This decision concludes a long-standing battle with the SEC that has captured the attention of the crypto industry.

CEO and CLO of Ripple React to Landmark Legal Victory 

The case began in 2020 when the SEC accused Ripple of raising money through unregistered sales of XRP, claiming the digital token was a security. The agency then filed a lawsuit against Ripple in December 2020. This brought Ripple under a serious legal challenge.

Read more: Everything You Need To Know About Ripple vs SEC

However, Judge Torres’s ruling on August 7 specified that Ripple’s actions did not involve fraud. Consequently, it significantly influenced the final penalty.

The judgment also enjoined Ripple from further violations of the Securities Act, ensuring future compliance with securities laws. Indeed, this ruling has brought some much-needed clarity to the industry regarding the regulatory stance on digital tokens.

Brad Garlinghouse, Ripple’s CEO, showed his respect for the court’s decision by reducing the SEC demand by about 94%. He also expressed his relief that the firm now has the clarity to continue growing its business.

“This is a victory for Ripple, the industry, and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone,” Garlinghouse stated on his X (Twitter).

Stuart Alderoty, Ripple’s Chief Legal Officer, commented on the court’s decision. He highlighted that the case contained no allegations of fraud or deliberate misconduct, and no financial harm was reported.

“We respect the $125 million fine the Court has imposed for certain historic sales to sophisticated third parties,” Alderoty noted.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

Following the court’s decision, XRP’s price experienced a significant surge. It rose from $0.5018 to $0.6373, marking a 27% increase within just one and a half hours. At the time of writing, XRP’s price has stabilized and is currently trading at $0.6171.

The post US Judge Ends Ripple vs. SEC Lawsuit with $125 Million Fine, XRP Price Rises by 27% appeared first on BeInCrypto.

This comes amid the general market downturn, which caused the token’s price to close at an all-time low of $0.22 during Monday’s trading session. 

Pyth Record New Lows on Multiple Fronts

According to Santiment’s data, PYTH’s open interest reached an all-time high of $113 million on March 17. It has since experienced fluctuations, hitting both lower highs lows and lower highs.

However, Monday’s widespread losses in the cryptocurrency market led many PYTH derivatives traders to close their positions, causing open interest to plummet to a record low of $19 million.

Open interest refers to the total number of outstanding derivative contracts, such as options or futures, that have not been settled. When it drops, traders are closing their positions and exiting the market without opening new ones. 

Further, due to PYTH’s double-digit price decline over the past week, several long positions have been liquidated. According to Coinglass, PYTH’s long liquidations have exceeded $1.8 million over the past seven days. 

Read more: What Is a Blockchain Oracle? An Introductory Guide

As expected, market sentiment has shifted to negative as traders have demanded more short positions since the beginning of August. This means more traders are buying PYTH and expecting a price decline than those accumulating the altcoin in hopes of selling high.

PYTH Price Prediction: Will Price Revisit the All-Time Low?

The same bearish bias trails the altcoin in its spot market. Highlighting the decline in demand, PYTH’s Relative Strength Index (RS), as assessed on a daily chart, is below the 50-neutral line at 40.35 as of this writing. 

An asset’s RSI measures its overbought and oversold market conditions. At 40.35, PYTH’s RSI indicates that selling pressure exceeds buying activity.

Further, the altcoin’s Chaikin Money Flow (CMF), which tracks how money flows into and out of its market, is below the zero line at -0.01. A CMF value is a sign of market weakness, as it indicates liquidity exit. It is a popular precursor to a sustained price decline.

PYTH’s price risks revisiting its all-time low of $0.22 if demand remains low and capital outflow persists. However, if bullish sentiment grows, the token’s price may rally toward a 30-day high of $0.44.

The post Pyth Network (PYTH) Open Interest and Price Fall to All-Time Low appeared first on BeInCrypto.

The crypto market is actively recovering from Monday’s shock, leading some to believe this is a good time to buy promising assets.

Altcoin Picks for Optimal Performance Amid Market Jitters

Amidst market fears, the crypto industry recorded over $1 billion of liquidations. It marked the biggest collapse a single day after the FTX scenario in November 2022. Spotting them for stability and growth prospects, the analyst identifies ten altcoins that are safer bets during uncertain market conditions.

Toncoin (TON)

Toncoin is the first choice, given the number of decentralized applications (DApps) built atop the network. These DApps span gaming, social, and DeFi, among others, and have recorded significant user growth over the last six months.

Based on DefiLlama stats, TON blockchain records over four million daily transactions. Latest data shows that it has a total value locked (TVL) above $560 million, a 20% growth since Monday, adding credence to the analyst’s selection.

Read more: 6 Best Toncoin (TON) Wallets in 2024

Solana (SOL)

Solana secures the second place in the list due to its strong performance in 2024. The analyst highlights its key features: high scalability and low transaction fees, making it a compelling choice. Strong interest from developers and institutions also supports SOL’s position as a top-tier altcoin.

Recently, Solana outperformed Ethereum in weekly revenue. More closely, it remains the most preferred blockchain for memecoin traders, which positions SOL for performance. There are also prospects for a Solana ETF, which continues to provide tailwinds for SOL.

Arbitrum (ARB)

Arbitrum is a key player among Ethereum’s Layer-2 (L2) scaling solutions, boasting over 408,000 daily active users. Data shows that its TVL is above $2.5 billion, higher than Polygon (MATIC), Optimism (OP), and other L2s.

After its Kwenta launch and Orbit expansion, Arbitrum delivers a top-tier trading interface and is frequently praised for the best perpetuals user experience in DeFi. This, coupled with the backing of Pantera Capital, positions ARB for good performance, according to Mystery of Crypto.

Ondo Finance (ONDO)

Ondo Finance features on the list of multiple analysts, including AltcoinDaily, with both citing its ability to turn RWAs into digital tokens. 

The network’s strong partnerships with BlackRock and Coinbase Ventures also make strong fundamentals for the project. Moreover, the Pyth Network launched a USDY/USD price feed in collaboration with Ondo Finance, which adds to the list of project fundamentals.

Read more: What is Tokenization on Blockchain?

Near Protocol (NEAR)

According to the analyst, the Near Protocol is known for resilience and innovation. Its developer-friendly platform continues to attract more projects, and it has an $800 million ecosystem fund to seed and support new projects.

It boasts the highest daily active users among L1 scaling solutions, only second to Solana, which positions NEAR to do well in uncertain market times.

Mantra (OM)

Mantra meets the analysts’ bar, given its move to enhance Ethereum functionality and promote accessible financial services. Given the growing interest in real-world asset (RWA) tokenization, it is also positioned for good returns.

The project launched Season 2 of 50,000,000 OM GenDrop, whereas the dYdX ecosystem added OM to its chain, bringing new exciting opportunities. Further, with more than $50 million OM tokens staked, the reduced supply increases the chances of further upside for OM tokens.

EtherFi (ETHFI)

EtherFi is a leading restaking platform running on Ethereum. The project recently released Season 2 claim checker, distributing more than 53 million ETHFI tokens worth approximately $100 million.

Its participation in the rewards model, which promises even more exciting opportunities for users, could drive more interest in the ETHFI token. Moreover, the project also has Cash, a mobile wallet with Visa credit card integration.

Read more: Ethereum Restaking: What Is It And How Does It Work?

Polygon (MATIC)

The Polygon blockchain collaborates with Axie Infnity’s Ronin Network via its Polygon Chain Development Kit. Given its essence as a scaling solution for Ethereum, more than 17,800 DApps are actively running on Polygon. It is popular among DeFi and NFTs projects, with 35 million MATIC tokens allocated for its ecosystem projects.

Render (RNDR)

Render is one of the AI crypto coins with decentralized GPU network services, which makes it essential for gaming and movies. Recent social dominance, active addresses, and whale transaction metrics have been at a six-month peak amid AI hype, making RNDR a potential big shot.

Arweave (AR)

Arweave has been demonstrating its strength in the blockchain industry. This network provides permanent data storage, with users leveraging it to store data for a one-time payment. Over one petabyte of data is stored on the Arweave network, which connects individuals needing storage with those with hard drive space.

The project announced a 100% fair launch for its new token with no pre-mine or pre-sales. This, coupled with its recent partnership with InQubeta, a blockchain firm that enhances technology, makes AR a coin to watch.

Mystery of Crypto also highlights Chainlink (LINK) as a potential big shot, citing its launch of a digital assets Sandbox for tokenization trials. Its partnerships with technology giants like Google and Oracle make LINK a good choice.

Nevertheless, traders must not rely solely on analyst predictions. Conducting one’s own research is always advisable.

The post 10 Altcoins Analyst Says Are Safe in Market Jitters appeared first on BeInCrypto.

However, futures traders have moved on quickly from the infamous day, according to recent data. This analysis explains the reason for this change and what to expect from BONK.

Bonk Leveraged Traders Pivot to Bullish Positions

One indicator that gives a clear picture of traders’ position is the Funding Rate. This indicator is the cost of holding an open perpetual position in the market and also acts as a barometer of investors’ expectations.

When the Funding Rate is positive, longs (buyers) pay shorts (sellers) a fee, and the average expectation is bullish. In contrast, negative funding means shorts pay longs while expecting a price decrease.

From the image below, traders aligned with short positions during the earlier downturn. But at press time, BONK’s price has increased beyond previous levels. As a result, Funding has turned positive, indicating that traders in the futures market are hoping to profit from the continued price increase.

Read more: 11 Top Solana Meme Coins to Watch in August 2024

To be crystal clear, if the BONK price continues to increase as funding stays positive, traders will get more rewards for their positions. However, that will only be the case if buying pressure in the spot market remains at a heightened level.

However, futures traders are not the only ones with a changed view of the meme coin. According to Santiment, the Weighted Sentiment around Bonk has left the negative region and is now positive.

Weighted Sentiment uses social volume to measure the perception of a crypto project in the market. If the reading is negative, it means that comments online are mostly gloomy. However, a positive rating like it with BONK indicates a rise in optimistic discussions.

BONK Price Prediction: Bullish Pattern Continues

While BONK trades at $0.000021, the daily chart shows that it has formed a cup and handle pattern. This formation is a bullish continuation pattern and appears when a cryptocurrency has undergone a downtrend, recovery, and another downturn amid consolidation.

However, confirmation of the bullish continuation occurs when the price breaks out of the downtrend, as seen in the BONK chart below. If buying pressure increases, the price of BONK may climb to $0.000025 in the coming days.

A successful breach of this level could send the meme coin toward the upper resistance situated at $0.000029. However, traders may need to watch as the Relative Strength Index (RSI), which measures momentum, is yet to cross the neutral line.

Read more: Best Upcoming Airdrops in 2024

Once the RSI does, the bullish thesis may be confirmed, and the value of BONK can increase exponentially. However, failure to surpass the 50.00 midpoint could leave the token hanging between $0.000019 and $0.000021.

The post BONK Traders Change Positions as Price Aims to Reclaim $0.000025 appeared first on BeInCrypto.

Many of Binance’s new listings were introduced at high valuations, with reports that leading venture capital firms support the tokens.

Binance 2024 Listings Flop

According to Coin98 Analytics, only Jupiter (JUP) is in the green out of the 30 tokens listed on Binance this year. Surprisingly, most tokens record double-digit losses, with special interest on those with tier-one backers.

Save for JUP, the Fully Diluted Valuation (FDV) metric of all the 29 tokens has dropped significantly. This metric refers to the total market capitalization of an asset if all possible tokens were in circulation.

Tokens with Binance Labs’ backing, including AI, MANTA, AXL, ENA, REZ, BB, and LISTA, are down between 44% and 90%. Others by venture capitalists (VCs) like a16z, Paradigm, Coinbase Ventures, Galaxy, and Pantera Capital are also showing decreases.

Read more: Which Are the Best Altcoins To Invest in May 2024?

However, Vinay, a Web3 developer, poses that looking at independent token performance may be incorrect, citing market changes.

“Here’s a comparison to check the relative performance of Binance listed projects vs ETH & OP (kinda CT darling, one of the major performers from web3 space in growth). vs OP: 9 / 30 are positive, 4 roughly flat. The worst performers are mostly listed in April, market bid was gone by then,” Vinay wrote.

Based on this analogy, nine out of the 30 projects compared have shown positive performance, with only four remaining relatively flat. It suggest that despite the overall market downturn, some projects have managed to maintain stability.

This analysis also shows that the worst performers are predominantly those listed in April, when market sentiment may have shifted.

Researcher Deconstructs VCs Role

Notwithstanding, this report highlights the interest in Binance as an exchange to launch new projects. Possible reasons for this include the trading platform’s dominance and high liquidity. These metrics make it attractive for insiders to exit their investments in these assets.

As BeInCrypto reported in May, Binance was cited by cryptocurrency researcher Flow for providing exit liquidity for VCs.

“If you held a portfolio where you would invest an equal amount at each new Binance listing, you would be down over 18% in the past 6 months,” Flow stated.

Read more: How To Fund Innovation: A Guide to Web3 Grants

Recent research by Haseeb Qureshi, Managing Partner at Dragonfly, provided compelling data showing that one reason tokens dipped, particularly in April, was retail investors raging and exiting on the realization that VCs own most tokens.

“Well, maybe it wasn’t retail investors moving money out of VC tokens and into memes, but here’s a sub-theory: VCs owned too much of these projects, and that’s why retail investors left in anger. They realized (in mid-April?) that these were all scam VC tokens, and the team + VCs owned ~30–50% of the token supply. This must have been the straw that broke the camel’s back,” Qureshi expressed.

Another perspective shared in the research is that the supply of these tokens is too small to allow value discovery.

The post Research: 29 of 30 Tokens Listed on Binance in 2024 Show Major Drops appeared first on BeInCrypto.

However, what follows this crash is the bigger question, as many are considering this a bottom and expecting a recovery. Is this a bottom, though?

Bitcoin Indicators Send Mixed Signals

Bitcoin’s price falling to an intra-day low of $48,974 on Monday got many thinking that the only way from here would be up, and that could be the case as well. Two major indicators, the first of which is the NVT Signal, are signaling a bottom at the moment.

The Network Value to Transaction (NVT) signal is used to assess the relationship between a cryptocurrency’s market capitalization and the volume of transactions on its network. Differing slightly from the NVT ratio, this indicator measures market cap against the 90-day moving average of daily transaction volume.

Generally, the indicator falling below 45 is considered an oversold condition and signals a bottom. However, at the moment, the signal is falling through the uptrend line by 23.2% in a week. This invalidated the uptrend line and also signaled a bottom, as the indicator is noting an uptick at the moment.

Read More: Bitcoin Halving History: Everything You Need To Know

Another crucial signal is the Bitcoin Bull-Bear Market Cycle indicator, which does not signal an explicit bottom. As its name suggests, the indicator is used to assess the momentum building in the market. 

Since late January 2023, the indicator has been exhibiting a bull market of varying intensities. However, for the first time since December 2021, the indicator is noting a bear market. This shows that bullishness has subsided, and bearishness is dominating the market.

BTC Price Prediction: Marking Its Presence

Bitcoin’s price is the second major indicator signaling a bottom as BTC closed above the bottom trend line of the broadening descending wedge at $54,000. This pattern has been consistently validated since early March and suggests a 21% rise upon breakout above $70,000.

While the intra-day low is $48,974, the recovery shows that BTC bottomed out to recover to the $54,000 mark. However, this pattern has also yet to be successful, and if the bullishness falters, the consolidation within the pattern could continue.

Read More: Bitcoin (BTC) Price Prediction 2024/2025/2030

This could extend Bitcoin’s oscillation between $68,000 or $70,000 and $54,000. As a result, the bullish thesis could be invalidated, and the possibility of a new all-time high diminishes.

The post 3 Indicators Suggest That Bitcoin Bottomed at $49,000 appeared first on BeInCrypto.

However, as the coin attempts to reach this landmark, it finds itself at a critical juncture that could either confirm or nullify the prediction.

Crucial Test Ahead for Binance Coin

According to the liquidation heatmap, a high concentration of liquidity is located at $520.65, and another one is at $463.23. In simple terms, the heatmap spots price levels where large-scale liquidations may occur.

As more liquidity enters a price range, the colors change from purple to yellow. Typically, when there is high liquidity at a level, the price tends to move in that direction either as support or resistance.

On the upside, BNB’s price may increase to $520 if buying pressure increases. However, rejection, as the price moves upwards, could see the coin draw down to $463.23.

Read more: How To Buy BNB and Everything You Need To Know

However, a look at the Chaikin Money Flow (CMF) shows that the price trend favors an upswing. CMF shows whether a cryptocurrency is experiencing net accumulation or distribution.

Using a volume-weighted approach, accumulation is higher than distribution if the reading is above the zero line. A negative rating indicates that market participants are distributing more than they are accumulating.  

As seen below, the CMF on BNB’s daily chart is 0.04, indicating that investors have accumulated a higher volume than those that have distributed it. 

Should this continue, BNB’s price may be able to retest $500 and probably near $520 in the coming days.

BNB Price Prediction: Dynamics Favor Consolidation

According to the daily chart, bears seized control of the BNB price from July 31 up until August 5. However, bulls have countered the steep 31% correction with aggressive buying, leading to a notable recovery.

Despite the bullish potential, the Moving Average Convergence Divergence (MACD) remains in the negative region. The MACD measures momentum and helps traders spot price trends, exit, and entry levels/

If the reading is positive, momentum can be termed bullish and could drive a continuous upswing. This negative divergence between the MACD and BNB’s price suggests that the uptrend is not strong. If this remains the case, BNB could keep swinging sideways and probably trade between $478.60 and $490.

Read more: Binance Coin (BNB) Price Prediction 2024/2025/2030

However, a surge in buying pressure could change things and give the coin the upper hand in reaching the overhead resistance positioned at $524.60. Meanwhile, another flash crash could see the coin price drop as low as $404.30.

The post Binance Coin (BNB) Price Caught in Crucial Area Amid Liquidity Rush appeared first on BeInCrypto.

The changing market trends are now exhibiting a longer delay in the arrival of the altcoin season as Bitcoin’s dominance grows.

Bitcoin’s Dominance Is Breaking Out

The arrival of an Altcoin Season highly depends on Bitcoin’s domination (BTC.D), which is moving in the opposite direction from what’s expected. Following the recent decline of the crypto market, BTC’s dominance grew immensely.

As a result, it broke out of the symmetrical triangle it had been moving in for the last three months. A symmetrical triangle pattern forms when price action converges between upward and downward trendlines, creating a narrowing range. Once the pattern completes, it indicates a potential breakout direction.

The pattern suggests a 4.33% increase in Bitcoin’s domination following the breakout, and by the looks of it, BTC is making it happen. As of date, BTC.D has grown to 57.07% from 55.49% and could hit 57.90% if these conditions persist.

Read More: 12 Best Altcoin Exchanges for Crypto Trading in July 2024

Generally, when the market declines, Bitcoin’s domination grows. Since most altcoins follow BTC’s cues, the crypto king’s drawdown affects the crypto market directly. According to an exclusive comment to BeInCrypto from Julio Moreno, Head of Research at Cryptoquant, this could take place again.

“Bitcoin prices are again hovering at key support levels, with risks of this correction extending further according to valuation metrics. The MVRV ratio has fallen below its 365-day moving average, a condition that in previous cycles has signaled an extension of the price decline (COVID crash in March 2020 and May 2021) or the start of a bear market (November 2021). Investors should monitor these valuation metrics to assess the possibility of a price bounce or a further correction,” Moreno told BeInCrypto.

This signals an extended delay in the arrival of Altcoin Season.

The Suffering Continues

According to the Altcoin Season index, the market is currently witnessing a Bitcoin season. For this to change, at least 75%, i.e., 38 of the top 50 altcoins, excluding stablecoins, would need to outperform BTC over the last season (90 days).

This is far from happening since, at the moment, only 5 of the top 50 crypto assets have been in the green over the past season. The rest, 90% of the cryptocurrencies, are bearing losses.

Read More: Which Are the Best Altcoins To Invest in July 2024?

Thus, at present, let alone in an altseason, recovery from altcoins is a matter of concern. Consequently, August will most likely not witness an Altcoin Season.

The post Altcoin Season Delay Extends as Bitcoin’s Dominance Rises to 57% appeared first on BeInCrypto.

The crypto industry has come a long way since its inception, from the creation of Bitcoin to the development of various blockchain projects and applications. There are still challenges, but the industry keeps growing and changing, guided by goals of decentralization, transparency, and financial empowerment.

How Crypto Started and How It’s Going

The ethos behind crypto was to provide a decentralized and secure alternative to traditional currency and financial systems. The potential for blockchain technology to disrupt various industries and empower individuals with financial sovereignty was the main goal.

In the early years, the focus was on building the infrastructure for cryptocurrencies and exploring their potential use cases. Bitcoin gained popularity as a digital currency and store of value, while Ethereum introduced smart contracts, enabling developers to build decentralized applications (dApps) on its blockchain.

The industry has seen quick growth, with new projects and tokens entering the market, fueled by the initial coin offering (ICO) boom of 2017. However, the ICO craze also brought about challenges, as many projects turned out to be scams or failed to deliver on their promises.

Read more:  Crypto Scam Projects: How To Spot Fake Tokens

This led to concerns about investor protection and regulatory oversight. The industry now faces scrutiny from governments and financial regulators worldwide. As the industry evolved, the focus shifted towards addressing scalability issues, improving security, and user experience.

Projects like decentralized finance (DeFi) emerged, offering a wide range of financial services without the need for traditional intermediaries. Stablecoins provided a stable means of value transfer within the volatile crypto market, while privacy coins enhanced transaction anonymity.

Despite these advancements, Peter Szilagyi is disappointed that the speculative aspects of crypto take precedence over what could be its true value.

“Yes, it takes time to ‘build a new monetary system’. For sure… but how about we make a few useful things along the way? Everyone is so focused on becoming the next V that nobody wants to build useful stuff, everyone’s in it for value extraction,” Szilagyi lamented.

Ethereum’s Peter Szilagyi on Crypto: “A Damn Casino”

“Crypto is a damn casino,” he says, referring to how traders cheer when the price soars and lives wrecked when prices crash. In his opinion, the industry is about so much more. This criticism concerns the speculative nature of the market, characterized by extreme price volatility and a focus on short-term gains.

“Bitcoin at least tries (and fails) to be a safe haven asset, the rest are all selling shovels with no gold rush in sight… My feeling is that the speculative aspects outrank the true values way too heavily and we seem to like it because it makes money. I fail to see any value creation thus far… Mind you, making it big by luck and moving your funds into some non-crypto venture is not a success story for crypto. It at best is a success story for a philanthropic lucky person, but more likely a simple diversification of said person,” Szilagyi added.

With this, he observes that digital assets as a system could collapse if everyone’s focus is on “value extraction” instead of building useful stuff. The Ethereum executive calls for the industry to create something genuinely useful that people want to use.

Nevertheless, Erik Voorhees challenges Szilagyi’s casino outlook, highlighting some of the valuable projects in the industry with actual use cases. Among them are stablecoins, DeFi lending, DEXs, privacy coins, wallet apps, financial intelligence systems like Dune or Messari, and high-throughput blockchains. Voorhees is the founder of Swiss digital asset trading company ShapeShift and Venice, a permissionless alternative to popular AI apps.

But Szilagyi writes off DEXs, privacy coins, and wallets. DeFi data developer Geninsus.sol on X agrees. 

“When I talk about crypto to non-crypto people, I always say we have 99% of useless things and 1% of potentially useful things. The most bullish use case for me is the possibility to lend/exchange money from peer-to-peer without any central organization taking a split and all automated,” the developer said.

Szilagyi’s critique of the industry reflects concerns about the prevalence of trading and speculation over genuine value creation. This debate mirrors the ongoing tension between speculation and utility within the crypto space and raises good rhetoric:

“How does the crypto industry impact 99.999% of the world population who doesn’t have money to gamble?”

Read more: 4 Best Crypto Learn and Earn Platforms in 2024

The future of the crypto industry will likely be shaped by efforts to balance innovation, regulation, and user adoption. Building sustainable projects with tangible benefits for users will be crucial for long-term success.

The post Ethereum Core Developer Slams Crypto’s “Casino Culture” appeared first on BeInCrypto.

This happened despite the extended decline in the value of Bone ShibaSwap (BONE), the token used to pay transaction fees on the network. BONE’s value has cratered by over 11% in the last month, but this has not done much to attract users to the L2.

Shibarium Fails To Keep its Users

Shibarium is an L2 blockchain built on top of the Ethereum network and designed to improve the Shiba Inu ecosystem. According to data from Shibariumscan, user activity on the L2 has been steadily declining in the past few days. 

On Monday, the daily count of unique addresses that completed at least one transaction on Shibarium totaled 321, marking the network’s monthly low. This decline began after the network’s active address count climbed to 1,898 on August 1. 

Further, new demand for Shibarium has also decreased. On Tuesday, only six new addresses were created on the network, a 98% drop from the 361 new addresses that used Shibarium on August 1. 

Read more: Shiba Inu — A Beginner’s Guide

Due to the fall in new accounts on the network, the number of new transactions also dropped. On Tuesday, this totaled 2,440, declining by 39% from the 4,006 new transactions recorded the previous day. 

SHIB Price Prediction: Whales Begin to Take Their Leave

As the broader market grapples with a downturn, SHIB whales have reduced their holdings. This can be gleaned from the 67% decline in the meme coin’s large holders’ netflow over the past seven days.

Large holders are whale addresses that hold over 0.1% of an asset’s circulating supply. Their netflow tracks the difference between the the coins they buy and the amount they sell over a specific period.

When an asset’s large holder netflow declines, its whales are selling their tokens. This is a bearish signal that may prompt retail traders also to distribute their holdings, putting more downward pressure on the coin’s price. 

If SHIB whales continue to sell, its price may plunge to $0.000010.

Read more: 12 Best Shiba Inu (SHIB) Wallets in 2024

However, if selling pressure reduces and buying activity gains momentum, the bearish thesis above will be invalidated as the meme coin’s value will rise to $0.000018.

The post Shiba Inu’s Layer-2 Faces Decline in User Activity: SHIB Price Impact appeared first on BeInCrypto.

Currently trading at $4.59, DOT now faces a steep climb back above the $5 mark.

Polkadot Faces Headwinds as It Attempts to Reclaim $5

DOT’s key technical indicators assessed on a one-day chart suggest that a break above the $5 price mark might be challenging as selling pressure gains momentum. 

As of this writing, readings from DOT’s Directional Movement Index (DMI) show its negative directional indicator (-DI) (red) resting above its positive directional indicator (+DI) (blue)

An asset’s DMI measures the strength and direction of its market trend. The downtrend is strong when the +DI line is below the -DI line. This means that sellers have more control over the market than buyers. 

The greater the distance between the -DI and the +DI, the stronger the downward momentum. In DOT’s case, the downtrend is significant as the -DI line is 40.69, while the +DI line is 6.20.

Further, DOT’s Average Directional Index (ADX) (yellow) is in an uptrend at 43.37. Generally, when an asset’s ADX is rising while the -DI is above the +DI, it indicates that the downward trend is strong and likely to continue.

At press time, DOT trades below its 20-day exponential moving average (EMA) (yellow) and its 50-day small moving average (SMA) (blue).

An asset’s 20-day EMA is a short-term moving average that reacts quickly to price changes. It reflects the average closing price of an asset over the past 20 days. On the other hand, its 50-day SMA is a longer-term moving average that measures its average closing price over the past 50 days.

Read more: What Is Polkadot (DOT)?

When an asset trades below these key moving averages, it is a bearish signal. It means that short-term and medium-term traders are selling the asset, leading to sustained downtrend pressure.

DOT Price Prediction: A Rally Above These Averages Is Important

DOT’s 20-day EMA and 50-day SMA may act as resistance levels. If it tries to rally above them, it may face selling pressure around these averages and resume its downtrend. If this happens, DOT’s price may fall to the nine-month low of $3.59, which it traded at on Monday.

Read more: Polkadot (DOT) Price Prediction 2024/2025/2030

However, if the coin initiates an uptrend and breaks above these moving averages, its price target will be $6.76.

The post Polkadot (DOT) Struggles to Break $5 Due to Market Pressures appeared first on BeInCrypto.

Through such digital asset products, institutional investors can gain crypto exposures without worrying about the complicated process of buying and securely storing crypto.

SUI and TAO Have Struggled in 2024

The Grayscale Bittensor Trust invests exclusively in TAO, the key token of the Bittensor protocol (TAO), which is innovating in the open-source AI sector by using tokens to encourage development. On the other hand, the Grayscale Sui Trust is dedicated solely to SUI, the token of the Sui protocol.

The Layer 1 smart contract blockchain is engineered to support scalable decentralized applications across the globe.

In an interview with BeInCrypto, Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, expressed enthusiasm about these additions.

“We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain,” Sharif-Askary told BeInCrypto.

While Grayscale launched new investment products, the market performance of these altcoins has been poor so far in 2024. TAO has declined by 57% this year, and SUI has decreased by 18%.

Read more: Everything You Need to Know About the Sui Blockchain

Nonetheless, Sharif-Askary sees substantial strategic benefits in these investment products.

“Sui is part of Grayscale’s Smart Contract Platforms Crypto Sector, and its native token may present a compelling opportunity for those looking to invest in the infrastructure of the crypto ecosystem,” Sharif-Askary stated.

Moreover, he believes that Bittensor and TAO token are at the forefront of the decentralized AI movement.

“The TAO token is also a component of Grayscale Decentralized AI Fund, and we believe it is increasing innovation, transparency, and trust – critical for the success of the growing AI industry,” Sharif-Askary explained.

Read more: Crypto ETN vs. Crypto ETF: What Is the Difference?

Meanwhile, Grayscale is also aiming to list shares of these new products on a secondary market. However, success in this arena is not guaranteed.

Past experiences with similar products have shown mixed results. Some were approved for trading, while others did not meet their investment objectives and traded at a substantial premium or discount to the value of the underlying digital assets.

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