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MrUdayaEranga
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The recent surge in the price of FIDA (Bonfida), the utility token for the Bonfida platform, can be attributed to several factors tied to its ecosystem and market performance. Bonfida is a key project within the Solana ecosystem, primarily known for managing the Solana Name Service (SNS). Its recent pump may be related to:
1. Rising Trading Volume: FIDA has seen an increase in trading volume, especially tied to activities within Solana’s ecosystem. This aligns with heightened interest in Solana-related projects .
2. Speculation on Solana Ecosystem Growth: Positive market sentiment around Solana, driven by updates or improvements to its blockchain, could have spilled over to Bonfida and FIDA. The token has benefited historically from its close integration with Solana .
3. Market Recovery Patterns: FIDA has shown signs of recovering from its past lows, with historical cycles of gains pointing to investor confidence in a broader market rebound .
4. Past Price Performance: Despite being far from its all-time high of $8.90, FIDA’s current upward movement marks a sharp increase from its lows of $0.13 earlier this year, suggesting improved market conditions .
This pump could also involve speculative trading activity, common in altcoin markets. It’s important for investors to research thoroughly and monitor broader market trends before making decisions.
1. Rising Trading Volume: FIDA has seen an increase in trading volume, especially tied to activities within Solana’s ecosystem. This aligns with heightened interest in Solana-related projects .
2. Speculation on Solana Ecosystem Growth: Positive market sentiment around Solana, driven by updates or improvements to its blockchain, could have spilled over to Bonfida and FIDA. The token has benefited historically from its close integration with Solana .
3. Market Recovery Patterns: FIDA has shown signs of recovering from its past lows, with historical cycles of gains pointing to investor confidence in a broader market rebound .
4. Past Price Performance: Despite being far from its all-time high of $8.90, FIDA’s current upward movement marks a sharp increase from its lows of $0.13 earlier this year, suggesting improved market conditions .
This pump could also involve speculative trading activity, common in altcoin markets. It’s important for investors to research thoroughly and monitor broader market trends before making decisions.
Some times no trade is the best trade.
We will wait until the dust settles to find better trades.
We will wait until the dust settles to find better trades.
This is a shorter week as the US Markets will be closed for Thanks giving on the 28th November, Thursday.
There could be fewer participants in the US Markets because of the 4 day longer week end for them.
Less activity could potentially lead to a sell off.
So trade safe.
CRYPTO is actually selling off at the moment too.
I think it is better to take it slow as the market is not really showing a proper direction.
There could be fewer participants in the US Markets because of the 4 day longer week end for them.
Less activity could potentially lead to a sell off.
So trade safe.
CRYPTO is actually selling off at the moment too.
I think it is better to take it slow as the market is not really showing a proper direction.
Crypto trading offers financial independence, innovative opportunities, and exposure to cutting-edge technology. The volatile market provides high-profit potential with informed strategies. Engaging with decentralized systems fosters growth and global connectivity. Each trade sharpens skills, builds resilience, and fuels aspirations for long-term wealth and freedom in an evolving digital economy.
Today’s sharp decline in Wrapped Bitcoin (WBTC) value appears to stem from a combination of market and exchange-related concerns, intensifying fears about its utility and security:
1. Exchange Issues:
• Liquidity Problems on Major Platforms: Some exchanges, including Coinbase, have decided to delist WBTC (effective December 19, 2024), citing compliance issues and a review of their asset listing standards. This has shaken investor confidence .
• Market Access Reduction: With platforms removing or reducing WBTC support, traders are offloading their positions, leading to increased sell pressure.
2. Governance Concerns:
• Custodian Changes: The primary custodian of WBTC, BitGo, entered a partnership with BitGlobal, an entity linked to Justin Sun. This has raised significant trust issues, as concerns about centralized control and transparency in the partnership have led major DeFi protocols like MakerDAO (Sky) to remove WBTC as collateral .
• Phased Offloading: Sky is offloading WBTC from its platform gradually until the end of November 2024. This has added further pressure on its value .
3. Decline in Demand:
• Switch to Alternatives: As exchanges and platforms pivot to alternatives like Coinbase’s cbBTC and Threshold’s tBTC, demand for WBTC has declined. This shift has further destabilized its price .
• Reduced Usage in DeFi: The governance issues have led to a significant reduction in WBTC’s use as collateral across DeFi platforms, reducing its utility.
Combined Impact:
These factors are creating a cascading effect, where reduced trust, declining liquidity, and shrinking use cases have caused panic among investors, leading to a rapid sell-off and subsequent price dump.
1. Exchange Issues:
• Liquidity Problems on Major Platforms: Some exchanges, including Coinbase, have decided to delist WBTC (effective December 19, 2024), citing compliance issues and a review of their asset listing standards. This has shaken investor confidence .
• Market Access Reduction: With platforms removing or reducing WBTC support, traders are offloading their positions, leading to increased sell pressure.
2. Governance Concerns:
• Custodian Changes: The primary custodian of WBTC, BitGo, entered a partnership with BitGlobal, an entity linked to Justin Sun. This has raised significant trust issues, as concerns about centralized control and transparency in the partnership have led major DeFi protocols like MakerDAO (Sky) to remove WBTC as collateral .
• Phased Offloading: Sky is offloading WBTC from its platform gradually until the end of November 2024. This has added further pressure on its value .
3. Decline in Demand:
• Switch to Alternatives: As exchanges and platforms pivot to alternatives like Coinbase’s cbBTC and Threshold’s tBTC, demand for WBTC has declined. This shift has further destabilized its price .
• Reduced Usage in DeFi: The governance issues have led to a significant reduction in WBTC’s use as collateral across DeFi platforms, reducing its utility.
Combined Impact:
These factors are creating a cascading effect, where reduced trust, declining liquidity, and shrinking use cases have caused panic among investors, leading to a rapid sell-off and subsequent price dump.
After the news that Gary Gensler, main opposer of crypto and of #XRP in particular, is going to retire, the asset has flown into the sky 🚀
We believed in Ripple — and here is the consequent result of hope 😊
The future stands behind crypto 😎
We believed in Ripple — and here is the consequent result of hope 😊
The future stands behind crypto 😎
Don't be too bearish also but.....
The CRYPTO market is too bullish at the moment.
Not a great sign I suppose...!!!
The CRYPTO market is too bullish at the moment.
Not a great sign I suppose...!!!
Yes
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MrUdayaEranga
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Bullish
Xrp seems like big move $XRP
So many years side waves now it will be bigmove 🙌🏻
So many years side waves now it will be bigmove 🙌🏻
See original
Now 1.5 ?
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MrUdayaEranga
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XRP finally hits $1.
Do you guys hold any???
Do you guys hold any???
Sui, a decentralized layer-1 blockchain touted as a "Solana killer," experienced a major outage on Nov. 21, halting block production for over an hour.
Ironically, Sui went down while aiming to outshine Solana, a network notorious for its own downtime. $SUI
Ironically, Sui went down while aiming to outshine Solana, a network notorious for its own downtime. $SUI