Day: August 26, 2023

AVAX Dump Continues Despite Puma/Roc Nation Sneaker Launch On Avalanche

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AVAX, the native currency of the Avalanche blockchain, is trading at new 2023 lows at the time of writing on August 26. Trading at $10, the coin is down 55% from 2023 highs and roughly 25% alone in August 2023. At this pace, AVAX has not only broken mid-June 2023 lows but could break below the critical June 2021 support. AVAX Is Sinking A look at the daily candlestick arrangement in August shows that sellers have been unwavering and firm despite the general optimism amongst supporters. Of note, it is…

Base Chain TVL Surpasses Cardano As Interest Swells

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Ethereum Layer 2 network “Base” has surpassed Cardano in terms of Total Value Locked (TVL) in just two weeks after its official launch, despite Cardano experiencing a multi-year head start in growth and development.  Base TVL And Trading Volume Rises Above Cardano Presently, Cardano is facing criticism from users due to its TVL falling below that of the newly launched project “Base” built by Coinbase. One individual who has publicly criticized the project is Evan Van Ness, a Consensys member and Ethereum advocate. Van Ness took to his X (formerly…

Shiba Inu Nears Make-Or-Break Resistance Barrier

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The price of Shiba Inu (SHIB) remains entrenched in the red zone, failing to gain momentum even with the much-anticipated return of the ecosystem’s layer 2 solutions protocol, Shibarium.  Led by the renowned developer Shytoshi Kusama, the project encountered a stumbling block when scalability issues prompted the temporary suspension of the mainnet, dampening investor sentiment and impacting SHIB’s value. Unfortunately, the botched launch left its mark on SHIB’s price, contributing to a 4.9% drop over the course of a week. Despite this setback, there is a glimmer of hope evident…

How can the synergy of AI and blockchain disrupt the music industry?

The synergy of AI and blockchain can revolutionize the music industry by enhancing artists’ creative capabilities while preserving transparency and fair revenue distribution among creators.  AI is increasingly being used as a tool for creating new songs or imitating existing music content.  That is why distinguishing human-generated music from AI-generated content is becoming increasingly difficult.  Moreover, AI content is often trained on pre-existing content mostly without its original creators’ knowledge or consent, creating a number of ethical and legal issues, for which there are no clear-cut solutions currently given the rapid…

Judge to hear Sam Bankman-Fried’s defense against 4M pages of newly released evidence

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A federal judge will hear Sam Bankman-Fried’s defense argument against a newly released batch of evidence provided by the U.S. Department of Justice (DoJ) on Aug. 25. According to Bankman-Fried’s attorneys, an additional 4 million pages of discovery were released less than six weeks before his trial, scheduled for October 3.  Judge Lewis Kaplan issued an order on Aug. 26 requesting the government to respond to letters from the Bankman-Fried’s legal team regarding his appropriate access to discovery materials, as well as a request to prevent the government from using…

Cardano’s Hoskinson foresees ADA surpassing Bitcoin 

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Cardano founder Charles Hoskinson delivered a bold prediction during his keynote address at the Rare Evo 2023 event currently taking place in Denver.  Cardano, Hoskinson envisions, will evolve beyond a mere digital currency and transform into the cornerstone of an innovative digital nation, where trust between individuals is reinstated, and ethical principles take precedence. He asserts that Cardano’s unique attributes, including its emphasis on long-term sustainability, scalability, and interoperability, set it apart from competitors such as…

$6.5 Million Lost In Latest Base-Native DeFi Protocol Rug Pull

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Magnate Finance, a DeFi lending protocol on the Ethereum layer-2 network Base, is reported to have conducted a rug pull, robbing its users of $6.4 million worth of assets. This event represents the latest troubling incident on the Base network in merely a month of its official mainnet launch. 3 Rug Pulls, $16.7 Million Lost – Who’s Responsible?  On Friday, August 25, blockchain security intelligence Peckshield confirmed Magnate Finance’s rug pull, stating that the project developers manipulated the provider of the price oracle, allowing them to withdraw all assets of…

Exodus Of 30,000 BTC To Cold Wallets Spells Good News For Bitcoin Price

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A massive 30,000 BTC was transferred into unknown wallets over the past week, leading many investors to wonder about the current outlook concerning Bitcoin. When big money moves into cold storage, it reduces selling pressure because it often indicates that whales and institutional investors are expecting the price to go up and opting for self-custody. Massive Exodus Of BTC To Cold Storage Data from CoinGlass shows that almost 30,000 BTC have been moved off exchanges in the past week. With Bitcoin currently trading around $26,000, this equates to over $780…

Imminent $16 Correction on the Horizon?

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Solana (SOL) has captured the attention of investors and analysts as its price charts form a distinctive falling wedge pattern. This technical formation, often seen as a potential trend reversal indicator, has stirred discussions about the future trajectory of SOL’s value. A falling wedge pattern is a common chart pattern in technical analysis, characterized by a contracting range between two trendlines that slope in the same direction. The upper trendline, representing the declining highs, converges with the lower trendline, formed by the decreasing lows.  This pattern suggests a potential bullish…

This Ethereum Metric Has Sparked Centralization Concerns Over ETH Ownership

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Crypto blockchains are designed to be fully decentralized so that no single person or group has control. However, new data has shown that the top 10 Ethereum addresses control over 35% of the total ETH supply. For a network that was designed to be decentralized, this has sparked some serious concerns over how centralized ETH has become.  The 10 Largest Ethereum Addresses Hold Over 35% Of The Available Supply While sharing the metric on social media platform X, crypto market intelligence platform Santiment showed how holdings of the 10 largest…