Over the past 24 hours, the top ten memecoins native to the Solana network have all seen declines, accompanied by a decrease in the value of Sol, the network’s native cryptocurrency, by over 3%.

Among the notable decreases, Dogwifhat saw a decline of 5%, while Bonk experienced a drop of 3.5%. Book of Meme faced a significant downturn of 10%, and Jeo Boden’s value decreased by 1.3%. Cat in a Dogs World suffered the most substantial decline, plummeting by 18.9%, followed by Popcat with an 18.0% decrease. Myro encountered a 5.0% drop, while Wen and Slerf both experienced declines of 14.4% and 7.4%, respectively. Additionally, Catcoin saw a decrease of 7.7% in its value.

As a result, the entire Solana memecoin market cap now stands at $8.3 billion, constituting 12% of the total memecoin market value, estimated at around $64 billion, according to Coingecko data.

Furthermore, the daily moving average of non-vote transactions on the Solana network has fallen to approximately 24 million, marking a multi-week low. This decline in transactions coincides with congestion on the Solana network, attributed to spam transactions.

Despite the decrease in memecoin prices, the popularity of on-chain memecoin trading on Solana led to a new all-time high in on-chain volumes, measured in U.S. dollar terms, on Friday.

Solana Liquidations Spike

Sol, the native cryptocurrency of the Solana network, experienced a decline of over 3% in the past 24 hours, trading at $175 at 9:22 a.m. ET, according to The Block’s Price Page.

Notably, Sol long positions bore the brunt of Monday’s market volatility, with over $4.33 million in Sol long liquidations recorded in the past 24 hours out of a total of $4.81 million in liquidations across the wider cryptocurrency market, which saw over $173 million in liquidations over the same period, according to Coinglass data.

Featured Image: Freepik

Please See Disclaimer

Pre-halving volatility continued to dominate the crypto market on Tuesday as prices reversed course from Monday’s spike, leading to Bitcoin (BTC) plunging below $69,000 while altcoins faced significant declines.

Stocks also trended lower for most of the trading day, with investors waiting on the sidelines ahead of tomorrow’s Consumer Price Index (CPI) report, which is expected to provide insights into the potential trajectory of U.S. interest rates. Currently, the market anticipates a 57% chance of a rate cut in June and a 74% likelihood of a cut in July.

Despite this, a rally into the close managed to lift the S&P and Nasdaq out of negative territory, while the Dow finished flat.

Data from TradingView indicates that Bitcoin has been on a downtrend since reaching its peak at $72,800 on Monday, experiencing a 6.82% decline to reach a low of $68,200 on Tuesday afternoon. However, dip buyers subsequently pushed it back above $69,000, and at the time of writing, BTC trades at $69,030, marking a 3.75% decline over the past 24 hours.

Market analyst Bloodgood commented on the current macro environment, describing it as oscillating between hope for a perfect soft landing and fears of inflation, with sentiment appearing to lean towards the bearish side recently.

He highlighted the significance of tomorrow’s CPI release and cautioned about potential surprises regarding inflation, advising caution, especially for those with leveraged positions.

Regarding Bitcoin, Bloodgood noted a lot of indecision lately but expressed confidence in the bulls’ control due to the upward drift and higher lows being printed. However, he emphasized the challenge at the current All-Time-High, slightly above $73,700.

Bloodgood also touched on the unusual aspects of this bull market cycle, including the attention garnered by memecoins and the ongoing rise of gold. He urged traders to focus on the current chart rather than relying on fractal patterns or previous cycles to predict future movements.

In conclusion, Bloodgood suggested that capital might rotate towards technically impressive projects later in the cycle, despite the current dominance of memecoins.

According to Michaël van de Poppe, founder of MN Trading, Bitcoin is likely to trade sideways and consolidate in the near term until sometime after the halving.

Featured Image: Freepik

Please See Disclaimer

After Bitcoin soared to its March all-time high above $73,000, profit-taking by long-term holders has started to decrease, as per a recent report from Glassnode.

While Bitcoin’s March all-time high prompted significant profit-taking by long-term holders, this activity has begun to taper off, the Glassnode Insights report noted on Tuesday.

Typically, profit-taking, especially by long-term holders, intensifies around all-time high breaks but has been cooling down in recent weeks, according to the report.

The balance of assets between long-term Bitcoin holders and new demand indicates that the current market is entering the early stages of a euphoria or price discovery phase. However, historical analysis suggests that such phases are prone to price corrections, with drawdowns exceeding 10% being common, and many surpassing 25%.

Since Bitcoin’s all-time high in March, there have been only two significant corrections of around 10% or more, the report highlighted.

The upcoming Bitcoin halving is currently a major driver of market speculation. Sunny Lu, Founder of VeChain, emphasized how regulatory developments would impact Bitcoin’s trajectory post-halving.

Comparing the current cycle to the previous one, Lu highlighted the impact of regulation on pivotal price moments. Regulatory actions have been instrumental in driving significant price movements since the last halving in May 2020.

Lu pointed out that the approval of spot Bitcoin ETFs in March of this year triggered the latest price peak, following previous peaks after the Coinbase IPO in April 2021 and the approval of Bitcoin futures ETFs in November of the same year.

He emphasized a shift in focus from solely considering supply dynamics to broader macroeconomic factors in understanding the halving’s impact. The evolving narrative now encompasses not only the halving’s mathematical effect on supply but also macro forces influencing prices.

Featured Image: Freepik

Please See Disclaimer

Worldcoin, the digital identity and cryptocurrency project led by OpenAI CEO Sam Altman, is introducing new features to bolster personal data protection and enhance age verification processes.

On April 9, Worldcoin unveiled two updates: the option to unverify World IDs through permanent iris code deletion and the introduction of in-person age verification checks.

World ID holders now can unverify their World ID, which acts as a digital passport verifying an individual’s humanity using “orbs,” devices that scan users’ eyeballs to confirm their authenticity.

Unverification of the World ID involves the permanent deletion of the user’s iris code, a numerical representation of their unique iris texture, ensuring that individuals can only verify one World ID.

Upon deletion request, the user’s World ID becomes invalid. To prevent fraud, a six-month “cool-off” period is mandated, ensuring individuals cannot immediately re-verify their humanness.

After the cool-off period, users’ iris codes are permanently deleted and rendered unrecoverable.

The development of Worldcoin’s unverify option involved collaboration with third-party privacy and security experts, including the Bavarian State Office for Data Protection Supervision (BayLDA), serving as Worldcoin’s lead supervisory authority in the European Union.

The second update introduces in-person age verification checks to ensure the platform’s accessibility exclusively to individuals aged 18 years and above.

This update incorporates on-site age verification checks at all orb locations prior to World ID verification. Third-party personnel will conduct the verification before granting entry to the venue.

Worldcoin spokesperson stated, “Worldcoin has always required that individuals be a minimum of 18 years old to obtain a World ID,” emphasizing that users have been prompted to confirm their age in the app, aligning with the practices of widely used applications.

Altman launched Worldcoin in July 2023 intending to establish a “global financial and identity network based on proof of personhood.”

While receiving mixed reactions from the community, Worldcoin has faced scrutiny over concerns regarding centralization, privacy, and security. Governments, including the European Union and Kenya, have expressed skepticism and initiated investigations into Worldcoin’s operations due to privacy concerns.

Despite challenges, Worldcoin maintains its commitment to operating lawfully in all available locations and ensures compliance with relevant laws.

Featured Image: Freepik

Please See Disclaimer

Toncoin (TON) has overtaken Cardano’s ADA to claim the ninth position in market capitalization. With its recent surge, can Toncoin sustain its upward momentum and potentially surpass Dogecoin next?

Toncoin’s Ascendancy to 9th Place

Following a remarkable 13% daily price surge, Toncoin reached $6.65 by 1:45 p.m (UTC), securing the ninth spot among cryptocurrencies with a market capitalization of $23 billion, surpassing ADA’s $22 billion market cap, according to data from CoinMarketCap.

The rally coincided with TON Society developers allocating $5 million Toncoin to incentivize users for identity verification using palm scanning technology. This initiative aims to enable digital identity verification for Telegram users over the next five years, offering one million TON to participants in the proof-of-personhood program.

Toncoin’s increased traction has outpaced Cardano’s ADA, with TON witnessing a remarkable 135% surge over the past month, while ADA faced a 15% decline.

Zooming out, Toncoin has surged 183% year-to-date (YTD), contrasting ADA’s 1.30% YTD decrease.

Toncoin’s Initiatives for Growth

Toncoin initiated a $115 million community incentive program on March 20, allocating $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts, aiming to stimulate user adoption.

In contrast, Cardano’s ADA saw subdued interest this year, with investor attention diverted towards Bitcoin exchange-traded funds (ETFs) and major blockchain upgrades such as Ethereum’s Dencun upgrade.

Sustaining Momentum: Toncoin vs. Dogecoin

Toncoin’s performance has eclipsed that of Dogecoin significantly. Toncoin surged 130% in the past month, while DOGE only recorded a 14.8% gain. Year-to-date, TON has surged by 177%, whereas DOGE’s price has increased by 108%, according to TradingView.

Toncoin’s utility within the Telegram messaging app offers a direct avenue for price appreciation with increasing user adoption, unlike Dogecoin, which relies primarily on speculative demand.

Concerns and Considerations

However, Toncoin’s token distribution could raise concerns among retail investors. Data from CoinCarp suggests that over 60% of Toncoin is held by the top 10 holders, while the 100 richest holders control 93% of the supply. This concentration of ownership may impact market dynamics and investor sentiment moving forward.

Featured Image: Freepik

Please See Disclaimer