Category: News

While the DeFi market has continued to mirror the crypto market rally, more innovations have been introduced to the ecosystem. In today’s news, SushiSwap, the sixth-largest decentralized exchange (DEX) by 24 hours trading volume, has passed a proposal to relocate 100% of its trading fees to the SushiSwap treasury for maintenance and expenses. Related Reading: SushiSwap Head Chef Suggests Cooking Up New Token Model – Will The DEX Survive 2023? SushiSwap Introduces New Update This new update comes after CEO Jared Grey voiced warnings that the exchange treasury stability is numbered as it has “only 1.5 years of treasury runway left,” despite having cut down the annual operating expenses from $9 million to $5 million during the ongoing crypto winter. According to a presented governance proposal by the developers of the SushiSwap decentralized exchange, which was passed on January 23, the SushiSwap exchange will now extend the usage of trading fees by redirecting them to the exchange’s treasury to enhance the operation and maintenance of the exchange over the next one year.  The proposal noted, “Revenue to the treasury will be 50% ETH and 50% USDC, with a projection of ~$6m being earned over the next year if this proposal were to pass.” In another proposal passed the same day, approximately 99.85% of voters voted in favor of “clawing back” 10,936,284 unclaimed SUSHI ($14.8 million) tokens to be rewarded to early liquidity providers during the DEX’s launch in 2020. SushiSwap Painful Loss And Recovery  Undoubtedly the crypto winter hit most projects in the industry, including DeFi platforms such as SushiSwap. Last December, SushiSwap CEO Jared Grey revealed that the DEX experienced a $30 million loss over the past 12 months on incentives for liquidity providers (LPs).  To counter that loss and initiate recovery, Grey revealed plans to refine SushiSwap’s tokenomics so that LPs are no longer bankrolled with emissions and redesign the complete model of bootstrapping liquidity on the exchange.  The “Kanpai” governance proposal, which aims to relocate trading protocol fees to the treasury, was also referred to by Grey when illustrating the plans to update the SushiSwap exchange.  “Put simply, it (Kanpai) allows the protocol to rebuild its cash reserves to continue to pay competitive wages, pay for critical infrastructure, & to diversify its Treasury with funds collected in the base pairs of assets, like ETH, stablecoins, etc. Kanpai is a temporary solution,” Grey stated. Related Reading: SushiSwap: Deciphering How SUSHI Is Posting Unparalleled Price Growth Speaking of SushiSwap, the protocol’s native token, SUSHI, has been in a rally, following the rest of the DeFi sector.  SUSHI has surged by over 40% in the last 30 days; meanwhile, at the time of writing, SUSHI trades at $1.34, down by 1.4% in the previous 24 hours and with a trading volume of $58.6 million in the same period. Featured image from BlockchainReporter, Chart from TradingView

The global cryptocurrency market cap stands at $1.05 trillion, representing a 0.19% increase in the last day. As the cryptocurrency market continues to rally, altcoins are posting incredible gains. For instance, Chiliz’s price is gaining today, reflecting the positive moves of the general market. CHZ’s trading volume has also increased by 82.02% in 24 hours, showing rising interest among investors. CHZ is among the top gainers today, recording an almost 6% increase in value. The asset has outperformed market leader Bitcoin today, which recorded a 0.02% increase in 24 hours. This price increase might support a bull run in the coming weeks. Related Reading: Money Leaves ADA, SOL To Small Cap Altcoins, Here’s Where It’s Headed Some experts have predicted 2023 to be bullish, and the price performance of cryptos so far is leaning toward this prediction. What Is Behind The Chiliz (CHZ) Rally? CHZ acts as a fan token and has always been a community-driven project that relies on voting power from members. The Chiliz project has many lucrative partnerships with soccer giants such as Juventus, Manchester City, FC Barcelona, and Paris Saint-Germain. It equips the club supporters with limited editions of fan tokens. Sports is a lucrative sector worldwide, with fans investing heavily in merchandise and fan tokens to support their favorite teams. The platform’s native token CHZ is the currency for purchasing these fan tokens through smart contracts. These fan tokens are offered in limited supply to preserve their scarcity and uniqueness. The Chiliz development team posted the progressive strides the network has made in 2022 and early 2023 on Twitter. It has formed new partnerships with notable partners such as Italian Serie A teams, MLS teams, and SL Benfica. Also, the Scoville Testnet upgrade launched in 2022 has recorded success in stages 1-5. According to the development team, Stage 6 will launch in 2023. CHZ Price Prediction Where Is it Headed? Chiliz (CHZ) is trading at 0.1461, a 5.29% increase in the token’s value. The Chiliz token is in an uptrend, as the formation of consecutive green candles with higher highs indicates. CHZ is trading above its 50-day Simple Moving Average (SMA) and below its 200-day (SMA). It implies a short-term rally as the bulls seize control of the market. The support levels are $0.130459, $0.133246, and $0.136924, while the resistance levels are $0.143388, $0.146176, and $0.146176.   Chiliz has broken its first resistance level of $0.133246 and turned it to support, leading to a positive movement on the charts. The Relative Strength Index (RSI) is at 64.85, showing that Chiliz is close to the buy zone but not in the overbought region. If the bullish pressure sustains,  Chiliz will likely surpass its next resistance level soon. The MACD (Moving Average Convergence Divergence) is now above the signal line. It also indicates slight bullish pressure. However, the MACD is still tentative and reflects a possible reversal if the bears seize control. Related Reading: Solana (SOL) Network On Hyperdrive As TVL And NFT Trade Volume Soars Expect CHZ to sustain its gains in the coming days. The asset will likely surpass the $0.14676 level soon. However, if the resistance prevails, it will retrace to the $0.133246 support. Featured image from Pixabay and chart from TradingView.com

With the crypto market rally, altcoins have benefitted just as much as bitcoin. Digital assets across the space have been able to return to their pre-FTX collapse levels, signaling the start of a bull run. However, as the market begins to settle into this new normal, investors are moving gains around from larger cap assets to take advantage of possible price movement in smaller altcoins. Cycling Out Money To Small Cap Altcoins A recent report from on-chain data aggregation website Santiment shows that investors may be moving money out of larger cap coins such as Cardano and Solana and moving to small cap coins. This paints a picture of a rotation of funds rather than outright pulling money out of the crypto sector. Related Reading: Bullish Indicator: Bitcoin Shakes Off Genesis Bankruptcy Filing Santiment notes that the large gains recorded by the likes of Solana, Cardano, and Polkadot are now being moved into smaller altcoins. Most of these coins are top 200 and below tokens with market caps lower than $300 million. The cycling of funds into these smaller altcoins is shown by their address activity. The image shared by Santiment shows a significant uptick in the address activities of these coins. Most notably, the uptick was seen from last week as a lot of these larger cap coins hit new local peaks. Money flows out from large cap to small cap altcoins | Source: Santiment The small cap coins mentioned in the report are TRADE, RBN, SLP, PLSPAD, POND, MITX, MTH, and CBG. Most of these are coins flying under the radar. Ribbon Finance (RBN) which is the most prominent on the list is only at a $139.7 million market cap but has risen 24% in the last seven days. What Happens To These Tokens? The tokens mentioned by Santiment are still small enough that they can see prominent movement with just a fraction of the amount needed to move the prices of the likes of SOL and ADA. This means that if this rotation of gains from large caps to small cap altcoins continues, then these tokens could see positive movement in the coming days. Related Reading: Crypto Analyst Says Bitcoin Price Could See Another 30% Rally However, for coins with such low market caps, just as it is easy to pump their prices, it is also just as easy to drag their prices down with sell-offs from a few large holders. It becomes a double-edged sword for investors who follow the movement. On one hand, it could mean very large gains in a short time, but on the other hand, could see them lose money fast. A good thing about this though is that attention is being spread out instead of just focusing on a handful of coins. As wallet activity rises for these altcoins, it could trigger exploration into similarly priced altcoins which could benefit from new interest. Crypto market cap crosses $1 trillion as investors move money around | Source: Crypto Total Market Cap on TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from MARCA, chart from TradingView.com

Solana (SOL) is on hyperdrive as the network quickly gains momentum in terms of liquidity which are seen at more than 300% as of press time. Following a sweeping price decline, Solana has turned the tide with metrics with flying colors. Here’s a quick glance at SOL performance of late: SOL metrics and trustworthiness score looking positive Solana’s TVL seen to jump higher Solana rolls out Saga Pass Cards There is sizeable growth seen both in terms of NFT with the rollout of the Saga Pass Cards and market cap. Solana was seen to nosedive the past couple of weeks, but it’s now back on the top 10 cryptocurrencies list that is stacked at the green lane. Related Reading: Aptos Climbs 75% – What Keeps APT In The Green In Last 7 Days SOL Price Gaining Traction According to price monitoring by Coingecko, SOL price is currently trading at $24.28, up 3.0% in the last seven days. Evidently, following the FTX crash, short-term traders and the bulls were fixated on SOL which unlocked roughly 100 million coins from different contacts which could have punched a hole in the market, driving the price of SOL to null or $0. But, that didn’t happen as SOL holders chose to hold out their coins waiting for better days and not panic and sell their SOL holdings. True enough, the market gained traction and recovered with most assets moving north, including SOL which made the investors extremely happy with the gains. SOL total market cap at $8.9 billion on the daily chart | Chart: TradingView.com With this hypergrowth happening with Solana, the investors decided to accumulate longs which triggered SOL’s open interest to accelerate higher. As a matter of fact, around $460 million worth of orders is currently open at crypto derivative exchanges. Could this be bad news for SOL? Now, the open interest really isn’t the culprit here as it can’t really pull SOL price down but it’s the increased number of longs that could trigger a squeeze brought about by SOL holders rapidly selling their holdings to counterpunch future risks. On the brighter side, nothing is set in stone and SOL holders and investors need not panic right now as SOL has not gained much momentum yet to trigger millions in the liquidation of assets. SOL Currently In No. 2 Spot On Top Chains List SOL is performing so well that it managed to jump to the second spot on the top chains list in terms of NFT trade volume seen in the past month. SOL’s NFT trade volume is seen to spike and gain momentum in the past couple of weeks. Top chains by NFT volume (30 days) 🥇@ethereum 🥈@solana 🥉@0xPolygon 4️⃣@Immutable 5️⃣@Cardano 6️⃣@flow_blockchain 7️⃣@BNBCHAIN pic.twitter.com/trNHUxk1fB — Delphi Digital (@Delphi_Digital) January 21, 2023 Solana Mobile has announced that they would be rolling out new cards on rotation. Basically, the first card is exclusive only to holders of the OG Saga Pass, and then a random card will be introduced every week. Additionally, the Saga Pass Card Collection is set to be verified via MagicEden real soon. SOL TVL. Image: Defillama Related Reading: ApeCoin Buckles As News Of Stolen BAYC NFT Hits The Market Meanwhile, according to DeFiLlama’s numbers, the total value locked in the network has been on the rise since the start of the year, which is encouraging. Featured image by Manula.com

The Bored Ape Yacht Club NFT collection has been the target of an exploit this January 20th. FranklinIsbored, one of the biggest holders of BAYC NFTs, is targeted with an exploit of OpenSea’s stolen ApeCoin policy which allowed the attacker to sell a marked Bored Ape.  This Bored Ape was marked  as “under review for suspicious activity” which supposedly locks the NFT from being sold. Franklin has been the target of this exploit for the second time this week with the first one being January 20.  Hey @opensea can you PLEASE fix your stolen ape policy? This ape with a yellow caution mark sold to my OpenSea WETH offer for 65 WETH. You collected 1.625 WETH in fees, and I cannot resell this ape. It was already marked before the sale happened. You have failed with this policy. pic.twitter.com/jGO9sClKbi — Franklin (@franklinisbored) January 20, 2023 Since then, ApeCoin, the native token of the Bored Ape Yacht Club ecosystem, has fallen 1.3% in value in the past 24 hours. APE is currently trading at $5.80, up 16.6% in the last seven days, data from Coingecko show.  The Gist Of The Situation The two exploits happened within three days of each other. According to Franklin’s tweets, the flagged apes can’t be sold since they are subjected for review. These stolen assets shouldn’t have been sold in the open market according to OpenSea’s stolen item policy.  The exploit works as the attacker uses OpenSea’s “Match Advance Order” system to “Mint” and sell it to Franklin. According to recent news, the total amount of Bored Ape and Mutant Ape NFTs being stolen has now reached nearly $20 million.  It happened again – second time in a week someone has exploited OpenSea’s stolen ape policy to sell to my collection offer after it was already marked as “under review for suspicious activity” (yellow mark). They used a “Match Advanced Order” function to “Mint” and sell to me. pic.twitter.com/21hijgtUse — Franklin (@franklinisbored) January 22, 2023 OpenSea has not been transparent with the amount of stolen NFTs on the platform. Beetle, a self-described on-chain sleuth, has recently released charts of the platform’s number of stolen NFTs. In total, 1,278 NFTs have fallen in the hands of cyber-thieves within the platform. The NFT marketplace has not responded since the news hit the market.  Bored Ape. Image: Forbes ApeCoin Still Showing Potential Even with the negative news surrounding BAYC, the token is still poised to see gains in the coming days. At the time of writing, the charts show that ApeCoin bulls are able to break through the $5.867 resistance.  For the bullish momentum to continue, the token should close today above its current resistance which would give the bulls a chance to move upwards. However, if the resistance holds, a retest of the $5.063 support could occur in the coming days.  Related Reading: THETA Breaches $1 Level Courtesy Of Solid On-Chain Developments Crypto total market cap now showing signs of strength and reclaims the $1 trillion territory | Chart: TradingView.com Related Reading: Aptos Climbs 75% – What Keeps APT In The Green In Last 7 Days The token also has a strong correlation with Bitcoin which is retesting the $23,000 resistance. If Bitcoin closes above this crucial $23k resistance, ApeCoin will have the boost needed to grab its September 2022 price levels.  For now, investors and traders should focus on breaking through ApeCoin current resistance as a breakthrough on this level would mean more gains in the medium and long term.  -Featured image from African Wildlife Foundation

Meme coin forerunner, Dogecoin, opens the week with a new rally amid Robinhood’s support. Reports reveal that several whales jumped on the positive market sentiment to accumulate massive amounts of DOGE, triggering a 5% rally in the last day. According to WhaleAlert, Whales packed more than 500 million Dogecoin over the past two days. The tracker revealed that the largest holder of Dogecoin also partook in the accumulation and bagged almost 165 million DOGE coins. In addition, a top 20 whale also transferred 150 million Dogecoin tokens worth more than $13 million in the past 24 hours. Related Reading: Crypto Analyst Says Bitcoin Price Could See Another 30% Rally Robinhood Plans To Add Support For Dogecoin Robinhood Market is very influential both in the financial and crypto markets. The zone-free trading platform gave initial rollouts of its new wallet to 10,000 users in September 2022. The mobile wallet application would allow users to trade and send cryptocurrencies and NFTs. According to the announcement, the wallet would be available to over 1 million waiting users. But the wallets didn’t appear with initial support for DOGE, raising concerns among the meme coin community. However, the Robinhood platform assured the Dogecoin community that they are working hard to ensure the wallet app would support Dogecoin soon. Meanwhile, Robinhood’s main trading app already supports Dogecoin. In August 2021, the platform revealed that DOGE yielded up to 62% of the firm’s revenue in the year’s second quarter. As of then, Dogecoin gave Robinhood more revenue than Bitcoin and Ethereum.  Related Reading: Dogecoin Price Technicals Suggest DOGE Must Clear $0.920 For Another Rally One of the features in the wallet that would greatly benefit crypto users is zero network fees for cryptocurrency trading. That explains why the market sentiment became positive around the news of the firm’s Dogecoin support.  Data shows that Robinhood-linked wallet addresses hold the most significant DOGE tokens. For example, a Robinhood wallet named DPDLBA is the largest Dogecoin holder, with nearly 25.21% of the total supply. It has 34.76 billion Dogecoin worth $3.1 billion, while the second largest holder has 7.08 billion DOGE, about 5.14% of the total supply.  The top 100 and 500 largest BSC whales are also making a move. As per data from WhaleStats, DOGE emerged as the top 10 purchased tokens among the 100 BSC whales in the past day. In addition, the memecoin coin also appeared among the top 500 biggest BSC whales. DOGE Price Surges – Is There Any Hope For More Rallies? Amid the whale accumulation, the DOGE coin price rallied 3.4% in the past 24 hours. It now trades at $0.9001 with a low of $0.8604 and a high of $0.9289. The technical and social sentiment indicators suggest a slight upward movement to $0.095 over the next few days. But, given the current market conditions, a rise above $0.1 seems unattainable. However, the meme coin has seen some good days since January. It has been on the upward trend over the last weeks, with a 14-day price surge of 21.8%. Featured image by The Pigeon Express