Shiba Inu (SHIB) price is attempting a bullish breakout from the descending wedge the coin has been in since March. Popular memecoin Shiba Inu (SHIB) has lost around 24% over the past month, but now it appears to be targeting a bullish breakout from its long-term pattern towards $0.000018.

The wedge narrows as Shiba Inu tries to start the rally

SHIB price reached a yearly high of $0.000035 on March 5 and has been steadily declining since then, forming a descending wedge. This technical pattern occurs when an asset forms a series of lower highs and lower lows that converge to form a wedge shape.

As the wedge narrows, buying pressure gradually increases. This is evident from the current price, which is approaching the point where the pattern lines converge. A bullish breakout from the wedge traditionally indicates a weakening of selling pressure and a possible shift from a downtrend to an uptrend.

SHIB Price Analysis. Source: TradingView

Similarly, the Chaikin Money Flow (CM F) indicator is also rising. This on-chain metric measures the movements of money flows into and out of an asset. Negative values ​​indicate that the initiative is on the sellers’ side, and liquidity is leaving the asset. Meanwhile, positive values ​​indicate that buyers are putting more pressure on the price. An influx of money into an asset is often associated with increased demand and a potential price increase.

Shiba Inu Analysis. Source: TradingView

In the case of Shiba Inu, the indicator is above the center line, at 0.03, confirming the bullish momentum. This increases the probability of a price breakout from the falling wedge.

SHIB Outlook: Bulls Are Staying Active

The dots of the Parabolic Stop and Reverse ( SAR ) indicator are below the token price at the time of writing. This is a signal that the upward trend is continuing. This location of the dots relative to the price is considered bullish and can encourage traders to buy or hold the asset. Accordingly, growth may continue in the short term.

SHIB Price Analysis. Source: TradingView

If the buying pressure continues, SHIB will make a successful bullish breakout from the descending wedge. After retesting the breakout line, the price will start to rise to $0.000018 and above. However, if selling intensifies, the SHIB price may drop to $0.000010.

The post Shiba Inu (SHIB) Aims to Break Out of Descending Wedge Pattern first appeared on The VR Soldier.

According to Dune, almost six thousand memecoins have already been launched on TRON via SunPump , which have brought in more than 2 million TRX (approximately $258 thousand). TRON (TRX) blockchain creator Justin Sun has launched the SunPump platform and is now promising that the first “billionth” memecoin will appear on the network.

SunPump Chances of Success

Launched via the Sun.io platform, the SunPump project allows users to quickly create memecoins on the TRON network. To create a “meme” coin, you need to pay 20 TRX, as well as a trading fee of 1%.

According to Dune , on August 17, the TRON blockchain recorded a record one-day income from memceoin launches via SunPump. In just 24 hours, users created more than four thousand tokens. The platform earned more than 1 million TRX ($133,000) in fees.

Number of launched memcoins since SunPump launched. Source: Dune

Justin Sun is confident that the momentum will continue, saying that the TRON blockchain has significant advantages over its competitors.

“Tron’s biggest strength is $60 billion in TRON USDT. No other blockchain protocol has such a large liquidity pool. Memecoins thrive on liquidity, and TRON has it in abundance,” he wrote on X (formerly Twitter).

Memecoins, TRON, and Justin Sun

Sun noted that TRX holders are looking to invest in new, interesting memecoins, while developers and traders are looking for a platform with reliable stablecoin liquidity. TRON is the perfect choice for them. The network offers fast and cost-effective transactions, as well as protection from MEV, the entrepreneur emphasized.

TRON is indeed considered one of the most efficient networks for transactions. In terms of the number of stablecoins on the platform, the blockchain significantly outstrips most competitors. According to DefiLlama , TRON stores “stable” coins worth about $60 billion.

Distribution of stablecoins across different blockchains. Source: DefiLlama

Taking all the above factors into account, Sun predicts that the TRON network will soon have a “billionth” memecoins. According to him, one of these coins, Sundog, has already increased significantly in price and brought good profits to early investors.

However, SunPump will not be so easy. There are already platforms on the market offering similar services. For example, pump.fun. The latter has already received rave reviews from the community, and recently even surpassed Ethereum in revenue.

Source: X

In addition, there are growing concerns among many experts that the memecoins boom is nearing its end. “The reason why memecoin traders are losing money is because real money on Wall Street is now moving into crypto. Scams, celebrity coins, etc. won’t work anymore. The garbage is being thrown out (and publicly condemned). This is good for digital asset adoption in the long run,” said ETF Store President Nate Geraci.

The post Justin Sun Launches Memecoins Platform on TRON first appeared on The VR Soldier.

One of the leaders among DePIN project tokens, Filecoin, has been unable to break out of a downward channel for several months now. In June, FIL reached a yearly high of $11.46, and since then its value has fallen almost fourfold. In this article, we’ll figure out what is preventing the price of Filecoin from starting the long-awaited rally and what to expect from the FIL rate in the near future.

Filecoin is going through tough times

FIL currently appears undervalued, but the Sharpe ratio data suggests that this cryptocurrency is not the best choice for short-term investment. The Sharpe ratio measures the risk-adjusted return on an asset. Positive values ​​mean that investors have a good chance of getting a higher return on their investment. Negative values ​​indicate the opposite.

At the time of writing, Filecoin has a Sharpe ratio of -2.95, which suggests that buying the cryptocurrency at its current price may not yield good returns.

Filecoin Sharpe Ratio. Source: Messari

However, Filecoin’s market cap is still high. It still leads the DePIN tokens in this regard. FIL’s market cap currently exceeds $2.07 billion.

Filecoin Market Cap. Source: CoinGecko

However, the token’s capitalization has decreased threefold since March. This drop is directly related to the correction that the token has experienced in recent months. If this trend continues, Filecoin risks losing its leadership to tokens of other DePIN projects, such as Render (RNDR) and The Graph (GRT).

FIL Forecast: The Fall Will Continue

At the time of writing this analysis, FIL is trading at $3.62, having shown no clear dynamics in 24 hours. However, over the past seven days, the token has fallen in price by more than 4%. According to the chart below, Filecoin has been trading in a downward channel since April. This clearly indicates a bearish trend. The channel forms two downward trend lines during the correction and consolidation phases: the upper one serves as resistance, and the lower one serves as support.

Filecoin price dynamics. Source: TradingView

In addition, the relative strength index ( RSI ) is below the neutral 50 level. Such readings confirm that bearish momentum is currently dominant. However, the FIL price is at risk of falling even lower than the current level: if the trend direction does not change, the token may fall to the support level of $3.25. However, Filecoin may well reach the resistance level of $4.27 if it is supported by buyer activity.

The post DePIN Token Filecoin (FIL) Tries to Break Out of Downtrend first appeared on The VR Soldier.

Technical indicators paint a promising picture for the price of the popular memecoin Bonk (BONK). However, the real state of affairs on the market suggests that it will be difficult to start a rally

Bonk Bulls Gain Strength

The market is starting to take more interest in the BONK memecoin. This is indicated by the moving average convergence/divergence indicator (MACD) – at the time of writing, the MACD line (blue) is trying to cross the signal line (orange) from the bottom up.

BONK Moving Average Convergence/Divergence. Source: TradingView

This signal is called a “bullish crossover” and indicates a possible change in momentum from bearish to bullish and the beginning of a rally. The crossover suggests that the short-term moving average is rising faster than the long-term one. Therefore, traders perceive this pattern as a signal to buy.

In addition, the Parabolic Stop and Reverse (SAR) indicator points for BONK have been below the price since August 8th. This indicator tracks trends in the asset’s price dynamics and identifies potential reversal points. When the SAR dots are below the price, the market is in an uptrend and the Parabolic SAR acts as a support level.

Parabolic Stop and Reverse BONK. Source: TradingView

This technical picture is another positive signal for traders. It hints at a possible price increase, so market players are actively buying up cryptocurrency or entering long positions. Interesting fact: out of 1.7 million memecoins launched on Pump.fun, only 15 were profitable. How this happened and what is happening with the failed meme tokens now.

Price Forecast: Rally to Start Will Be Difficult!

The indicators described above paint a bullish picture for BONK, but the current demand for the memecoin may not be enough to trigger a full-fledged rally.

Thus, the relative strength index (RSI) remains below the neutral line at 40.80. This indicator measures overbought and oversold market conditions. Its current values ​​indicate low buying pressure compared to seller activity.

BONK Price Analysis. Source: TradingView

In addition, the Chaikin Money Flow (CMF) index for it remains negative. This suggests that the memecoin market is currently not liquid enough. Under such conditions, potential price growth seems difficult. However, If buyer demand remains low, the price risks falling to $0.000015. However, in a favorable scenario, the memecoin rate, on the contrary, may rise to $0.000022.

The post Will Bonk (BONK) Bulls Spark a Rally Anytime Soon? first appeared on The VR Soldier.

Cryptocurrency exchange dYdX will introduce its biggest network update since its launch this fall. The developers of dYdX promise new features that have not previously been available on any decentralized or centralized exchange. This is stated in the official announcement of the platform. 

Automatically adding markets

One of the most significant new features will be the ability to create markets without the need for approval from the platform management. Users will be able to instantly add to the dYdX Chain New cryptocurrencies; Prediction markets; Synthetic assets; and Derivative financial instruments.

source: dydx.exchange

To launch, a certain amount of USD Coin (USDC) must be paid through a new mechanism called MegaVault. It will provide liquidity for all new markets.

What is MegaVault?

MegaVault is a key part of the upgrade. This master liquidity pool will act as a market maker for all markets on the platform. Any user will be able to deposit funds into MegaVault and receive a share of the profits it generates, as well as a share of the revenues of the entire dYdX platform. However, the main advantage of the innovation is that it provides an opportunity for passive income. Thanks to MegaVault, all markets will have enough funds for trading, which will make them more stable.

The master pool is intended for a wide range of users:

-Active traders can use MegaVault as an additional source of income;

-Investors – to diversify their portfolio and generate passive income. 

dYdX Affiliate Program

As part of the update, dYdX will also launch an affiliate program that will allow users to earn money by attracting new traders. Participants in this program who trade at least $10,000 will receive an exclusive affiliate link that they can use to invite friends to the platform.

For each user they invite, they will receive a share of the commission. Invited users, in turn, will have access to discounts on transaction fees. 

According to the dYdX team, the affiliate program offers the opportunity to earn up to $1,500 per month for each trader invited. 

Additional updates also include: 

-The ability to use keys with limited access rights;

-Updated interface;

-Easier registration process. 

The dYdX crypto exchange launched its own network at the end of October last year. Then the project moved to a new unique tokenomics scheme .

About dYdX  Exchange

dYdX is one of the leading decentralized crypto exchanges focused on trading perpetual contracts. It operates on the Ethereum blockchain. According to Coinmarketcap, trading volumes exceed $1.2 billion per day at the time of writing. For improved scaling, dYdX, together with StarkWare, created a second-level protocol with the StarkEx mechanism – this made trading operations for clients much faster and cheaper, and the minimum limit for making a transaction was also reduced. Users have the opportunity to trade with leverage up to 25x.

The post dYdX Network Readies for Game-Changing Upgrade! first appeared on The VR Soldier.

Decentralized Physical Infrastructure Networks (DePin) are transforming the technology landscape by bringing projects from online to the real world. In this article, we’ll tell you what happened in the DePin sector over the past few days, including Hivemapper introduction of its latest Bee device, REI partnership with Stratos for decentralized storage solutions, and Andrena, which secured $18M to advance the DAWN broadband protocol.

Hivemapper Shifts Strategy in the DePin Sector

The Hivemapper project has introduced a new product that will significantly improve the Bee dashcam or windshield mount. This update has forced Andrena to discontinue the HDC dashcam. Customers who pre-ordered the HDC will automatically receive the upgrade to Bee or will be able to request a refund.

The Bee device is currently undergoing mass testing in Northern California and Pittsburgh, and is being prepared for mass production. The design of the device has been optimized for increased production volumes, and new distributors are ready to speed up delivery, especially in Southeast Asia.

As Bee prepares to go to market, Hivemapper advances its mission to create a global network of street imagery.

However, not all Hivemapper users are happy with the update. They are wary that the tokens they earn from mapping will not bring them any immediate profit. They are also afraid that with the addition of thousands of new cameras, the rewards will drop even further.

X

“With the amount of tokens we earn from mapping, we won’t see ROI anytime soon. Then thousands and thousands of new cameras will be installed and the rewards will drop even more. And then everyone will get 4,000 HONEY, which will further collapse the token price,” complained one user on social network X.

REI Network Embeds Stratos Storage Solutions

REI has announced a partnership with Stratos to help it leverage its blockchain framework with advanced decentralized storage solutions. Stratos is developing a next-generation decentralized cloud storage platform that integrates scalable storage, databases, and compute on a single network.

source: thestratos

The project uses a unique Proof-of-Traffic consensus mechanism that rewards network participants based on the traffic they generate. This approach enables a self-balancing network that can meet the needs of a new era of decentralization.

Stratos’ scalable storage solutions can handle a wide range of applications and growing volumes of data. Their decentralized infrastructure ensures secure data storage, minimizing the risk of loss or unauthorized access. Additionally, Stratos’ design improves the efficiency of decentralized applications and services within the REI Network.

Andrena received $18 million for development

Wireless internet provider Andrena has raised $18 million in a Series A round, bringing its total funding to $38 million. Dragonfly Capital, CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi participated in the round.

Andrena plans to use the money to develop DAWN, a broadband protocol that allows unused bandwidth to be sold. DAWN is based on a system of decentralized physical infrastructure networks (DePIN), where rooftop wireless base stations form an Internet access network independent of a centralized provider. “Our mission is to transform the internet from a provider-controlled model to a user-controlled model. Homes can own their solar panels and sell excess power back to the grid, and DAWN aims to do the same for the internet,” the team shared on X.

X

Andrena, which operates in 10 states including New York and New Jersey, plans to migrate existing customers to the DAWN protocol. DAWN is currently being tested on the Solana blockchain in the testnet phase, and an exact date for the full launch has not yet been announced. Once launched, Andrena aims to reach over 3 million households and continue its global expansion.

While DePIN networks are still in their early stages and have some shortcomings, they enable the exchange of tokens between synthetic and real assets, supporting traditional infrastructure and providing access in areas where traditional models are not economically feasible.

The post DePin Updates: Hivemapper New Dashboard, REI & Stratos Partnership, DAWN’s $18M Raise first appeared on The VR Soldier.

Solana (SOL) decentralized exchange (DEX) trading volume hits new lows, down 72% over the past week. The decline may be due to a decline in interest in memecoins. The VR Soldier team tried to figure out why fewer people are trading on the Solana DEX and what awaits the SOL token in the near future.

Interest in Solana is fading

Last week, the crypto market experienced a global downturn. Then, some SOL-based memecoins managed to buck the trend and, on the contrary, temporarily soar in price. However, investors’ interest in these assets soon began to wane, and along with it, trading volumes on decentralized exchanges (DEX) built on the network also declined.

Trading volumes on DEX on the Solana network. Source: Artemis

According to Artemis, trading volume on the SOL DEX network has fallen 72% over the past seven days. On Sunday, it was $897 million, the lowest since June 30. This trend reflects a general decline in user activity on the network. Over the past week, the number of addresses making at least one transaction on Solana per day has decreased by 19%.

Active Solana addresses. Source: Artemis

A decrease in the number of active addresses in the network indicates that user interest or engagement is falling. This can happen for a variety of reasons. This time, the general decline in interest in meme coins may have worked against Solana.

SOL Forecast: New Lows Ahead

At the time of publication, SOL is trading at $147.59. Over the past 24 hours, the cryptocurrency has fallen by 2.4%, and over the week it has grown by 33.9%.

The Solana Chaikin Money Flow (CMF) indicator is currently at its center line at 0. This indicates indecision in the market as both buyers and sellers are starting to avoid trading this asset.

SOL price dynamics over the last month. Source: CoinGecko

Given the CMF values, the altcoin is currently in a risky position. There is a risk of a breakout in either direction for SOL. If demand increases, Solana could rise to $148.27 and continue its upward movement. If selling pressure prevails, the SOL rate risks collapsing to $133.64.

The post Solana (SOL) DEX Trading Volume Decline: What’s the Connection with Memecoins? first appeared on The VR Soldier.

Polygon (MATIC) price has fallen 17% over the past 30 days , and the asset’s current performance leaves much to be desired. Let’s find out whether MATIC still has a chance of recovery.

Investors are losing interest in Polygon

According to analytics platform Santiment, Polygon’s outlook remains bleak. One of the reasons is open interest (OI), which is the value of all outstanding contracts on the market. At the time of publication, it is only $38.85 million – the last time such values ​​were seen was in June 2022 during the bear market.

Polygon’s Open Interest. Source: Santiment

However, If the trend continues, MATIC will face even greater losses. At press time, the altcoin is trading at $0.42, down 85.51% from its all-time high. While these situations typically represent a good buying opportunity, investors are hesitant to accumulate MATIC. However, according to IntoTheBlock, the number of holders who have held the coin for between 30 days and 12 months has dropped significantly. Short-term holders have also started to dump their tokens.

Polygon addresses by retention time. Source: IntoTheBlock

This means that market participants are skeptical about the potential for Polygon’s price recovery.

MATIC Price Forecast: New Decline on the Horizon

The daily chart of MATIC/USD shows that bulls have managed to recover some of their recent losses. However, the token faces serious challenges as its price remains below the important support at $0.46. Additionally, the Teapot Money Flow (CMF) index, used to differentiate between accumulation and distribution periods, has fallen to -0.12, hinting at sellers’ supremacy.

Polygon Daily Analysis. Source: TradingView

The Relative Strength Index (RSI), in turn, is still below the neutral level, indicating that the bearish trend will continue. If the situation does not change, MATIC could fall to $0.40. However, an increase in bullish sentiment in the broader market will give the altcoin a chance to recover to $0.50.

The post Polygon (MATIC) Open Interest Drops to Bear Market Levels: What’s Next first appeared on The VR Soldier.

US presidential candidate Donald Trump’s son, Donald Trump Jr., has announced the launch of a new platform related to decentralized finance (DeFi). Donald Trump Jr.’s DeFi project aims to combat inequality in access to banking services. 

Donald Trump Jr and crypto

Earlier, rumors spread across the Internet that Trump Jr. was going to launch a memecoin. The cryptocurrency community was prompted to do so by a tweet from the son of the US presidential candidate. 

X

“We’re about to shake up the crypto world by launching something big. Decentralized finance is the future, don’t be left behind,” reads an August 7 post on X (formerly Twitter).  Trump Jr.’s brother, Eric Trump, also wrote about the launch of a certain “grandiose” project .

However, during an AMA session on the Locals 8 platform, Trump Jr. revealed that he is actually working on creating a crypto platform that will challenge traditional banks. 

“We want to take over a lot of the banking world. I think there’s a lot of inequality in that only certain people can raise money […] so this idea of ​​decentralized finance is obviously very attractive to guys like me who have been left behind,” Trump Jr. said. 

Trump’s son did not reveal any specific details about what exactly this DeFi platform is. The approximate launch dates are also unknown. 

The Race for Crypto Voters

Cryptocurrencies have become a key topic of the upcoming US presidential elections. Having radically changed his mind regarding digital assets, Trump has already managed to participate in the Bitcoin 2024 conference. During his speech, the politician promised to turn the United States into a crypto empire, and also collected $25 million in donations during the event .

Kamala Harris’s Odds of Victory vs. Donald Trump. Source: Polymarket

Candidate Kamala Harris has also joined the race for crypto voters. It was recently reported that Democrats have created a support group called Crypto for Harris . It includes leaders of the digital asset industry and policy experts. On the back of this news, Harris’s odds on the Polymarket forecasting platform rose above Trump’s.

The post Donald Trump Jr to Launch DeFi Platform to Fight Banks first appeared on The VR Soldier.

The outgoing week turned out to be a good one for altcoins from the AI ​​sector. AI tokens traders managed to reverse the trend and change the sentiment from bearish to bullish. In this article, The VR Soldier team introduce a list of the most successful AI tokens that have outperformed major altcoins and Bitcoin.

TokenFi (TOKEN)

One of the major AI tokens, which is TokenFi managed to interrupt a prolonged decline and has been forming an upward trend for the last four days. At the time of writing, the token is trading at $0.07403. Over the past day, its price has increased by 48%.

TOKEN rate dynamics. Source: TradingView

The altcoin is now approaching local resistance at $0.077. If TOKEN manages to break higher, it will have a chance to continue its growth up to $0.088. However, in such a scenario, the risk of consolidation in the range between $0.088 and $0.077 remains.

If the breakout fails, the cryptocurrency risks getting stuck below the $0.058 mark. This will curb potential growth for some time.

Matrix AI Network (MAN)

This AI altcoin has had slightly more modest results. It has risen 13% in 24 hours and more than 22% in a week. At the time of writing, MAN is trading at $0.02585.

MAN rate dynamics. Source: TradingView

Matrix AI Network is set to test $0.026 as a resistance; this level has previously served as an important support for the asset. If MAN can turn the $0.026 level into support, it will open the way for further recovery.

To fully recoup all the losses incurred at the beginning of July, the token needs to consolidate above $0.029.

On the other hand, the token has already tested the $0.029 level as a barrier, which may make it difficult for it to bounce back. This means that MAN may continue to move sideways until stronger bullish signals emerge.

LimeWire (LMWR)

AI token LimeWire rounds out our top three. Its growth has been less noticeable compared to its competitors, but the asset has still gained 8.5% over the past seven days. LMWR has gained almost 4% in the last 24 hours and is trading at $0.2387 at the time of writing.

LMWR Price Analysis. Source: TradingView

The next major resistance awaits the cryptocurrency at $0.36. To get there, LimeWire must first turn the psychological resistance of $0.30 into support. This level is very important for LMWR — reaching it will allow it to recoup the losses that the token has suffered since mid-April.

However, LMWR is also under pressure from profit-taking risk, which could keep the altcoin below $0.49. If the price stays at one level for a long time, this could refute the optimistic forecasts.

The post Top 3 AI Tokens That Made a Difference This Week first appeared on The VR Soldier.

The meme fever in the Solana network continues. Three days ago, a new memecoin appeared on the SOL blockchain, Banana Tape Wall (BTW)  which increased in price by 198% in just 24 hours. Let’s figure out why the community liked the new Solana (SOL) memecoin so much and whether it’s worth taking an interest in.

What is the secret of the Banana Tape Wall (BTW) memecoin?

Banana Tape Wall (BTW), a new Solana-based memecoin, has been showing impressive performance in the last 24 hours. The asset’s price has soared by 198% over the past 24 hours. What’s notable is that this happened against the backdrop of a decline in the broader cryptocurrency market.

Coingecko

At the time of writing this analysis, the BTW memecoin is trading at $0.009957. The asset has a market cap of about $9.8 million, and a 24-hour trading volume of almost $29.5 million.

The Banana Tape Wall meme token is inspired by the artwork called “Comedian” by Maurizio Cattelan. The piece is an ordinary banana that is taped to a wall. It was previously sold for $120,000.

The token, inspired by the art object, was launched just three days ago. Although it has already shown impressive growth in that time, investing in this memecoin may be risky. Before investing in BTW or any other financial asset, do your own research.

Earlier, the VR Soldier editorial team reported on another meme token based on the Solana network, which in a short period of time soared by as much as 10,000%. 

Solana Prediction: Memecoins are Helping SOL!

Amid the crypto market recovery and the ongoing hype around meme tokens, the price of Solana (SOL) is also growing. At the time of writing, the altcoin is trading at $162, up 10% in 24 hours.

At the same time, Solana’s daily trading volume exceeds $7 billion, and the asset’s market capitalization has grown to an impressive $75 billion.

SOL exchange rate dynamics . Source: CoinGecko

The VR Soldier editorial team spoke with experts about when to expect SOL at $1,000. Read this article – it contains the opinions of top analysts and all the current forecasts for Solana.

The post Solana New Memecoin Banana Tape Wall (BTW) Soars Nearly 200% first appeared on The VR Soldier.

Diego Oliva, who has led the Starknet team since March 2023, is stepping down and James Strudwick will take over as CEO. The company’s management changed during a period of difficulties that the Starknet ecosystem has been facing for a long time. 

The New CEO

According to an official statement from the Starknet team, James Strudwick will now be the CEO. He joined the company in January 2024.

source X

Starknet’s previous CEO Diego Oliva will remain with the company for a while longer to help smooth the transition. After announcing his resignation, Oliva wrote the following on his X account (formerly Twitter) : “I am extremely proud of all the progress and achievements we have been able to make together with the Starknet ecosystem builders and our partners.”

Starknet is a layer-2 (L2) network on Ethereum. It uses zero-knowledge (ZK) rollups based on STARK. According to Santiment, Starknet is in the top five L2 projects by developer activity over the past 30 days.

How is Starknet doing?

Overall, Starknet is currently facing challenges. As Starkscan data shows, the platform has seen a significant decline in user activity recently.

If on February 21 the number of active users exceeded 382 thousand, then by August 1 it had already dropped significantly. Now the number of people using Starknet is only about 13,177 people.

Active Starknet users. Source: Starkscan.co

Additionally, the total value locked (TVL) on Starknet has dropped significantly since its peak in April, currently sitting at $231.7 million, according to DefiLlama.

Many attribute the decline in participation in the project’s ecosystem to user disappointment due to changes in the requirements for the STRK token airdrop in February.

About Starknet

Starknet is an Ethereum scaling solution that aims to improve the network’s performance and scalability. It is developed by Israeli company StarkWare Industries, which has attracted industry attention due to its high valuation of $8 billion and the investment of over $280 million.

STRK is a key element of the Starknet ecosystem, playing an important role in the functioning and management of the project. With the start of trading on major crypto exchanges, including Bybit, Binance and KuCoin, as well as an airdrop, STRK promises to become a sought-after asset. 

The post Latest Leadership Change: Starknet Appoints New CEO first appeared on The VR Soldier.

After a sharp decline earlier this week, the crypto market is showing signs of recovery. Solana is particularly notable for its success, with SOL reaching a new record high against Ethereum (ETH). On August 7th, SOL jumped to $153.8, while ETH was trading at $2,516. Both cryptocurrencies have gained significantly in price after the recent market correction.

Solana Overtakes Ethereum

According to TradingView, the SOL /ETH ratio is 0.061. This ratio shows how many Solana tokens can be bought for one Ethereum token . If the ratio decreases, it means that the value of one ETH relative to SOL is increasing.

The increase in the ratio that is happening now suggests the opposite – that Solana is increasing in value relative to Ethereum. That is, one ETH can buy more SOL . This may mean that investors are showing more interest in Solana.

SOL /ETH Daily Chart . Source: TradingView

The second-largest cryptocurrency by market cap fell to a yearly low of $2,114 this week. SOL also fell, dropping to $110.23, its lowest in months. However, Solana has since risen 30%, while Ethereum has only risen 9.68%.

Traders have long been speculating that SOL could overtake ETH in market cap. While that hasn’t happened yet, Solana’s rising price suggests that it could happen.

At the time of writing, SOL is trading at $152.55, up nearly 8% in the last 24 hours. The asset’s market value is currently $71.1 billion. Meanwhile, the Ethereum rate has stabilized at $2,500. In total, over the past 24 hours, the indicator has decreased by 0.3%. The capitalization of the second main cryptocurrency on the market exceeds $302 billion.

About SOL

Solana is a blockchain platform for building highly scalable decentralized applications. The essence of Solana’s architecture is the use of a set of software algorithms that can eliminate the performance bottleneck caused by software when implementing a blockchain. Thus, transaction throughput can scale in parallel with network throughput. Particular attention is paid to ensuring that the architecture is scalable, secure, and decentralized, i.e., meets the basic requirements for a blockchain system.

The Solana blockchain allows developers to build payment networks, marketplaces, prediction markets, and other types of applications that require maximum transaction speed. The main advantages, in addition to speed, include low transaction fees (which do not become burdensome even with billions of users) and convenient interoperability between any second-layer projects.

The post Solana (SOL) Price Reaches All-Time High Against Ethereum (ETH) first appeared on The VR Soldier.

Bitcoin whales have amassed $23 billion worth of BTC in the past month, which could signal a significant shift in the market. The founder of the analytical platform CryptoQuant, Ki Young Yu, pointed out a sharp increase in demand for Bitcoin among regular holders.

The bull market continues

Over the past 30 days, approximately 404,448 BTC, equivalent to $22.8 billion, have been received by regular holders. According to Yu, this indicates accumulation by whales. 

Chart of BTC accumulation by major investors. Source: X/Ki Young Ju

“Over the course of the year, some entities — whether TradFi institutions, companies, governments, or others — will announce that they have purchased Bitcoin in Q3 2024,” predicts the CryptoQuant CEO.

Ju notes that retail investors, in turn, will regret not doing the same due to concerns about selling by the German government, Mt. Gox or other macroeconomic factors.

In a separate post on X (formerly Twitter), the expert mentioned several additional factors that support the bullish trend. Miner capitulation is almost over, and the hash rate is approaching record highs, Yu wrote. 

Bitcoin Bull Market Outlook

The cost of mining in the US is currently around $43,000 per BTC. If the price of Bitcoin falls below this level, the hash rate will still remain stable. The CryptoQuant founder also noted that there are currently almost no retail investors in the market. This, he said, is reminiscent of mid-2020. Coupled with the fact that the activity of old whales has decreased, there is no selling pressure on Bitcoin at the moment.  

Based on this data, Yu concludes that the bull market is still in place. “If the market doesn’t recover in two weeks, I’ll rethink my view. I follow the smart money, so if I’m wrong, the new whales are either wrong or underestimating the macro situation,” he added.  According to CoinGecko, at the time of writing, Bitcoin is trading at $57,339. Over the past 24 hours, the price of the cryptocurrency has increased by 4%.

The post Bitcoin Whales Have Accumulated $23 Billion in the Last Month first appeared on The VR Soldier.

The price of the leading artificial intelligence-based token, Render (RENDER), has plummeted 25% over the past week. While a key on-chain metric suggests this may be a good time to buy the altcoin, its price remains at risk of falling further.

Render Buyers Should Take Caution

As of this writing, RENDER trades at $4.62. During Monday’s market downturn, the altcoin plummeted to a seven-month low of $4.14. 

According to RENDER’s market value to realized value (MVRV) ratio, now may be a good time to buy the altcoin as it is currently undervalued. The negative values of this ratio, when assessed over different moving averages, confirm this. Per Santiment, RENDER’s 30-day and 90-day MVRV ratios are -9.47 and -25.79, respectively.

RENDER Drops 25%, Key Metric Indicates Buy Despite Risks

This metric measures the ratio between an asset’s current price and the average price at which all its coins or tokens were acquired. When its value is positive, the asset’s market value is higher than the cost basis for most investors. Here, the token is overvalued, and coin holders can sell for profit.

Conversely, an MVRV ratio below zero indicates that the asset’s market value is less than the average purchase price of all its circulating tokens, signaling that it is undervalued.

A negative MVRV ratio presents a good buying opportunity, as it connotes that the asset trades at a lower price. This allows traders to accumulate it, hoping to sell it at a higher price later.

Price Below 20-Day EMA and 50-Day SMA, Downtrend to Continue?

However, RENDER’s price action on a daily chart hints at the continuation of its downtrend in the short term. At its current price, RENDER trades below its 20-day exponential moving average (EMA (blue line) and its 50-day small moving average (SMA) (yellow line).

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. Meanwhile, the 50-day SMA, on the other hand, is a longer-term moving average that reflects an asset’s average closing price over the past 50 days.

When an asset trades below these moving averages, it indicates its price has declined over both short—and medium-term periods. This bearish trend is seen by traders as a signal to sell or avoid buying until the asset shows signs of recovery above these moving averages.

Additionally, RENDER’s Relative Strength Index (RSI) is in a downtrend at 31.36 at press time. This indicator measures an asset’s oversold and overbought market conditions. At 31.36, RENDER’s RSI confirms a decline in buying activity.

RENDER Price Prediction: Token May Revisit 7-Month Low

The further the demand for RENDER dries up, the more it is at risk of devaluation. Once it sheds its gains of the past 24 hours, the altcoin will revisit its seven-month low of $4.14 and may even fall below it to trade at $3.41.

Render Price Analysis. Source: Tradingview

However, if more traders begin to “buy the dip” and RENDER accumulation steadies, its price may climb to $5.87.

The post RENDER Drops 25%, Key Metric Indicates Buy Despite Risks first appeared on The VR Soldier.

The price of the native token of the popular Telegram-based tap-to-earn game Notcoin (NOT) increased by 24.93% in the last 24 hours. This surge comes after the token initially reached a two-month low of $0.0082 on August 5. The market will want to know whether NOT’s price will continue to increase. This analysis provides context in this regard and also reveals what traders are doing.

Market Takes Notcoin Comeback as a Good Sign

One way of knowing the position of traders is by looking at the Long/Short Ratio. This ratio represents the proportion of longs (buyers) to shorts (sellers) in the market. With the ratio, one can have an idea of investors’ sentiment in the market.

When the Long/Short ratio rises, it means there are more long positions than shorts in the market, indicating that most traders expect the price to rise. However, a falling ratio suggests bearish anticipation. Data from Coinglass shows that the ratio in NOT’s case has been increasing, suggesting that many traders have positioned themselves to profit from Notcoin’s continued hike.

Notcoin Long/Short Ratio. Source: Coinglass

Furthermore, on-chain data obtained from Santiment shows an increase in Open Interest (OI) as well. OI refers to the sum of all open contracts in the market, and it increases or decreases based on net positioning.

 

When the OI decreases, market participants are adding more liquidity to the market and increasing their positioning. However, a decrease implies a rise in position closure. 

For NOT, the rise in Open Interest that buyers are more aggressive. If sustained, this rise in speculative activity could help the cryptocurrency sustain the price increase.  For instance, historical data traced back to June shows that a rise in Open Interest helps NOT price increase. During that period, NOT’s price reached an all-time high of $0.028 as the OI jumped above $220 million. 

Notcoin Open Interest. Source: Santiment

Subsequent short-lived hikes also reveal a surge in Open Interest, further proving the strong correlation between the price and indicator. Therefore, if NOT experience a substantial rise in this indicator,  the value of the token may exceed $0.11 by a wide margin.

NOT Price Prediction: Buying Pressure Returns

The technical point of view shows that Notcoin’s market structure is slowly heading out of bearish dominance. One indicator fueling this bias is the Cumulative Volume Delta (CVD).

Notcoin Daily Analysis. Source: TradingView

For context, the cumulative volume delta (CVD) represents the net difference between buying and selling volume in the spot market. When CVD is negative, as it was on August 5, it indicates a high rate of selling. However, as of press time, the spot CVD has returned to positive, signaling that market participants have bought the dip.

If this buying volume continues to rise, the NOT token may sustain its upswing. Increased buying pressure could drive NOT’s price up to $0.013. However, if the cryptocurrency experiences another wave of selling pressure, the value could drop as low as $0.0085.

The post Optimism Grows as Notcoin (NOT) Traders Respond to Double-Digit Surge first appeared on The VR Soldier.

Arbitrum (ARB) price has fallen more than 28% in the last 24 hours to hit a new low. Meanwhile, crypto market leaders Bitcoin (BTC) and Ethereum (ETH) have also seen their prices drop due to today’s crypto market events. At the time of writing, the altcoin is trading at $0.51. This is the all-time low for Arbitrum (ARB).

Arbitrum Falls, Traders Sell Off

Arbitrum (ARB) is showing interesting dynamics: the token is falling in price, but the daily trading volume has increased sharply. And by 151% at once – up to $589 million. In this case, this most likely indicates that many investors are selling the asset due to negative news or a general decline in the market.

The opposite movements in ARB’s price and its trading volume create a negative divergence, indicating significant bearish sentiment towards the token.

coinmarketcap

The significant drop in ARB – down almost 28% in the last 24 hours – has also affected activity in the derivatives market, with trading volumes soaring by more than 200% over the period.

At the same time, open interest (OI) has decreased by 30%. Thus, OI for ARB futures at the time of writing is $109 million. The indicator is at its lowest level since October 2023.

This scenario suggests that many market participants are leaving the ARB futures and options market to avoid further losses.

Open interest in futures on Arbitrum. Source: Coinglass

Additionally, the price drop has triggered liquidations of long positions. According to Coinglass, forced long liquidations on ARB have reached $2.01 million at the time of writing. The last time such a high level of daily liquidations was seen was on June 7.

About ARB

The Arbitrum project is a protocol for scaling the Ethereum chain. It is similar in functionality to Ethereum, it also allows you to run smart contracts, use web3 applications, rely on the security measures of the underlying network, but the transaction speed will be higher and their cost will be lower.

Arbitrum Rollup can solve a number of problems in Ethereum, but developers have the option to use other tools, such as AnyTrust chains. Such chains do not have the same level of security and decentralization as rollup, but can offer lower fees. The key difference: in the case of rollup, all data is located on layer 1, and in AnyTrust – autonomously, offline. Hence the lower fee.

Arbitrum Airdrop is the highest governing body of the Security Council will be the Arbitrum DAO, which will be elected twice a year. The Arbitrum DAO will have the ability to control the future of the protocol and its technological decisions. For example, developers who want to launch chains using the Arbitrum stack can submit a proposal to the DAO, and the DAO can approve or reject these ideas.

The post Arbitrum (ARB) Reaches All-Time Low Amid Crypto Market Slippage first appeared on The VR Soldier.

The conflict between Musk and OpenAI leadership, including Sam Altman and Greg Brockman, has been going on for six years. Elon Musk has resumed his lawsuit against Sam Altman and OpenAI, the New York Times reports. However, his has caused the Worldcoin (WLD) token to fall by 18%.

The saga of Elon Musk and Sam Altman  

In June, on the eve of the court’s decision to dismiss the lawsuit, the billionaire Tesla CEO withdrew it. On the other hand, now Musk has decided to revive it again, filing the relevant documents in federal court in Northern California. 

Sam Altman- Source: Britannica

In addition, the businessman and his partners founded OpenAI in 2015 with the goal of developing artificial intelligence for the benefit of humanity. However, according to Musk, Altman and Brockman changed the company’s course by entering into a multibillion-dollar deal with Microsoft. In addition, Musk claims that the company and its management put commercial interests above public interests, caring only about personal gain. 

The billionaire left OpenAI in 2018, cutting off funding for the firm. Forced to seek other sources of funding, Altman transformed OpenAI into a for-profit company and raised $13 billion from Microsoft. 

source: CNN

“Elon Musk’s case against Sam Altman and OpenAI is a textbook tale of altruism over greed. Altman, along with other defendants, deliberately courted and deceived Musk by exploiting his humanitarian concerns about the existential dangers posed by artificial intelligence,” the lawsuit says. 

Musk is asking the court to decide whether OpenAI’s systems have reached the level of strong artificial intelligence (AGI). In addition, the court must also determine whether the company’s contract with Microsoft should be terminated. 

What’s going on with WLD

The news of the lawsuit’s renewal sent the WLD token’s value down 18%. According to CoinGecko, at the time of writing, Worldcoin is trading at $1.45. 

Over the past week, the asset’s value has fallen by almost 40%. Meanwhile, WLD’s capitalization has dropped to $458 million. The coin’s trading volume, meanwhile, has jumped by 142% to $308 million. 

WLD Price Chart. Source: CoinGecko

The broader decline in the crypto market also had a negative impact on Worldcoin’s dynamics. However, over the past 24 hours, the leading cryptocurrency by capitalization, Bitcoin (BTC), has fallen by 16%.

The post Elon Musk Reignites Lawsuit Against Sam Altman as WLD Price Drops 18% first appeared on The VR Soldier.

Representatives of Kamala Harris will meet with crypto industry leaders in Washington on Monday, just a week after the Bitcoin 2024 conference in Nashville, underscoring the presidential candidate’s desire to win over crypto enthusiasts. Cryptocurrencies remain one of the most important election issues, and politicians recognize their importance for winning the presidential race.

Democrats Host Meeting With Crypto Industry Leaders

Rep. Ro Khanna of California’s 17th Congressional District will host a meeting in Washington on Monday that will bring together cryptocurrency industry leaders, Democratic politicians, and representatives of the Harris campaign, according to Fox Business’ Eleanor Terrett.

“California Congressman Ro Khanna will host another meeting in Washington on Monday for crypto industry leaders, Democratic politicians, and the Kamala Harris campaign. The move marks a renewed effort by Democratic crypto advocates to start a new relationship with the industry,” Terrett noted in a recent post.

According to the latest data, more than 52 million Americans own cryptocurrencies. Republicans led by Donald Trump continue to use their first-mover advantage to attract the crypto-voting community.

Meanwhile, Democrats represented by the current administration have previously opposed the sector’s development. Harris’s actions now signal a renewed effort by Democrats to reset the party’s relationship with the industry.

Democrats Push Pro-Crypto Platform and VP Pick

Earlier, House Democrats, including Khanna, called on the Democratic National Committee (DNC) to include pro-cryptocurrency rhetoric in the party platform. They also recommended appointing an innovation advocate as chairman of the Securities and Exchange Commission (SEC) and increasing engagement with the industry.

Other suggestions include choosing a vice presidential candidate with strong digital asset policies. Harris is reportedly already considering potential vice presidential candidates, aware of the impact the choice will have on her candidacy in November.

Users of the Polymarket platform, meanwhile, estimate her chances of winning the elections at 44%.

Community members will be watching the upcoming meeting closely to see if the Democrats can appeal to crypto voters.

source: X

“Beware of the Big Bluff. Harris and her advisors are trying to ‘reset’ relations with the crypto industry. Let’s be completely honest: Kamala Harris, please don’t bother if you are not prepared to take swift, bold, and concrete action. You can’t tear down bridges for four years and expect to rebuild them with words alone. As President Trump pointed out last weekend, we are a high-IQ industry. You and your party have removed President Joe Biden, so you can certainly remove Gary Gensler before November. Show us what you can do,” said Gemini founder Cameron Winklevoss.

Custodian Bank founder and CEO Caitlin Long also called on Harris to fire the initiators of Operation ChokePoint 2.0, the US government’s purported plan to weaken the crypto sector. During the Bitcoin 2024 conference, Trump said he would shut down the initiative if elected.

The post Kamala Harris Representatives to Meet Crypto Leaders Amid Election Campaign Push first appeared on The VR Soldier.

Open interest in Shiba Inu (SHIB) futures hit its lowest level since February 14 this year. Meanwhile, the price of SHIB has fallen to $0.000014. We use on-chain metrics and technical indicators to determine whether there is any hope for recovery.

Traders Stay Away from Shiba Inu

According to Coinglass, open interest in SHIB futures is $26 million. It has been steadily declining since July 19, falling 51% over the past 16 days.

Shiba Inu Futures Open Interest. Source: Coinglass

Futures open interest reflects the total number of futures contracts outstanding. A decrease in open interest indicates a decrease in market activity and interest in the underlying asset. This is generally considered a bearish signal, indicating a decrease in traders’ confidence in the asset’s future.

Shiba Inu Funding Rate. Source: Coinglass

Interestingly, the SHIB financing rate remains positive. The funding rate, or funding, is a mechanism used in perpetual futures contracts to keep the contract price close to the spot price. Positive funding means that the number of long positions outweighs the number of short positions.

SHIB Price Forecast: Should We Expect a Recovery?

The SHIB Relative Strength Index (RSI) suggests a possible price recovery. At the time of publication, the indicator value is 29.03, indicating that the asset is heavily oversold.

Shiba Inu Relative Strength Index. Source: TradingView

However, other indicators indicate that there is no hope for growth yet. The decline in the SHIB price is accompanied by a drop in the Chaikin Money Flow Index (CMF). At the time of publication, the CMF value is below zero, at -0.15, and continues to decline.

Chaikin Shiba Inu Money Flow Index. Source: TradingView

The price correction against the background of negative CMF indicates a strong bearish trend. If the market sentiment remains negative, Shiba Inu may fall to $0.000012. However, rising inflows into SHIB could trigger a rally towards $0.000020.

The post Shiba Inu (SHIB) Futures Open Interest Hits Six-Month Low first appeared on The VR Soldier.