Author: Sollcrypto
In May, a groundbreaking development took place in the Ethereum market as Token Bound Accounts (TBAs), also recognized as NFTs that double as crypto wallets, made their debut. These unique non-fungible tokens, governed by the ERC-6551 token standard, which enhances certain aspects of the well-established ERC-721 standard, have achieved remarkable success within the Polygon network over the past few months. Let’s explore how these distinctive NFTs function in harmony and delve into some statistics regarding their expansion. For a comprehensive understanding, read on. Summary What is ERC-6551: the token standard that is transforming the NFT and cryptocurrency wallet industry? ERC-6551…
Data from Santiment indicates that billionaire Ethereum wallets and top-tier addresses currently control 32.3% of the ETH supply, setting a seven-year record. This information comes from the leading market intelligence platform celebrated for its comprehensive on-chain and social metrics, offering valuable insights into the high-tier investors who possess Ethereum (ETH) tokens. Significant Ethereum Wallets Shatter a Seven-Year Record. Santiment recently shared on Twitter that Ethereum’s billionaire wallets, comprising investors with a minimum of one million ETH, now represent a significant portion of the cryptocurrency’s total circulating supply. To be precise, these billionaire ETH addresses currently control 32.3% of the available…
In December 2022, the Bitcoin Lightning Network, the most widely used scaling solution for Bitcoin, encountered a critical vulnerability. This error, if exploited by a malicious actor, could have resulted in significant losses for Bitcoin users. To provide some context, the Lightning Network boasts thousands of users and holds a value of at least 5,500 Bitcoin, equivalent to a substantial sum of over $150 million. With the vulnerability now addressed and the Bitcoin Lightning Network deemed safe for utilization, Antoine Riard, a developer in the Lightning community, has chosen to reveal the comprehensive details of this vulnerability. In his post-mortem…
As the crypto winter persists and industry competition intensifies, activity within the Cardano ecosystem is experiencing a notable slowdown. Recent data reveals that the total value of ADA locked in the DeFi ecosystem has surged to an all-time high of 625 million. In 2023, the ecosystem showed robust performance, commencing the year with over 204 million ADA coins locked. However, in more recent times, the inflow of tokens into the ecosystem has shown signs of deceleration. Among Cardano’s decentralized applications (dApps), MinSwap emerges as the frontrunner, boasting a total value locked (TVL) exceeding $39 million. Additionally, Indigo, a collateralized debt…
Ethereum’s price has been unable to surpass the 50- and 200-day EMAs for nearly two months. Wallets belonging to whales, holding more than 1 million ETH, now account for 32.3% of the total circulating supply. These whales are possibly amassing more tokens, indicating their anticipation of a potential rally. Despite Ethereum’s struggle to break through for the past two months, this challenge hasn’t affected investor sentiment, particularly among significant holders, who remain notably bullish. The downward trend in Ethereum’s price may be nearing its conclusion. Ethereum’s price, currently trading at $1,568, rebounded from the $1,533 support level last week, experiencing…
Amid the crypto market’s substantial losses during the bearish phase, meme coins also experienced a downturn. These tokens, often inspired by internet memes, witnessed a collective market capitalization decrease of $3.2 billion in 2023. This decline has created an opportunity to potentially acquire these widely favored tokens at what could be perceived as a reduced price. Dogecoin (DOGE): The Supreme Meme Coin While Dogecoin (DOGE) has consistently held its throne as the leader among meme coins, it hasn’t been able to escape the market turmoil. Despite commencing 2023 on a strong note and nearly reaching the $0.1 mark, it has…
Prominent cryptocurrency analyst Ali Martinez recently pointed out that Cardano ($ADA) has been experiencing a consolidation pattern that bears a striking resemblance to its consolidation phase from 2018 to 2020. This similarity suggests the potential for the cryptocurrency to surge to $6 in the future. According to Martinez, if historical patterns repeat, ADA, the native token of the smart contract platform, might remain in this consolidation phase until July 2024. However, barring any unexpected disruptive events (referred to as “black swan” events), he believes ADA could break out as early as December. In a chart shared on the microblogging platform…
Bitcoin’s price experienced a brief surge of almost 10% following false reports of ETF approval on Monday, only to retract to $28,555. The second deadline for Fidelity, VanEck, and WisdomTree applications, which is slated for October 17, is also expected to be postponed. Despite the liquidation of $86 million in short positions on Monday, Bitcoin investors managed to capitalize on the situation, reflected in the NUPL touching a two-month high. While the rise in Bitcoin’s price brought gains for many, it resulted in significant losses for those who witnessed nearly $86 million worth of shorts being liquidated. Nevertheless, the overall…
Ethereum’s attempt to initiate a new upswing above $1,600 against the US dollar fell short, leaving ETH in a precarious position as it struggles to maintain its foothold above the crucial $1,550 support level. Ethereum’s downward momentum persisted, with the price testing the critical $1,550 support area. Currently, it hovers just below $1,580 and is positioned below the 100-hourly Simple Moving Average. Furthermore, a bearish trend line is taking shape on the hourly chart of ETH/USD, indicating resistance around $1,570 (data source: Kraken). Should the bulls prove unable to defend the $1,550 support, there is a possibility of a heightened…
In a persistently volatile cryptocurrency market, marked by price fluctuations influenced by various factors, the meme coin Shiba Inu (SHIB) has managed to breach a local resistance level, setting the stage for a possible long-term reversal. A meticulous analysis of its recent chart reveals intriguing patterns that suggest a potential upturn in its price trajectory. Primarily, a detailed examination of the SHIB/USDT chart underscores a coin engaged in a formidable struggle with the 21-day Exponential Moving Average (EMA). Throughout the history of many cryptocurrencies, the 21-day EMA has consistently served as a pivotal indicator of bullish or bearish momentum. Currently,…