Tesla and Spacex CEO Elon Musk says that dogecoin has potential as a currency. However, his Twitter buyout deal has been put on hold “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.” Elon Musk Says Dogecoin Has Potential as a Currency Tesla CEO Elon Musk has made another […]
The price of XRP has nosedived substantially to a level that it last touched almost 70 weeks ago. At the current time, XRP’s price have been trading near its immediate support level of $0.36. Bitcoin continues to be on shaky grounds as the coin tried recovering by moving past the $30,000 mark. At press time, the coin fell back to $29,700. The majority of the industry’s altcoins have continued to extend losses today. The bearish pull remains strong in the market at the time of writing. Over the last 24 hours, the market has bottomed out and that is why a chance of price revival can still be considered. The technical outlook of the coin shows that a relief rally could be on the charts, however, the macro market is still fragile. Strength from the broader market would be needed as well so that sellers don’t outnumber buyers in the market forcing prices to fall again. Price Analysis: XRP One Week Chart XRP was trading at $0.42 at the time of writing. The coin had presented signs of revival because the coin soared by 10% over the last 24 hours. It is still quite uncertain if XRP will manage to trade above its nearest support line of $0.36. A break below which can cause the coin to tumble to a low of $0.13. With buyers returning, XRP might attempt to trade above its immediate resistance of $0.56. XRP also flashed an equal high on the one week chart, this pattern is connected to bullish price action in the market. Toppling over the immediate resistance can push XRP to $0.68, staying above which can help invalidate the bearish thesis in the market. The volume of XRP traded had increased and the bar was red which depicted bearishness. Technical Analysis XRP had attempted to make a price revival but continued selling pressure have tired the bulls out. The same is reflected on the 20-SMA indicator. The price of XRP was seen below the 20-SMA line. This reading signified sellers were driving the price momentum on the market. On the Relative Strength Index, after facing an intense sell-off across the market, buyers re-entered. XRP was no longer seen in the oversold zone on the RSI. After the recovery though, XRP again fell prey to the bears and RSI flashed a downtick signifying increased selling pressure. Related Reading | Crypto Shorts See $240M Flush As Bitcoin Rebounds Back Above $30k With the price revival, XRP’s technicals have displayed an onset of positive price action. It is however too early to say if it is a beginning of a shift in the price action. Moving Average Convergence Divergence underwent a bullish crossover on the four-hour chart. The indicator flashed growing green histograms above the half line and that means bullish momentum for the coin. XRP also could witness a northward push in prices because the Chaikin Money Flow was seen above the zero-line. This indicator displays the number of capital outflows and inflows and according to the above chart, capital inflows exceeded outflows at the time of writing. Related Reading | Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?
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So your rich drunk uncle shows up at your house one day and says “Hey man, you’ve always been my favorite nephew. You can have your choice, I can give you either $10,000 in Bitcoin or $10,000 in Ethereum.“ Which one would you take? My friends and I have been pondering this thought experiment and…
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These BIG3 NFTs might become one of this year’s most entertaining stories. The 3-on-3 basketball league created by Ice Cube and Jeff Kwatinetz offers utility beyond belief for its “NFT Ownership” collection. The Fire tier NFTs holders will get to effectively affect the game and the league via video calls with the team and coaches. They’ll also get the chance to be Team CEO, which is what Snoop, Gary, and the other projects seem to be looking for. “A BIG3 NFT holder is effectively a part of the team from the moment they wake up to the moment they go to sleep,” claims the league. These Ethereum-based NFTs come with “ownership-like benefits” in “two-tier options comprising 12,000 editions – 1,000 for each of the league’s twelve teams that include 25 Fire priced at $25,000 each and 975 Gold priced at $5,000 each.” From those 25 Fire ones, a Team CEO is selected. So, each of the prominent buyers got all of the available ones for a particular team. The BIG3 league’s season five starts on June 18th, and it will receive live coverage on CBS and Paramaunt+. Will the owners and their NFT collections receive some of that coverage? And will they bring their own particular audiences to the BIG3 basketball league? The BIG3 League Announces Its NFT Series Recently, “Ice Cube guaranteed on a recent Twitter space that the league will be around for 100 years”. Considering the BIG3 is going into its fifth year, what we have here is a low time preference situation. In the blog post announcing the superpowers that the BIG3 Ownership NFT collection contains, they presented the project comparing Web 2.0 to Web3. “You can read a blog, comment on a blog, or even start your own blog. You can follow your favorite players on Twitter or Instagram. All of that is fine, but none of it allows you to make an actual impact on your favorite players, team, or league. Web 2.0 provides engagement. Web 3.0, which the BIG3 is diving into with this NFT drop, takes you past engagement and into an empowering experience.” The NFT excels in utility, among many other things it guarantees: attendance to parties after gamedays and invites to practices. Reserved owner suites, backstage access area, player and coach meet-and-greets. Plus, a championship game experience and “even a championship ring if your team wins the whole thing.” Plus, because it’s the law for NFT projects, “a dedicated Discord page for BIG3 owners.” However, the killer app is ownership. How Do The BIG3 NFTs Guarantee Ownership The new Team CEO is chosen among the 25 Fire tier NFT holders. Besides that, every one of those 25 will have “a direct and tangible impact on the league” by: “Access to weekly calls with your team to talk strategy leading up to each game” “Weekly video calls with referees to discuss rules and how you think their calls impacted the last game” “The unique opportunity to connect with commissioner Clyde Drexler as well as league founders Jeff Kwatinetz and Ice Cube three times a year to discuss fundamental strategy, changes, and ideas for the league” So yeah, owners will get to speak with Clyde the Glide and Ice Cube. ETH price chart on Kraken | Source: ETH/USD on TradingView.com The New Owners: Snoop Dogg, Gary Vee, And More This is where it gets interesting. Since we’re talking about an NFT, members of the community came out in full force to support the idea. And to get into the conversation. So far, the celebrity owners that bought the 25 Fire tier NFTs from their respective teams are: Snoop Dogg and co-founder of PayPal Ken Howery got the 25 for team Bivouac. Gary Vaynerchuk and his VeeFriends NFT collection got the Triplets, who won the 2019 Championship. As referenced in our article about them, NFT community DeGods bought Killer 3. Bill Lee from MyDoge wallet brought the DogeCoin community by purchasing the 25 Fire-Tier for Aliens using Dogecoin. This was “the largest commercial transaction in history for the cryptocurrency.” Krause House, a basketball-focused Decentralized Autonomous Organization, got the Ball Hogs’ 25. Relevant Quotes From BIG3’s Site Speaking on the phenomenon, BIG3 co-founder Ice Cube said: “We are absolutely thrilled to have Snoop, Ken, and their communities on board with the BIG3. Having someone with Ken’s knowledge and experience wanting to be a part of our league demonstrates that we are moving in the right direction. Snoop is an undisputed legend who has jumped headfirst into the Web3 space and clearly understands the importance and the value of what we are trying to create. Together, I know they will take Bivouac to new heights and we can’t wait to get started.” For his part, GaryVee said: “I’ve been incredibly impressed with the pop culture relevance of the BIG3 league. Over the last several months I’ve been able to get closer with Cube and the rest of the team and I’m extremely excited about the impact of the Blockchain on professional sports. All of those ingredients create a scenario where I am excited to join this incredible league.” And BIG3 co-founder Jeff Kwatinetz contributed: “We are thrilled to partner up with Bill and have the MyDoge and Dogecoin communities be represented by the Aliens. We have made history with this transaction, and we hope it inspires others in the Doge world to support the team whether by purchasing the Gold-Tiers, by attending games, or by tuning in.” As you can see, everyone is focusing on communities and the merging of the audiences. This is a win-win situation if we ever saw one. There could very well be enough star power in this deal to take both the BIG3 League and the NFT community to new heights. Featured Image: BIG3 Ownership NFT promotional image from the site | Charts by TradingView
Welcome to the Daily Discussion. Please read the disclaimer and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could…
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Many people are labeling crypto as gambling or a poor investment in this sub. These are people that lost money, have no real intention to use crypto for its purpose at all, and we’re only in it for appreciation. This massive bull run created so much overvalued and useless projects it’s beyond belief. Don’t get…
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The Central Bank of Chile revealed it is studying how to issue a national digital currency, the digital peso. The bank issued a report titled “Issuance of a Central Bank Digital Currency in Chile,” where it explores the possibility of the creation of a central bank digital currency (CBDC) in the future, the mechanism it […]
With the market in turmoil, crypto investors are beginning to turn to stablecoins such as USDT and USDC to provide cover from losses. These stablecoins which are pegged to the U.S. dollar have been the obvious winners from the recent crash but it seems that investors are taking it one step further this time around. USDT volume across the Ethereum blockchain shows that investors are ramping up their activities in these stablecoins. USDT Provides Much-Needed Cover Through the crypto market downtrend, only a handful of cryptocurrencies have managed to retain their values. They were all stablecoins, and although some of them had lost their peg, the majority had been able to retain and provide some much-needed cover for investors. The sheer amount of volume of USDT being moved by investors on a daily basis is a testament to the fact that investors are converting to stablecoins to weather the bear market. Related Reading | Market Downtrend Trigger Bitcoin Inflows From Institutional Investors On May 12th, the volume of Tether USD being transacted on the Ethereum network reached a new all-time high. Data shows that more than $33 billion worth of USDT was moved across the network. This is significantly higher than the $24.5 billion in USDT that was transacted on February 4th, 2021, the previous all-time high. USDT-U.S. Dollar peg at $0.9990 | Source: USDTUSD on TradingView.com However, the motives behind both records had been the same; investors getting out of highly volatile digital assets into an asset that offered a measure of stability. These investors did not wish to cash out their digital assets to fiat currencies just yet and assets like USDT or USDC provide the perfect place to park funds while waiting out the bear market. Ethereum Fees Skyrocket One thing that investors moving into stablecoins such as USDT has brought with it is increased transaction fees on the Ethereum network. With so much volume being moved across hundreds of thousands of transactions, the network is expectedly congested and as such would have to increase gas fees to be able to process these transactions. Related Reading | Ethereum Tumbles To 10-Month Lows As Sell-Offs Intensifies This was the case on May 12th as the network had recorded a large number of transactions. Gas fees on the network for a single USDT transaction were shown to have risen as high as $20 during this one-day period. As many as 182,000 Tether transactions had been carried out in the 24-hour period. Despite this high demand for the stablecoin though, the market cap has not reflected this. Instead of increasing, it is down by 3.34% in the last 24 hours. Nevertheless, it remains an investor favorite as it is the largest stablecoin in the market. At the time of writing, one USDT is selling for $0.9988, maintaining a close peg to the U.S. dollar. Featured image from Wccftech, chart from TradingView.com
PRESS RELEASE. The crypto world is as innovative and exciting as fickle and dynamic. Understanding the market needs and keeping up with the latest trends and changes is crucial if we want to advance and reach new heights. KICK.IO has big plans for the upcoming year, and one, in particular, will make a significant change […]
