Category: Cryptocurrency News

submitted by /u/samer109 [link] [comments]

For a project that's been pronounced dead multiple times on here, and I mean some reasons were very valid, especially because of consistent outages that Solana used to have that lasted for too much, it's quite amazing how far Solana has gone when compared to other cryptos in this current market. It's still way off…
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Is Dogecoin (DOGE losing its charm? Despite the impressive price rally in May, recent trends suggest a decline in engagement and investor interest. As the crypto market continues to evolve, concerns are mounting about the broader implications of Dogecoin’s waning appeal.  Dogecoin’s engagement metrics have faltered, leaving some experts wondering if the crypto’s allure is wearing off. Market indicators show a decline in trading volume, with fewer transactions taking place compared to previous months.  Will this once-beloved digital currency be able to regain its momentum, or is its star beginning to fade? Dogecoin New Addresses Stagnant The growth of new addresses joining the Dogecoin community has hit a roadblock since May, according to a recent DOGE price report. However, on-chain data analysis reveals that this stagnation in new holders has not adversely affected the weighted sentiment associated with the cryptocurrency. Related Reading: BNB Chain Inks New Record With Soaring User Activity – A Boost For Price? Source: Santiment As of the latest update, DOGE’s weighted sentiment stands at -0.645. This metric provides insights into the average sentiment attached to a particular cryptocurrency, taking into account the unique social volume surrounding it. Interestingly, despite the somewhat negative value, the weighted sentiment has shown improvement from its low point of -1.99 on June 9. This shift suggests that the prevailing defeatist perception during that period has gradually shifted towards a more optimistic outlook. DOGE market cap slightly above the $10 billion level. Chart: TradingView.com Social Volume And Holder Count: A Diverging Trend However, while the weighted sentiment demonstrates a positive trajectory, the coin’s social volume tells a different story. Instead of aligning with the stagnant number of holders, the social volume of Dogecoin has remained remarkably low since June 9, as per Santiment’s data. Social volume measures the number of mentions and discussions specifically related to a cryptocurrency across various platforms. In the case of Dogecoin, this metric indicates a significant decrease in overall online activity and conversations surrounding the coin. Related Reading: Cardano Development Activity Dropping – What Does It Mean For ADA Price? As of now, there have been no significant changes in the aforementioned trends. This suggests that the hype surrounding DOGE has diminished considerably. From a market perspective, this could potentially indicate that the coin is undervalued and has yet to reach its peak valuation. The road ahead for Dogecoin appears challenging, as the cryptocurrency grapples with stagnant new addresses and a decline in social volume. However, it would be premature to discount the resilience of this meme-based digital asset. Source: Coingecko As of the latest data from Coingecko, the price of DOGE stands at $0.068, reflecting a decline of 4.7% over the past 24 hours. However, despite this recent dip, Dogecoin has experienced a seven-day rally of 4.6%, showing signs of resilience in the face of short-term fluctuations. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Terminix

Polygon (MATIC) has demonstrated a significant price surge in the past week, rising by 27.39%. This bullish momentum has been further reinforced by a 9.38% increase in the last 24 hours. However, in the most recent hour, the price experienced a slight decline of 1.04%. Currently trading at $0.84 per MATIC, the cryptocurrency remains 71.11% below its all-time high of $2.92. Reasons For The Price Movement Multiple factors have contributed to the recent price movement of the crypto. Firstly, a favorable court ruling for XRP ripple effect on market sentiment, potentially influencing the performance of other cryptocurrencies like MATIC. The court’s determination that XRP is not a security has provided investors reassurance and positively impacted the overall cryptocurrency market. Related Reading: PEPE Sees Sharp 17% Surge, But Will This Whale Spoil The Party? Furthermore, the increased activity of decentralized applications (Dapps) on the Polygon Network has significantly driven up demand for MATIC. The network’s reputation as a scalable and efficient solution for the Ethereum network has attracted numerous developers and users to build and interact with Dapps on the platform. This heightened interest in the Polygon Network has increased demand for MATIC tokens. Additionally, the highly anticipated launch of Polygon 2.0 has generated excitement within the community. This proposed upgrade aims to enhance the functionality and scalability of the Polygon Network, allowing for the support of multiple chains without compromising security. If successfully implemented, Polygon 2.0 could further solidify MATIC’s position as a leading blockchain solution, potentially attracting more investors and driving higher prices. Expectations For Polygon Looking ahead, Polygon holds promising prospects for further growth and development. With a total value locked (TVL) of $1 billion on the Polygon Network, the platform has established itself as a prominent second-layer scaling solution for Ethereum. The increasing TVL, which has grown from $878 million in the previous month, indicates a rising demand for Polygon’s processing capabilities and underscores its potential for further adoption and expansion. The impending launch of Polygon 2.0 adds a layer of anticipation. This upgrade will introduce new features and improvements, enhancing the network’s efficiency and functionality. If successfully implemented, Polygon 2.0 could attract even more users, developers, and investors, ultimately driving up the price of MATIC. However, it is essential to exercise caution and closely monitor the market. While the current price movement suggests positive momentum, competition from other scaling solutions, such as Arbirtrum (ARB) and Optimism (OP), should be considered. Additionally, developments in privacy implementations utilizing zero-knowledge proofs could introduce new dynamics to the market. Related Reading: XRP Explodes With 1,300% Surge In Trading Volume As crypto Exchanges Jump On Board Investors and traders should remain attentive to updates regarding the Polygon 2.0 upgrade, ongoing market trends, and any significant announcements within the cryptocurrency ecosystem that may impact the future performance of MATIC. By staying informed and exercising due diligence, market participants can make more informed decisions regarding their investments in Polygon. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured Image from istock, chart from TradingView.

Cathie Wood, the Bitcoin advocate, is actively investing in Meta Platforms (META) and Robinhood Markets (HOOD) shares.

The upcoming exchange, Infinex, will cater to both novice and experienced traders by offering features similar to centralized exchanges (CEX).

BNB Chain, the blockchain platform powering the Binance ecosystem, has recently emerged as a formidable force in the crypto world, surpassing its competitors in terms of daily active users. This surge in user engagement has coincided with a surge in the value of the BNB token, which has experienced a steady increase of over 5% within a single week.  As BNB’s daily active users continue to soar, one can’t help but question the overall impact of this unprecedented growth. What lies behind BNB’s ability to outshine its rivals and attract a growing user base? Is there a hidden catalyst propelling its value upwards?  Moreover, as these metrics diverge from the norm, skeptics begin to raise valid concerns about the sustainability and potential risks associated with BNB’s rise. BNB Chain Surpasses BTC, ETH In Daily Active Users In the ever-evolving landscape of blockchain technology, BNB Chain has recently achieved a significant milestone, surpassing renowned chains such as Bitcoin (BTC) and Ethereum (ETH) in terms of daily user activity. According to a BNB analysis, the chain secured the second position, solidifying its position as a formidable player in the crypto world. Related Reading: Cardano Development Activity Dropping – What Does It Mean For ADA Price? Token Terminal’s data also revealed that BNB Chain boasts an impressive count of over 1 million daily active users, a testament to the platform’s growing popularity and appeal. This notable achievement is even more remarkable considering the longstanding dominance of Bitcoin and Ethereum, which have traditionally held the top positions in the cryptocurrency market. Source: Token Terminal The BNB token has also made waves in the market. Currently priced at $248.78, it experienced a slight setback with a 3.5% slump in the past 24 hours. However, the token quickly bounced back with a decent 5.4% increase in the last week. Source: CoinMarketCap Mixed Signals While the BNB Chain has garnered widespread enthusiasm and positioned itself as a competitive player in the crypto market, recent data from Santiment reveals a nuanced picture. Despite the chain’s impressive user base, as measured by daily active addresses, the level of excitement appears to be relatively consistent without any notable spikes, according to Santiment’s analysis.   Source: Santiment Related Reading: Optimism (OP) Rides The Wave Of Today’s Crypto Surge With 15% Rally When examining the Total Value Locked (TVL) metric, which indicates the amount of assets held within a blockchain protocol, BNB Chain falls behind Ethereum and Tron, occupying the third position. As of the latest data, the TVL for BNB Chain stands at approximately $3.4 billion, highlighting room for growth in this area. Total cryptocurrencies market cap at $1.18 trillion. Chart: TradingView.com Similarly, the stablecoin market cap on the BNB Chain has exceeded $5 billion. However, Santiment’s charts indicate that both the TVL and market cap metrics have yet to exhibit a significant upward trend, despite the chain’s growing user base. This suggests that while BNB Chain boasts a higher number of active users, the overall TVL and market cap have not fully reflected this growth. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Gadgets 360

Discover five platforms — Aave, Compound, MakerDAO, dYdX and Fulcrum — that are transforming lending and borrowing through decentralization.

While it is an initial step in a lengthy regulatory journey, it holds great importance for the Bitcoin community submitted by /u/coinmarshal [link] [comments]