Solana’s blockchain is now perhaps accustomed to mishaps which seem to occur every once in a while. This week, there were reports that SOL addresses were hacked. However, investigations revealed that the exploit was external and not the network’s fault. Fortunately, the incident did not weigh heavily on SOL’s price action.
Now, although the latest incident did not trigger panic selling, SOL still saw some downside. The altcoin’s price dropped by roughly 16% from its end of July levels. This retracement seemed to be in line with the crypto-market’s performance over the same period.
Some breathing room for the bulls
SOL managed to record a 7% uptick over the last two days, confirming that it can still command healthy demand. The upside came after its price action almost came into contact with its ascending support line.
Despite its latest uptick, SOL investors should move cautiously. The latest rally has been characterized by low buying volume, and this explains the limited upside. On top of that, the recent downward pressure earlier in the week pushed it below its 50% RSI level. This underlined the weak upward price channel ever since SOL bottomed out.
Interestingly, SOL has also demonstrated resilience in resisting the downside. Its latest upside marked the second time that it has pivoted without significant interaction with the support line. Investors might have taken this as a bullish signal.
This would explain why the sentiment favoured the bulls in the last two days. The sentiment change was observed in the Binance funding rate and the DyDx exchange funding rate.
Solana developers have been quite active over the last two weeks as the development activity metric revealed. This may have been yet another reason why investor confidence improved slightly.
However, nothing attracts investors more than a healthy network, one that has strong activity and organic demand.
Solana saw strong growth in NFT trade volumes in July. While those volumes dropped significantly after mid-month, it maintained healthy levels nonetheless.
Although Solana bulls are currently in control, the price will abandon the current channel sooner or later. This will be equivalent to reshuffling the deck, which means the short-term outlook is still a toss-up.
Axie Infinity holders have reasons to celebrate market drawdown
The market crash has affected every cryptocurrency in some or the other way. And, the recovery from the same has been a nightmare for many. But not for the Axie Infinity holders.
These GameFi token holders stand to be some of the most thriving individuals when compared to the investors of other cryptocurrencies.
Axie Infinity, no worries
The altcoin marked its all-time high of $160 back in November 2021. However, it has consistently been on a downtrend.
Down by almost 90%, AXS was seen trading at $17.8 on 9 August after rising by about 40% from the lows of the June crash.
Now, in such a case, at least a majority of the investors would be bound to take a hit in some or the other way. But surprisingly, not a lot of investors are suffering losses.
This is because even before Axie Infinity came anywhere close to its all-time high (ATH), the investors were already in profit since they had been accumulating for a very long time.
Consequently, in November, not even 1% of the investors were at a loss. However, as prices began falling, their profitability did too.
Plus, the ones who bought their supply around the time AXS was at its highest point are a part of the cohort which noted losses. Their FOMO purchase is taking a hit as the price has returned to its 15-month lows.
At the moment, after a 40% recovery over the month, Axie Infinity investors are noting a slight improvement, although 22.29% of them are still at a loss, which is still a far lower concentration in comparison to the market.
But even for these 22.29% investors, profits do not lie millions of miles away from the ATH.
As the loss-bearing holders’ concentration would come down to just 6%, AXS would be a profitable investment once again.
USDC, USDT, BUSD caught in the midst of tornado- Here’s how
The invention of Bitcoin [BTC] in 2008 led to the idea of decentralization which became the mantra of the entire crypto ecosystem. However, it was necessary to involve regulators and central authorities because of some illegal activities and their negative effect on unsuspecting investors.
The latest is the money laundering enterprise set up by Tornado Cash, which has somehow pointed to some defects around stablecoins. The mission behind the platform creation was to let users make private transactions using the Ethereum [ETH] network. However, they went beyond their jurisdiction.
According to a New York Times report on 8 August, Tornado Cash has been involved in laundering over $7 billion worth of stolen cryptocurrency.
This led the United States (US) treasury department to blacklist the company. Similarly, Circle, the company behind stablecoin, USDC, froze the accounts of its users linked to the platform.
This action led to conversations around the true nature of crypto decentralization. Crypto investor and Bankless CEO Ryan Adams referred to the action as an “assault on crypto.”
Today the US sanctioned Ethereum addresses associated w/ a privacy service called Tornado cash.
Circle immediately froze the USDC in those accounts. GitHub suspended contributors to Tornado.
If you were waiting for the opening shot of big brother’s assault on crypto this was it
— RYAN SΞAN ADAMS – rsa.eth 🦇🔊 (@RyanSAdams) August 8, 2022
In response to the same decision, a researcher at Proximityfi, a NEAR-based DeFi platform, said that the crypto community needed actual decentralized stablecoins.
According to him, the trio of Circle [USDC], Tether [USDT], and Binance USD [BUSD], were past their relevance.
After recent events, it is time the crypto space develops a new stablecoin that is
– 100% decentralized
– censorship resistant
– truly resilient
In this thread I’ll explain and summarize one interesting idea to issue a BTC/ETH-backed stablecoin using derivatives contracts 🧵👇
— Res ®️ (@resdegen) August 8, 2022
In the thread, he explained that the top three stablecoins in market value do not align with the ideas behind decentralization.
Additionally, he mentioned that there were genuinely decentralized stablecoins that were not as popular, including RAI and LUSD, revealing that Ethereum Founder Vitaik Buterin was a big fan of the former.
He went further by proposing the idea of a stablecoin backed by BTC or ETH to achieve true decentralization.
Interestingly, there have been debates about USDC superseding USDT. So will this latest proposal bring an end to both stablecoins?
At press time, the Tornado cash website had been brought down with its developers booted out of GitHub. However, there was no response from the camps of Circle, Tether, or Binance regarding the proclamation.
In conclusion, the recent actions of Circle may contrast with its earlier claims.
On 18 June, CEO Jeremy Allaire debunked claims that the company could freeze accounts at any point.
With the recent happenings, it may seem that the concerns of EthHub founder Anthony Sassano were valid. The future will tell where USDC, BUSD, and USDT go next or make improvements.
Assessing the odds of Polkadot [DOT] sustaining its growth
Polkadot has been grabbing headlines recently with its performance. The latest updates on the network have added fuel to DOT’s uptrend in the crypto market.
This has made DOT the highest performing crypto asset among CoinMarketCap’s top 10 tokens. DOT, at press time, was trading at $9.01 after gaining a significant bull charge over the week by 16.35%.
The token has, however, lost momentum since 8 August and has taken a hit of 3.34%.
Dotting the map
According to data from Lunar Crush, Polkadot has scaled new heights during this week. In a weekly review update, Polkadot Insider has provided information to support this claim.
Social signals of the network suggest that Acala, Moonbeam, and Astar are the most influential projects on Polkadot right now.
Social mentions of Polkadot have clocked around 211.29k while social dominance has racked up at 0.40% over the period under review.
Impressively, social engagements surrounding Polkadot have crossed more than 700 million during the first week of August.
Furthermore, the Polkadot-based Astar network has announced a partnership with Alchemy Platform to accelerate dApp development.
This news release will certainly be a boost for Polkadot as it will promote user growth on it.
Another Polkadot-based network, Phala, has launched a stake pool description function on its application.
It will allow pool owners to access social channels such as Discord and Twitter directly from the application.
1/ Last week the Polkadot ecosystem continued building, deploying and growing. Check out some of the announcements from the ecosystem and hear the latest news from the parachain teams, infrastructure providers, and wallets in this week’s #PolkadotRoundup.
Read the 🧵below
— Polkadot (@Polkadot) August 8, 2022
Well, Polkadot has certainly shown growth in several on-chain metrics. The market-wide sentiment has provided a timely boost to support Polkadot in its future.
However, a report suggests that DOT could yet see a near-term setback. It followed bears at press time after noting a negative change in the past day.
A sudden setback has shifted the course of network volume which was still 36% up on 9 August.
Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?
Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As...
TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout
The price of Binance coin (BNB) continues to look strong as it holds its support against Tether (USDT) after the...
July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’
After last June’s inflation report published by the U.S. Bureau of Labor Statistics indicated that the Consumer Price Index (CPI)...
TA- Bitcoin Bounced off Key Support After CPI Announcement
The price of Bitcoin (BTC) bounced off its key support against Dollars (USD) after the Consumer Price Index (CPI) announcement...
Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum
Reports indicate that the decentralized finance (defi) protocol Curve was hacked for $570,000 in ethereum after people noticed that Curve’s...
Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40
Avalanche rallied on Wednesday, as the token broke out of a key resistance level on its way towards a multi-month...
German Crypto Exchange Nuri Files For Insolvency
Cryptocurrency exchange Nuri has filed for insolvency, reportedly becoming Germany’s first fintech to take the step in a challenging year...
Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed
Nearly 13,000 Chinese social media accounts that allegedly promoted virtual currency investments were closed, the Cyberspace Administration of China recently...
Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain
sponsored In 2011 the UN released a report declaring the internet a Human Right, but over a decade later millions...
Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher
Advertiser Disclosure Jason Stauffer Jason Stauffer Staff WriterAdvertisement Jason Stauffer is a personal finance reporter who previously covered the housing...
USDT volume on exchanges up 20% in 3 months
USDT volume on exchanges up 20% in 3 months Oluwapelumi Adejumo · 6 mins ago · 2 min read According...
Axie Infinity holders have reasons to celebrate market drawdown
The market crash has affected every cryptocurrency in some or the other way. And, the recovery from the same has...
What’s changed in GameFi in the last month? – July Report
What’s changed in GameFi in the last month? – July Report Footprint Analytics · 2 hours ago · 7 min...
How To Make Money From Ethereum Name Service?
Learn how you can use ENS to become rich We all love to reap the benefits of advanced technologies, but...
Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT)
In this article, we examine why the coin on the block, Degrain, has been thriving while Litecoin and Polkadot have...
HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol
The voting model will utilize HUMAN Protocol Reputation Oracles to adjust voting power. Last week, HUMAN Protocol announced the introduction...
Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem
Korean electronic goods producer Samsung Electronics recently signed a memorandum of understanding (MOU) with six companies that will collaborate to...
Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That
Shiba Inu is outperforming in the crypto market and gaining the attention of ETH whales Shiba Inu is the most...
Adam Mosseri6 days ago
Meta Expands Instagram’s NFT Rollout To 100 Countries — Platform Connects With Third Party Web3 Wallets
adoption6 days ago
Istanbul Blockchain Week founder Erhan Korhaliller discusses why Turkey is one of the hottest places for crypto
Antpool6 days ago
Bitcoin’s Mining Difficulty Rises For The First Time In 57 Days, BTC Hashrate Slipped 1.7% Lower In Q2
bonds5 days ago
Meta Reportedly Issuing $10 Billion In Bonds To Invest In Its Metaverse Products And Other Initiatives
Aladdin6 days ago
Coinbase Partners With World’s Largest Asset Manager Blackrock To Give Aladdin Clients Access To Cryptocurrencies
cbn5 days ago
Nigerian Currency Recovers Versus US Dollar — Central Bank Says Importers Must Repatriate Forex Earnings
consumer price index5 days ago
Latest Turkey Inflation Rate Of 79.6% The Highest In 24 Years — Weakening Lira And Russia-Ukraine War Blamed
Africa6 days ago
Speculators And Crypto Traders Blamed For Naira’s Plunge, Kenyan Institutions Told To End Dealings With Nigerian Fintechs, CAR Token Sale Off To Slow Start