Degenerator, or MEME, an obscure project that began life as an airdrop to Telegram users, has managed to garner a $3 million market cap and is seeking to carve a niche for itself as a non-fungible token (NFT) farming protocol. MEME emerged from a joke posted by ConsenSys’ DeFi product lead Jordan Lyall, who created a joke advertisement ‘The Degenerator’ — a fictitious tool for creating ponzinomics-inspired yield farming tokens. The joke quickly struck a chord with the crypto community, receiving significant engagement on Twitter. However, within hours of Lyall…
Day: September 4, 2020
Bitcoin’s “Social Volume” is Spiking; Here’s What This Means for BTC
It has been a rough day for Bitcoin. The benchmark digital asset has shed a significant amount of its value, with its price plunging from the lower-$11,000 region to lows of $10,400 earlier today. In the time since, it has shown some signs of stabilizing as buyers attempt to regain control of its near-term price outlook. That being said, it remains in a somewhat precarious position following this latest movement, as it has yet to reclaim its crucial $11,000 support that was lost as a result of this decline. If…
How This Bitcoin Bull Run’s Momentum Is “So Different” From The Last
Bitcoin’s halving is now in the past, and stock-to-flow formulas predict that the asset is ready to rocket out from current lows. But that’s yet to happen, and the crypto market is even crashing currently. Here’s how this bull market is shaping up to have much “different” momentum this time around, according to one pseudonymous trader. According to the analyst and their theory on lengthening Bitcoin cycles, the slower momentum matches up precisely. Is this a sign that the stock-to-flow model is nonsense, and instead cycles are lengthening regardless of…
Latin America sends a ton of crypto to Asia, and vice versa
New York-based blockchain analytics firm Chainalysis has published new research highlighting there have been up to 200,000 crypto transactions in the past year, worth more than $1 billion between Latin America and Asia. The study Latin America Mitigates Economic Turbulence with Cryptocurrency, analyzed crypto trends in Latin America between July 2019, and June 2020, and shows that banking access issues and the need for remittances are driving unique patterns of cryptocurrency usage, especially in crossborder commercial-related transactions. While North America and Western Europe are the biggest source of fiat remittances…
Celo price spikes 32% after Coinbase listing
Coinbase, the largest cryptocurrency exchange in the United States, will now offer support for Celo — an announcement that led to a 32% price surge in less than two hours. According to a Sept. 3 blog post from Coinbase, the exchange now supports the utility and governance token for the Celo platform. Coinbase this week also announced that UMA would be available for trading on Coinbase Pro starting on Sept. 8. The exchange appears to be prioritizing support for tokens for projects in which it is invested. Coinbase currently holds…
Here Are the Levels to Watch After Bitcoin Plunged $1,500
Earlier this week, Bitcoin surmounted $12,000 as global markets surged as the U.S. dollar saw a notable collapse. The world’s reserve currency, though, has since reversed, dragging down global markets with it. Like the stock market and precious metals, BTC has recently sustained a heavy correction. The cryptocurrency has plunged around 12% in the past 48 hours, shedding notable price support levels. Analysts note that all hope is not lost yet. Here are levels that the leading cryptocurrency must hold in the near future to maintain its technical uptrend as…
Yearn.finance’s $140M yETH vault proves investors are ravenous for DeFi
Yearn.finance, an automated DeFi yield-farming protocol, has recently launched the latest yvault strategy, yETH. yVault strategies are a set of predefined actions that allow users to deposit funds and have them automatically sent to liquidity pools where high-yield interest and additional token rewards are earned. The yETH vault was launched on September 2, along with the yWETH vault and a few other updates. The yWETH vault is equivalent to the yETH vault but uses wrapped ETH, an ERC-20 token pegged and backed by ETH. According to a recent client newsletter…
OKEx Lists Three More DeFi Tokens – SUSHI, YFV and CVP
The global crypto exchange and derivatives platform OKEx has started the month of September on a good note by adding three new tokens to its growing list of DeFi projects. With the addition of SushiSwap (SUSHI), YFValue (YFV) and PowerPool (CVP), the total number of DeFi tokens available on OKEx now stands at 32. Spot trading of the tokens against USDT and ETH went live on September 1, 2020, a few hours after deposits of the said tokens were activated on OKEx. The listing of tokens on OKEx also has…
Ethereum’s Mid-Term Outlook Remains Extremely Bullish Despite Today’s Drop
Ethereum has seen some rocky price action over the past few days, with sellers gaining clear control over its price action today after pushing it down over 20% from its multi-day highs. This selling pressure has come about in tandem by that seen by both Bitcoin and the rest of the crypto market, with this ongoing downswing marking a market-wide correction following the intense uptrend seen throughout the past couple of weeks. With regards to ETH, analysts are noting that this latest decline has not done much damage to its…