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The many reasons why DOGE believers aren’t done yet

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The many reasons why DOGE believers aren’t done yet

In the middle of what can be called market turmoil, Dogecoin [DOGE] has reasons to celebrate. In fact, its co-founder Billy Markus seemed ecstatic after his recent tweets got Elon Musk’s attention. What is the news and how is DOGE reacting to it?

DOGE not down

Dogecoin co-founder Billy Markus recently shared a tweet expressing his “desires” for the memecoin. Markus wishes DOGE to have a purpose, one that stretches “beyond pump and dump.” He also wants the community to “understand what crypto is and what the market is.”

Furthermore, he also suggested that “it would be cool” if people add “utility” and “security” to crypto.

it would be cool if people keep working on it and adding utility and security, and working on services that also add utility, which i have seen and appreciate

but otherwise, most of the complaints and attacks imo are just people that don’t get crypto or the crypto market 🤣

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— Shibetoshi Nakamoto (@BillyM2k) June 17, 2022

He has enough reasons to be jubilant right now with Dogecoin shining on all fours.

“Making the most of it”

First of all, Kraken just announced that Dogecoin Futures contracts are set to launch on the exchange starting 20 June. Kraken is not the first exchange to do so. Binance, OKEx, and Bitfinex have all launched perpetual DOGE contracts.

This is all good news, especially in light of the larger market correction.

New Kraken Futures contracts coming next week:$TRX @trondao$DOGE @dogecoin$FTM @FantomFDN

Transfer funds to your Kraken Futures wallet today.

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👉 Trading starts Monday, June 20 👈

*Geographic restrictions apply

Learn more 👇 https://t.co/CZKu3oExEt pic.twitter.com/6xZcnfS8xu

— Kraken Exchange (@krakenfx) June 17, 2022

Furthermore, DOGE recently broke into the top 10 coins by trading volume by whales on the BNB Chain. According to WhaleStats, the portfolio of BSC whales had $10,104,819 worth of Dogecoin – 0.92 percent of the portfolio.

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JUST IN: $DOGE @dogecoin now on top 10 by trading volume among 4000 biggest #BSC whales in the last 24hrs 🐳

Peep the top 100 whales here: https://t.co/CnPsLVmRmh

(and hodl $BBW to see data for the top 4000!)#DOGE #whalestats #babywhale #BBW pic.twitter.com/xpxljWH2Wn

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) June 19, 2022

Finally, there was the small matter of Elon Musk affirming on Twitter that he is still buying the memecoin. This came as a shock, especially since he has been sued recently. Musk has been challenged in court for over $258 billion in damages for allegedly manipulating DOGE.

Thus, it is pretty evident that the news will uplift investor pain in the DOGE community. However, the lawsuit does make an attempt at blocking Musk and his companies from promoting Dogecoin.

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I am

— Elon Musk (@elonmusk) June 19, 2022

The news of Musk investing in the crypto was well received as DOGE prices shot up by 10%. Trading at $0.058 at press time, DOGE has some breathing space again after falling for most of the past week. DOGE started the week at $0.7 and later, bottomed at $0.50.

Despite the 10% bump on the charts, the weekly chart is down by nearly 13%. The MVRV ratio also seemed to be in a worrying position, despite the alt recording a jump with the price shift. The ratio, at press time, was still lingering at a low of 0.25 – In line with general market conditions.

Source: Santiment

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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Why there’s more to Fantom’s dApp ecosystem than what meets the eye

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Why there’s more to Fantom’s dApp ecosystem than what meets the eye

The ever-growing Web3 space is continuing to find supporters in the market to make sure that it prospers into the next big thing. In fact, this is one space that is driven by the likes of Fantom.

Backing its most-recent efforts is Cypher Capital, with the latter intending to bring more to the table with its funding.

Not a Fantom

In what is the latest addition to the Venture Capitalists roundtable, Cypher Capital has now invested in Fantom. Its strategic funding plans to support projects and developers on the Fantom network.

With this partnership, Cypher Capital will be able to fund and further projects across Web3, DeFi, and gaming. At the same time, the same will help provide early-stage backing and solution expertise.

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Fantom has always been one of the biggest DeFi chains, both in terms of total value locked as well as the number of projects existing on the chain.

As a top-10 chain, Fantom, at press time, held $650 million in TVL spread across 257 protocols – The fourth-highest for any blockchain.

In fact, partnerships such as the aforementioned are bound to propel Fantom into the limelight. Especially since the DeFi market is still recovering from the recent crashes that wiped out more than $80 billion in just 2 months.

This lag will give Fantom just the room it needs to establish itself as an important player in this field.

This may be because on the investor front, the chain has been struggling to keep its investors’ faith in the asset intact. Over the last month and a half, investors’ presence has seen slight changes, with some leaving and some others entering.

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The ridges seen on the metric seemed to indicate the same too.

However, demand for the asset is still keeping its price at an incline, with the same hiking by 81.08% in 2 months.

Now, it’s worth pointing out that this doesn’t compare to the massive 87.93% drawdown from its all-time high in January.

Even so, thanks to the broader market’s recent cues, FTM is taking a step in the right direction.

As long as the asset isn’t overbought, it is safe from noting a trend reversal as $0.5 is the next critical support target for Fantom.

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Aaryamann is a freelance crypto journalist working with AMBCrypto. He is currently investing his time in the crypto-space. He has a keen interest in DeFi, the ever-expanding possibilities of blockchain technology, as well as the political impact they would have.

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8liens sweeps NFT market WITH 253% surge, but what of CryptoPunks, BAYC

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8liens sweeps NFT market WITH 253% surge, but what of CryptoPunks, BAYC

The wider Ethereum [ETH] NFT market did not note any spine-tingling milestones recently, despite the altcoin hitting $2,000. In fact, sales volumes across ETH NFTs saw a 3.38% fall over the last 24 hours, according to CryptoSlam.

However, there was some eye-catching activity in the same ETH NFT market. No, it was not about Crypto Punks or Yuga Labs-backed Bored Ape Yacht Club [ BAYC].

Aliens over Apes?

According to CryptoSlam’s data, “genderless” NFT collection 8liens was the best-performing NFT in the last 24 hours. The NFT collection recorded over $3 million in sales volume within the said period. These 3,374 transactions that added up involved 1,672 buyers.

Source: CryptoSlam

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The aforementioned figures were way higher than the activities recorded within the BAYC and CryptoPunks ecosystems. Now, although they both registered an uptick, it was lower than the one 8liens recorded. In fact, CryptoPunks’ 24-hour sales volume hiked by 79.62% to hit $2.83 million while BAYC only went up a paltry 4.58% to $1.38 million.

At press time, 8liens traders’ profit was an average of 32.90% with active wallets up by 122.70% to hit 2,886.

Source: CryptoSlam

Despite the said uptick, however, 8liens was still down from its floor price of 0.62 ETH on 11 August. At the time of writing, the lowest-priced 8liens asset was worth 0.298 ETH. However, it’s worth pointing out that its position has improved since the market was last looked at.

Can’t tame the bear

With the crypto-market recovering, NFT traders might be expecting the market to follow. However, it might not yet be time for a full-blown gain season. This, because the entire NFT ecosystem has not shown signs of a complete revival with an aggregate 1.80% decline in the last 24 hours.

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Other blue-chip collections including Sorare and Otherdeed also noted declines in their 24-hour sales volumes. Sorare was down 51.88% while Otherdeed’s fell by 20.02%. Additionally, Moonbirds was not left out as it went down by 42.07%.

While 8liens surged, the chances of the NFT market claiming bullish momentum are still low. In fact, NFTGo reported that the global market cap was down 11.33% over the last three months. Also, the market was far from reaching  the trader count within the same period. In fact, buyers were down 29.32% to 440,644 while the overall number of traders also declined to 658.092.

Source: NFTGo

Jibin is a news editor at AMBCrypto. With over three years of experience as a political writer, he primarily focuses on the political impact of crypto developments. A graduate in Law and International Relations, his writing is by and large focused on cryptocurrencies from the political and financial perspective. A Liverpool FC fan. YNWA

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Tron: Chalking out the odds of TRX unleashing its volatility

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Tron: Chalking out the odds of TRX unleashing its volatility

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

While extending its compression in the $0.063-$0.0702 range for nearly seven weeks, Tron [TRX] has been in a low volatility phase. Unlike most coins, TRX took a sideways track over the past month but maintained its spot above the 20/50 EMA.

In particular, the last two weeks marked an uptick in price levels as the bulls strived to snap the $0.0702-level hurdle.

An inability to close beyond this barrier level could extend the consolidation phase in the coming sessions. At press time, TRX was trading at $0.06997.

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TRX Daily Chart

Source: TradingView, TRX/USDT

TRX witnessed a sharp recovery after dropping towards its yearly low on 15 June. The revival from its long-term support entailed a rectangle bottom structure on the daily chart.

While the bulls forced a bullish crossover on the 20 EMA (red) and the 50 EMA (cyan) after nearly two months, TRX revealed the build-up of its underlying buying edge. To top this off, the altcoin saw an ascending triangle-like structure as the flatter peaks accompanied the higher troughs.

A sustained incline beyond the immediate resistance could open doorways for a retest of the $0.0704-$0.0706 range.

To sway above the constraints of its compression boundaries, TRX bulls must propel a much-needed hike in trading volumes. The break above the $0.0702-mark could serve as a reliable trigger for its press time bullish bias.

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Rationale

Source: TradingView, TRX/USDT

The Relative Strength Index (RSI) maintained its position above the midline, but was yet to topple the 56-mark to confirm strong revival chances.

The Accumulation/Distribution (A/D) indicator’s lower troughs bullishly diverged with the price. Any rebound from its trendline support could foster an accumulation phase. However, the ADX continued to project a significantly weak directional trend for the altcoin.

Conclusion

Given the bullish pattern setup after a bullish crossover on the 20/50 EMA, TRX could see sustained growth. Any drop below the near-term EMAs could invalidate the convincing bullish tendencies. The targets would remain the same as above.

Finally, investors/traders should consider Bitcoin’s movement and its impact on broader market perception to make a profitable move.

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With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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