Altcoin

Tron Token Burn: 10 Million Gone—What Does It Mean For TRX Price?

Published

2 hours ago

October 14, 2024

TRON (TRX) recently garnered attention by incinerating over 10 million tokens, demonstrating its dedication to a deflationary approach intended to enhance its value. Currently, TRX is trading at roughly $0.1605, indicating a small increase.

Analysts express optimism on TRON’s future, forecasting a 57% price increase during the next three months, and an even more remarkable 208% rise over six months, figures from CoinCheckup show. This optimistic perspective indicates that TRX may be poised for a substantial upward trajectory in the cryptocurrency market.

A Robust Technical Foundation

The technical indicators for TRX are converging towards a positive sentiment. The price chart demonstrates a modest upward trend, while the Relative Strength Index (RSI) is presently at 57.58. This statistic indicates that TRX is approaching overbought area, however there still potential for more gains.

The Stochastic indicator, currently at 66.63, reinforces this bullish perspective by demonstrating momentum without indicating imminent exhaustion. Collectively, these factors suggest that TRX may sustain its upward trend in the short future, rendering it an appealing opportunity for investors.

Increasing Enthusiasm For TRON

Alongside the token burn, TRON has had a decent increase in daily active addresses, indicating a growing investor interest, data from IntoTheBlock shows. Although the general trend seems constant, this minor uptick suggests that more people are entering the market.

This increasing participation may enhance the token’s upward trajectory, particularly when coupled with the current deflationary strategies. As TRON endeavors to diminish its circulating supply, these elements may establish a foundation for heightened prices.

Market Sentiment And Trading Conduct

Despite the positive statistics, traders remain extremely cautious. The Long/Short Ratio shows shorts slightly outstrip longs with 54% shorts and 46% of longs. This is a ‘wait-and-see’ attitude by traders while awaiting a possible volatility in the price movement of TRX.

The TRX OI-Weighted Funding Rate is at approximately 0. That means that the balance of longs to shorts is neutral, and hence it may also reflect positively on market sentiment pending short-term variability for TRX’s price.

Recent burning of tokens by TRON and the steady increase in active addresses can boost the momentum TRX needs to post solid growth rates for the next couple of months.

Technical indicators depict a positive trend and solid price projections, which shows TRX will gain substantially in the short term.

Featured image from Pixabay, chart from TradingView

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AI

Render price recovers amid whale accumulation

Published

3 weeks ago

September 26, 2024

admin

Render, a decentralized graphics processing unit-based rendering solutions provider, is seeing a notable price recovery as large wallet addresses aggressively accumulate the native token.

The Render (RENDER) token ranks as one of the top artificial intelligence and decentralized finance cryptocurrencies by market cap. After its native token plummeted to $4.50 on Sept. 7, Render has shown significant resilience, reclaiming support above $6.00.

RENDER price ‘bottomed’

According to market intelligence and on-chain insights provider Santiment, Render is showing recovery buoyed by large address accumulation. This comes after the artificial intelligence token bottomed out near $4.60 on Sept. 18, with bears rejecting bulls’ attempt to push higher around $5.35 a week earlier.

Most altcoins experienced significant volatility during this time, with related tokens such as Bittensor (TAO) soaring.

Gains for Render have largely been muted, but the bullish shift amid whale accumulation has seen its price rise by more than 33% over the past week. This upside has coincided with a fresh spike in artificial intelligence-related tokens.

Whales bought the Render dip

Whales and sharks took advantage of recent pullbacks to buy low. For Render, this was a notable occurrence, as pointed out by Santiment analysts in an post on X.

On-chain data shows that these large holders possess at least 100,000 Render tokens. About 902 addresses hold 100,000 or more tokens, with large holders controlling 91% of the total supply.

In the past eleven weeks, these large wallets have accumulated over 20.5 million Render tokens, valued at more than $126.3 million. During this aggressive accumulation, whales and sharks added 3.7% of Render’s total supply to their holdings.

While the whales adopted a bullish stance on the altcoin, investor wallets appear to have sold off sharply. In the past month, investors dumped 21% of their holdings, which whales absorbed. Retail investors also purchased more tokens, adding 3.6% to their portfolios.

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Altcoin

Neiro, Immutable X, Arkham pumps as Bitcoin stalls

Published

3 weeks ago

September 23, 2024

admin

Cryptocurrency prices were mostly flat on Sep. 23 as traders embraced a wait-and-see approach after last week’s Federal Reserve decision.

Bitcoin (BTC) rose to a multi-week high of $64,741 and then quickly pulled back to $63,377 while Ethereum (ETH) rose to $2,680.

This price action mirrored that of the stock market, as major U.S. indices like the Dow Jones, Nasdaq 100, and S&P 500 showed little movement.

Nevertheless, some popular cryptocurrencies continued to rally. Neiro (NEIRO), a widely known meme coin, surged to a record high of $0.0012, bringing its market cap to over $484 million. It has become the ninth-largest meme coin, surpassing the likes of Book of Meme, Cat in a Dog’s World, and Mog Coin.

Immutable X (IMX), a popular layer-2 network for gaming and non-fungible tokens, soared to $1.9481, its highest level since June 4. It has risen for seven consecutive days, more than doubling from its August low.

Immutable has rallied due to its growing popularity among game developers. Last week, Immortal Rising 2 was deployed on its zkEVM network, a significant milestone since the game has thousands of players globally.

Other newly launched games on the network include RavenQuest Phase 2, The Tree Verse, and Arise.

Arkham price chart | Source: TradingView

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Altcoin

Nervos Network Bulls Add More Profits To Their Wallets With Gambling Token Mpeppe

Published

4 weeks ago

September 19, 2024

admin

The Nervos Network (CKB) has seen substantial growth in recent months, making it a standout in the cryptocurrency space. Nervos Network (CKB) recorded a significant increase in value, climbing by 119% in just one week. As this bullish momentum continues, many investors are turning their attention to alternative opportunities to diversify their portfolios, and one token that’s catching their eye is Mpeppe (MPEPE), a new gambling token with massive growth potential.

Nervos Network’s Impressive Performance

Nervos Network (CKB) has experienced rapid growth in 2024, solidifying its position as a top-performing cryptocurrency. In just the past month, Nervos Network (CKB) saw its value rise from $0.0078 to $0.0157, representing a 102% increase. Over the past year, the token has surged by a staggering 469%, demonstrating its strong market presence.

Nervos Network (CKB) benefits from its unique architecture, which offers developers a flexible and scalable platform for building decentralized applications (dApps) and smart contracts. This two-layer structure allows Nervos Network (CKB) to offer a highly secure environment for blockchain transactions while enabling efficient scalability, making it a popular choice for both developers and investors.

With its impressive growth and solid fundamentals, Nervos Network (CKB) has attracted a loyal following of bulls who continue to add more CKB to their portfolios. However, many of these investors are now diversifying their holdings by investing in other high-potential tokens like Mpeppe (MPEPE), which has quickly gained a reputation for delivering substantial profits.

Mpeppe’s Explosive Growth Potential

Mpeppe (MPEPE) is a new entrant in the cryptocurrency market, specifically targeting the gambling and gaming sectors. The token has garnered attention due to its unique value proposition as a gambling token with a strong focus on delivering high returns for early investors. Mpeppe (MPEPE) has already made waves in the crypto community, with experts predicting a potential 150x return for investors who get in early.

The gambling industry is one of the fastest-growing sectors in the crypto space, and Mpeppe (MPEPE) aims to capitalize on this trend. The token offers users the ability to participate in decentralized gambling platforms, where they can bet on a variety of games and earn rewards. This decentralized approach to gambling removes the need for intermediaries, reducing fees and increasing transparency for users.

For Nervos Network (CKB) investors looking to diversify, Mpeppe (MPEPE) offers an exciting opportunity. The token’s focus on the gambling industry aligns well with the growing demand for decentralized finance (DeFi) solutions that provide real-world utility. With the potential for massive profits, many Nervos Network (CKB) bulls are adding Mpeppe (MPEPE) to their portfolios, confident that the token will continue to perform well in the coming months.

Nervos Network and Mpeppe: A Strong Combination

The combination of Nervos Network’s (CKB) strong performance and Mpeppe’s (MPEPE) growth potential makes for a compelling investment strategy. Nervos Network (CKB) has already proven itself as a reliable asset, with consistent gains and a robust infrastructure that supports the growth of decentralized applications. Meanwhile, Mpeppe (MPEPE) offers a high-reward opportunity for investors looking to capitalize on the growing gambling sector.

The growth of Nervos Network (CKB) has been fueled by its integration into major cryptocurrency exchanges and its ability to attract developers to its platform. Similarly, Mpeppe (MPEPE) is gaining traction thanks to its unique positioning in the gambling market and its potential to deliver significant returns. Together, these two assets offer investors a well-rounded portfolio that balances stability with growth potential.

Conclusion

Nervos Network (CKB) continues to be a top performer in the cryptocurrency space, with strong fundamentals and impressive growth over the past year. However, as savvy investors know, diversification is key to maximizing profits and minimizing risk. Mpeppe (MPEPE) offers an exciting opportunity for Nervos Network (CKB) bulls to diversify their portfolios and capitalize on the booming gambling industry.

With predictions of a 150x return, Mpeppe (MPEPE) has the potential to deliver substantial profits for early investors. By adding Mpeppe (MPEPE) to their portfolios, Nervos Network (CKB) bulls can benefit from the growth of both the decentralized finance and gambling sectors, positioning themselves for continued success in the volatile world of cryptocurrency.