Coins by Cryptorank
Insights and analysisEditorial office

Blockchain buzz weekly

Tanja Nechet

News editor

Jun 20, 2024 at 12:30

Greetings, crypto warriors! 💥 

💪  Put DRIFT tokens to work 

Drift Protocol (DRIFT) is a DEX on Solana that aims to address the shortcomings of traditional online exchanges while providing unprecedented efficiency, liquidity, and accessibility. Drift has launched its staking (at this link).

The stakers are promised:

The brand new newsletter with insights, market analysis and daily opportunities.

Let’s grow together!

  • double the number of votes, 
  • payment of commissions on DRIFT/USDC trades.
  • any future possible plushies realized through management.

🏦 Binance launches HODLer airdrops for BNB holders 

Users who sign up for BNB Simple Earn will receive tokens issued by projects with a large number of tokens in circulation that are going to list them on Binance soon. Balance snapshots will occur multiple times at any given time in BNB Simple Earn products (Flexible and/or Locked).

How to get HODLer Airdrops?

  • Stake your BNBs in Simple Earn (Flexible and/or Locked).
  • Get under random balance snapshots.
  • Wait for an announcement from Binance about the start of a new HODLer Airdrop.
  • Get your tokens p directly to the spot.

🌠 Three reasons behind Bitcoin’s falling 

According to IT Tech analysts, here they are:

  1. “Miner capitulation” – miners’ revenues have fallen by 55%, forcing them to sell more bitcoins to cover costs.
  2. Lack of USDT and USDC stablecoin issuance – analysts say this means there is less new money coming into the cryptocurrency market.
  3. The Bitcoin-ETF sector is experiencing capital outflows and this is “putting pressure on bitcoin.” Short-term investors (those holding the asset for less than 155 days) are selling off their holdings.

Historical trends show that periods of low miner returns combined with high hash rates can indicate a potential market bottom. Such a scenario often indicates a possible market stabilization or rebound. A strong support level of around $62,400 could help stabilize prices in the near term.

🪙 The Block: Notcoin founder Sasha Plotvinov doesn’t expect clicker games to find long-term success 

Instead, he believes that games must find sustainable models to survive.  As for Notcoin itself, Sasha said he wants to move away from the clicker narrative. The plan for the next 4 years is for the project to become team-independent by creating sustainable and efficient subsystems.

😢 Trader lost more than $341,000 in a minute due to memecoin

An unidentified trader lost more than $341,000 due to the memecoin DJT, which US presidential candidate Donald Trump is rumored to be involved in creating, Lookonchain reports.

The investor spent 2,500 SOL ($342,100 at the time) to buy 91,705 DJT. However, he sold the assets almost immediately for 4.91 SOL ($673). Thus he lost about 2,495 SOL ($341,400) in less than one minute.

🔑 Key crypto market highlights (June 19-26)

💵 Ideas

[1] 🔔 Notcoin contest is open

Submit your work on the website. Deadline – June 24th, the results will be published after July 7th.

How to participate:

  • Post your work on your social networks with #notcoin hashtag.
  • Send a link through the form.

[2] 🔔 Deep down before high up?

According to Xanrox’ technical analysis, Bitcoin is approaching a crucial price level, $62,402, where it is expected to hit a significant low point before potentially rising again. 

Key price level: Bitcoin is nearing $62,402, which is seen as a good price to buy because it might be the lowest point before it starts to rise again. 

Fibonacci level: this price is important because it aligns with a 0.618 Fibonacci level, a mathematical ratio often used in trading to predict potential reversal points in the market. 

Fair value gap (FVGAP): on May 15, 2024, there was a big price jump, leaving an “unfilled gap” in the chart. Prices often return to fill these gaps before moving up again. 

Point of Control (POC): this is the price level with the highest trading volume in the past, indicating strong interest and support at this level. 

Elliott Wave Theory: Bitcoin has completed a five-wave upward trend and is now in a corrective phase. The bottom of this corrective phase is likely around $62,402. 

Future predictions: once this correction finishes, Bitcoin is about to start a new upward wave that could reach an all-time high. 

Altcoin season: this is when smaller cryptocurrencies perform well. It’s predicted to happen when Bitcoin’s market dominance reaches 60%, which is not expected in 2024. 

*Any technical analysis, in the long run, cannot accurately predict the movement because now is a very tough market and the news can swing currencies in all directions.

[3] 🔔 Gaining benefits from Hyperlane

Hyperlane is a multi-chain protocol that allows you to bridge tokens between networks into any asset. The project has raised $18.5M in investment from Variant, Circle, Kraken Ventures, CoinFund and others.

What to do:

All information provided on this website is for educational and informational purposes only. Please consult with our Disclaimer.

Home » Insights and analysis » Blockchain buzz weekly

Your complaint has been sent to a moderator