Category: Cryptocurrency News

On-chain data reveals that whales and new wallets are scooping more Maker (MKR), which seems to be propping the token, fanning demand. As of September, MKR is one of the top-performing tokens, adding roughly 120% in three months from June 2023 lows. When writing, MKR is changing hands above $1,300 and inching closer to July 2023 highs. Notably, MKR is up 14% in the past week of trading, driving market cap above $1.27 billion and trading volume by 36% on the last day. Whales And Fresh Wallets Buying Maker (MKR) Trackers note that in the last week of trading, a whale, “0xad0”, bought 1261 MKR worth $1.62 million at an average price of $1,290. Moreover, looking at the trends, whale and fresh wallet activities have been heightened over the previous week. With more accumulation, the token has been tracking higher in tandem. Parallel data from Lookonchain confirms this development, especially from early September. Earlier this month, a whale sold $1.13 million of Ethereum and bought an equal amount in MKR on Binance. This transaction comes a day after another entity moved $12.3 million of MKR from Binance. However, while whales appear to be loading up more MKR, Vitalik Buterin, the co-founder of Ethereum, sold his stash of MKR for ETH on September 2.  Related Reading: Ethereum Path To $1,700 – Predictions For The Week Ahead Maker Finance is a decentralized lending and borrowing platform on Ethereum. As of September 20, the protocol had a total value locked (TVL) of over $4.8 billion, according to DeFiLlama. More data shows that the platform held $109.56 million of MKR, its native token, and different stablecoins worth $49.58 million.  DAI Yield Rising, New Burning Structure Implemented Fueling Bulls MakerDAO, a decentralized autonomous organization (DAO), manages DAI, an algorithmic stablecoin that passes yield to the holder. Holders of MKR, the native token of Maker, can also vote on proposals. Following the brief USDC depegging in March 2023, the DAO reduced its reliance on the USDC, a centralized fiat-backed stablecoin. In early August, the community also voted to temporarily increase the DAI Savings Rate (DSR) from 3.19% to 8%, incentivizing users to mint DAI via the Spark Protocol.  Related Reading: Bearish Signal? Bitcoin Whale Wakes Up From 6-Year Slumber And Transfers $56 Million Besides changes to the DSR, MakerDAO also introduced an improved smart burn mechanism where collateralized debt positions (CDPs) to back circulating DAI can be closed freely without causing stablecoin shortages in the market. In this new arrangement, circulating MKR would be bought and burned independent of CDP closure, allowing the protocol to be more flexible in light of market changes. However, with this, every burning reduced circulating supply, which has supported prices as price action revealed. Feature image from Canva, chart from TradingView

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Blockchain security firms SlowMist and CertiK also believe the crypto wallet drainer, Angel Drainer, was involved in the estimated $238,000 exploit.

Ethereum (ETH), a significant player in the crypto space, has recently come under scrutiny due to some concerning on-chain activities. Notably, the number of addresses holding significant amounts of Ethereum has declined, and some long-term holders appear to be liquidating their positions, potentially posing threats to Ethereum’s value. Related Reading: Ethereum Path To $1,700 – Predictions For The Week Ahead Whale Watch: A Steep Decline In Ethereum Holdings On-chain analytics have been instrumental in offering real-time insights into crypto market trends. Recent revelations have highlighted a downturn in Ethereum’s holding patterns that might have deeper implications for the digital asset’s value and the market. According to Glassnode, a leading on-chain analytic platform, the number of addresses holding 1,000 Ethereum (ETH) coins or more has plummeted to a 5-year low. Precisely, these addresses, often termed ‘whale addresses’ in the crypto world, have decreased to 6,082. Such a sharp decline can be attributed to the liquidation activities of some of Ethereum’s long-term holders. It is worth noting that this contraction in whale holdings could potentially increase the susceptibility of Ethereum to market bears, potentially initiating a downward price trajectory. The impact of such sales on the market is apparent. When large quantities of a cryptocurrency, such as Ethereum, are offloaded, it often leads to a considerable influx of selling pressure. This can cause panic among smaller investors, prompting further sales and possibly leading to a price drop. Additional Pressures From Dormant Wallets Interestingly, another layer adds to Ethereum’s selling pressure alongside the decrease in large-scale holdings. According to data from Lookonchain, a renowned on-chain data analysis firm, a dormant Ethereum wallet, untouched for around four years, has suddenly sprung into action. The wallet in question liquidated its entire ETH holding, quickly pushing roughly $4.81 million worth of the altcoin into the market. A wallet that had been dormant for 4 years sold all 2,591 $ETH for $4.18M stablecoins 6 hours ago.https://t.co/et78rXHG5u pic.twitter.com/pJanMLxwA3 — Lookonchain (@lookonchain) September 20, 2023 Such unexpected sales from long-inactive wallets could raise alarms in the market. While the exact reasons behind such liquidations often remain concealed, they invariably amplify the selling pressures on the affected cryptocurrency, which, in this case, is Ethereum. Related Reading: Ethereum-Based Balancer Under Attack, Users Receive Warning Meanwhile, Ethereum’s price has seen a slight bullish trajectory over the past week, up 1.4%. The asset has moved from a low of $1,596 seen last Wednesday to trade above $1,650 on Monday before retracing to $1,626, at the time of writing down by 1.8% in the past 24 hours. Featured image from Unpslah, Chart from TradingView

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Shiba Inu could be gearing up for a rally after a metric has flashed bullish. This metric has to do with the recently launched Shibarium network whose usage is continuing to rise rapidly. This time around, the Ethereum Layer 2 blockchain has seen a significant surge in the number of new verified contracts. Verified Contracts On Shibarium Record 530% Spike On Monday, September 18, the total number of new verified contracts on the Shibarium network saw an impressive increase. The figure rose 530% to mark a top 5 highest day for new verified contracts on the network. This figure had risen from 4 the previous day to 19 on Monday. Related Reading: This New Development Could Stop The Optimism (OP) Price Dead In Its Tracks Number of new verified contracts spikes | Source: ShibariumScan While there was a decline in the number of new verified contracts the following day, the numbers continued to come out larger than Sunday’s figures. On Tuesday, the total number of new verified contracts came out to 12, still 300% higher than Sunday’s figures. This spike in the number of new verified contracts saw the total number of verified contracts rise to a new all-time high of 430 as of Wednesday morning. The growth is also evident in other metrics such as total accounts which crossed 25,700, and completed transactions on the network almost at 2.7 million. However, it is not all ‘up-only’ for the network given that active accounts have been on the decline. As of Wednesday, active accounts on Shibarium stood at 589, down from its 7,729 peak recorded on August 26, 2023. Will This Trigger A Shiba Inu Spike? Shiba Inu plays a significant role in the Shibarium ecosystem as its governance token and increased usage on the network leads to higher demand which translates to higher prices. This could be the case here with the rise in new verified contracts. Usually, for networks that facilitate decentralized finance (DeFi) protocol, a rise in new verified contracts means more developers are choosing to build on the network. More protocols can inadvertently draw in more users, meaning more demand on the network. Related Reading: How Much Will Dogecoin Trade At If It Attains The Market Cap Of Bitcoin Or Ethereum? However, Shibarium is still struggling to find its footing with only 20,000 new transactions recorded on Tuesday. Its Total Value Locked (TVL) has also fallen from its all-time high of $1.47 million to $600,000 at the time of writing, suggesting dwindling interest in the network. The meme coin is also trading below its 50-day and 100-day moving averages. While this can be bearish for the coin’s price, it could also serve as a lift-off point for the digital asset if the crypto market were to begin another bull rally. SHIB price begins retracement | Source: SHIBUSDT on Tradingview.com Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Times Tabloid, chart from TradingView.com

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Hi, since the UX ist one of the biggest problems in the web3 landscape, is it realistically possible to build a platform that allows you to buid smart contracts by using several moduls (like a puzzle) ? A puzzle could contain "payment", then you connect it with another block/puzzle that defines the kind of payment…
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Huobi Global, a prominent cryptocurrency exchange, is at risk as investments in the staked USDT (stUSDT) project soar to $1.8 billion. The project, spearheaded by crypto entrepreneur Justin Sun, promises 5% returns tied to low-risk securities like government bonds.  However, according to a Bloomberg report, Huobi’s heavy involvement in the project raises concerns about the exchange’s ability to manage sudden outflows of funds and the transparency of its reserves.  Huobi’s Association With stUSDT Sparks Concerns And Triggers Institutional Withdrawals Per the report, Huobi’s close association with the stUSDT project has led to a significant transformation in the exchange’s crypto reserves.  Altering by this shift and the lack of transparency surrounding stUSDT, institutional traders have withdrawn a substantial portion of their crypto holdings from Huobi.  Related Reading: Bitcoin May Not See Lasting Bullish Momentum Until This Happens This withdrawal trend highlights the potential risks of Huobi’s concentration on the stUSDT platform. Notably, blockchain research firms have expressed concerns about the relative lack of transparency surrounding the stUSDT project. The absence of comprehensive information about its investments raises questions about the source and sustainability of the advertised 4.2% yield. Huobi’s reliance on the project exposes the exchange to problems that may arise within stUSDT, further magnifying its potential vulnerabilities. As investments in stUSDT have grown, Huobi’s Tether (USDT) reserves have plummeted, raising further concerns. While Huobi maintains that stUSDT is a separate project not overseen by the exchange, the heavy concentration of stUSDT in its reserves implies that Huobi’s fortunes are closely linked to the success or failure of the project.  The dominance of tokens associated with Justin Sun, such as TRON (TRX) and Huobi Token (HT), in Huobi’s reserves adds another risk layer, as market participants could perceive it as a higher exchange risk. Huobi Global’s Average Daily Trading Volume Plummets Institutional clients, including crypto funds and market makers, have expressed concerns about the dominance of stUSDT and other tokens associated with Justin Sun in Huobi’s reserves.  According to Bloomberg, these clients have withdrawn a significant portion of their digital assets from the exchange shortly after the launch of the staked Tether project. This departure from Huobi has contributed to a decline in the exchange’s average daily trading volume. The stUSDT project’s rapid growth and lack of transparency raise questions about its underlying investments and the sustainability of its returns. Investors and industry experts emphasize the importance of increased transparency and oversight to understand the sources of yield and mitigate potential risks. Per the report, the project’s management team intends to engage a reputable third-party verification entity to enhance community oversight. However, further details about the project’s structure and employees remain scarce. Related Reading: Bitcoin Bulls Could Buck Downtrend With Move To $42,000 What is certain is that Huobi Global’s involvement in the stUSDT project has significantly impacted the composition of its reserves, raising concerns among institutional traders and industry experts.  The heavy concentration of stUSDT, TRX, and HT tokens in Huobi’s reserves and the lack of transparency surrounding the project pose potential risks to the exchange’s financial stability.  To alleviate these concerns, greater transparency and oversight are essential, ensuring the sustainability and credibility of the stUSDT project and Huobi’s operations in the evolving crypto landscape. Featured image from iStock, chart from TradingView.com