Schlagwort: crypto business

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Is Cardano a ghost chain? No. Just extremely overvalued

  • Cardano has been criticized as one of the biggest ghost chains in the industry.

  • But its metrics shows that its network activity is doing well.

Cardano, one of the most popular blockchains, is also a highly controversial one as concerns about its ecosystem growth remain. Some crypto watchers believe that it is a highly overvalued project while others argue it is a ghost chain. 

Is Cardano a ghost chain?

A ghost chain is defined as a crypto project that has nothing going on in its ecosystem. And there are so many such chains in the crypto industry. Some of the top ghost chains are Kadena, Velas, and XDS Network among others.

Cardano, on the other hand, cannot be defined as a ghost chain because its ecosystem is growing. For example, its DeFi ecosystem is thriving even as the crypto winter continues. Data compiled by DeFi Llama shows that Cardano’s TVL has jumped to $227 million, making it the 14th biggest chain in the world.

In ADA terms, Cardano’s TVL has jumped to an all-time high of over 750 million ADA coins. This growth has been driven by the rising number of DeFi protocols in Cardano and the performance of platforms like MuesliSwap, MinSwap, SundaeSwap, and Indigo.

Further, Cardano also has many users. As shown below, the network is averaging over 30k daily users. Most ghost chains rarely have any users.

Cardano is also active in the NFT industry. Data by CryptoSlam shows that the total sales of Cardano NFTs in the past 24 hours totaled $277k, making it the eighth biggest player in the industry after Ethereum, Polygon, Mythos, Immutable X, BNB Chain, and Bitcoin.

Cardano’s valuation is stretched

Therefore, we can conclude without a doubt that Cardano is not a ghost chain. Instead, I believe that Cardano is just highly overvalued. According to CoinMarketCap, Cardano is valued at over $10 billion. At its peak, it was valued at over $90 billion. 

Despite the drawdown, it is hard to explain this valuation since $10 billion is a lot of money. Its valuation means that Cardano is valued higher than American Airlines, Lazard, and Moelis. 

The biggest challenge is that the ecosystem is getting highly competitive. Most of this competition is coming from layer-2 networks like Arbitrum, Polygon, Base, and Optimism among others.

Cardano has also failed to attract the biggest players in industries like tokenization, stablecoins, and DeFi. Instead, big players like AAVE, Uniswap, and PancakeSwap have moved to L2 networks.

How to buy Cardano

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Shiba Inu price prediction amid intensifying Shiba Memu competition

  • Shiba Inu is expected to rise higher if it breaks above $0.00001.
  • Shiba Inu is facing stiff competition from new Shiba-themed meme coins like Shiba Memu.
  • Shiba Memu has raised over $1.7 million in its ongoing token presale.

The value of Shiba Inu (SHIB) has surged by 32% over the past 30 days, offering meme coins traders and investors a reason to smile. This upward momentum is not solely due to prevailing positive sentiment in the crypto market. There are a number of other factors main among them being the upcoming Shibarium, an innovative layer-2 scaling solution that distinguishes itself with unique attributes.

Besides its arch-rival, Dogecoin (DOGE), Shiba Inu has also been facing steep competition from newcomer meme coins like PEPE and Shiba Memu (SHMU), which is currently in the presale phase. So let’s delve into what the future holds for SHIB amid this competition.

Shiba Inu facing a major resistance at $0.00001

At press time, SHIB’s trading price, according to information from CoinGecko, was $0.00000998. SHIB has demonstrated a rising trend of 19 % in the last seven days. The token has today continued with the bull trend gaining 1% at the time of writing.

Prior to today’s price surge, SHIB on Wednesday, experienced a huge rise of 5.75%, reaching $0.00001005.This upward trend fits with a recovery pattern that started two days ago after hitting a low of $0.0000947.

SHIB price prediction

SHIB’s price has remained well above the 50-day and 200-day Moving Average lines, reflecting the market’s active buyer activity. The bullish pressure on the market is further increased by the MACD line crossing above the signal line, although the RSI is moving closer to the overbought zone.

Nevertheless, for Shiba Inu to make good its bullish potential, it has to beat the resistance at $0.00001 which is further supported by the 200-day MA, creating a strong counterforce to the upward trend of SHIB.

While SHIB might have some trouble breaking through the $0.00001 level and could drop much lower to the area around the 50-day MA, any significant surge above this price level might push SHIB to new highs in the near future.

Shiba Inu vs Shiba Memu

While the hype around Shiba Inu has increased in the recent past as the community awaits the launch of Shibarium, a new artificial intelligence (AI) powered meme coin by the name of Shiba Memu is giving Shiba Inu some steep competition.

Shiba Memu combines meme coins’ concept of building a strong and passionate community around a common idea with artificial intelligence. Shiba Memu incorporates cutting-edge artificial intelligence (AI) technology, promoting itself not just as a crypto-token for entertainment but also as an innovator offering practical utility in the digital sphere and luring Shiba Inu whales.

The Shiba Memu community is expanding, and the coin is swiftly rising to the top of the meme tokens market. Besides its growing community, its innovative approach to meme coins is grabbing people’s interest and luring in investors from all over the world as evident in the amount it has managed to rise in its token presale in about a month.

In addition to all the good features, SHMU’s price continues to rise throughout the presale. At the time of writing, one SHMU token was going for 0.019450 USDT with the next price rise expected to take place in 6 hours’ time. Those interested in participating in the Shiba Memu presale can purchase SHMU tokens here.

The post Shiba Inu price prediction amid intensifying Shiba Memu competition appeared first on CoinJournal.

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Bittrex agrees to settle $24M in SEC lawsuit, doesn’t accept or decline allegations

  • Bittrex was charged in April by the SEC for selling unregistered securities.
  • Besides Bittrex, Coinbase and Binance are also facing similar charges.
  • Although Bittrex agreed to pay the $24 million, it has not mentioned anything to do with accepting or denying the SEC allegations.

The US-based cryptocurrency exchange Bittrex has agreed to settle $24 million with the US Securities and Exchange Commission (SEC) in the lawsuit where the SEC accused the exchange of offering unregistered securities to US investors. The SEC has today confirmed the payment in a tweet.

The exchange, however, has not agreed to nor rejected the SEC allegations of offering unregistered securities.

SEC’s allegations against Bittrex

The US SEC had filed a lawsuit against Bittrex and its former CEO, William Shihara, in April for selling unregistered securities. The SEC also claimed that the exchange’s foreign subsidiary, Bittrex Global GmbH, has failed to register as a national securities exchange.

Bittrex is not the only cryptocurrency under siege by the SEC. Binance and Coinbase are also facing similar charges. However, both Binance and Coinbase have vowed to fight till the end. Coinbase, which is a listed public company says that the SEC is contradicted since it knew about the exchanges dealing when the company applied to be listed as a public company.

However, the court is yet to approve the settlement and a Bitterx spokesperson said that they would comment more about the settlement once the court approves the agreement

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Gemini lists XRP, opens token deposits

  • At press time XRP token was trading at $0.6294, down 3.97% in 24 hours.
  • Only XRP deposits were possible at the time of writing.
  • The exchange has promised to open XRP trading soon.

Gemini, a cryptocurrency exchange, has announced that it will support the XRP Ledger (XRP) blockchain, adding it to a growing list of supported networks. The exchange has opened token deposits with trading expected to start soon be possible.

The news has however done little to stop the bearish trend that has seen the XRP token price drop by over 6% in the past seven days.

Why Gemini listing is a great plus for XRP

The XRP token was delisted by all cryptocurrency exchanges when the United States Securities and Exchanges Commission (SEC) filed a lawsuit against Ripple Labs for what it stated as selling a security without the required registration. However, exchanges have been lining up to relist XRP after Ripple won the case.

Gemini is known for having strict listing requirements, and many cryptocurrencies have struggled to meet them. Therefore, this news is encouraging for the XRP community after the recently won battle against the US SEC although there are speculations that the case could be appealed.

With Ripple (XRP) now available on Gemini Exchange, it is poised to reach a wider audience of investors and traders leading to increased liquidity and trading volume for the cryptocurrency. Besides its widespread acceptance across the crypto space, Ripple has also been working extremely hard to gain acceptance in the traditional financial world.

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Binance Labs commits to a $5M investment in Curve DAO tokens

  • Binance Labs is offering support to Curve after the recent hack.
  • The investment is part of recent OTC deals done by Curve founder with notable figures in the crypto space.
  • Curve Finance is later expected to deploy to the Binance-backed BNB Chain.

The venture capital and incubator division of the cryptocurrency exchange Binance, Binance Labs, has agreed to invest $5 million in Curve DAO (CRV) tokens.

The collaboration, which will also see Curve Finance deploy to the Binance-backed BNB Chain, was announced by Yi He, co-founder of Binance and head of Binance Labs.

The investment seems to be a part of recent over-the-counter (OTC) transactions that Curve founder Michael Egorov conducted with prominent individuals in the cryptocurrency industry. Among them, Justin Sun, the founder of Tron, purchased 5 million CRV tokens for $2 million, while Huobi co-founder Jun Du purchased 10 million.

Binance support to Curve DAO after the hack

Yi He has stated that Binance Labs pledges its full support to Curve through investment and a strategic partnership in light of the recent developments that have had an impact on the protocol. The Binance co-founder went ahead to state that they see this collaboration as a beginning and are eager to continue working together to advance the development of the DeFi ecosystem.

According to on-chain data gathered by Spotonchain on Dune Analytics, Michael Egorov has sold more than 156 million CRV tokens so far for a total of $46.4 million. According to DeBank, the transactions appear to be strategically intended to lessen the potential liquidation risks that Egorov may face across numerous decentralised finance platforms as a result of a $50 million stablecoin loan he had taken earlier.

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