So this is what it feels to be in a bullmarket, not saying that we are in the next bullmarket but just stating that the recent pumps of Moons feel amazing. The new Reddit TOS came as a suprise for me and the entire Moon market. We pumped from 0.09 dollars to 0.20 dollars in…
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Over the last year, leaders in the European Union have been vocal about their desire to stay on top of the latest developments in Web3.
After the launch of the mainnet on May 3, the SUI token fell into a deep downtrend, which has caused the price to drop by more than 87%. Low user numbers and poor on-chain data have severely clouded the outlook. However, a few days ago, there was a surprise that gave a big boost to the SUI price. The SUI network made waves in the crypto space by surpassing its competitor Solana in daily transactions. However, with a sudden record of 29 million transactions in 24 hours, SUI has left many crypto enthusiasts questioning the validity and sustainability of this sudden surge. Renowned analyst and crypto whale Andrew Kang, known for his insightful commentary, has raised concerns about the authenticity of these transactions, suggesting that SUI may be artificially inflating its numbers. Kang writes today: Sui pumping their numbers up. Chart looks good, market does not seem to be discerning about validity of transactions. Fake it til you make it. Is SUI Still Worth Buying? As Kang argues, the question is: Are the numbers legitimate and can drive a sustainable upward trend, or will the hype quickly die down because of fake numbers? Related Reading: SUI Continues Rally As Sui 8192 Web3 Game Fuels Blockchain Activity To Hit New Peak The recent surge in transactions can be primarily attributed to the introduction of the on-chain game, “Sui 8192.” Developed by the team behind the wallet provider, Ethos Wallet, this casual game has captured the attention of users with its gameplay reminiscent of the classic puzzle game “2048.” Each move within the game triggers a transaction, resulting in the state of the game being recorded on the blockchain. With the integration of a pre-approval mechanism in Ethos Wallet, players can optimize their gameplay experience by setting a token amount before each game. It’s Important to know that the SUI Foundation has allocated $5 million to further stimulate activity within the game, offering players the opportunity to earn rewards in the form of SUI tokens by competing against others or completing tasks. However, this could call into question the sustainability of this increase in transaction activity. Related Reading: Sui Foundation Refutes Claims Of Dumping Locked Staking Rewards On Binance Perhaps the game is only experiencing a short hype at the moment because players want to grab the free tokens. Once the marketing budget is exhausted, the hype could quickly be over. SUI traders and investors should therefore be cautious. Prior to this transaction surge, the project had been marred by negative headlines, including allegations of suspicious token movements, concerns about venture capital influence, and opaque tokenomics. These controversies have left some investors wary of the project’s long-term prospects. Price Analysis However, as stated by Kang, the SUI chart looks promising at the moment. The price has broken out of the downward trend that existed since the mainnet launch. The bulls also managed to defend the 23.6 Fibonacci retracement level in a retest. Currently, the price is contending with the 38.2% retracement level at $0.76. If it manages to break above this resistance, $0.84 and $0.92 could be the next price target. Featured image from Boxmining, chart from TradingView.com
Vitalik Buterin explained how an account abstraction extension called “paymasters” can allow users to pay for gas fees using “whatever coins that they are transferring.”
Explore nine crucial AI coding tools that empower developers to streamline their workflow, from machine learning frameworks to code editors.
The new developer environment aims to drive privacy-first, cross-chain DApp development for the Ethereum ecosystem and smart contract blockchain networks.
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The Cross-Chain Interoperability Protocol (CCIP), designed for building cross-chain applications and services, has now launched for early access users on the Avalanche, Ethereum, Optimism, and Polygon blockchains. On July 20, the Chainlink protocol will become available to developers across the four blockchains’ testnets and also Arbitrum’s Goerli. As a result of this, the price of Chainlink’s native token, LINK, rallied nearly 10% to touch $7.30 following this announcement on Monday. Chainlink’s CCIP – The Future Of Interoperability? In a blog post dated July 17, Chainlink announced the launch of the Cross-Chain Interoperability Protocol to early access users on Avalanche, Ethereum, Optimism, and Polygon blockchains. While DeFi lending protocol Aave is set to integrate the protocol, it has already been adopted on the derivatives platform Synthetix. Related Reading: Bitcoin Price Needs To Clear $30,500 For Hopes of a Fresh Rally According to the post, CCIP is an interoperability protocol that allows developers to design their own cross-chain solutions. It also offers “Simplified Token Transfers”, which allows protocols to swiftly send tokens across chains through audited token pool contracts. Chainlink claims that CCIP is a blockchain layer designed to foster a connection between enterprises and any public or private blockchain ecosystem. The cross-chain protocol is a collaborative effort with Swift, the renowned global financial messaging network. It leverages Swift’s messaging infrastructure to facilitate token transfers across various public and private blockchains. According to Chainlink’s co-founder Sergey Nazarov, CCIP is a solution that aims to “connect the fragmented public blockchain landscape and the growing bank ecosystem into a single Internet of Contracts.” He also stated that such technology will be crucial to developing and maintaining a blockchain-powered society. Just like key standards such as TCP/IP remade a fragmented early internet into the single global internet we all know and use today, we are making CCIP to connect the fragmented public blockchain landscape and the growing bank chain ecosystem into a single Internet of Contracts.… https://t.co/BDMFMfknY2 pic.twitter.com/DDscglD2An — Sergey Nazarov (@SergeyNazarov) July 17, 2023 Some of the financial institutions and enterprises also exploring the Cross-Chain Interoperability Protocol include Australia and New Zealand Banking Group (ANZ), BNP Paribas, BNY Mellon, Citi, Euroclear, and Lloyds Banking Group. Chainlink (LINK) Up By 35% In One Month – Price Overview Following the announcement of the CCIP launch, the price of LINK experienced a significant pump, recording an almost 10% increase in the early hours of Tuesday. However, the token’s price appears to be slowing down, losing over 2% since reaching a 24-hour high of $7.29. As of this writing, LINK is valued at $7.12, with a 7.3% increase in the last day. CoinGecko data shows that the cryptocurrency has a daily trading volume of roughly $549.8 million, representing a 219% boost in the last 24 hours. Related Reading: LINK Price Prediction: Chainlink Rallies Over 7% As The Bulls Aim $8.8 A broader look at the Chainlink market reveals that the LINK price has been on an upward trajectory in recent weeks. Thanks to this bullish momentum, the token has gained about 35% in the past month. LINKUSD trading at $7.091| Source: LINKUSD chart from TradingView Featured image from Binance Academy, chart from TradingView
The SEC has accepted for review the Valkyrie spot Bitcoin ETF filing named “BRRR,” which is a reference to a popular meme in the Bitcoin community.
