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Crypto Market Update: Market Continues Rally With BTC, ApeCoin, STEPN, And MINA Rising

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The cryptocurrency market witnessed a strong rally over the weekend, with Bitcoin leading the way and reaching a new high of 37,817.34. Several other cryptos, such as SEI, MINA, and BLUR, have also posted impressive gains, indicating a bullish sentiment in the market.

Bitcoin ETF and Halving Hype Drive Crypto Surge

One of the main drivers of the crypto rally is the speculation over the approval of a Bitcoin Spot ETF by the US Securities and Exchange Commission (SEC). A Bitcoin Spot ETF would allow investors to buy and sell Bitcoin directly without the need for intermediaries or custodians. This would increase the liquidity and accessibility of Bitcoin, as well as reduce the fees and risks associated with holding the crypto.

Another factor that has boosted market confidence is the anticipation of the next Bitcoin halving, which is expected to occur on April 19, 2024. The Bitcoin halving is an event that reduces the reward for mining new blocks by half, which reduces the supply of new Bitcoins entering the market. This creates a scarcity effect, which increases the demand and value of Bitcoin.

ApeCoin, STEPN, And MINA Among The Top Performers

While Bitcoin has been the star of the show, several other cryptos have also performed well, especially those that offer innovative solutions and features. According to CoinMarketCap, the ApeCoin currently trades at $1.682698, holding a marke­t value of $634.98M USD. The traded volume­ in the past 24 hours totals $139.03M USD. ApeCoin shows a rise in value­ by +19.61% within the last 24 hours while having a 368.59M supply in circulation.

APE 1D graph coinmarketcap
Source: CoinMarketCap

According to CoinMarketCap, STEPN is currently trading at $0.341744, considering a pre­sent market cap of $472.82M USD. In the past 24 hours, STEPN has surged to 23.50% and has added over 23.96% in the last seven days.

GMT 1D graph coinmarketcap
Source: CoinMarketCap

MINA is another crypto that has attracted a lot of attention, as it claims to be the world’s lightest blockchain. MINA has soared 15.56% in the last 24 hours, trading at $0.8313, and has added over 38.08% in the last seven days.

MINA 1D graph coinmarketcap 1
Source: CoinMarketCap

The crypto market rally has shown no signs of slowing down, as the global crypto market cap has increased 2.41% in the last 24 hours, reaching $1.50 trillion. The market fear and greed index, which measures the sentiment of the market, has also risen to 74, indicating a “greed” level. This suggests that the market participants are optimistic and expect further gains in the near future.

Related Reading | XRP Exclusive 2023 Predictions Soar To Stellar Heights

ASICS X Solana UI Collection: ASICS Launches Running Shoes

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The launch of the ASICS x SOLANA UI Collection was announced today by Japanese sportswear manufacturer ASICS. The new collection of footwear includes specially created, limited-edition GT-2000 11 running shoes that also offer winners a chance to win an ASICS x STEPN GT-2000 NFT.

The GT-2000 running shoes were made for the Web3 community, but according to ASICS Director of Web3 & Digital Goods Joe Pace, anyone in the world could use them “in balance with physical activity.”

“The launch of the ASICS x Solana UI Collection is a major step forward for ASICS Web3 commerce. We’re proud to leverage Solana Pay and partner with STEPN to help us scale our mission to inspire the global Web3 community to create healthy habits with our products. Building on learnings and successes from our Sunrise Red and Genesis STEPN collections, we’re excited to continue delivering world-class Web3 experiences.”

Joe Pace, Director of Web3 and Digital Goods at ASICS 
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ASICS X Solana UI Collection: ASICS Launches Running Shoes 5

ASICS x SOLANA UI Collection will be available for 5 days

From November 4 to November 8, The GT-2000 11 shoes will only be available for pre-order for a brief five days. The shoes come in two custom designs, “light mode” and “dark mode,” and will be sold for $200 using Solana Pay. The Solana-inspired design represents the harmony between computers and phones with physical activity.

Customers will get an ASICS Badge NFT when they buy their shoes. Future ASICS rewards and experiences will become accessible after purchasing this digital collectible.

ASICS, which stands for Anima Sana In Corpore Sano, or “A Sound Mind in a Sound Body,” was established in September 1949 and is headquartered in Kobe, Japan. Sunrise Red, the first NFT collection from ASICS, was released in July 2021.

According to Pace, ASICS decided to stick to what they are known for: running shoes, while digital fashion tends to favor high-end products.

With this project, “We’ve deliberately chosen to stay true to ourselves and do what we are known for,” he said. which produces incredible running footwear that you would want to wear practically every day.

According to Pace, ASICS selected Solana as a partner in order to develop a quick, scalable product with minimal transaction costs for the public at large.

Multiple DDoS Attacks Target Web3 Lifestyle App STEPN

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A massive distributed denial of service or DDoS zeroed in on a Solana-based lifestyle app that encourages users to “move-to-earn” STEPN, this weekend. Notifying the same via Twitter, the platform announced that once recovery is complete, updates would be announced soon.

In the series of tweets, the platform urged users to pause during the maintenance or “otherwise the work-outs may not be recorded properly,” it read.

It also assured users that the developers are working on the application to resume their services after the attacks.

Just a few days back, the popular move-to-earn app unveiled a new ANTI-CHEAT mechanism to combat fraud. The gaming app, which recently announced it would remove GPS support in China, had to be taken into maintenance for several hours to implement the change.

Unfortunately, some users were mistaken to be bots via the new system due to the DDoS attack on the server.

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Multiple DDoS Attacks Target Web3 Lifestyle App STEPN 7

The application is reportedly back online as “data transfers have reopened and… also improved the rules and formulated processing and identification rules.” The report also stressed the need for an anti-cheating update, stating,

The anti-cheating update may seem small, but it is actually an important cornerstone of STEPN’s long-term development.

How did the token fare?

As reported by TronWeekly, the app that was conceived in 2021, saw its native token GMT’s market cap reach nearly $860 million, as of May 22. Following the latest onslaught, GMT was down by over 6% in a few hours. At press time it is trading at $0.157, a marginal increase of 4%.

Biggest-Ever DDoS Attack To Hit A Decentralized Platform

DDoS is a cyber-attack in which a perpetrator aims to make a network resource unavailable to its intended users by temporarily or indefinitely disrupting the services of a host connected to a network.

One of the most powerful distributed denials of service attacks ever recorded was on the content-delivery network Cloudflare in April 2022. The incident raised significant attention because it was delivered through 15.3 million HTTP requests, one of the largest in scale.

Because HTTPS requests are much more compute-intensive, it highlighted the attackers’ capability to put much more strain on the target.

A Solana-Based Fitness App Aims To Conquer The GameFi World

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A Solana-based Move-To-Earn app dubbed STEPN has gained significant traction since its inception back in December 2021. The app which allows users to walk and run to earn coins has seen its native token GMT’s market cap reach nearly $860 million, as of May 22.

According to the co-founder Jerry Huang, the app currently attracts around two to three million users worldwide every month.

Initially, the project was self-funded before the founders decided to meet 100 investors and secured a $5 million seed round from Sequoia Capital and others in November.

“We didn’t have a product at the time, and many investors couldn’t understand what we were doing. Sequoia did. The process of addressing investor questions also helped us refine the product to where it was later,” said Huang.

According to a TechCrunch report, it’s raking $3-5 million in net profit from trading fees per day, and earning up to $100 million every month. In April, it closed another round of strategic investment from Binance.

How does it aim to compete with other GameFi apps?

Some gaming veterans feel that the gameplay of most existing GameFi apps is “easy and mindless.” Axie Infinity, for instance, features cute blob-like creatures that fight in simple battles. As the GameFi sector expands, new players pledge to bring quality back to the industry.

Huang disagrees. “A lot of the triple-A games overemphasize aesthetics and big budgets, but they aren’t really that innovative when it comes to gameplay, whereas some simple-looking games like Plants vs. Zombies come with brilliant gameplay that makes them last.”

Huang also argued STEPN’s fitness component makes it fundamentally different from Axie Infinity.

Is the app sustainable in the long term?

Critics question the financial sustainability of play-to-earn and have even drawn comparisons of play-to-earn apps to pyramid schemes.

STEPN said it is working on a two-fold solution to sustainability-one is a price stabilization mechanism and the other is price manipulation.

“I think people are paying too much attention to the [sustainability] issue,” the founder continued. “ROI might slow over time, but all games have life cycles. You also need to look at what value an app creates.”