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Cardano TVL Hits $573M as Network Preps for Chang Hard Fork

Albert Brown
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Cardano TVL Hits $573M as Network Preps for Chang Hard Fork

Cardano’s recent weekly development report for August 30, 2024, highlighted a range of technical updates and on-chain statistics, noting the network’s ongoing progress. 

The report revealed a notable increase in Total Value Locked (TVL), now reaching $573 million, up from the previous week’s $556 million. Additionally, the network’s ecosystem continues to expand, with 1,373 projects actively building on Cardano and the number of native tokens rising slightly to 10.32 million from last week’s 10.31 million. Transactions have also seen steady growth, now totaling 95.6 million.

Core Technology Advances 

Per the report, this week, the ledger team focused on enhancing the network’s core technology, particularly in preparation for the Chang hard fork, scheduled for September 1. The team conducted extensive conformance tests and worked closely with the community and other core teams to ensure a smooth transition. 

Key changes documented for the upcoming Conway upgrade could affect decentralized application (DApp) developers, notably within PlutusV3, where visibility issues in stake credentials certificates may arise. Additionally, the team addressed a minor bug related to DRep expiration initialization, ensuring it does not impact the Chang upgrade.

Concurrently, the site reliability engineering (SRE) team made significant strides in enhancing Cardano’s environment. Notably, they upgraded the pre-production network to the Conway era and introduced improvements to the nixosModule, which now includes Prometheus metrics and automated scraping capabilities. These enhancements, alongside other updates, aim to bolster the network’s performance and reliability.

Scaling and Governance 

The Lace team is preparing to launch version 1.15 of the wallet, which will introduce new governance features, further aligning Cardano’s infrastructure with its evolving governance framework. Meanwhile, the Mithril team initiated the decentralization of the Mithril network’s signature orchestration. 

In addition, they optimized memory usage for signers and completed a proof of concept for diffusing Mithril signatures with the Cardano network layer. These efforts are part of broader scaling initiatives designed to enhance the network’s efficiency and scalability.

Analyst ADA Predictions

On the market front, Cardano (ADA) has faced challenges in recovering from recent losses, leading to a divided outlook within the crypto community. Per an update by The Crypto Basic, some analysts foresee significant gains, while others remain cautious. 

Notably, Alan Santana, an analyst on TradingView, outlined a detailed chart showing Cardano’s prolonged bear market phase, characterized by a descending channel. This phase has led to lower highs and lows, reflecting a bearish sentiment. However, Santana’s analysis also highlights a potential breakout, with projections of a price surge of over 2,200%. The chart suggests possible increases of $1.0002, reflecting a 284.58% rise, and $1.6709, indicating a 475.39% gain, marking potential intermediate resistance levels.

Unknown Trader Turns $1.2K to $10M with This Token: Details

Lele Jima
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Unknown Trader Turns $1.2K to $10M with This Token: Details

An unknown crypto trader makes an astronomical gain by turning $1,200 into a whopping $10 million within three days trading a Tron-based memecoin.

Leading blockchain analytic platform Arkham Intelligence called attention to this success story today. According to Arkham Intelligence, the unknown user, who owns the wallet address TAMr…2Gpn, was among the first traders to invest in Tron Bull (BULL), a Tron-based memecoin.

Transaction Details

The user first purchased $780 worth of BULL tokens on the popular Tron-based memecoin trading platform SunPump. Then, when the token launched on SunSwap, the user acquired another $390 of BULL, bringing their total investment to nearly $1,200.

Interestingly, the value of the trader’s position in BULL skyrocketed to over $10 million within three days. At the time of Arkham Intelligence’s tweet, the value had decreased to $4.02 million, marking a decline of 59.8% from its peak amount. The trader’s position is currently valued at $4.3 million in the hours leading up to press time. 

Crypto Community Thinks It’s an Insider 

Expectedly, crypto community members took to the comment section to react to the jaw-dropping success story. While some people commended the development, others theorized that the trader is an insider.  

Nonetheless, numerous reports have shown separate cases where investors successfully turned meager investments into millions of dollars. For instance, CoinGecko reported that a paltry investment of $12 in Shiba Inu (SHIB) skyrocketed to $1 million in 2021. 

BULL Quiet Launch to Fame 

For context, BULL is a Tron-based memecoin that launched quietly on August 22. The token remained largely unnoticed until August 25, when a popular influencer named Crash revealed their strategic buy-in in the asset. 

This caught the attention of crypto enthusiasts as they hurried to get a slice of the BULL pie, leading to a surge in the asset’s price. In one day, BULL’s price spiked by a whopping 4,000%.

However, the asset has lost most of this gain, as it currently trades at $0.123 per token. This represents a decline of 17.73% in the daily charts. 

It is ranked as the 2,714th biggest crypto, with a market cap of $123.38 million. There are 7,085 BULL holders at press time, with TAMR…2Gpn ranked as the largest holder, according to Tronscan data.  

Intriguing $83.6M MATIC Transactions Unfold During Polygon’s Price Decline

Albert Brown
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Intriguing $83.6M MATIC Transactions Unfold During Polygon’s Price Decline

Polygon (MATIC) continues to face challenges as its price remains at weekly lows. 

However, recent large-scale transactions have sparked interest and speculation within the crypto community. 

On August 30, Whale Alert, a blockchain analytics service, reported a significant transfer involving 196,000,000 MATIC tokens worth $83.6 million. This transfer, which occurred from Polygon Staking to an unknown wallet, has generated attention due to its timing and the potential implications for MATIC’s future.

Data confirms the transaction occurred today at 09:06 UTC, coinciding with a MATIC price of $0.4215. At that time, MATIC had experienced a 4.11% decline over a 24-hour period and a 20.15% decline over the past week.

This transaction fueled speculation about the future of Polygon’s MATIC, with some community members speculating the potential for a delisting. Concerns were also raised about the intentions behind the transfer, particularly whether the assets could be sold by the receiving wallet.

Suspicious Wallet Activity 

Adding to the intrigue, the wallet that received the MATIC tokens was found to hold other tokens such as DAI and SDOG, while others were labeled as suspicious. 

However, just two minutes later, Whale Alert reported another transfer of the same 196,000,000 MATIC tokens back to Polygon Staking from the same wallet. However, the value of the tokens had dropped by $20,960 during this brief period.

 

MATIC’s Signs of Recovery Despite Decline

Amid these transactions and the broader market decline, there are emerging signs of recovery within the Polygon network. According to Santiment, the Polygon network has shown increased dominant coin movement and a notable spike in active addresses. 

Notably, active addresses reached their second-highest level in 2024, with 3,369 MATIC addresses recorded. Furthermore, significant movement involving 69 billion MATIC tokens suggests ongoing activity despite the challenging market conditions.

Bitcoin Price Holds at $58K-$59K as Large Wallets Accumulate 133.3K BTC

Albert Brown
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Bitcoin Price Holds at $58K-$59K as Large Wallets Accumulate 133.3K BTC

Despite Bitcoin’s price trading within a tight range of $58,000 to $59,000, a notable accumulation trend among larger holders suggests increasing confidence in the cryptocurrency’s prospects.

According to recent data from Santiment, wallets holding between 10 to 10,000 BTC have collectively added 133,300 BTC to their holdings over the past month. At an estimated price of $60K, this implies that whales have committed around $8 billion to the Bitcoin market since last month.

Notably, as of August 27, 2024, these larger holders control approximately 66.6% of the total Bitcoin supply, indicating a significant concentration of the cryptocurrency among this group.

A key event referenced is Mt. Gox’s consolidation of trustee wallets. Following the consolidation, there was a noticeable decrease in the percentage of Bitcoin held by Mt.Gox.

In July, this trend became more pronounced when the bankrupt exchange began creditor repayments. According to data, the Bitcoin market experienced a decline, with prices dropping by 6.87% as the exchange moved 47,229 BTC in its first transaction.

Despite this volatility, the chart indicates a recovery phase where the 10 to 10,000 BTC holders began to accumulate Bitcoin once again.

Bitcoin Wallets Across Different Segments

Further data from IntoTheBlock confirms this trend, showing varying behaviors across different wallet sizes. Wallets between 10 and 100 BTC have increased by 0.23%, while those with 100 to 1,000 BTC have grown by 1.71%. The 1,000 to 10,000 BTC segment has also seen a 0.20% increase over the past 30 days. 

Screenshot 2024 08 30T140445787
BTC holder distribution / IntoTheBlock

In contrast, smaller wallets show less activity, with a mere 0.07% increase in wallets holding 0.001 to 0.01 BTC and a 0.14% decrease in wallets holding 0.1 to 1 BTC.

This divergence suggests that while larger holders are accumulating, smaller traders may be reducing their holdings, potentially transferring them to larger players.

Analyst Notes a Positive Signal

This accumulation, accompanied by positive signals, might lead to a favorable movement for Bitcoin. Notably, analyst Ali Martinez has observed that the TD Sequential indicator has presented a buy signal on Bitcoin’s 12-hour chart, suggesting a potential price rebound. 

The indicator displayed a green “9” candle, signaling that the recent downward trend could be nearing exhaustion. This could potentially lead to a reversal or at least a pause in the selling momentum.

Before this, Bitcoin had experienced a decline from around $64,000 to around $59,000, marked by sustained selling pressure. Following the appearance of the TD Sequential “9,” the price action shows signs of stabilization, with smaller-bodied candles indicating market indecision and a possible bottoming process.

Major Players Buying The Dip?

In yet another positive development, Ali Martinez observed that significant players appear to have taken advantage of a dip in Bitcoin prices, leading to substantial buying activity. On-chain data from Santiment reveals that the Bitcoin exchange supply dropped by 40,000 BTC over the past 48 hours, equivalent to approximately $2.40 billion.

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This decrease in exchange supply aligns with a notable surge in exchange outflows, indicating that investors are moving their assets off exchanges.

Correlation Between Bitcoin and S&P 500 Movement

On Thursday, Bitcoin’s price rebound exhibited a striking similarity to the upward movement of the S&P 500, further underscoring the strong correlation between the two assets.

According to Santiment’s analysis, this synchronization is not an isolated incident. The concurrent rise of the S&P 500 and Bitcoin suggests that broader market trends currently influence cryptocurrency prices.

Further, Bitcoin often experiences breakouts when market participants are not heavily dependent on external factors.

Has Bitcoin Bottomed? This Analysis Indicates a Bitcoin Buy Opportunity

Mark Brennan
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Has Bitcoin Bottomed? This Analysis Indicates a Bitcoin Buy Opportunity

An analysis from CryptoQuant shows that Bitcoin may have bottomed, as its correlation with the hash price indicates.

This may be the last time to buy Bitcoin at a discounted price, as historical data indicates an impending rally. According to an analysis from CryptoQuants, Bitcoin may have or is close to bottoming at the current market price.

The data was based on the historical correlation between Bitcoin’s price and mining hash price. CryptoQuant indicated that the Bitcoin hash price has reached its lowest point, a signal that Bitcoin’s bottom is not far off.

Bitcoin Hash Price
Bitcoin Hash Price Chart

The Bitcoin hash price is the revenue miners generate per-tera hash, or the expected daily worth of 1TH/s of hashing power. This hash price is a function of the Bitcoin’s market value, mining difficulty, block subsidiary, and transaction fees.

Historically, mining profitability has decreased over time. The Bitcoin network was designed to halve mining rewards every four years, thus increasing difficulty and reducing the hash price. Currently, miners only make 3.125 BTC for completing each block of Bitcoin, compared to the 50 BTC they gained in 2009.

A Buy Opportunity

The CryptoQuant analysis showed that Bitcoin’s correlation with the hash price means that investors who acquired Bitcoin on this level may have bought the bottom. Bitcoin is currently trading below $60,000, over 18% away from its all-time high.

Data from the previous bull cycles showed that Bitcon surged considerably on this indicator. In 2017, Bitcoin rallied from under $2,000 to a peak of $19,106 when the hash price bottomed. The same scenario happened late in 2020 when the largest crypto asset surged over 660% from $10,000 to the previous all-time high of $66,953.

If anything close to these scenarios reoccur, Bitcoin may have bottomed at $48,000 for this cycle and could rally past $350,000. This puts into perspective the percentage increment seen from Bitcoin at this level in the previous cycles.

However, veteran analyst Peter Brandt warned of an exponential decay in Bitcoin’s price. As The Crypto Basic earlier reported, he called for caution while Bitcoin continued to range in a triangle pattern.

At press time, Bitcoin trades for $59,524, down less than 1% in the past 24 hours. BTC is also down 2.6% in the past seven days and 10.65% in the past month.

Here’s When Holding 40,000 XRP Can Become $100M  

Lele Jima
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0
Here’s When Holding 40,000 XRP Can Become $100M  

Crypto investors holding 40,000 XRP could see their investment surge to $100 million if the token records an astronomical rally. 

A federal judge in New York recently granted the heart desire of many XRP investors by issuing the final verdict in the SEC v. Ripple lawsuit. The legal decision, which gave the parties partial victory, ended the multi-year lawsuit in the Southern District of New York (SDNY). 

XRP Performance Post Final Verdict 

Expectedly, XRP reacted positively to this development, surging to $0.6579 per token. This marks a surge of 51.76% from its monthly low of $0.4335, registered on August 5. 

Although many investors expected XRP to surge beyond this level following the conclusion of the Ripple lawsuit in the SDNY, the token’s price action has been affected by FUDs, especially speculations about a potential appeal in the lawsuit. Some legal experts, including James “MetaLawMan” Murphy, predicted that the SEC and Ripple would appeal Judge Analisa Torres’ decision. 

Amid this speculation, XRP has witnessed a massive correction, plunging below the $0.60 mark. At the time of writing, XRP trades at $0.5866 per token, down 1.3% over the past 24 hours. 

XRPUSDT 2024 08 10 10 37 59
XRPUSDT 2024 08 10 10 37 59

EGRAG Sets $2,500 Target for XRP 

Despite XRP’s continuous underperformance, several market watchers have set ambitious targets for the token. In particular, popular market watcher EGRAG projected that XRP could reach an ambitious target of $2,500. 

As reported earlier, his forecast was inspired by insights from a well-connected banker, who suggested that holding 40,000 XRP could potentially turn into $100 million if the token’s price eventually hits the $2,500 target. 

Following the projection, EGRAG advised investors to accumulate XRP to position themselves for an imminent rally that might stem from the asset’s potential to address liquidity challenges during an economic downturn. 

At the time of the forecast, XRP was trading at $0.6484; thus, hitting the $2,500 mark required a 385,464% surge. With XRP currently changing hands at $0.5866, the token must surge 426,084% to hit the $2,500 target. 

How 40,000 XRP Can Be Worth $100M 

Meanwhile, the recent price decline allows investors to accumulate XRP at discounted prices. At press time, these 40,000 XRP cost about $23,464. 

Therefore, if XRP eventually hits the $2,500 target, these 40,000 tokens acquired at $23,464 could increase in value to $100 million. 

Reaching the $2,500 target requires XRP to record substantial gains, representing a leap of 426,084% from the current price. The possibility of XRP achieving this milestone in its lifetime remains questionable. Consequently, investors should note that this article is for informational purposes, not investment advice. 

Expert Says XRP Price Fluctuations Are Just Noise to Distract Investors from Its True Value

Abdulkarim Abdulwahab
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Expert Says XRP Price Fluctuations Are Just Noise to Distract Investors from Its True Value

Versan Aljarrah, the founder of Black Swan Capitalist, recently took to X to express his views that XRP price movements are mere distractions from its real value proposition. 

Notably, XRP posted an intraday loss of 2%, trading at $0.5648. Today’s decline has worsened XRP’s weekly performance, which now amounts to a 6% drop.

Looking at XRP’s performance on a year-to-date basis, the asset’s performance is discouraging compared to its peers. Specifically, XRP is down by 8.16% since January, while its closest rival, Solana, boasts a gain of 37%. Bitcoin and BNB are showing more impressive gains of 41% and 72%, respectively, this year.

This underwhelming performance has generated significant frustration among holders, sparking widespread declarations that XRP is “dead.”

However, staunch XRP proponents like Aljarrah believe these painful price actions are irrelevant. According to him, the continuous fluctuations observed in XRP’s price are distractions or “noise” engineered to discourage people from benefiting from XRP’s long-term potential.

“Fluctuations and hype are just noise meant to shake you out,” Aljarrah remarked. He underscored his belief that the true worth of XRP lies not in its market price but in its underlying technology and robust network.

XRP: “Backbone to the New Banking System”

Aljarrah argues that XRP is positioned as the “backbone to the new banking system,” highlighting the cryptocurrency’s potential role in reshaping the global financial landscape.

Furthermore, the Black Swan Capitalist founder elaborates on XRP’s interoperability, suggesting that many new financial systems are being developed to be compatible with its protocol.

Essentially, Aljarrah emphasizes that while short-term traders might focus on XRP’s price volatility, long-term investors should pay attention to its technical capabilities and strategic importance in the future of digital finance.

Notably, Versan Aljarrah is among the most ambitious XRP enthusiasts in the community, who believes that a price point of up to $10,000 is feasible for the asset at some point in the future.

Community Reacts

However, while some agree with his perspective, other commenters have challenged Aljarrah’s stance. One commenter pointed out that if he is truly unconcerned about XRP’s price, then XRP might as well be a stablecoin. This highlights the ongoing frustration among investors over XRP’s lackluster price performance.

Meanwhile, community member Johann Koch speculated that XRP’s extensive adoption over the next few years might lead to greater price stability. He wondered if this increased stability could shield XRP from future bear markets.

Elon Musk Win Boosts Dogecoin Above $0.10, 15% Jump on Horizon

Albert Brown
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Elon Musk Win Boosts Dogecoin Above $0.10, 15% Jump on Horizon

With a gradual recovery, Dogecoin at $0.10 crossroads finds an upside target at $0.1180. Will DOGE buyers hit the target this quarter?

The Dogecoin price in the 4-hour chart reveals a pullback trend struggling to bounce back. The underlying sentiments tease a bullish run as DOGE resurfaces above $0.10. 

Will the meme coin reclaim the $0.12 with an 18% jump as the technical indicators fire off the bullish engine? 

Dogecoin At $0.10 Crossroads

In the 4-hour chart, following the massive correction in late July and early August, the meme coin finds solid support at $0.084. With a quick V-shaped reversal turning into a consolidation range, Dogecoin is stuck between the 23.60% and 50% Fibonacci levels at $0.097 and $0.111, respectively. 

The consolidation range continued for the entire August month, with a failed bullish breakout rally attempt. Following the failed attempt, the Dogecoin negative cycle retested the 23.60% Fibonacci level after breaking below the 38.20% level at $0.10. 

Dogecoin Price Chart
Dogecoin Price Chart

The meme coin struggles to gain traction despite reclaiming $0.10. Over the past three days, it has increased by 5.53% but has yet to reach the 38.20% Fibonacci level at $0.10528. 

The MACD indicator shows a bullish crossover as the recovery run gains momentum. Meanwhile, the 4-hour RSI line shows a bullish divergence. Hence, the momentum indicators support the chances of an uptrend continuation. 

On-chain Triggers Buy Signal

The on-chain indicators over IntoTheBlock give a mostly bullish signal for Dogecoin. While 70% of holders make money at the current price, the holder’s composition by time held hits 67% for more than one year. 

Dogecoin On-chain
Dogecoin On-chain

The on-chain signals, like the large transactions increasing by 2.43%, give a BUY signal. Meanwhile, the bid-to-ask volume imbalance has also increased by 2.28%.

Dogecoin On-chain
Dogecoin On-chain

Furthermore, the global in and out of the money indicator showcases that 42.54% of Dogecoin volume is in the money. However, 49.44% is out of the money, with 8% at the money ranging from $0.096 to $0.1043.

Will DOGE Hit $0.12?

As Elon Musk wins the Dogecoin Pyramid Scheme lawsuit of pumping the meme coin, the DOGE price finds a supporting tailwind. With an intraday gain of 1.72%, the meme coin teases an uptrend continuation. 

With the 38.20% Fibonacci level breakout, Dogecoin could again face incoming supply pressure at $0.111 or $0.1180, a 15% upside. Conversely, Dogecoin has two additional supports below the $0.097 support level at $0.090 and $0.084. 

New Trump-Inspired Venture to Offer High-Yield Crypto Investments

Abdulkarim Abdulwahab
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0
New Trump-Inspired Venture to Offer High-Yield Crypto Investments

Trump-inspired World Liberty Financial is set to offer users access to “high-yield” opportunities in the decentralized finance (DeFi) space. 

According to metadata on the project’s website, worldlibertyfinancial.com, the platform will connect users to the “best tools for secure, high-yield crypto investments.” In parallel, it invites users to “join the financial revolution.”

Notably, a trademark filing for World Liberty Financial last month, confirmed by lawyer Alex Golubitsky, further solidifies the project’s association with DeFi. While details about the platform’s specific offerings and features remain scarce as it is still “coming soon,” the promise of high-yield investments may likely generate significant interest among crypto enthusiasts.

This latest development comes on the heels of Trump’s launch of a fourth NFT collection. Specifically, the latest collection aims to replicate his previous successes in selling crypto collectibles. 

“America First” NFT Trading Card Collection

On Tuesday, Donald Trump unveiled the “America First” NFT trading card collection, offering buyers a unique opportunity to dine with the former U.S. president. According to on-chain data, the collection has seen 24,164 mints and 1,299 holders, each priced at $99.

This impressive sales figure has generated around $2.27 million in revenue, a promising start for the collection. With a total supply of 360,000, the collection has the potential to earn up to $35 million if it sells out.

Notably, this fourth NFT collection came after an initial hint on July 17, during which Trump emphasized the need for the United States to take a leading role in the crypto industry. He argued that if the US were to ignore crypto, China would likely dominate the sector.

As a result, Trump has also vowed to make the U.S. the crypto capital of the planet if he is elected.

Vitalik Buterin Moves 800 Ethereum to Multi-Sig Wallet, Another Donation?

Albert Brown
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Vitalik Buterin Moves 800 Ethereum to Multi-Sig Wallet, Another Donation?

Vitalik Buterin’s Ethereum address has recently exhibited increased activity, prompting widespread speculation among observers. 

In the most recent transaction, Buterin transferred 800 ETH worth $2.01 million to a multi-signature wallet today. After the transfer, the wallet exchanged 190 ETH for 477,000 USDC. This transaction follows a series of similar transfers, contributing to ongoing discussions about Buterin’s intentions and the potential implications of these movements.

Per Lookonchain, Buterin has stated that he hasn’t sold ETH for personal profit since 2018, with most of his ETH transactions linked to charitable donations. Notably, on August 9, he moved 3,000 ETH worth $8.04 million to the same multi-signature wallet. This 3,000 ETH transfer raised questions about whether it signaled a donation or an internal reallocation. 

However, there is limited information on purpose of the most recent 800 ETH transfer. The absence of reliable disclosures has fueled ongoing speculation within the crypto community.

Current Holdings and Recent Transactions

The Ethereum address associated with Buterin, after the latest transaction, now holds 52.5 ETH, equivalent to $132,219.70. This address also possesses token holdings valued at $638,988.63, spread across over 401 different tokens. 

The receiving wallet, which gained the 800 ETH, currently holds six distinct token classes. Among these, notable assets include 1,900 aEthWETH valued at approximately $4.78 million and 1,710 WETH worth $4.31 million. Additionally, the wallet now contains 477,312 USDC. 

Buterin’s Recent Charitable Donations

Adding to the intrigue, Buterin recently announced a donation of over $530,000 worth of “Animal Coins” to charity. This donation followed community requests after Buterin liquidated a portfolio of “NEIRO on Ethereum” tokens, which had been gifted to him. 

Recall on August 5, a associated with Buterin, “Vb 3,” had transferred 3,000 ETH to Buterin’s wallet, which previously held 245,223 ETH, equating to $571.72 million.

This activity is part of a consistent pattern of large Ethereum transactions. Previously, the “Vb 3” wallet had moved 1,001 ETH to Buterin’s address 184 days prior and 6,000 ETH 571 days earlier.

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