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Crypto Tokens Thriving In The Bear Market

Andrew MacGill
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Crypto Tokens Thriving In The Bear Market

Crypto bear markets are rough times for traders and investors. Gone are the days when you’d wake to find your net worth increased by double-digit percentages and every token you touched turned to gold. Yet, there are still gems to be found in bear markets. Innovation happens every day in crypto and it doesn’t take much capital for a low-market-cap project to buck a bear market trend.


Bear market? What bear market? Hot tokens this crypto winter

Although the entire crypto market is around 70% down from its November highs, not all assets are struggling. Some are positively thriving and the industry is by no means dead. Recent transaction activity on Ethereum Layer-2 protocols, for example, is at an all-time high, which is encouraging given current market sentiment.

But why are some tokens able to buck the bear when just about everything else is deeply in the red?

Quant (QNT)

Since June 2022, QNT, the native token to the Ethereum-based blockchain interoperability solution Quant Network, has surged from a daily low close at $44.40 to a high above $220 on some exchanges.

QNT CHART
QNT CHART

Binance’s QNT/USDT 1-day price chart. Source: TradingView.

Several factors appear to be fueling the almost 400% gain, including the Quant CEO’s credentials and speculation that the MIT-supported Quant Network might serve as critical interoperability infrastructure for Central Bank Digital Currencies.

Gilbert Veridian, Quant’s CEO, has the connections to put Quant Network in front of the right people to make it happen, too. An Oct. 17 tweet by an anonymous Quant enthusiast highlighted Veridian’s experience participating on state-level committees focused on distributed ledger technology.

Quant launching the first version of its tokenization product also galvanized recent interest in QNT. Tokenise, as the hybrid network is known, will enable developers to deploy the new QRC20 token standard across multiple blockchains.

On-chain activity picked up around the June launch as wallets holding between 100 and 1,000 QNT grew by 230,000 and daily active users doubled. The August launch of a Quant Network token standard also gave the rally more steam.

AllianceBlock (ALBT)

AllianceBlock is another hot project building through the bear. Its focus is also on interoperability only this time between traditional and decentralized finance. Since AllianceBlock aims to deliver DeFi products to traditional financial institutions, regulatory compliance is a top priority.

From a low on Oct. 3 of $0.037, AllianceBlock’s native token, ALBT, increased 132% to trade as high as $0.086. After a recent pullback, it now trades at around $0.06, which is still almost double its October low.

ALBT CHART
ALBT CHART

Uniswap’s 1-hour ALBT chart. Source: TradingView.

A recent announcement that AllianceBlock has become an Advisory Board Member for International Association for Trusted Blockchain Applications might explain ALBT’s price rally. INATBA works to liaise with global regulators to guide policymakers. Additionally, the group supports blockchain technology’s use in supply chain management and CBDCs.

AllianceBlock is also going after some of the crypto industry’s biggest pain points. A recent partnership with fiat-to-crypto swap aggregator Onramper looks set to transform the way users exchange traditional currencies for crypto assets. Such adoption would be bullish for the AllianceBlock protocol’s compliant decentralized finance ecosystem and the market has responded accordingly.

Recent events have forced many crypto industry participants to consider how regulators will approach the space. ALBT looks poised to take advantage of the trend toward compliance.

The token is the AllianceBlock DeFi ecosystem’s defacto medium of exchange, enables community governance and incentivizes participation in the decentralized network. Meanwhile, various token-burning mechanisms regulate its overall supply, meaning increases in demand have a greater upward impact on ALBT price.

Lido DAO (LDO)

Following Ethereum’s successful transition to proof-of-stake, staking service providers have been a hot decentralized application category. To actually operate a staking node requires 32 ETH and enough technical know-how to connect to the network and stay online enough to avoid penalties. What’s more, you can’t actually withdraw staked assets yet.

For the average ETH holder that just wants to generate returns on their investment during the bear market, that’s a lot of money and a big commitment. Services like Lido take deposits from users into smart contracts, enabling professional stakers to deploy assets on their behalf.

In addition to rewards, Lido users receive stETH, which is a token, backed one-to-one with staked ETH. Users can then exit staked positions or deploy stETH at another DeFi application, generating additional yield.

Lido’s LDO is a governance token for the project’s decentralized autonomous organization. A successful Ethereum merge in September would have likely meant many new Lido users, making DAO membership even more valuable. LDO’s token reflected that leading up to Ethereum’s historic consensus mechanism transition with a 600% rally from June until mid-August.

LDO CHART
LDO CHART

Huobi’s 4-hour LDO/USDT chart. Source: TradingView.

Spotting bear market gems

These examples show that gains are possible during a bear market — you have to be a little bit more selective.

If you identified that increased regulatory attention might be bullish for compliant projects, you might have backed ALTB or QNT. Perhaps easier would be LDO, given that the crypto story of the year was Ethereum’s merge and Lido provides highly adopted related infrastructure.

Binance Now Accounts For Over 50% Of All LUNC Burnt, Burning 1.26 Billion LUNC In The 5th Week

Mark Brennan
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Binance Now Accounts For Over 50% Of All LUNC Burnt, Burning 1.26 Billion LUNC In The 5th Week

Binance burns 1.26 Billion LUNC.



Binance has burnt 1.26 billion LUNC after the 5th week, as data from LUNCPenguins, a website created to track the Terra Luna Classic (LUNC) Burn shows.

Notably, a tweet from LunaBurnTracker also confirms the transaction.

The latest LUNC burn from the world’s largest exchange follows the burn of about 1.3 billion LUNC last week. It brings the total burn by the exchange to roughly 13.7 billion LUNC.

Notably, the value of LUNC burned by the exchange has declined weekly as the exchange sees reduced volumes.

It bears mentioning that Binance first decided to implement burns on LUNC trading fees over a month ago, following pressure from the LUNC community to implement the burn tax parameter on off-chain transactions. Now the exchange is the single largest burner of LUNC tokens.

The Terra Classic community has seen 26 billion LUNC burnt tokens in total. Binance alone accounts for over 50% of this, burning above 13B coins in five weeks after implementing terra classic burns on trading, while the on-chain tax accounts for nearly 30%, with 7.7 billion burnt.

It is worth noting that there were speculations that Binance would discontinue the burns after four weeks. However, the exchange has decided to stick with the LUNC community’s goal of bringing down the supply from a whopping 6.9 trillion (now over 6.8 trillion) to 10 billion.

Notably, Terra Classic core developer Tobias Andersen AKA Zaradar believes that taxes alone would not be enough to achieve this target. According to Zaradar, the chain needs to resurrect lost economic activity and inspire real-world usage.

Meanwhile, the LUNC community recently showed its intentions to maintain its relationship with Binance. The community showed up en masse to rank as the second-strongest community in a Twitter poll by the exchange.

Dogechain Shares 80% DC Supply Burn Proof

Mark Brennan
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Dogechain Shares 80% DC Supply Burn Proof

Dogechain finally burns 80% of its total supply.


 

Leading meme-based cryptocurrency Dogechain has shared proof of transaction showing that its team has successfully burnt 800 billion DC tokens, worth $2.24 billion at the current exchange rate.

“Important Announcement – 80% Supply Burn Completed. As proposed and voted by the community, the Dogechain team irrevocably destroyed 800 billion DC tokens,” Dogechain noted in an announcement. The team also shared the link to the burn.

800 billion DC tokens burned
800 billion DC tokens burned

The Dogechain team describes the recent burn as “the Greatest Burn Event.” According to the transaction details, the burn was completed on October 31, 2022, at 04:20 AM (UTC). 

Dogechain to Update Its Token Metrics Information

Dogechain said it would update its token metrics to reflect the recent burn. From an initial supply of 1 trillion tokens, Dogechain successfully burnt 726B tokens previously, and the latest burn includes 800,726,256.133 (800.72 billion) coins. The total supply of Dogechain now sits at 199,273,743,867 (199.27 billion) DC tokens.

The team noted that cryptocurrency aggregators erred in their circulating supply data.   

“Additionally, due to how aggregators track wallet data, the reported circulating supply of Dogechain tokens was ~32 billion. This data was inaccurate, as a large portion of these tokens were never put into circulation, just moved from their original wallet,” Dogechain said. 

To fix the error, Dogechain said it had to incinerate 18 billion DC from the current circulating supply, thus reducing the number of DC in circulation by 58%.

Dogechain will give cryptocurrency aggregators new token metrics information to ensure the token is accurately tracked.

The move is part of efforts by the team to boost the price of DC. Recall that after Dogechain announced last week that it would burn 80% of its total unreleased supply, the price of DC spiked by nearly 50%. 

Dogechain’s Massive Growth

Less than three months after its launch, Dogechain has proven to be one of the leading canine-themed cryptocurrencies with prospects. On August 29, 2022, the price of Dogechain spiked to an all-time high of $0.0046. Although the price is down 40.1% from its ATH, the team is committed to boosting the value again by promoting its widespread adoption.

These efforts have yielded positive results, with Dogechain recording more than 250k unique wallets, 55 million cumulative transactions, and an average of 1 million daily transactions. Last month, Dogechain launched its naming system dubbed Dogechain Name Service (DNS).

3.36T Shiba Inu Moves To New Wallet As Trading Volume Surpass $1B

Zabi
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3.36T Shiba Inu Moves To New Wallet As Trading Volume Surpass $1B

 

Nascent Shiba Inu Whale adds 3.36 Trillion SHIB.



A brand new Shiba Inu Whale came into existence as SHIB showed an incredible price performance over the past week. The Whale added $40.80 Million worth of SHIB in one significant transaction.

Whale Alert recently reported that an anonymous wallet had transferred a staggering 3,369,887,165,968 (3.36T) SHIB, worth $40,809,333 ($40.80M), to a brand new wallet in one robust transaction.

Etherscan.io data reveals that the transaction was performed about 12 hours ago. The amount shifted to the new wallet is stagnant, and the address holds 3.369T Shiba Inu.

Brand New Whale Accumulated 3.36 Trillion SHIB
Brand New Whale Accumulated 3.36 Trillion SHIB

The Whale accumulated a big chunk of Shiba Inu after the most popular canine-themed cryptocurrency had incredible price performance over the past week. Shib price soared 20.89% in seven days, per data provided by CoinMarketCap. On Saturday, SHIB successfully conquered the most crucial resistance, located at $0.00001180 on the daily chart; after that, Shib enjoyed some upward price movements with a current 24-hour trading volume of $1,077,313,791 ($1.07B).

Brandt Puts Damper on Dogecoin Party Says Bear Market End Does Not Mean Bull Market Start

Mark Brennan
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Brandt Puts Damper on Dogecoin Party Says Bear Market End Does Not Mean Bull Market Start

 

Peter Brandt Says Dogecoin Breakout From Bear Market Does Not Mean Start Of Bull Market.


Peter Brandt Says The Bull Market May Have Not Started For Dogecoin Despite The Breakout From The Bear Market.

Veteran trader Peter Brandt asserted in a tweet that it is not certain that Dogecoin has kicked off a new bull run despite its break of bear market structure. Brandt says new traders are quick to make guesses about the end of bears and the start of bulls, but most often, such assumptions are wrong.

“A common mistake made by novice and wanna-be traders is assuming that an end to a bear phase of a market is automatically a signal that a bull market has begun. This assumption is most often wrong.”

The statements come nearly 2 hours after Brandt shared his price chart highlighting that DOGE had broken out of a bear channel marking a break out of a bear market it entered following a run-up to $0.74 in May last year.

Dogecoin out of Bear Market
image source: https://twitter.com/PeterLBrandt/status/1586705667934633988

 

Despite Brandt’s warnings, several users said they would look for buying opportunities in the market. Notably, in response to a query about what will be a bull market marker, one user volunteered that the market had to form higher highs and higher lows on higher time frames.

It bears mentioning that Brandt, who can be described as a Bitcoin moderate, is very skeptical about altcoins. In July, the analyst called out LUNA, DOGE, and XRP as scams. In May, as reported by The Crypto Basic, Brandt asserted that Bitcoin was the only trustworthy crypto asset following the Terra ecosystem collapse.

Despite his skepticism, Brandt remains a widely respected analyst with a knack for accurately predicting the price moves of crypto assets. Notably, the analyst arguably predicted the start of the prolonged bear market for Dogecoin, sharing bearish chart patterns for the asset from June through July.

It is worth noting that DOGE has enjoyed a massive rally over the weekend, riding on the wave of Elon Musk’s Twitter takeover. It is up 99% in the last seven days, trading at $0.1181.

As The Crypto Basic reported, DOGE’s trading volume has also surged, and billions in market cap gains have overtaken Cardano and Solana to become the 8th largest crypto by market cap.

Team Says 8 New Projects Launching on Baby Doge Swap

Lele Jima
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Team Says 8 New Projects Launching on Baby Doge Swap

Eight new crypto projects are preparing to launch on Baby Doge Swap.


Several cryptocurrency projects are preparing to launch their tokens on Baby Doge Swap, the decentralized exchange of Baby DogeCoin. In a tweet today, Baby Doge Coin announced that eight projects are preparing to go live on its decentralized exchange. 

“There [are] currently 8 projects preparing to launch on BabyDogeSwap!” Baby Doge Coin announced. 

 

Data on Unicrypt Network shows that the projects planning to go live are mainly memecoins. These projects have similar names to meme-based cryptocurrencies like Shiba Inu, Dogecoin, Baby Doge, etc.

According to the data, the eight cryptocurrencies preparing to launch on Baby Doge Swap are Shark Shib Coin, Daddy Shark Doge, 波霸奶茶 (Boba Milk Tea), MUSKPET Coin, GoldenDoge Coin, babySharkDoge, Shark pih Coin, and SharkBabyDoge. The soft cap for these cryptocurrencies ranges from 8 to 10 Binance Coins (BNB). 

Some tokens are programmed to go live on Baby Doge Swap in the next few hours, while others will be launched later this week. According to Unicrypt Network, none of the eight projects have been audited. This means there is a tendency for some of the projects may have bugs that bad actors could exploit or the projects themselves can be scam.

All tokens are built on BNB Chain, a public permissionless network. The BNB Chain is designed so that anyone can launch a token on the network.

Baby Doge Swap Feats

As reported, Baby Doge Swap was launched on October 6, 2022. Less than a month after going live, the decentralized exchange has continued to record mind-boggling feats. The Total Value Locked (TVL) on Baby Doge Swap surpassed $18 million in four days after the DEX went live. At the moment, Baby Doge Swap’s TVL is worth $28 million.

Users have completed a total of 210 trades in the last 24 hours. The number of trades on the DEX is expected to skyrocket when new tokens are listed. Baby Doge Coin said it would use a portion of the DEX’s trading fees to buy and burn BabyDoge.

Dogecoin Volume Up 5000%, As Matt Wallace Makes Another Wild DOGE Prediction

Mark Brennan
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Dogecoin Volume Up 5000%, As Matt Wallace Makes Another Wild DOGE Prediction

 

Dogecoin Influencer Matt Wallace Makes Another Wild DOGE Prediction.


Wallace predicts DOGE will clinch the $69 price point.

Dogecoin Influencer Matt Wallace has made another wild Dogecoin prediction, tweeting, “Dogecoin TO $69!!!!!!!!!” today.

Notably, the tweet comes two days after he and his wife promoted a $69 Dogecoin giveaway.

It is worth noting that 69 is one of the most popular meme numbers and has relevance within the Dogecoin meme community. In August, DOGE co-creator Billy Markus highlighted that either by chance or the sheer playfulness of the Dogecoin community, the meme coin was having a difficult time breaking away from the $0.069420 price point, calling it the coin’s “meme home.”

Consequently, it is unclear if the influencer known for making wild Dogecoin predictions is serious. Wallace asserted yesterday that anything is possible because of the 5000% leap in the meme coins volume.

While some members of his audience appreciated the Dogecoin pump tweet, unsurprisingly, some found it challenging to take the influencer seriously. For example, one user noted that he would be content with Dogecoin getting to $0.69.

It bears mentioning that just two days before, the influencer had set the price target for Dogecoin in this latest pump at $7.

Wallace launched his YouTube channel dedicated to Dogecoin called Final Stand in 2018 and has since amassed over 243,000 followers. Notably, as reported by The Crypto Basic, the influencer in June bet his channel on the meme coin, surpassing the $1 price point in 2022.

It is worth noting that Dogecoin had an impressive showing during the weekend following Elon Musk’s acquisition of Twitter. The meme coin is up 107% in the last seven days, jumping from about $0.06 in the days before the deal’s completion to $0.1231.

Dogecoin has also added about $7 billion to its market cap. Consequently, it has leapfrogged Cardano and Solana to become the 8th largest cryptocurrency by market cap.

IntoTheBlock data shows that 62% of Dogecoin holders are in profit.

Top Attorney Explains Importance Of Multiple Amicus Briefs In Ripple Vs. SEC Case

Mark Brennan
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Top Attorney Explains Importance Of Multiple Amicus Briefs In Ripple Vs. SEC Case

Judge Approving Multiple Amicus Briefs In Ripple Vs. SEC Show Complex Nature of Lawsuit.



Attorney Hogan said the Judge has continued to allow multiple amicus briefs in the case because she understands that the lawsuit is complicated.

Attorney Jeremy Hogan, a Partner at Hogan & Hogan law firm, took to Twitter to explain why U.S. District Judge Analisa Torres has allowed many amicus briefs in the Ripple vs. SEC lawsuit. According to attorney Hogan, amicus briefs are usually filed in top-level courts where complicated issues are resolved.

Attorney Hogan’s Position 

It is noteworthy that several amicus briefs have been filed in a trial-level cases like the Ripple vs. SEC lawsuit. For attorney Hogan, Judge Torres allowed many amicus briefs in the ongoing lawsuit because she understands the complexity of the case.

“The Judge’s liberal allowance of Amicus Briefs in this trial level case would suggest that she understands that the issues involved are complicated, novel and that the ruling will affect a large group of people and/or industry,” he said.

Attorney Hogan believes it is good that Judge Torres understands that the lawsuit’s outcome will affect a large group of people and an entire industry. 

If Ripple wins the suit, the SEC will be prompted to establish clearer regulations for cryptos to thrive. However, if the blockchain company loses the suit, the SEC may continue its regulation by enforcement approach in the industry.

Judge Torres Allows Multiple Amicus Briefs

In recent months, Judge Torres has allowed several third parties to file amicus briefs in support of Ripple’s case against the Securities and Exchange Commission. 

Recall that Judge Torres allowed amicus briefs from the Chamber of Digital Commerce, TapJets, and I-Remit. Last week, she also granted the requests of SpendTheBits and the Investors Choice Advocates Network (ICAN) to file briefs in support of Ripple.

The Blockchain Association requested to file an amicus brief supporting Ripple on Friday. These third parties are interested in the lawsuit’s outcome because they believe it will affect their businesses and the entire cryptocurrency industry.

Hogan recently mocked SEC, saying don’t the federal agency had one friend to support it against Ripple.

The highest number of ABs filed in any lawsuit was in the 80s; back then, 78 amicus briefs were filed in an abortion case, thus making it the highest number of amicus briefs filed in a single case.

Shiba Inu Lead Developer Says Shibarium Update Coming Soon

Zabi
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Shiba Inu Lead Developer Says Shibarium Update Coming Soon

 

Finally, Shiba Inu’s lead developer confirms that the much-awaited Shibarium – Layer 2 solution may be coming soon.



Shytoshi Kusama, the lead developer of Shiba Inu, recently confirmed that the much-anticipated Shibarium – Layer 2 solution is very close to release.

On Saturday, Shytoshi Kusama took to his Twitter handle and hinted at an upcoming update for Shibarium and Shiba Eternity while noting that he has been “head down working” on the update and believes that Shiba Inu Community will ‘love it.’

The tweet reads: “Head down working. Update coming soon and I think you will love it. #ShibaEternity #Shibarium #SHIBARMY”

Among other hashed used in the tweet, the Shibarium hash is very important here. It demonstrates that the Shib community will soon have exciting news they will love on the most awaited Shibarium.

Shytoshi’s tweet raised curiosity among Shiba Inu Community, and numerous comments started to pour in with multiple guesses. Most of the Community members guessed that the Shiba Inu team would simultaneously release a gaming guide for Shiba Inu Collectible Card Game and Shibarium documentation.

Among thousands of comments, Shytoshi Kusama noted one of the comments posted by the most active Community member @TheBus37643251 and revealed that Shibarium  – Layer 2 solution is coming.

Shib lead developer, requested the Community not to rush as developers do their best to deliver the best products but “can do one thing at a time.”

“Close. But we do one thing at a time. Shibarium IS COMING, but one thing at a time. Please. Thanks.”

Shytoshi Kusama doesn’t reveal the exact date of the potential launch of Shibarium; however, his wordings suggest that the launch is not far but a matter of days.

Shib is up 20.69% following potential upcoming updates over the last week. At press time, Shiba Inu is trading at $0.00001206, with a whopping $1,111,458,138 ($1.11B) 24-hour volume.

Cardano Founder Sees Dogecoin Merging With Twitter, As DOGE Flips ADA to Become 8th Biggest Crypto 

Lele Jima
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Cardano Founder Sees Dogecoin Merging With Twitter, As DOGE Flips ADA to Become 8th Biggest Crypto 

Hoskinson believes Dogecoin will “somehow” merge with Twitter. 

Following Elon Musk’s Twitter takeover, Cardano founder Charles Hoskinson believes there is a possibility that Dogecoin will merge with the social media platform. 

Hoskinson made this known in a tweet, saying: 

“Now that Twitter is in the hands of @elonmusk I can see a real possibility that DOGE will somehow merge with the platform.” 

Mixed Reactions Trail Hoskinson’s Comment 

The tweet attracted lots of reactions from members of both the Dogecoin and Cardano communities. Many DOGE enthusiasts expressed excitement over the possibility that the cryptocurrency may merge with Twitter. 

However, some Cardano investors seem unhappy that Hoskinson is advocating for DOGE instead of ADA. They asked Hoskinson to push ADA to merge with Twitter. 

Hoskinson: Dogecoin Should Be Cardano Sidechain

One of Hoskinson’s followers asked if he thinks Dogecoin will transition into a Proof-of-Stake (PoS) or Proof-of-Useful-Work (PoUW) algorithm. 

Responding to the user, Hoskinson recommended that Dogecoin should become a sidechain of Cardano. The Cardano boss said he would personally conduct the migration at zero cost. Hoskinson said he would also add smart contracts. 

DOGE Rallies As Musk Acquires Twitter

The price of Dogecoin recorded a significant rally following news that Elon Musk has taken control of Twitter. As reported, Dogecoin soared 43% in the past week, ranking in the number one spot of Robinhood’s top gainers’ list. 

Dogecoin investors believe the cryptocurrency will become a part of Twitter following Musk’s acquisition of the social media platform. Musk has always promoted Dogecoin’s widespread adoption. He has also added support for Dogecoin across businesses linked to him. His tweets about the cryptocurrency last year helped pushed DOGE to an all-time high of $0.73. 

DOGE Overtakes Cardano in Market Cap

DOGE is changing hands at $0.1, up 30% in the last 24 hours. A few minutes ago, Dogecoin flipped ADA to become the eighth-largest cryptocurrency by market capitalization. DOGE’s market cap currently sits at $14.57 billion, while Cardano is valued $14.38 billion, at press time. 

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