DeFi
Injective price has more upside as developer commits rise: analyst
Published
4 months agoon
By
adminInjective (INJ) price has risen for six consecutive days, its longest winning streak of 2024. It rose by over 12% on Wednesday, making it the best-performing top 50 cryptocurrency.
INJ rally started on July 5th after it tumbled to $16.93 as Bitcoin and other altcoins dropped sharply. It has risen by over 54% from its lowest point this month as the sentiment in the industry improved.
Bitcoin has retested the crucial resistance at $65,000 while the crypto fear and greed index has moved from the fear zone of 38 to 58.
Injective’s developer activity is rising
Another potential catalyst for Injective has been the increase in developer activity in the ecosystem. Data shows that the average number of weekly commits has risen to over 700 in the last seven weeks straight. Before that, Injective was averaging less than 200 weekly commits, meaning that the network is growing.
The number of developer commits is an important metric in a blockchain because it is a measure of its activity, project health, and community engagement. It is also a measure of a blockchain’s security.
Injective’s token has also rallied as the derivatives volume bounced back. As shown below, the daily volume in the derivatives market rose to over $109 million on Tuesday, up from $98 million on Monday. More activity in the derivatives market is usually a positive sign.
Analysts are bullish on Injective price
Meanwhile, Helix, its biggest DEX network is seeing more activity. Data by CMC shows that the network handled cryptocurrencies worth over $114 million on Wednesday, making it the 32nd biggest DEX in the industry.
Injective, which is backed by Mark Cuban and Pantera, has also done well as its staking market cap jumped to over $1.53 billion. Investors are generating an annual yield of 20%, one of the highest in the industry.
However, a key concern among INJ investors is its valuation. Injective has a market cap of over $2.4 billion and a DeFi TVL of less than $50 million. It only has 17 DeFi dApps in its ecosystem, a small number for a blockchain that targets the financial services industry.
Some crypto traders are optimistic that the Injective price can continue its recovery, with its initial level to watch being at $33, its highest swing in June. Another analyst who I wrote about recently estimates that the INJ token will rise to $100.
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BONK hits new all-time high following Upbit listing
Published
3 days agoon
November 20, 2024By
adminBONK has emerged as the top gainer among the leading 100 assets following a major announcement from the South Korean crypto exchange Upbit.
Bonk (BONK), the first Solana-based meme coin, surged 18% on Wednesday to hit a new all-time high of $0.000058. Its market cap soared to over $4.1 billion when writing, flipping Dogwifhat’s (WIF) $3.2 billion market cap to reclaim its position as the largest meme coin on the Solana blockchain.
Why is BONK going up?
The altcoin’s price uptick coincided with a jump in the meme coin’s futures open interest. According to data from CoinGlass, OI for BONK’s futures market rose to an all-time high of $53.5 million, more than 7 times its monthly low of $6.3 million, suggesting a growing demand from investors.
Bonk’s recent rally followed its listing on South Korea’s largest crypto exchange, Upbit. BONK’s daily trading volume shot up 95% amid the listing, hovering over $3.5 billion when writing.
Another key factor driving the altcoin’s gains is Bonk DAO’s announcement of a massive 1 trillion token burn scheduled for Christmas Day, which is set to reduce the total number of tokens in circulation, thereby increasing scarcity.
Whales have also been interested in the meme coin lately. According to data shared by Lookonchain, a whale with a history of profitable meme coin investments has spent 3.4 million USDC to buy 65.4 billion BONK tokens. Last week, another whale was seen picking up 29.32 billion BONK at $0.0000387.
Whale buying typically boosts retail investor confidence in an asset, potentially driving FOMO (fear of missing out) among those seeking quick gains.
Bullish momentum to continue
BONK’s rally hasn’t lost strength despite surging over 72% in the past week alone. On the 1-day BONK/USDT price chart, BONK’s EMA lines show a strong bullish trend, with the short-term 50-day EMA above the long-term 200-day EMA and the price staying above both lines.
Based on this setup, the bullish trend is expected to continue in the short term as the buyers remain in control. However, the Relative Strength Index showed a reading of 82, which confirms the bullish momentum but puts the meme coin at overbought levels.
Despite the overbought status, an analyst suggests that BONK is undergoing a ‘Blue Sky breakout,’ which could sustain its upward trajectory in the coming days.
This speculation is supported by strong catalysts driving the uptrend and the current hype around meme coins. Separately, Bitcoin’s recent rally to new highs has amplified market-wide sentiment, further boosting interest in the meme coin sector, which gained 2.3% over the past day.
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DeFi
Ethena Sees $1B Inflows as Crypto Rally Brings Back Double-Digit Yields
Published
3 days agoon
November 19, 2024By
adminThe protocol’s rejuvenation is driven by elevated perpetual funding rates, with more catalysts ahead for growth.
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crypto
Uncertainty Looms For Crypto As SEC And CFTC Leadership Transitions Unfold Under Trump
Published
6 days agoon
November 17, 2024By
adminAs Donald Trump prepares to take office for another term, speculation is intensifying regarding the future of crypto regulation, particularly concerning the leadership of the US Securities and Exchange Commission (SEC).
Recent social media posts by FOX journalist Eleanor Terret suggest that SEC Chairman Gary Gensler may be on the verge of resigning, possibly before Trump’s inauguration in January 2025.
Pro-Crypto Candidates In The Running To Succeed Gensler
According to sources close to the situation, Terret says Gensler’s resignation, which would leave his term, set to expire in 2026, uncompleted, is expected to be announced after Thanksgiving.
However, while Gensler has faced heavy criticism during his tenure for his strict regulatory approach to the crypto industry, the identity of his successor remains uncertain.
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Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo has dismissed rumors regarding his nomination, while several other candidates are being considered.
Among the names in the mix are Dan Gallagher, Chief Legal Officer at crypto exchange Robinhood; Bob Stebbins, a partner at Willkie Farr; former SEC Commissioner Paul Atkins; and Paul Hastings lawyer Brad Bondi.
Terret suggests that Gallagher, while initially reluctant to leave Robinhood, may reconsider as the dynamics of the administration’s appointments shift.
Stebbins, who has close ties to Jay Clayton, a former SEC chairman, is rumored to be a favored candidate, though he lacks a crypto background. Still, sources suggest he would follow the Trump administration’s lead on digital assets.
Atkins and Bondi are both known for their pro-crypto stance, advocating for a “lighter regulatory touch.” Atkins serves on the board of the Digital Chamber of Commerce and co-chairs its Token Alliance, focusing on token issuance growth. Bondi has been involved in advising decentralized finance (DeFi) projects, indicating a commitment to fostering innovation in the crypto space.
Trump Plans Resource Allocation For CFTC
Other names circulating in crypto circles include former CFTC Chair Heath Tarbert, former Acting Comptroller of the Currency Brian Brooks, and former SEC Investment Management Director Norm Champ. Champ recently expressed his willingness to serve if asked, signaling his interest in a potential role in the upcoming administration.
In addition, pro-crypto SEC Commissioner Mark Uyeda is reportedly open to taking the chairmanship, possibly as acting chair, while fellow Commissioner Hester Peirce, dubbed the “crypto mom” of the agency, has privately indicated her disinterest in the role.
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With these leadership changes on the horizon, Terret anticipates that the new SEC chair will be pro-crypto, while also being equipped to handle the broader responsibilities of the agency, which include oversight of public companies, the stock market, the bond market, private funds, and the consolidated audit trail (CAT).
Compounding the speculation is the expectation that the Trump administration may also increase the CFTC’s role in cryptocurrency regulation. Terret asserts that the administration is considering allocating more resources to the CFTC, although the specifics of how this will be implemented remain unclear and would likely require additional funding.
Featured image from DALL-E, chart from TradingView.com
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