News within the crypto market: how are the GMX, Pepe (PEPE), Celsius Network (CEL), and Polkadot (DOT) coins performing? Below is an overview of all the latest news featuring them.
SummaryAnalysis of the crypto asset GMX, Pepe (PEPE), Celsius Network (CEL) and Polkadot (DOT).The partnership between GMX and ChainlinkFocus on the price of the PEPE crypto: a comparison with GMX, Celsius and PolkadotCoinbase and Gemini participate in auction to acquire Celsius NetworkPolkadot and collaboration with Mythical Chain for ecosystem expansion
Analysis of the crypto asset GMX, Pepe (PEPE), Celsius Network (CEL) and Polkadot (DOT).
As a reminder, GMX is a DeFi platform, built on the Arbitrum (Ethereum L2) and Avalanche network, which allows trading on cryptocurrencies such as BTC, ETH and others.
Pepe Coin (PEPE), on the other hand, is one of the new meme cryptocurrencies to hit the market and is named after the famous character Pepe the Frog.
Celsius Network is a now-bankrupt cryptocurrency lending company. Before bankruptcy, the company maintained offices in four countries and operated globally
Finally, Polkadot is a blockchain platform and has its own native crypto which is DOT. The platform is designed to allow blockchains to exchange messages and perform transactions with each other without a trusted third party.
The partnership between GMX and Chainlink
GMX, the largest decentralized exchange running on Arbitrum and Avalanche, and Chainlink, the standard Web3 services platform, have announced that the GMX community has chosen to incorporate Chainlink’s innovative low-latency oracles for financial market data.
GMX will incorporate the new solution’s low-latency oracles into the future GMX V2 protocol. It is worth mentioning that low-latency oracles are a focal point for the security, decentralization, and user experience of the DeFi economy.
Consequently, with the integration of GMX, the decentralized exchange should have increased speed, enhanced data security, reduced front-running threats, and long-term sustainable access to critical Web3 infrastructure.
In addition, the low-latency Oracle beta has been included in the Arbitrum testnet, and testing by key GMX contributors is now underway.
It does not end there, for by establishing a long-term financial structure, the partnership between GMX and Chainlink represents a watershed in Web3 development.
In exchange for the use of low-latency oracles and technical support, Chainlink service providers will receive a fee equal to 1.2% of all fees earned by GMX V2 and subsequent versions of the protocol.
Focus on the price of the PEPE crypto: a comparison with GMX, Celsius and Polkadot
PEPE, the new cryptocurrency meme on the market, is currently among investors’ favorites as it has shown 900% growth since its launch day.
On 20 April, the coin’s price reached an all-time high of $0.0000004036, and in the meantime, the first investor has achieved returns of about 7500 times.
However, in the past six days, the coin price has fallen 42.85% from the ATH and has consolidated into what is called a descending triangle, which is a bearish continuation pattern.
Hence, a bearish breakout of the $0.000000176 support has caused the price of the PEPE token to be in a prolonged correction. Intraday trading volume in the Pepe coin is $42.5 million, indicating a gain of 7.9%.
Now, the price of the PEPE token is trading at $0.0000002301, an intraday loss of 16.6%. Consequently, if the token price continues to experience selling pressure on the downtrend line, it is very likely that PEPE will eventually break through the $0.000000176 line support.
Coinbase and Gemini participate in auction to acquire Celsius Network
According to recent statements, Coinbase and Gemini recently registered to participate in the auction to acquire the now-bankrupt Celsius Network.
The company, prior to bankruptcy, had nearly $167 million to resolve liquidity issues to support certain operations during the restructuring process. In addition, the entity accounted for total assets and liabilities between $1 billion and $10 billion.
In addition to Coinbase and Gemini, venture capital is backed by Arrington Capital, owned by Michael Arrington. As early as September 2022, Centerview Partners LLC, Celsius’ investment banker, began identifying potential bidders for Celsius’ assets.
In consultation with Centerview, Celsius contacted over 130 parties it believed might be interested in a transaction. In addition, in December 2022, the Wall Street Journal reported the following:
“Hundreds of FTX, Voyager and Celsius clients are parting ways with their accounts, selling for pennies to investment firms with deep pockets. Some crypto clients with their accounts locked up in failed cryptocurrency companies are now taking a big loss on their investments to avoid dealing with the uncertainties in protracted bankruptcies.”
Polkadot and collaboration with Mythical Chain for ecosystem expansion
Recently, the company Mythical Games announced its plans to migrate Mythical Chain to the Polkadot ecosystem, leaving Ethereum in favor of the decentralized and interoperable multichain network.
In addition, Mythical Games declared its intention to launch a “Superchain” for the Mythos ecosystem, leveraging Polkadot‘s interoperable multichain technology to bring more game leaders to Web3 and create new interactive experiences.
It is no coincidence that this announcement coincides with the global release of NFL Rivals, the first blockchain video game officially licensed by the National Football League (NFL) and the NFL Players Association (NFLPA), developed in partnership with Mythical Games.
In any case, after the move to Polkadot, Mythical Chain will allow Mythos game partners to build their own chains without sacrificing interoperability or connectivity.
This will result in a new “Superchain,” a scalable platform that will be accessible to all Mythos partners and compliant with Web2 gaming platforms.
Accessibility is a key principle for Mythical as it continues to bridge the gap between blockchain and traditional games. On the other hand, the Polkadot ecosystem will also benefit from Mythical’s advanced features, streaming technologies and Web3 gaming experience.
With over 3 million digital asset transactions per month, 200,000 active wallets using over 1 million native MYTH tokens per day in game transactions, and a rapidly growing portfolio of games, Mythical is a leading innovator in Web3 games and the metaverse.
In conclusion, the engagement between the two offers significant potential for growth and interoperability, fostering the adoption of Mythical and Polystream, Mythical’s interactive streaming platform, into Polkadot’s burgeoning ecosystem.
