Category: Cryptocurrency News

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Solana has been taking market share out of Ethereum across several sectors. The platform has seen the expansion of its NFT based projects with SolChicks, one of its latest on-chain games with a play-to-earn (P2E) model, causing a lot of hype amongst the users. Related Reading | Grayscale Launches Solana Trust Following Investors ‘Appetite’ The game was built with SolChick, one of Solana’s NFT Collections, and let players take their assets and using as their main characters. Launched with a Player-to-Player (PvP), a Gameplay with raids characteristics, SolChicks has set out to “revolutionize the industry”. The hype around this Solana project translated into a slowdown in the network’s activity as too many users tried to access the platform via Raydium and Solana, the blockchain backing the launch, and crashed it. The team behind the project posted the following via their Twitter account after its problematic token generation event (TGE): We apologize for the inconvenience of this delay, but tens of thousands of people are trying to buy $CHICKS and the Raydium server has crashed. It appears SolScan is also not loading our contract address right now either. The team behind the project tried to fix the issue while, according to the official post, working on deploying a liquidity pool that will support the game and its GameFi model. As revealed pre-launch, users need to claim their SolChicks. The increasing demand for SolChicks and the platform’s native token CHICKS, caused Solana to congest. Thus, slowing down transactions in the network and the users’ capacity to claim and transact with these digital assets. The team behind SolChicks called the event a “record breaking launch” and transferred the responsibility on the event to Solana: The token claiming dashboard has crashed, as the Solana network is extremely congested. We’ve had tens of thousands simultaneous claims and buys and there simply isn’t enough capacity in the network. This is something that is completely out of our hands, and rests solely with the Solana network. A Solution For A Problematic Event On Solana In the coming day, the team behind SolChicks prepares to airdrop their tokens for the users that meet the requirements. In order to achieve this objective and contribute with reducing congestion levels on the Solana network, the team is currently creating a plan. In addition, the team warned users about potential fake and scam accounts and addresses looking to use the project’s popularity for personal gains. Finally, they added the following as a special message to the community: Once again, we sincerely apologise for the hiccups on launch day. No one likes or wants these holdups; however you can rest assured that our entire team is working around the clock to actively rectify these issues, including liaising with Solana and Raydium directly. Related Reading | Solana Tops Cardano, Ethereum To Become The Most Staked Cryptocurrency As of press time, Solana (SOL) trades at $151 with a 13.1% correction in the past day.

The crypto market is in turmoil – a major change from the exuberance that kickstarted the year. One of the most important figures responsible for the euphoria in Q1, was none other than the self-proclaimed Dogefather, Elon Musk. His sudden love affair with Bitcoin and other crypto assets send valuations flying, and once he changed his tune, so did the trend. Now, the Tesla and Space X frontman is also made it on the front cover of Time Magazine as the elusive person of the year. But it could it be an omen that the end of the crypto bull cycle is near – or potentially already here. Time Magazine Picks Elon Musk As Person Of The Year Bitcoin and cryptocurrencies have been compared to all kinds of bubbles, ranging from tulip mania to the dot com boom. While it can be argued that like tech stocks from two decades because crypto assets make a comeback, they aren’t actually in a bubble at all, a more dramatic ‘pop’ could be on the way, according to the unfortunate timing of the Elon Musk Time Magazine cover. Related Reading | Bitcoin “Speculative Chart” Suggests Crypto To Soon Blast off Time Magazine selected Musk as the 2021 person of the year, which in the past has gone to names like Kamala Harris, Mark Zuckerberg, Barack Obama, and Jeff Bezos. In fact, it’s the Amazon CEO that coincidentally could be a sign that the crypto cycle peak is near. The Jeff Bezos cover was the dot com bubble peak, what about Elon?  | Source: TOTAL on TradingView.com Dot Com Bubble: A Prelude To The Crypto Cycle Peak Back in December of 1999, Amazon founder Jeff Bezos was chosen as the Time Magazine person of the year. Three months later in March of the 2000, the dot com bubble popped. Comparing the famous internet-focused stock market bubble with the total crypto market cap provides a similar trajectory, that may or may not have run out of steam. Even if like the dot com bubble the current level in December were to hold, a peak just three months away in March 2021 would lead to the worst correction that Bitcoin and the rest of the cryptocurrency market has ever seen. Related Reading | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run But that’s only if the peak isn’t already in. Currently, Bitcoin is flirting with continuation to the downside at about $46,000 per coin. The chart above also demonstrates roughly how much more ground could be covered if the level does indeed hold. Bull markets tend to end in euphoria, and with the market in full blown fear, the sentiment doesn’t quite match. The so-called “magazine cover” indicator has a delayed effect, because the content goes into production months ahead of the publishing date. Could this mean that the peak in April while Musk was making headlines, truly was the euphoric peak? Or has the market not quite seen anything yet in terms of what euphoria could look like? Thoughts, @TommyThornton? Magazine cover indicator would suggest top is in, but a repeat of a December cover and March top could make sense. pic.twitter.com/YMPfYLeGDk — Tony “The Bull” Spilotro (@tonyspilotroBTC) December 13, 2021 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

As the title suggests, i really believe it’s no coincidence that this shakeout is happening just before Christmas. Everyone was expecting a pump, instead the market was dumped with only 8000 btc moving onto exchanges. The on exchange reserves of btc (and eth) keep dropping. Big wallets are buyng the dip. This to me says…
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“The Agenda — through its silence on crypto — signals that the market can expect continued questions around the application of our securities laws to this area of increasing investor interest,” said two SEC commissioners.

I know before the crash of May I would have panic sold, but now, everything seems so calm. Oh, we lost 5% ? Cool I'll be able to get more when I DCA. Oh, we lost 15%? I wish it was my day of DCA ! Everything seems more relaxed. People are not panicked and…
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Benefits of NFT tickets include: Increased profitability – Total control and insights over the primary & secondary market. Take in the profit that would have gone to scalpers. Collectible – Tickets become tradable digital collectibles (NFTs), with a variety of awesome possibilities for fans & event organizers. Unrivalled data – Clear, verifiable data on ticket…
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Did you know 123swap is more than a regular DeFi platform? Thanks to the work of the founding team, 123swap platform has a number of great elements that form an entire ecosystem. It is most likely worth noting these elements, this is its own exchange, where it will be possible to exchange cryptocurrency, this is…
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