The integration of Celestia's data availability (DA) layer with #PolygonLabs Layer 2 chain development kit marks a significant development in the future of blockchain technology. This integration provides specialized solutions for projects like OKX, Immutable, Astar, IDEX, and Palm Network, while also being a crucial part of the Polygon 2.0 ecosystem.Polygon’s Chain Development Kit (CDK) is used for developing Layer 2 networks, which rely on “zero-knowledge rollup” technology to enhance transaction efficiency. However, there are challenges in verifying data availability on Ethereum. This is where Celestia's approach comes into play.Celestia aims to reduce the network load and potentially lower gas fees by running light nodes for multiple Layer 2 networks. This can increase the efficiency of the network, making transactions faster and more economical, representing a significant step in blockchain technology.With this integration, Polygon’s Layer 2 solutions could reach a broader user base and increase the overall adoption of blockchain technology. Particularly, its potential to alleviate Ethereum's current challenges and create a more efficient blockchain environment makes this integration exciting for the crypto and blockchain community.The collaboration between Celestia and Polygon could usher in a new era in blockchain technology development and accelerate innovations in the sector. This holds significance not only for current projects but also opens up possibilities for future blockchain applications.#celestia #tia $TIA $MATIC

After what was a scintillating uptrend in the past three weeks for the Ethereum-based multichain platform LOOM Network (LOOM), the token price has dropped 35% in the past two days. The reason behind the plunge might be related to a post from on-chain analyst Scopescan, which revealed that South Korea’s largest crypto exchange, Upbit, deposited 19 million LOOM (worth $6.76 million) into Binance and Bithumb.

“LOOM has fallen by 35% in the past two days. We’ve noticed that Upbit has been depositing LOOM into Binance and Bithumb more frequently in the last 48 hours, with over 120 transactions totaling approximately 19M LOOM ($6.76M),” Scopescan tweeted.

Scopescan stated that Upbit frequently deposited LOOM into several wallets belonging to exchanges Binance and Bithumb in the last 24 hours. In what were up to 120 transactions, Upbit sent the token to 14 Bithumb and 3 Binance wallets.

Sudden Pump

Before the downtrend, the project pumped more than 700% from what was a dormant state for years. LOOM sold at $0.046 on September 16 before reaching and surpassing its all-time high of $0.2 in less than three weeks. The token ticked to $0.37, then plunged rapidly in the last 48 hours.

The reason behind the sudden pump is yet to be ascertained, but notably, up to 53.8% of its spot trading volume came from Upbit’s LOOM/KRW trading pair during the early uptrend. The price uptick also drew Binance’s attention, and it listed LOOM/USDT for futures trading on October 11.

Pump and Dump?

Since there was no notable reason behind the recent price uptrend, many have speculated that the movement was manipulated and LOOM would start dumping hard soon. Reduced on-chain developer activity on LOOM has also sparked speculation as to the sustenance of this uptrend.

Since its highest holder, Upbit has started moving the token to exchanges, general sentiments indicate that the coin should dump even further in the coming days.

The post Why Is LOOM Dumping? Upbit Reportedly Deposited 19M LOOM Into Binance and Bithumb appeared first on Coinfomania.

Posted on October 17, 2023The ADA price has moved in tandem with the rest of the crypto market after a small rally but Cardano whales continue to threaten this positive price action. According to recent data, the balances of large ADA whales have continued to decline, suggesting that they may be selling off their substantial holdings.Cardano Whale Balances See Large DropOver the last month, the balances of Cardano’s largest holders have been on a decline. This has occurred as the price of ADA has fallen but with each small recovery, these whales seem to be taking advantage of the market to sell at a profit.The significant drop in balances over time has been noticed in the wallets holding between 1 million and 10 million ADA have fallen. This assertion is backed up by data from IntoTheBlock which shows a large decline in the holdings of these large holders.1 million to 10 million token holders dump | Source: IntoTheBlockToward the end of September, addresses holding between 1 million and 10 million ADA held a total of 5.63 billion tokens. However, going into October, their balances began to drop by the millions. By October 15, their total balance was sitting at 5.41 billion, representing a drop of 220 million tokens.At the same time that this was happening, larger whales holding between 10 million and 100 million ADA have been increasing their balances. Their holdings increased from 11.81 billion ADA to 12.26 billion ADA toward the end of September. It then saw a small reversal but in August, their holdings settled at 12.16 billion tokens, representing a 300 million increase.This would suggest that while the 1 million to 10 million cohort had been selling, the 10 million and 100 million cohort had seized the opportunity to buy. This ended in a transfer of over 300 million ADA to these already massive whales, increasing their dominance in the market.XRP recovers above $0.25 | Source: ADAUSD on Tradingview.comADA Holders Plunge Further Into LossesAmid the sell-offs from the 1 million to 10 million ADA cohort, Cardano holders continue to feel the impact of the bear market. Unlike the rest of the top 10 largest cryptocurrencies which have maintained a good profitability ratio, ADA has performed horribly.Only 6% in addresses in profit | Source: IntoTheBlockAccording to data from IntoTheBlock, only 6% of the almost 4.5 million ADA holders are seeing profit. A whopping 4.09 million addresses are sitting in losses, accounting for 91.76% of the total holder base. In contrast, 2.06% (91,990) addresses are breaking even.ADA is currently trading at $0.25, a 91.84% drop from its all-time high price of $3.10, according to Messari. However, it remains the 8th-largest cryptocurrency with a market cap of $8.88 billion.#DeFiChallenge $ADA