the damage with regard to the metaverse has been worse. Looking at the coins classified as metaverse on CoinMarketCap, the top currencies are all down at least 84%, with an average 92% drop.

It’s been a rough ride for all of crypto. But for metaverse, it has nearly decimated the still-nascent concept. While the metaverse is not Web3, there are many tokens and projects leaning on the promises of the latter while creating nothing of genuine utility. For the projects still around in the space, examining the travails of metaverse coins could be a valuable lesson. 

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Notes

Consensys and YouGov survey Link

The post Only 8% of people are familiar with Web3 – what has happened? appeared first on CoinJournal.

• Sports betting and gambling companies published strong financial results.

• Chancer token has raised almost $1.4 million in the past few weeks.

Sports betting and gambling revenue jumped in the first half of the year as demand for the services rose. Recently released financial results by companies like Penn National, Entain, and Flutter Entertainment. At the same time, Chancer, an upcoming betting platform that uses the blockchain technology, has raised almost $1.4 million in the past few weeks.

Betting revenue is soaring

Publicly-traded companies in the sports betting and gambling companies have published strong financial results in the past few weeks. Flutter Entertainment, the parent company of Fanduel, PokerStars, Paddy Power, Sisal, and Betfair, said that its revenue jumped by 42% in the first half of the year. It made over 4.8 billion in revenue as the number of users soared by 28%. In his statement, the head of Flutter said:

“We acquired over two million new players in the period, cemented our leadership position in sports and grew our share in iGaming to 23%. The US business was profitable in the first half with FanDuel generating over $100m in EBITDA.”

Similarly, Entain had a strong performance, offset by a huge fine in Turkey. Its revenue jumped by 19% in the first half of the year. Most of this growth came from the United States, where the company owns several brands. Its gaming revenue rose by 22%.

DraftKings, one of the leading players in the industry also recorded strong results as the company nears profitability. Its revenue jumped to over $874 million in Q2 and EBITDA coming in a positive territory.  

Other companies in the sector like Penn National, 888 Holdings, and Churchill Downs have all reported strong financial results. As a result, most of these stocks have jumped by more than 20% this year. Entain has underperformed because of the company’s legal issues.

Chancer is set to thrive

All these numbers mean that Chancer is set to thrive when its product launches later this year. For starters, Chancer is a company that is building a unique beting platform where people from around the world can participate.

Its global nature is enabled by the company’s use of blockchain technology. $CHANCER, its crypto token, will help to facilitate payments in its ecosystem. Also, holders will be able to create their market, live stream them, and then make money when people place bets on them. 

Also, $CHANCER holders will take part in the network’s governance, where they will be able to vote on key issues. As owners of the platform, they will receive a share of the profits that the network generates. All these features are different from traditional companies that are managed centrally. You can buy the Chancer token here.

While Chancer token has more room to grow, investors should always do their own research before investing.

The post Sports betting revenue is soaring as Chancer sale nears $1.4M appeared first on CoinJournal.

• ApeCoin will unlock tokens worth over $31.4 million this week.

• Oasis Network will also unlock tokens worth over $8 million.

• Injective will also release more tokens this week.

Some of the most popular cryptocurrencies are having their token unlock events this week. The Sandbox unlocked millions of tokens, leading to a major dilution among holders. This dilution, helped push the SAND token to the lowest level since June.

According to TokenUnlocks, ApeCoin, Oasis Network, and Injective will flood the market with additional tokens this week. ApeCoin, the native token by Bored Ape Yacht Club (BAYC), will release additional 15.6 million tokens on Wednesday. 

These tokens represent about 4.3% of the total circulating supply and will be worth $31.5 million. Most of them will go to Treasury followed by Yuga Labs, Yuga Labs founder, and launch contributors. The last ApeCoin token unlock will happen in June 26th.

ApeCoin’s token unlock will come at difficult for the ecosystem as demand for BAYC prices retreat. Its price has plunged by over 68% from the highest level this year.

Oasis Network, a smart chain platform, will unlock additional ROSE tokens worth over $8 million. Its last token sale happened in May 18th when the developers unlocked 199.50 million tokens. These tokens will go to partners and reserve, core contributors, and the community. The last token unlock will happen in February 2031.

The last major token unlock will be Injective, the DeFi-focused blockchain backed by Mark Cuban. Injective will release tokens worth over $20 million on Sunday, with most of them going to the ecosystem developers. Injective’s final vesting will happen in April 2024.

In most cases, token unlocks tend to be bearish for cryptocurrencies since they lead to more dilution. They are often seen as the reversal of share buybacks in the corporate sector.

How to buy ApeCoin

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