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Ethereum Fees Dive: Will This Spark A Surge In Network Activity?

Ethereum, the world’s second-largest cryptocurrency by market capitalization, has seen a dramatic drop in transaction fees, according to a recent analysis by Santiment, a prominent crypto analytics platform.

The report indicates that the average Ethereum transaction fee has plunged to a mere $1.12, marking the lowest daily average cost since October 18th, 2023.

Ethereum Transaction Fees: A Window Into Market Sentiment

This significant decrease in transaction fees has sparked discussions among crypto enthusiasts and analysts alike. Santiment’s analysis suggests a strong correlation between transaction fees and the overall sentiment within the cryptocurrency market.

The analysis highlights that periods of exuberance, often characterized by the “to the moon” narrative and a belief in exponential price gains, tend to coincide with higher transaction fees. Conversely, during market downturns dominated by pessimism, transaction fees typically fall.

Transaction fees serve as a fascinating window into the collective mood of the crypto market, analysts say. By tracking these fees, they can glean valuable insights into investor confidence and underlying demand dynamics.

Lower Fees: Cause For Concern Or Optimism?

The current low transaction fees present something of a conundrum for investors. On the one hand, they could indicate a decline in network activity, potentially reflecting a bearish market sentiment.

However, Santiment’s analysis offers a more optimistic perspective. The report proposes that the lower fees, coupled with the recent easing of network difficulty, could pave the way for a smoother recovery for Ethereum and other altcoins (alternative cryptocurrencies).

While the low fees might signal lower demand, they could also signify a welcome reduction in network congestion, analysts say. This, in turn, could potentially act as a catalyst for Ethereum’s price recovery, although it’s important to note that this might signal a faster turnaround than many anticipate.

Investor Takeaway: Data Is King In The Cryptoverse

The ever-changing landscape of the cryptocurrency market can be daunting for even seasoned investors. Santiment’s data-driven approach, with its emphasis on transaction fees as a sentiment indicator, offers valuable insights for navigating this volatile space.

The Road Ahead For Ethereum

While the analysis offers a compelling interpretation of the current situation, it’s crucial to remember that the cryptocurrency market is complex and influenced by a multitude of factors. The long-term impact of these low transaction fees remains to be seen.

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Solana Market Cap Skyrockets $11 Billion As Price Jumps 17% – Details

Solana, like many Proof-of-Stake (PoS) cryptocurrencies, relies on a decentralized network of validators who secure the network by staking their SOL coins. In exchange for staking, validators earn rewards.

However, as Solana’s price began its recent ascent, a noticeable decline in staked SOL was observed. This suggests that some validators are choosing to unstake their coins, potentially to capitalize on the price surge and book some early profits.

Solana Market Cap And Price Soar

Meanwhile, on Tuesday, Solana enjoyed a stellar day, surging 17% and adding over $11 billion to its market capitalization, which now stands at over $70 billion. This impressive performance saw Solana outperform industry giants like Bitcoin (BTC) and Ethereum (ETH), which remained entangled in their own price gyrations. With its market capitalization now totaling an impressive $80.7 billion, Solana’s surge has caught the attention of the crypto world.

This unstaking activity has drawn the attention of analysts, with the unstaked amount reaching a significant 5 million SOL over the past week. With Solana currently trading around $157 per coin, this translates to roughly $780 million worth of tokens re-entering the market. The influx of such a large volume in a short period could lead to a temporary oversupply situation on exchanges.

Pullback Or Power Through?

The potential impact of unstaked SOL on the price is a matter of debate. Without a corresponding surge in demand to absorb this additional supply, there’s a risk of an initial price correction in the coming days. This could see Solana retreat from its current perch and settle around the $150 mark before potentially resuming its upward trajectory towards $200.

The $200 Target

The coming days will be crucial for Solana. The bulls need to maintain strong buying pressure to absorb the unstaked coins and push the price above the $160 resistance zone. If successful, this could propel Solana towards its $200 target. However, a failure to do so, coupled with a large-scale sell-off from unstaked SOL, could trigger a correction down to $150.

Solana Breakpoint 2024

In another development, Solana Breakpoint 2024 is set to take place in Singapore, from September 20 to September 21. This event will provide attendees with full access to the heart of the Solana community, including insightful talks and exclusive events.

Special subsidized rates are available for developers, creators, artists, and students, ensuring that a diverse range of individuals can participate in this transformative event. The Solana Campus, located just a short 15-minute journey from downtown Amsterdam, offers a variety of stages for insightful talks, networking areas to build connections, and complimentary transportation for attendees’ convenience.

Solana Breakpoint is an important event for the Solana community, providing a platform for developers, validators, and other ecosystem participants to discuss the latest developments, share insights, and showcase their achievements. The annual conference highlights the network’s potential and its role in the broader blockchain space, with a focus on performance, reliability, and innovation.

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Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished

The Wild West of cryptocurrency just got a little wilder. Solana, the blockchain known for its lightning-fast transactions, recently became a breeding ground for a peculiar phenomenon: the meme coin frenzy.

While these dog-themed, cat-inspired, or just plain nonsensical tokens promised moon landings, many investors landed face-first in a crater of lost cash.

Solana Stampede: A Frenzy Of Frivolous Finance

Fueled by social media hype and the fear of missing out (FOMO), a stampede of investors poured money into meme coin presales. A project with a name like “I Like This Coin” (LIKE) sprouted like weeds, promising outlandish returns.

The “I Like This Coin” story, however, turned out to be a classic case of “buyer beware.” Despite an initial market cap of a staggering $577 million, the token’s value plummeted by a disastrous 90% within a mere eight hours of launch.

The party didn’t stop there. Blockchain investigator ZachXBT uncovered a particularly galling trend: a dozen meme coin projects vanished into thin air after their presales, taking a combined $26.7 million from investors with them.

Solana Slowdown: When Meme Mania Clogs The Network

The meme coin craze wasn’t without collateral damage. The massive influx of transactions clogged the Solana network, leading to transaction failures and frustrating delays. This highlighted a fundamental issue with meme coins: they often lack real-world applications and contribute little to the underlying blockchain’s development.

Solana’s founder, Anatoly Yakovenko, wasn’t shy about expressing his skepticism. He questioned the very concept of meme coin presales, suggesting they were better suited for projects with strong tech foundations. Yakovenko’s comments resonated with many who saw the meme coin frenzy as a speculative bubble fueled by empty promises and social media hype.

Meme Coin Meltdown: A Cautionary Tale For Crypto Curious Investors

The rise and fall of Solana’s meme coins serves as a stark reminder of the inherent risks associated with investing in unregulated, highly speculative assets. While the allure of quick riches might be tempting, the potential for scams and rug pulls (where developers abandon a project after raising funds) is significant.

The fallout from the meme coin frenzy could have lasting repercussions. Regulatory bodies might take a closer look at this corner of the crypto world, potentially leading to stricter measures to protect investors.

For those interested in exploring the exciting world of cryptocurrency, the lesson is clear: conduct thorough research, prioritize projects with real-world use cases, and always remember what the sages mean when they say if it sounds too good to be true…

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Buckle Up, Injective (INJ) Primed For Takeoff Towards $50 — Analyst

Injective Protocol, a blockchain platform dedicated to decentralized finance (DeFi) and derivatives trading, is currently at the center of attention. The platform’s proposed upgrade, Injective 3.0, aims to revolutionize its tokenomics by introducing deflationary measures for INJ.

This upgrade seeks to address the issue of token inflation, a common challenge faced by many DeFi tokens, by implementing mechanisms to control the creation of new tokens and incentivizing users to stake their existing INJ holdings.

Injective: Creating Token Scarcity

One of the key objectives of Injective 3.0 is to increase the scarcity of the INJ token. By reducing the rate of token creation and encouraging staking activity, the upgrade aims to create a supply-demand dynamic that could drive up the token’s price.

This strategy reflects a broader trend within the cryptocurrency space, where projects are exploring innovative ways to enhance token utility and value proposition.

Meanwhile, Injective (INJ) has seen a remarkable surge in value. Over the past week, INJ has soared by an impressive 12%, building upon a substantial 24% gain over the last month.

This surge in price has prompted speculation about the token’s future trajectory and the factors driving its bullish momentum.

Analyst Optimism And Price Predictions

Amidst the excitement surrounding Injective’s upgrade proposal, crypto analyst World Of Charts has issued a bullish prediction for INJ. The analyst’s analysis points to a bullish flag pattern emerging in INJ’s price chart, a technical indicator often associated with significant price breakouts.

According to World Of Charts, if INJ breaks out of this pattern, it could potentially reach the $50 mark, representing a substantial increase from its current price and signaling further upside potential for the token.

Positive Prospects

While the prospects of INJ’s price surge are enticing, investors are advised to tread cautiously. The cryptocurrency market is inherently volatile, and factors beyond the upgrade proposal could influence INJ’s performance.

Injective Protocol just took a big step forward with their upgrade to Injective 3.0. This update brings new features to the platform, and the INJ token is looking attractive as a result.

The changes could be a draw for both experienced investors who understand the DeFi space and those who are just starting out and looking for exciting new opportunities.

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Ethereum Blockchain’s Q1 2024 Success: Unveiling The Factors Behind The $370M Profit Surge

Not only has Ethereum (ETH) seen an impressive rise of nearly 100% in the first quarter of 2024 in terms of price action, but the Ethereum blockchain has also generated substantial profits of up to $369 million during this period. This unexpected profitability has raised questions about how a blockchain like Ethereum can be profitable. 

Ethereum Revenue Potential

As noted in a recent analysis by the on-chain data platform Token Termina, the collection of transaction fees is a critical aspect of Ethereum’s business model. 

All network users are required to pay fees in ETH when interacting with applications on the blockchain, which serves as an important source of revenue for Ethereum.

Once transaction fees are paid, a portion of the ETH is burned and permanently removed from circulation. This process, commonly referred to as “ETH buyback,” benefits existing ETH holders, as the reduction in supply increases the scarcity and value of the remaining ETH tokens. Thus, the daily burning of ETH contributes to the economic benefit of those holding Ethereum.

In contrast to the burning of ETH, Ethereum also issues new ETH tokens as rewards to the network’s validators for each new block added to the blockchain. 

These rewards are similar to traditional stock-based compensation and are designed to incentivize validators to secure and maintain the network’s integrity. 

Nonetheless, it’s important to note that the issuance of new ETH tokens dilutes the holdings of existing ETH holders.

According to Token Terminal, the difference between the daily USD value of the burned ETH (revenue) and the newly issued ETH (expenses) represents the daily earnings for existing ETH holders, essentially the Ethereum blockchain owners. This calculation allows for the determination of Ethereum’s profitability on a day-to-day basis.

Reduced Transaction Costs Drive $3.3 Billion Growth

In addition to the overhauled revenue model implemented by the Ethereum blockchain, the launch of the much-anticipated Dencun upgrade to the Ethereum ecosystem at the end of the first quarter of 2024 brought significant changes, including the introduction of a revolutionary data storage system called blobs. 

This upgrade has reduced congestion on the Ethereum network and significantly reduced transaction costs on Layer 2 networks such as Arbitrum (ABR), Polygon (MATIC), and Coinbase’s Base. 

Implementing the Dencun upgrade, alongside the adoption of blobs and Layer 2 networks, has significantly impacted Ethereum’s revenue. 

According to Token Terminal data, the blockchain’s revenue has witnessed an 18% annualized increase, amounting to an impressive $3.3 billion. These revenue gains can be attributed to reduced transaction costs, making Ethereum a more attractive platform for users and developers.

Ethereum

Despite the positive revenue growth, it is essential to acknowledge the impact of market corrections and dampened investor interest in the second quarter of 2024. 

Over the past 30 days, Ethereum’s revenue has declined by over 52%. This downturn can be attributed to the broader market dynamics and the temporary decrease in investor enthusiasm. 

Examining the data over the past 30 days, Ethereum’s market cap (fully diluted) has decreased by 15.2% to $358.47 billion. Similarly, the circulating market cap has declined by 15.2% to reach the same value. 

Additionally, the token trading volume over the past 30 days has declined 18.6%, totaling $586.14 billion. 

Ethereum

ETH is trading at $3,042, up 0.4% in the last 24 hours. It remains to be seen whether these changes and the reduction in fees will have the same effect in the second quarter of the year, and how this, coupled with a potential increase in trading volume, can push the ETH price to higher levels. 

Featured image from Shutterstock, chart from TradingView.com 

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Aptos Labs Teams Up With Microsoft, SK Telecom For New Institutional Platform, APT Soars 3%

In a notable collaboration, Aptos Labs, the developer of the Aptos (APT) Layer-1 (L1) blockchain, announced a partnership with tech giants Microsoft, Brevan Howard, and South Korean telecommunications company SK Telecom for a new decentralized finance (DeFi) platform.

Aptos Labs Unveils Aptos Ascend

The announcement, made on Thursday, revealed that Aptos Labs is launching Aptos Ascend, which will leverage the technologies of cloud computing platform Microsoft Azure, Azure OpenAI service, and SK Telecom while benefiting from the expertise of Brevan Howard and Boston Consulting Group (BCG) to provide digital currency and asset management services to its user base. 

This partnership effort aims to set new benchmarks for secure and scalable financial solutions built on the Aptos blockchain, specifically through the launch of Aptos Ascend.

Aptos Ascend introduces advanced Digital Asset Controls designed to provide precision and adaptability in asset management.

Key features include customizable tokens tailored to specific financial requirements, access control limited to approved transactions and participants, and increased confidentiality through Zero-Knowledge Proofs (ZKP) that ensure compliant transaction details remain secure.

Furthermore, Aptos Ascend’s Network Controls empower financial institutions to upgrade their infrastructure and address future financial challenges.

This is achieved through customizable solutions that allow adaptation of network settings to meet regulatory requirements, implementation of multi-signature protocols for improved security, and maintenance of transparency through comprehensive audit trails.

Convergence Of AI And Blockchain

Mo Shaikh, Co-founder and CEO of Aptos Labs, believes the project will “unlock the on-chain potential that financial institutions have been eagerly awaiting.” 

Shaikh emphasized that this collaboration signifies the beginning of a ‘financial revolution” and expressed excitement about the future pioneers who will leverage the capabilities of the Aptos Ascend suite.

In August 2023, Aptos Labs had already announced their utilization of Microsoft’s infrastructure to deploy new offerings that combine artificial intelligence (AI) and blockchain technology.

Among these offerings was Aptos Assistant, a chatbot that provides increased user experiences. Shaikh highlighted the convergence of AI and blockchain as “transformative forces” that shape the internet and society and emphasized the shared vision of Aptos Labs and Microsoft to make this technology accessible to a wider audience.

APT Breaks Month-Long Downtrend

Following the collaboration and the introduction of the new platform, APT has experienced a significant breakthrough in its month-long downtrend, which amounted to a decline of over 40%. The unlock event of a substantial portion of APT tokens primarily drove this decline.

Before the unlock event on April 12, APT had already witnessed a price drop of nearly 16%. In this event, $141 million worth of tokens were distributed, with $100 million allocated to investors, $38 million among community members, and $16 million earmarked for the ecosystem development foundation. The released APT tokens account for 6% of the current circulating supply.

Aptos

Currently, APT is trading at $9.54, recording a surge of 6% concurrent with the collaboration unveiling.  Moreover, according to data from CoinGecko, the token’s trading volume has experienced a remarkable increase, reaching $238 million, reflecting a 46% surge compared to the trading volume on Wednesday.

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ApeCoin Q1 2024 Performance: Market Cap And Token Price Skyrocket – Key Findings Inside

ApeCoin (APE), the ERC-20 token governing the ApeCoin Decentralized Autonomous Organization (DAO), showed notable growth in the first quarter (Q1) of 2024. 

Key metrics showed significant progress, driving APE’s market capitalization, token price, and trading volume quarter-over-quarter (QoQ), demonstrating consecutive quarters of growth.

ApeCoin Regains Unicorn Status

As noted in a recent report by Messari, APE’s rebound was particularly noteworthy compared to the broader cryptocurrency market, which grew 53% quarter over quarter, and Bitcoin’s market cap, which grew 63% quarter over quarter. 

After briefly dipping below $1 billion in Q2 2023, APE’s market cap regained unicorn status, ending Q1 2024 at $1.3 billion, representing 31% growth. According to the report, this market value increase was partly driven by a 21% QoQ rise in APE’s token price.

ApeCoin

The report also highlighted the unlock of 46.8 million APE tokens from the circulating supply, contributing to the market cap growth. However, this unlocks, and the $16.5 million allocated to governance expenditures potentially created sell pressure on the asset throughout the quarter. 

Another 46.8 million APE tokens were unlocked in Q1 2024, with 22 million APE going to the DAO Treasury and 24.8 million APE distributed to non-DAO entities. The DAO plans to issue or sell APE to fund approved proposals, while non-DAO entities are free to sell once their funds are unlocked.

Despite the additional sell pressure resulting from unlocking and committing 8.3 million APE tokens, the price of APE still saw a substantial 21% QoQ increase. This surge in price indicated a higher volume of buy orders, exerting upward pressure on the asset.

The report also analyzed trading activity, highlighting the dominance of large-volume traders (whales and sharks), who accounted for 63% of the trade volume in Q1. The average decentralized exchange (DEX) swap size increased by 28% QoQ, reflecting the heightened activity among larger-volume traders. 

Furthermore, the transfer volume of APE tokens grew by 12% QoQ, potentially driven by significant transactions following the approval of various governance proposals throughout the quarter.

APE’s Journey Forward

Looking ahead, APE’s utility is set to expand by implementing recently passed governance proposals. AIP-381 aims to build game-focused DAOs and vaults accessible exclusively to APE holders, allowing them to participate in governance and access specific ecosystem assets. 

Additionally, the ApeChain proposal selected Horizen Labs to build a blockchain that utilizes APE as a gas token and potentially supports other asset-related applications.

However, while APE continued to attract new holders, the growth rate of new APE holders did not accelerate despite two consecutive quarters of price increases, according to Messari. 

To address this, ApeCoin DAO formed a branding partnership with a Formula One racing team, among other initiatives, to attract new holders in the future.

On the other hand, the ApeCoin DAO has been actively voting on new governance proposals, approving the building of ApeChain on the Arbitrum technology stack and expanding the utility of the APE token to GameFi DAOs and vaults. 

The average votes per proposal increased by 19% QoQ, indicating growing community engagement. ApeCoin DAO plans to move the voting process on-chain more, promoting decentralization and participation in governance.

ApeCoin

Despite the overall growth witnessed by APE in Q1, the token has recently experienced a significant downturn, aligning with the downward trend in the overall market. APE has suffered a notable decline of over 41% in the past month, leading to its current trading price of $1.148.

Featured image from Shutterstock, chart from TradingView.com

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ApeCoin Q1 2024 Performance: Market Cap And Token Price Skyrocket – Key Findings Inside

ApeCoin (APE), the ERC-20 token governing the ApeCoin Decentralized Autonomous Organization (DAO), showed notable growth in the first quarter (Q1) of 2024. 

Key metrics showed significant progress, driving APE’s market capitalization, token price, and trading volume quarter-over-quarter (QoQ), demonstrating consecutive quarters of growth.

ApeCoin Regains Unicorn Status

As noted in a recent report by Messari, APE’s rebound was particularly noteworthy compared to the broader cryptocurrency market, which grew 53% quarter over quarter, and Bitcoin’s market cap, which grew 63% quarter over quarter. 

After briefly dipping below $1 billion in Q2 2023, APE’s market cap regained unicorn status, ending Q1 2024 at $1.3 billion, representing 31% growth. According to the report, this market value increase was partly driven by a 21% QoQ rise in APE’s token price.

ApeCoin

The report also highlighted the unlock of 46.8 million APE tokens from the circulating supply, contributing to the market cap growth. However, this unlocks, and the $16.5 million allocated to governance expenditures potentially created sell pressure on the asset throughout the quarter. 

Another 46.8 million APE tokens were unlocked in Q1 2024, with 22 million APE going to the DAO Treasury and 24.8 million APE distributed to non-DAO entities. The DAO plans to issue or sell APE to fund approved proposals, while non-DAO entities are free to sell once their funds are unlocked.

Despite the additional sell pressure resulting from unlocking and committing 8.3 million APE tokens, the price of APE still saw a substantial 21% QoQ increase. This surge in price indicated a higher volume of buy orders, exerting upward pressure on the asset.

The report also analyzed trading activity, highlighting the dominance of large-volume traders (whales and sharks), who accounted for 63% of the trade volume in Q1. The average decentralized exchange (DEX) swap size increased by 28% QoQ, reflecting the heightened activity among larger-volume traders. 

Furthermore, the transfer volume of APE tokens grew by 12% QoQ, potentially driven by significant transactions following the approval of various governance proposals throughout the quarter.

APE’s Journey Forward

Looking ahead, APE’s utility is set to expand by implementing recently passed governance proposals. AIP-381 aims to build game-focused DAOs and vaults accessible exclusively to APE holders, allowing them to participate in governance and access specific ecosystem assets. 

Additionally, the ApeChain proposal selected Horizen Labs to build a blockchain that utilizes APE as a gas token and potentially supports other asset-related applications.

However, while APE continued to attract new holders, the growth rate of new APE holders did not accelerate despite two consecutive quarters of price increases, according to Messari. 

To address this, ApeCoin DAO formed a branding partnership with a Formula One racing team, among other initiatives, to attract new holders in the future.

On the other hand, the ApeCoin DAO has been actively voting on new governance proposals, approving the building of ApeChain on the Arbitrum technology stack and expanding the utility of the APE token to GameFi DAOs and vaults. 

The average votes per proposal increased by 19% QoQ, indicating growing community engagement. ApeCoin DAO plans to move the voting process on-chain more, promoting decentralization and participation in governance.

ApeCoin

Despite the overall growth witnessed by APE in Q1, the token has recently experienced a significant downturn, aligning with the downward trend in the overall market. APE has suffered a notable decline of over 41% in the past month, leading to its current trading price of $1.148.

Featured image from Shutterstock, chart from TradingView.com

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ApeCoin Q1 2024 Performance: Market Cap And Token Price Skyrocket – Key Findings Inside

ApeCoin (APE), the ERC-20 token governing the ApeCoin Decentralized Autonomous Organization (DAO), showed notable growth in the first quarter (Q1) of 2024. 

Key metrics showed significant progress, driving APE’s market capitalization, token price, and trading volume quarter-over-quarter (QoQ), demonstrating consecutive quarters of growth.

ApeCoin Regains Unicorn Status

As noted in a recent report by Messari, APE’s rebound was particularly noteworthy compared to the broader cryptocurrency market, which grew 53% quarter over quarter, and Bitcoin’s market cap, which grew 63% quarter over quarter. 

After briefly dipping below $1 billion in Q2 2023, APE’s market cap regained unicorn status, ending Q1 2024 at $1.3 billion, representing 31% growth. According to the report, this market value increase was partly driven by a 21% QoQ rise in APE’s token price.

ApeCoin

The report also highlighted the unlock of 46.8 million APE tokens from the circulating supply, contributing to the market cap growth. However, this unlocks, and the $16.5 million allocated to governance expenditures potentially created sell pressure on the asset throughout the quarter. 

Another 46.8 million APE tokens were unlocked in Q1 2024, with 22 million APE going to the DAO Treasury and 24.8 million APE distributed to non-DAO entities. The DAO plans to issue or sell APE to fund approved proposals, while non-DAO entities are free to sell once their funds are unlocked.

Despite the additional sell pressure resulting from unlocking and committing 8.3 million APE tokens, the price of APE still saw a substantial 21% QoQ increase. This surge in price indicated a higher volume of buy orders, exerting upward pressure on the asset.

The report also analyzed trading activity, highlighting the dominance of large-volume traders (whales and sharks), who accounted for 63% of the trade volume in Q1. The average decentralized exchange (DEX) swap size increased by 28% QoQ, reflecting the heightened activity among larger-volume traders. 

Furthermore, the transfer volume of APE tokens grew by 12% QoQ, potentially driven by significant transactions following the approval of various governance proposals throughout the quarter.

APE’s Journey Forward

Looking ahead, APE’s utility is set to expand by implementing recently passed governance proposals. AIP-381 aims to build game-focused DAOs and vaults accessible exclusively to APE holders, allowing them to participate in governance and access specific ecosystem assets. 

Additionally, the ApeChain proposal selected Horizen Labs to build a blockchain that utilizes APE as a gas token and potentially supports other asset-related applications.

However, while APE continued to attract new holders, the growth rate of new APE holders did not accelerate despite two consecutive quarters of price increases, according to Messari. 

To address this, ApeCoin DAO formed a branding partnership with a Formula One racing team, among other initiatives, to attract new holders in the future.

On the other hand, the ApeCoin DAO has been actively voting on new governance proposals, approving the building of ApeChain on the Arbitrum technology stack and expanding the utility of the APE token to GameFi DAOs and vaults. 

The average votes per proposal increased by 19% QoQ, indicating growing community engagement. ApeCoin DAO plans to move the voting process on-chain more, promoting decentralization and participation in governance.

ApeCoin

Despite the overall growth witnessed by APE in Q1, the token has recently experienced a significant downturn, aligning with the downward trend in the overall market. APE has suffered a notable decline of over 41% in the past month, leading to its current trading price of $1.148.

Featured image from Shutterstock, chart from TradingView.com

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Ethereum Fire Sale? Deep-Pocketed Investor Snags Nearly 24,000 ETH At Bargain Price

Ethereum, the second-largest cryptocurrency by market capitalization, has faced choppy waters. Over the past few days, Ethereum’s price has taken a nosedive, plunging to lows of $2,800 on April 12, echoing the broader downturn witnessed across the crypto landscape.

However, in the face of volatility, a fascinating development has emerged: Ethereum whales, the behemoths of the crypto world, have begun to flex their muscles, showcasing strategic maneuvers that have captured the attention and speculation of the crypto community.

Strategic Accumulation Amidst Turbulence

As Ethereum’s price plummeted, Ethereum whales wasted no time in capitalizing on the opportunity. One notable example is the whale identified as “0x435,” which embarked on a strategic accumulation spree as the ETH price dipped.

With a staggering investment of 70 million USDC, this whale acquired a hefty 23,790 ETH when Ethereum hit nearly $2,930. However, this wasn’t a spur-of-the-moment decision; rather, it was part of a calculated strategy that unfolded over several days, involving significant transactions and withdrawals from both centralized exchanges like Binance and decentralized exchanges.

The Right Timing

The actions of “0x435” are just the tip of the iceberg in the wider phenomenon of Ethereum accumulation by large holders. On-chain analytics firms, such as Spot On Chain and Lookonchain, have provided insights into the scale and timing of these whale transactions, revealing a pattern of strategic accumulation amidst the market turbulence.

These whales aren’t acting alone; they’re part of a broader trend that suggests institutional players or sophisticated investors are positioning themselves strategically in anticipation of future market movements.

Ethereum’s Journey Through The Storm

The broader context of Ethereum’s price movement adds another layer to this unfolding saga. Ethereum’s decline over three consecutive days, from highs of $3,617 to lows of $2,850 on April 13, underscores the volatility and uncertainty gripping the cryptocurrency market.

However, amidst the stormy seas, Ethereum managed to make a slight recovery, climbing back up to $3,107 at the time of writing, albeit still down 6.05% in the last 24 hours.

Hong Kong Gives Nod To Ethereum ETFs

In another development, as the first jurisdiction to permit trading in Bitcoin and Ethereum cash exchange-traded funds (ETFs), Hong Kong has set new precedents.

The Securities and Futures Commission (SFC) of Hong Kong has previously granted permission to many prominent financial corporations to establish these exchange-traded funds (ETFs), while the US Securities and Exchange Commission (SEC) is currently reviewing comparable applications.

The SFC has given the all-clear to several top financial institutions, including China Asset Management, Bosera Capital, and HashKey Capital Limited, to launch Bitcoin and Ethereum cash exchange-traded funds (ETFs).

When combined, these cutting-edge financial instruments let investors to pay cash for shares in Ethereum and Bitcoin.

Featured image from Pexels, chart from TradingView

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Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking

Ethereum, one of the leading cryptocurrencies, finds itself amidst a price decline alongside the broader crypto industry. This downturn has been exacerbated by escalating tensions in the Middle East, casting a shadow of uncertainty over the market. As the majority of cryptocurrencies experience a bleed in value, Ethereum is not immune to the trend. However, while retail investors panic-sell their holdings, on-chain data presents a different picture. Big player whales in the market are seizing the opportunity to accumulate assets, displaying a bullish sentiment amid the turmoil.

Particularly, on-chain data from Lookonchain has shown an Ethereum whale accumulating during the price decline. Interestingly, the timeline of accumulation suggests that this whale has been in action even before the escalating tensions in the Middle East.

Ethereum Whales Accumulate During Market Downturn

On-chain transaction tracker Lookonchain has noted both a selloff and accumulation trend from different Ethereum whales in the past few days. One of the latest accumulations came from a whale that has been on constant withdrawals from crypto exchange Binance.

As revealed by Lookonchain, whale “0x4359” has withdrawn 62,141 ETH worth $202.6 million from Binance in the past five days. This whale’s latest withdrawal from Binance was less than 12 hours ago, where they withdrew 37,018 ETH worth $120.7 million.

Ethereum on the other hand, has fallen from $3,722 to as low as $2,866 in the last five days, representing a 23% price decline. In a similar manner, 7,300 ETH worth $23.8 million were transferred from Binance into “0xE347,” a newly created whale wallet. 

That said, Lookonchain also noted a trend of whales selling off their holdings. One example of such selloffs came from whale address “0xaF35” who deposited 6,700 ETH worth $23.65 million into Binance immediately before the price drop. It’s important to note that this same whale withdrew 26,698 ETH worth $94.3 million from Binance between Feb. 7 and April 1.

In another social media post, Lookonchain revealed four whales dumping 31,683 ETH worth $106 million during the price drop.

What’s Next For Ethereum?

The ETH accumulation and selloffs from different whale cohorts highlight the contrasting trading strategies between large holders of the crypto asset. While some are selling off, others are taking advantage of the low prices and buying the dip. 

It would seem the whale accumulation is still outweighing selloffs from their counterparts at the time of writing. Despite this, a selloff from retail investors has tipped the price action in favor of the bears. As a result, Ethereum now finds itself trading around the $3,000 price level, which remains a crucial price level.

A continued accumulation from whales could eventually tip the price of Ethereum to the side of the bulls as tensions in the global market start to subside. We could then see Ethereum hold up above $3,000 and surge upwards at least till it reaches $3,200. A continued selloff could lead to a further price decline, causing Ethereum to break below $3,000.

Featured image from Pexels, chart from TradingView

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Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos

Amid a widespread price correction affecting the majority of the top 100 cryptocurrencies, one digital asset has defied the trend, surging to impressive heights. Nervos Network, along with its native token CKB, has not only recorded significant gains but has also climbed to the 79th rank in the market, raising questions about the factors behind its surge.

Nervos Network Decoded

Nervos Network is a proof-of-work (PoW) Layer 1 (L1) blockchain designed to optimize application-specific Layer 2 chains. The network aims to establish its native asset, CKB, as a more sustainable store of value (SoV) compared to Bitcoin (BTC) while providing a more secure smart contract platform than Ethereum (ETH).

Bitcoin’s capped supply and decreasing block rewards raise concerns about long-term economic incentives for miners. 

Notably, the Nervos Network tackles this issue by introducing a fixed annual secondary issuance of CKBs and the base supply, providing long-term incentives for miners.

Nervos Network also addresses the potential security risk associated with Ethereum. In Ethereum, the value of its native asset, ETH, is not directly linked to the value of Layer 2 apps built on top of it. 

Nervos Network aims to mitigate this risk by ensuring that CKB is used for transaction fees and storage, creating a stronger economic relationship between the native asset and the overall network.

How Secondary Issuance And State Rent Drive Sustainability

Nervos utilizes a perpetual secondary issuance model to increase CKB’s SoV properties. This model incentivizes users to continuously lock up CKB in proportion to the size of their applications. 

Furthermore, locked CKBs are subject to “state rent” through inflation, which automates state rent payments and ensures a sustainable economic model.

Nervos Network introduces a secondary market for chain space, enabling apps to unlock and sell CKBs without requiring relevant storage. 

Investors can offset inflation by purchasing CKBs and depositing them into NervosDAO, a mechanism that receives a portion of the secondary issuance to counterbalance inflation. Interestingly, this resembles “treasury bonds” and offers potential investment opportunities.

Approaching ATH Amidst Bitcoin Integration Announcement

Having delved into the fundamentals, CKB has recently experienced a significant surge in value, breaking out of a long consolidation phase that lasted almost two years. 

After trading in a range of $0.0024 to $0.0035, the cryptocurrency has broken through this price level since January 30th and has seen significant gains over the past few months.

Currently trading at $0.032, CKB is close to its all-time high (ATH) of $0.043, which was reached in March 2021. The token has seen notable price increases of 47%, 69%, 75%, and 14% over the past fourteen days, seven days, and 24 hours, respectively.

According to CoinGecko data, CKB has also seen a significant increase in trading volume, reaching $207 million in the last 24 hours, 9.7% from the previous day’s trading. 

In addition, CKB’s market capitalization has increased significantly, nearly doubling from $740 million on April 2 to approximately $1.35 billion in just over a week.

The price spike can be attributed to the announcement that Nervos Network’s CKB token will join the Bitcoin network. The token’s introduction of smart contract functionality, along with its interoperability and modularity features scheduled for 2024, has created excitement among investors.

As Bitcoin approaches the Halving that has historically increased its value, Nervos Network is well-positioned to benefit from its strong ties to the largest cryptocurrency in the market. 

With its continued bullish momentum and the predicted increase in BTC’s price, CKB may be poised to reach new all-time highs soon.

Nervos Network

Featured image from iStock, chart from TradingView.com