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Terra [LUNA] leads the altcoin pack as it soars to 18% in 7 days

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As major cryptocurrencies started to slowly recover from the covid induced blow, lesser-known altcoins such as Terra [LUNA] defied the sustained bearish momentum in the broader market. The asset price appreciated by 18.10% in a span of a week and is short by a mere 7% from its established peak on 8th November this year.

At the time of writing, the asset is changing hands at $48.01 with a 24-hour trading volume of $1.68 billion. Its market cap was found to be at $18.83 billion. The 13th ranked cryptocurrency rose by 5.42% in the daily hours.

Terra [LUNA] Daily Chart

LUNABUSD 2021 11 29 15 45 10

As gauged from the above 1-day price chart, the Bollinger Bands [BB] does not depict any volatility in the coin market. The MACD suffered a bearish crossover on 28th November before bouncing back up and exhibiting a bullish signal. On the other hand, the Klinger Oscillator [KO] is confirming the bullish narrative.

Terra [LUNA] 4-hour Chart

LUNABUSD 2021 11 29 16 00 40

In the 4-hour chart, the Awesome Oscillator [AO] is aligning with the bulls. The Chaikin Money Flow [CMF] rising above the zero line is projecting strong capital inflows in the market. In terms of the trading activity, the Relative Strength Index [RSI] indicator climbing above the 70 mark is depicting overbought conditions.

Terra, the firm behind the native token was launched in April 2019 by South Korean duo Daniel Shin and Do Kwon. Its LUNA token is used to maintain the price stability of its ‘stable-coins pegged to USD/EUR, similar to Tether’s usage of the US Dollar as a peg to build the USDT cryptocurrency.

Apart from that, the platform has witnessed the deployment of a wide catalog of decentralized finance or DeFi projects. Other products include a protocol for synthetic assets that follow real-world stocks called “Mirror,” a yield protocol dubbed “Pylon,” and a savings platform called “Anchor.” Overall, the Terra ecosystem is an expanding pool of diverse crypto financial products.

Avalanche Network-based Snowdog token tanks as developers relinquish ownership

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The wfirst meme coin in the Avalanche network, SnowdogDAO (SDOG), slipped by more than 90% yesterday after being live only for eight days. While many call it the platform’s largest rug pull, the SnowdogDAO team said that event wasn’t a rug pull. They named the millions of dollars lost as a “game-theory experiment gone wrong.”

SDOG attracted a lot of attention in the community and was scheduled to end with the major buyback after an 8-day long operation. 

The huge buyback, which would be financed by assets of the Snowdog treasury through mint sales, was to be the experiment’s climax. The treasury market value increased to $44 million in just eight days, allowing holders to fight for a piece of those funds during the buyback.

The main reason for such a huge loss was that only 7% of the Avalanche-based meme coin supply was eligible to be sold above market price before the buyback. However, the founders neglected to reveal to the community, or at least had not made it explicit enough.

Snowdog built its own AMM based on Uniswap V2, moving all SDOG liquidity from popular Avalanche DEX Trader Joe to prevent front running.

Avalanche-based meme coin causes loss in millions

Hundreds of users lost their funds within the seconds of buyback launch when a single address managed to grab around $10 million by exchanging SDOG for other cryptos. This reduced treasury’s buyback power by 25%

The address purchased around $180,000 worth of the Avalanche-based meme coin just before the buyback event with MIM and staked the token. Within 24 hours, it was able to drain more than $10 million worth of MIM. Apart from this, two more wallets drained $7.7 million and $3.3 million using a similar method.

Many believe that the addresses which comprise the “7% mark” were associated with the owners of the development team.

The development team of the Snowdog came out with a post after the failed blowback to clarify that the event wasn’t a rug pull.

“We understand that the buyback experience created frustration as only 7% of the supply holders would benefit from a price superior to the market price before the buyback. We deeply regret not having communicated more on this. We should have warned the community about the risks that waiting for the buyback to sell represented.”

Snowdog development team said

However, it failed to convince the investors who lost their funds and believed that the actions were pre-planned.

Avalanche [AVAX] zooms past Dogecoin [DOGE] and enters into the Top 10

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Avalanche [AVAX] continued its massive strides against its peers to join the coveted list of the Top 10 cryptocurrencies. AVAX hit an all-time high of $146.22 on 21st November this year, surging by more than 200% over the course of three months. Following that, the native token has pushed back Elon Musk’s favorite Dogecoin [DOGE] and was trailing ahead by a market cap of $184 million.

AVAX 3M graph coinmarketcap
Avalanche [AVAX] zooms past Dogecoin [DOGE] and enters into the Top 10 4

The latest surge in the coin’s price action has been attributed to a host of high-profile partnerships. One of them is a deal struck with the leading consulting firm Deloitte by Ava Labs to build more efficient disaster relief platforms. Taking note of the collaboration, the head of institutional sales and over-the-counter [OTC] division at crypto-derivatives exchange FTX, Jonathan Cheesman stated,

“It’s another example of faster, cheaper Ethereum competitors doing well. There’s a huge wealth effect and a lot of opportunistic and mobile capital.”

The project dubbed as ‘The Close As You Go‘ utilizes the layer one blockchain in a bid to enhance security, speed, and accuracy of Federal Emergency Management Agency [FEMA] funding, according to the official report from Ava Labs. Furthermore, the initiative in question will aid state and local government officials to streamline disaster reimbursement applications.

Avalanche’s [AVAX] Stellar Rise

Avalanche has doubled in the past 30 days alone and is up more than 3,000% over a year. Cryptocurrencies noted a highly volatile period as November dawned. AVAX, for one, mostly defied the general market movement to rally and outpace several well-known coins. One of the main catalysts was Ethereum’s high gas fees that have prompted market participants to look for viable alternatives.

The Avalanche Foundation’s Blizzard fund was yet another contributing factor. For the uninitiated, the organization behind the AVAX blockchain had announced raising $230 million from a private sale of the tokens which witnessed the participation of Polychain and Three Arrows Capital.

Trader Joe. who happens to be one of the most popular DeFi projects on Avalanche has increased the network user’s base by a whopping 37% last week. With this, the DeFi service even exceeded well-known players such as Uniswap and QuickSwap decentralized exchanges.

Gemini raises $400 million dedicated to building a metaverse

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The New York-based crypto exchange platform Gemini is the latest addition to the list of multi-million fundraising companies during this bull run. With the recent report by Forbes, it is clear that the company is gearing up to close a $400 million first round giving it a valuation of more than $7 billion. 

After seven years of its establishment, Gemini’s founders, Tyler and Cameron Winklevoss, are now closing the first round of capital. The latest funding round has almost doubled the cumulative wealth of the twins from $6 billion to $10.5 billion.

Morgan Creek Digital led this massive funding round where many major companies, including decentralized finance venture firm ParaFi Capital, Jay-Z’s Marcy Venture Partners, and technology investment firm WnderCo participated. Other than these, the Commonwealth Bank of Australia, family office advisory Netflow Partners, equity firm 10T, and Jane Street also joined the round with massive enthusiasm.

It is also revealed that the twin founders will hold 75% of the shares while the rest will be distributed among the newly joined board members.

40-years old young billionaire Cameron Winklevoss said that there are two technological paths currently. He added:

“There’s a centralized path, like Facebook or Fortnight, that is one step away from being a metaverse, and that’s totally fine. But there is another path, which is the decentralized Metaverse, and that’s the Metaverse where we believe there’s a greater choice, independence, and opportunity, and there is a technology that protects the rights and dignity of individuals.”

Gemini dives into the Metaverse world

Winklevoss twins and Facebook’s founder and CEO Mark Zuckerberg shared a past. The three were college friends who created Facebook and a lawsuit. Eventually, the twins lost Facebook to Zukerburg, but now things are different. After the Gemini’s jump to the Metaverse world, many compare the twin and Zukerberg scenario with tortoise vs. hare competition. 

The current scenario of Facebook transforming itself into Metaverse named Meta and Gemini’s actions seems like history repeating itself. Winklevoss twins, however, definitely have the edge over Zuckerberg this time.

VeChainThor’s latest version 1.6.0 has finally arrived; More details

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VeChain. a decentralized platform designed to strengthen an enterprise’s business process especially in the supply chain management is back in the public eye. As per the latest announcement, the blockchain’s native token VeChain Thor [VET] has been officially upgraded to the latest version 1.6.0, thus paving the way for Proof of Authority [POA] 2.0 to begin initiation. Commenting further on the developments in their Twitter handle, VeChain foundation said,

We are excited to announce VeChainThor v1.6.0 is LIVE, meaning POA2.0 Phase 1 activation is set in motion! Testnet: Nov. 5, 8am GMT – block #10606800 Mainnet: Nov. 16, 8am GMT – block #10653500 But what is POA2.0 and why does it make VeChain the strongest public blockchain? We are proud to say POA 2.0 is the first protocol of its kind in the world! It combines the two main types of blockchain consensus mechanism (Byzantine Fault Tolerance & Nakamoto) to eliminate their weaknesses but benefit from their strengths!

How VeChain’s POA works?

In their series of tweets, the company dealt with several aspects of the use cases of the POA 2.0 model on the basis of Security and Finality. On the security feature, the algorithm apart from having the best of both worlds in terms of the consensus mechanisms also works on improving the mode of operation of the randomness principle in selecting the producer of the next block. By doing so, the company claims that manipulation of the blockchain becomes impossible.

In addition to that, the protocol initiates the committee feature where ‘3 additional BPs are randomly selected to verify a block, further preventing any kind of manipulation’.

With respect to the finality element, the foundation advocated that data on the protocol is executed immediately with zero occurrences of accidental forks or branching that might disrupt the overall blockchain and induce potential data loss. However, the firm later clarified that the finality feature is part of an upcoming project notably VIP-200, and not included in the current upgrade.

VeChain’s future roadmap

The main objective behind the network’s recent upgrade is to accommodate the growing demand for a scalable and secure network with major emphasis on initiatives such as Sustainable Development Goals [SDG] and carbon-free emissions. The announcement further stated that the project reflects VeChain’s ambitious roadmap to equip the blockchain technology with the necessary toolkit to solve real-world issues and implement the same in the rapidly evolving ecosystem. 

On the price front, the native token, VET is currently trading at $0.132 gaining by almost 2.7% in the last 24 hours after undergoing an 11% correction on Oct 28.

Dogecoin [DOGE] struggles to get back to Pre-Jackson Palmer tweet price levels

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Dogecoin has had a rough start to the week as the meme coin took one of the biggest tumbles in the top 20 cryptocurrency club. Alongside Polkadot, the Shiba-Inu-inspired cryptocurrency fell in double-digit amounts after the bear ravaged the market. DOGE’s fall may have been accelerated after its founder’s comments on the digital asset industry.

Jackson Palmer, the founder of Dogecoin went on a tweet spree recently where he spoke about his decision to not return to the cryptocurrency market in any capacity. Following Palmer,s tweets, Dogecoin’s price fell from $0.23 to $0.16 in a matter of 46 hours. Although the cryptocurrency corrected soon after, the joy was short-lived. On July 18, the DOGE market opened after it crashed sharply towards $0.185 the previous night.

During the price recovery on the 17th, Dogecoin managed to surpass its earlier resistance, albeit only for a single trade. The average price could only manage a level of $0.192 after which it slid to $0.1881. The current bear attack seems meek compared to the one DOGE had suffered towards the end of June.

That event caused the immediate support to drop to a dismal $0.17 after which the recovery was quick but for a minuscule measure. Despite the founder’s comments on the market and the cryptocurrency, holders were still hoping for a recovery.

At press time, Dogecoin was trading for $0.171 with a total market cap of $22.495 billion. After an hourly fall of 9.9 percent, DOGE’s daily trading volume plummeted to $1.12 billion. The trading volume had stabilized earlier after the Twitter showdown where Palmer had said:

“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”

Bitcoin’s power consumption may be a huge setback for the asset, notes Vitalik Buterin

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The last couple of days have been nerve-racking for the crypto-verse as almost all the coins were on a downtrend. While several suggested that they saw it coming, a few others were quick enough to buy the dip. The founder of the Ethereum network, Vitalik Buterin appeared in a recent interview with CNN and suggested that the crypto-verse was in a bubble.

Bitcoin [BTC] noted a drastic fall below $40K, this was followed by the downfall of all the altcoins. Elaborating on the same, Buterin pointed out that the crypto-verse had witnessed about three big crypto bubbles to date. This bubble could either prolong to a couple of months or must have already ended. Speaking about the same, Buterin said,

“Often enough, the reason the bubbles end up stopping is that some event happens that just makes it clear that the technology isn’t there yet.”

Bitcoin’s power consumption a “significant downside”

One of the reasons behind the king coin’s slump was Elon Musk’s recent statement. Musk announced the withdrawal of BTC’s support citing the environmental drawbacks caused by the cryptocurrency. While the community was evidently enraged by this, Buterin suggested that Musk would not have “this influence forever” as markets would learn.

Bitcoin’s mining algorithm has time and again posed a major problem for the crypto industry. While several continue to diss the cryptocurrency for the damages it does to the environment, Buterin said,

“The resource consumption is definitely huge. It’s not the sort of thing that’s going to break the world by itself, but it’s definitely a significant downside.”

Despite growing in terms of price and retaining itself as the largest cryptocurrency, Bitcoin could be in danger, noted Buterin. The king coin’s mining process would urge people to steer towards alternatives or even consider shifting from Proof-of-Work [PoW] to Proof-of-Stake [PoS]. He added,

“If Bitcoin sticks with its technology exactly as it is today, there’s a big risk it will get left behind.”

Dogecoin [DOGE] Bears’ Fresh Salvo Could Trigger Damaging Sell-off

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Even Elon Musk has not been able to save Dogecoin [DOGE] from the market-wide pullback that has resulted in the collective crypto market cap dropping to $2.19 trillion. It had previously gained a huge fancy among investors which led the rally above $0.7 in the first week of May.

The Tesla Founder SNL appearance and DOGE advocacy did go too well as the Shiba-Inu-themed meme coin dropped drastically soon after. It was replaced by Cardano [ADA] as the fourth largest crypto-asset by market cap on the leaderboard.

After a depreciating by more than 5% over the last 24-hours, Dogecoin [DOGE] was priced at $0.502. At the time of writing, the digital asset registered a market cap of $65.18 billion and a 24-hour trading volume of $10.04 billion.

Dogecoin [DOGE] Daily Price Chart:

doge1 2
Dogecoin [DOGE] Bears' Fresh Salvo Could Trigger Damaging Sell-off 7

Dogecoin [DOGE] formed a lower high after retracing its steps from the recently established ATH. The uptrend was cut-short as bearish pressure intensified. The decreasing volume failed to back the price of the meme coin which explained the current downtrend.

The moving averages, 50 DMA [Pink] and the 100 DMA [Blue], however remain unfazed by the latest price action and continued to provide support as they hovered at $0.29 and $0.17 respectively.

DOGE Technicals Look Bleak

DOEG
Dogecoin [DOGE] Bears' Fresh Salvo Could Trigger Damaging Sell-off 8

Amidst the market rout, the technicals are deep into the bearish hole. The red closing bars of Awesome Oscillator, for instance, indicated a weak bearish momentum. The MACD also showed no signs of reversal in near future after sustaining a bearish crossover last week. This was indicative of a weak buying demand in the DOGE market.

The RSI, on the other hand, still held its fort a little above the 50-median depicting a phase of balance.

If the sell-off further intensifies, Dogecoin [DOGE] its first levels of support at $0.45. Upon breaching this level, the token could suffer a damaging fall to $0.25. Its resistance level was found to be at $0.69.

Dogecoin fails to impress grayscale’s Barry Silbert; DOGE creator hits back

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What an impressive run it has been for the Shiba-Inu featured meme token- Dogecoin [DOGE]. A lot of its exposure has to do with the “Musk effect“. The Tesla Chief’s guest-hosting appearance on this week’s Saturday Night Live had further caused a stir in the cryptocurrency market.

The recent exchange listings on eToro as well as Gemini have backed the dog-themed cryptocurrency to sustain its rally and helped it to surpass XRP as the fourth-largest cryptocurrency by market cap. But unlike previous instances, when Elon Musk managed to sway the general investor crowd into FOMOing DOGE, this time it has been the opposite.

The memecoin took a plunge by more than 30%, as the exec made an appearance in the late-night comedy show, which drove its price to $0.498, at the time of writing. It appears plugging Dogecoin on SNL did not work out. So much for mainstream exposure.

Dogecoin [DOGE] Price Chart:

DOGE
Dogecoin fails to impress grayscale's Barry Silbert; DOGE creator hits back 10

Musk toying with the cryptocurrency market has left many well-known players in the industry fuming. The US regulators have applied more cautiousness but lacked significantly when it came to providing regulatory clarity because of its lack of political decisiveness surrounding this space.

Hence, many crypto advocates have not been shy in calling the tech giant for Dogecoin’s recent boom and a potential subsequent bust that could rock the market and not in a good way.

The latest one to chime in was Barry Silbert, who happens to be the Founder and CEO of Digital Currency Group [DCG], owner of Grayscale Investments. He urged cryptocurrency investors to convert their Dogecoin to Bitcoin in a recent tweet.

“Okay $DOGE peeps, it’s been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC.”

Silbert also revealed that his firm has gone short on DOGE via FTX cryptocurrency platform. The exec further pledged to donate $1 million to a charitable cause selected by the Dogecoin community if DOGE hits $1 by the end of this month.

But the co-creator of Dogecoin, Billy Markus was quick to point out Silbert’s association with a prominent crypto news portal and stated,

https://twitter.com/BillyM2k/status/1391095112537673729

Dogecoin [DOGE] Trading Volume Sees Astonishing Figures

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Dogecoin [DOGE] has seen an impressive run this season. It was up by an astonishing 130% over the last weekly and was currently breezing through its recent record of $0.0792.

Thanks to several prominent figures like rapper Snoop Dogg, the former Kiss frontman, Gene Simmons who have demonstrated support for the Shiba-Inu featuring meme-coin, people are now investing heavily and declaring themselves fans on Twitter. But that’s not it.

But it was not until Tesla Chief’s series of tweets that sparked off a massive bullish spree for Dogecoin.

When Elon Musk Speaks, the world listens.

Dogecoin’s Price Madness

The seven-year-old coin is now the fourth-largest with respect to the 24-hours trading volume which was found to be at $9.942 billion.

Dogecoin had previously replaced several altcoins such as Bitcoin Cash [BCH] to climb to the 8th spot by market cap in the cryptocurrency ladder, a position that the token had failed to maintain following which it dropped to the 10th position.

Despite the slip, Dogecoin’s market value has more than doubled over the past week alone.

What further catalyzed Dogecoin was Musk’s yet another tongue-in-cheek tweet, saying “Who let the DOGE out” amid the rally. What started out as a joke coin back in 2013 was now riding a wave of game-changing popularity on social media, driven by the speculative frenzy of retail investors.

Dogecoin has the internet abuzz. However, many were quick to notice how Musk “shilled” DOGE for weeks but his company Tesla ended up buying a whopping $1.5 billion worth of Bitcoin. many pointed out that Musk successfully distracted the community with DOGE while secretly taking a gigantic bite of Bitcoin

https://twitter.com/CryptoCobain/status/1358763044181078017

This is what Coin Center’s Neeraj Agarwal had to say about the entire episode,

“My theory is Elon is very addicted to tweeting but knew he would get in trouble for posting about bitcoin too much before the 10-K. So he channeled his desire to post about bitcoin into posting about dogecoin.”

Despite all the theories by several industry experts and community members, Doge is now worth more than Western Union, Under Armour, and Xerox Holdings as investors continue to pour money.