Bitcoin (BTC) leads the table with 963.64K active addresses. The newly launched Worldcoin (WLD) was also included in the top 10 positions. The crypto market has experienced a massive downtrend over the past few weeks. The top cryptocurrencies in the crypto market have shown strong bearish momentum. On the other hand, according to the Santiment data, several cryptocurrencies have witnessed the highest level of address activity. On August 25, Santiment, the crypto market analyzer, reported the top ten assets by highest address activity. Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Polygon (MATIC), and Litecoin (LTC) have more than double the active actress activity of any other assets. Bitcoin, the world’s largest cryptocurrency, leads the table with 963.64K active addresses. An address is considered active as soon as it becomes a direct participant in a successful transaction, either as a sender or receiver. As a result, active addresses serve as a good indicator of daily users on any particular blockchain. Tether Shows High Address Activity in Several Blockchains According to the data, following Bitcoin, the stablecoin Tether takes the second position, with 664.06K active addresses on the BNB Chain. And also, the leading altcoin, Ethereum, secures third place with 394.97K active addresses. Followed by MATIC and Litecoin, which secured the next position with 237.99K and 236.69K, respectively. The newly launched Worldcoin (WLD) was also included in the top 10 positions, along with Tether on the Polygon blockchain, Binance USD on BNB, Bitcoin Cash, and again Tether on the Ethereum blockchain. The data clearly shows that stablecoin activity experiences a surge as Tether has high address activity in several blockchains. However, the crypto market is still experiencing a downtrend as Bitcoin trades around $26K. Following BTC, the top altcoins are showing a similar pattern in the crypto market. At the time of writing, Bitcoin is trading at $26,036, with a decline of over 1.65% in the last 24 hours. The daily trading volume of BTC has experienced a decline of 21.84%, according to CoinMarketCap.

SHIB dipped over 3% in the last 24H 74% of SHIB holders are currently facing losses: IntoTheBlock. The eccentric memecoin, Shiba Inu, has taken the number one trending spot within the crypto community, as indicated by CoinMarketCap. It has been a prominent topic since its mainnet blockchain – Shibarium’s launch. However, Shibarium failed to meet the high expectations of the dog community. The launch was abruptly halted for repairs, resulting in absence of anticipated bull rally. Adding to the concerns, recent data from the prominent crypto analytics platform IntoTheBlock highlights a troubling trend that 74% of SHIB holder addresses find themselves trapped in a sea of losses. With a substantial 951,320 addresses currently facing losses. The decline in SHIB’s value has led to a massive accumulation of 859.44 trillion Shiba Inu tokens stranded in these unprofitable addresses. Around 268,720 addresses initially invested in SHIB at prices ranging from $0.000009 to $0.000014, a sharp contrast to the current trading value of $0.0000083 per token. This disparity underscores the extent of the financial setback. Meanwhile, in the past 24 hours, a total of 85,194,367 SHIB tokens have been burned in 8 transactions. Simultaneously, In a recent blog post, the Shibarium team assured users that their funds are secure. And promised an enhanced experience upon the platform’s public launch. Early beneficiaries of the update are already celebrating as bridged BONE tokens make their debut. Notably, the Shibarium utility token, BONE, has surged by an impressive 11.93% in just 24 hours. However, persisting with the bearish momentum, SHIB’s value has declined by 3.08% within the past 24 hours, currently standing at $0.0000080. And the trading volume is down 24% in the same timeline.

Apecoin (APE) finds itself in turbulent waters as the once-promising gaming token experiences a precipitous decline, marking a 30% drop in the last 30 days, despite the efforts of bullish investors to shore up its value, APE has plummeted well below the $1.70 support level, raising concerns of a potential free-fall that could see its value revisit the abyss of $1. Currently trading at $1.41, according to CoinGecko, APE has faced a 6% decline in the past 24 hours and a 7.2% loss over the last seven days. This pivot may be contingent on Bitcoin’s performance, particularly its ability to reclaim the price range between $28,000 and $30,000 in the long term. Challenges Ahead: Bearish Momentum Grips Apecoin Without a swift change in sentiment, Apecoin holders might find themselves trapped in a downward spiral with no visible bottom. The Relative Strength Index (RSI), a key indicator of market momentum, recently attempted a reversal but was quickly thwarted, driving the index back into the oversold zone. This retreat underscored the persistent selling pressure that has hindered APE’s attempts at a price recovery. Since April 2023, the market has been dominated by bears, as each attempt by buyers to establish a support level has been met with subsequent losses. The sustained downward pressure has curtailed any bullish initiatives, leaving APE’s future uncertain. Whale Activity Raises Questions Amid Bleak Outlook Amid the prevailing bearish sentiment, a notable development has emerged in the Apecoin (APE) ecosystem. A report citing data from LookOnChain reveals substantial activity from a significant APE whale, Machi Big Brother, starting from August. The whale, making purchases totaling 1.51 million APE tokens, equivalent to a staggering $3.09 million, executed these transactions on Binance. Machi Big Brother’s substantial investments might indicate confidence in Apecoin’s future prospects. However, the larger sentiment surrounding APE tells a different story. As of August 17, prevailing sentiment remains bearish, with analysts projecting a potential decline in APE’s value to $1.36 by September. Meanwhile, Santiment’s data revealed an interesting statistic. Apecoin investors have suffered significant losses, with the Market Value to Realized Value (MVRV) ratio falling by -15.90% and -25.49% for monthly and quarterly holders, respectively. Apecoin finds itself at a critical juncture, grappling with intense bearish pressures that have led to a significant erosion of its value. As market sentiment remains uncertain, all eyes are on both Bitcoin’s performance and APE’s ability to shake off the shackles of bear dominance and regain its foothold in the volatile cryptocurrency landscape. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from UnSplash

Cardano’s price started a fresh decline below $0.280. ADA is struggling and key indicators suggest high chances of more downsides below $0.252. ADA price is gaining bearish momentum below the $0.285 level against the US dollar. The price is trading above $0.280 and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $0.274 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair could start a recovery wave if there is a close above the $0.280 resistance. Cardano’s ADA Price Faces Uphill Task In the past few days, Cardano’s price saw a fresh decline from well above $0.288. The price traded below the $0.285 and $0.280 support levels to move into a bearish zone, similar to Bitcoin and Ethereum. The price even declined below $0.265 and tested the $0.245 support. A low is formed near $0.2455 and the price is now consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $0.3018 swing high to the $0.2455 low. However, the bears are active near the $0.270 zone. ADA price is now trading below $0.280 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.274 on the 4-hour chart of the ADA/USD pair. On the upside, immediate resistance is near the $0.270 zone. The first major resistance is forming near the $0.274 zone and the trend line. It is close to the 50% Fib retracement level of the downward move from the $0.3018 swing high to the $0.2455 low. Source: ADAUSD on TradingView.com The next key resistance might be $0.280. If there is a close above the $0.280 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.300 resistance zone. More Losses? If Cardano’s price fails to climb above the $0.274 resistance level, it could start another decline. Immediate support on the downside is near the $0.252 level. The next major support is near the $0.2455 level. A downside break below the $0.2455 level could open the doors for a sharp fresh decline toward $0.220. The next major support is near the $0.200 level. Technical Indicators 4 hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.252, $0.2455, and $0.220. Major Resistance Levels – $0.270, $0.274, and $0.280.

ZTX is set to launch its Genesis Home NFT Mint on Arbitrum via OpenSea ZTX provides real utility and rewards for early adopters. ZTX, an innovative and rapidly expanding Web3 virtual world and creator platform, is launching its eagerly awaited Genesis Home NFT Mint on Arbitrum on August 30. The launch will take place here, on OpenSea, the world’s leading platform for digital asset and NFT collection, creation and trading. Today, ZTX is reporting that it has successfully sold out its presale event. The upcoming Genesis Home Mint is a prime example of the rapid development, evolution and maturing of the blockchain and Web3 spaces. While many early advancements and considerable Web3 growth have already taken place, user engagement, content creation and functional rewards systems and incentives have not matched that pace. Innovative initiatives such as the Genesis Home Mint stand to change that narrative. The mint comprises 4,000 bespoke 3D-rendered Homes spread across four unique ZTX Districts: Fashion, Games, Financial, and Arts. It will be conducted instead of a virtual land sale, which has long been the go-to approach for virtual world platforms but typically results in little to no engagement or incentives for creators to participate. ZTX’s Approach to Community and Creativity ZTX, in contrast, has made land free and is providing early adopters and supporters with limited-edition Homes that will serve as their base. In this way, ZTX is rewarding community members and creators with in-game utility, boosts to economic activities and asset production, priority access to updates and features, opportunities for self-expression and creativity, and voting rights on important District matters. In this way, ZTX is bringing about an important change that has yet to be seen in the Web3 and virtual world industries – providing real utility and incentives that are tied to self-sustaining on-platform activities, all neatly packaged into functional digital assets that are the linchpins of the blockchain, cryptocurrency, NFT, and Web3 revolutions. Homeowners in ZTX’s four Districts will have priority access and exclusive rights to various experiences, content, and opportunities within their Districts, per ZTX. With their 3D-rendered Homes, they will also enjoy direct in-app utility and will be able to decorate rooms, exhibit art or content, host gatherings, and conduct other activities. Home NFTs also act as membership passes that provide governance rights to the various District treasuries that will work toward securing independent grants and support for creator rewards. In this way, ZTX is bringing on-platform rewards, priority access, exclusivity, utility, functionality and many new capabilities to creators and community members all via District Homes. This is bound to redefine how other Web3 players approach rewards, incentives and other functions on their platforms and ecosystems as well – a significant step forward and a major advancement for the industry as a whole.

Bitcoin price is consolidating above the $25,500 level. BTC could start a decent increase if there is a close above the $27,000 resistance. Bitcoin is struggling to clear the $26,500 resistance zone. The price is trading near $26,100 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support near $26,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to trade in a range before the next major move. Bitcoin Price Slides Again Bitcoin price started a recovery wave above the $26,250 resistance level. BTC even cleared the $26,500 level but the bears were active near the $26,750 zone. A high was formed near $26,779 and the price started a fresh decline. There was a move below the $26,500 level. The price declined below the 50% Fib retracement level of the recovery move from the $25,360 swing low to the $26,779 high. Besides, there was a break below a connecting bullish trend line with support near $26,400 on the hourly chart of the BTC/USD pair. The pair tested the 61.8% Fib retracement level of the recovery move from the $25,360 swing low to the $26,779 high. Bitcoin is trading near $26,100 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $26,400 level. The first major resistance is now near the $26,780 level, above which the price might rise toward the $27,000 resistance. Source: BTCUSD on TradingView.com To start a strong increase, the price must settle above the $27,000 resistance. In the stated case, the price could test the $27,800 level. Any more gains might set the pace for a larger increase toward $28,200. More Losses In BTC? If Bitcoin fails to clear the $26,400 resistance, it could continue to move down. Immediate support on the downside is near the $25,900 zone. The next major support is near the $25,400 level. A downside break below the $25,400 level might push the price again into a bearish zone. In the stated case, the price could drop toward $24,800. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $25,900, followed by $25,400. Major Resistance Levels – $26,400, $26,780, and $27,000.

Ethereum price is struggling to rise above $1,700 against the US Dollar. ETH whales seem to accumulate, and the $1,620 support could be the key. Ethereum is struggling to rise above the $1,680 and $1,700 levels. The price is trading below $1,670 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase above the $1,670 and $1,700 resistance levels. Ethereum Price Holds Support Ethereum’s price started a short-term upside correction above the $1,650 level. ETH even climbed above the $1,670 level but the bears were active near the $1,700 zone, like Bitcoin. The price traded as high as $1,698 and is currently moving lower. There was a drop below the $1,670 level. The price even tested the 50% Fib retracement level of the upward move from the $1,580 swing low to the $1,698 high. Ether is now trading below $1,670 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside, the price might face resistance near the $1,670 level and the trend line zone. The next resistance is near the $1,700 zone. To start a decent recovery wave, the price must settle above the $1,700 zone. The next major resistance is near the $1,780 level, above which the price could rise toward the $1,820 level. Any more gains might send the price toward the $1,920 resistance. More Losses in ETH? If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level. The first major support is near the $1,620 zone or the 61.8% Fib retracement level of the upward move from the $1,580 swing low to the $1,698 high. The next key support is close to $1,600. If there is a downside break below $1,600, there could be more losses. The next major support is near the $1,520 support level. Any more losses might send the price toward the $1,440 level or even $1,320. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,620 Major Resistance Level – $1,700

Over the last week, Ethereum (ETH) has seen its price take a slight hit following the general market crash due to reports of a massive Bitcoin sell-off. According to data from CoinMarketCap, ETH is down by 5.01% in the last seven days, bringing its total price loss in the previous month to 10.80%. Albeit, despite Ethereum’s negative performance, the on-chain analytics platform, Santiment, has noted some positive developments in terms of whale activity. Ethereum Experiences Highest Whale Activity In 4 Months On Thursday, August 24, Santiment posted a report on X (formerly Twitter) stating that Ethereum has recorded its largest level of whale transactions in the last 16 weeks. According to the blockchain intelligence firm, there has been a notable increase in transactions by addresses with large ETH holdings following the token’s fall beneath the 1,650 price mark last week. Sentiment reported that Ethereum experienced 23,073 ETH whale transactions in the past week, marking the network’s highest since May 4. In addition, the report also stated that the number of wallets with 10-10,000 ETH had surged by 1,788 since the start of June, returning this metric to the previous high of 355,000. Could The ETH Market Experience A Boost Soon? Based on Santiment’s report, it can be inferred that the decline in ETH’s price has led to a buying spree by large investors anticipating a price surge, thus taking advantage of the current market dip. Providing more insight into this trend, Lookonchain, another market intelligence firm, has also reported on the ongoing accumulation of ETH. Via an X post on Thursday, Lookonchain stated that four whales have collectively purchased 56,100 ETH, valued at $94 million, in the last seven days. Following such heavy investments, it appears that ETH major investors are banking on the prominent altcoin to begin a market rebound soon. However, data from Coincodex states that general market sentiments around ETH remain bearish. At the same time, the Fear & Greed Index is set at 41, indicating that many other investors are still skeptical about the token’s potential gains. ETH is trading at $1,652.06 at the time of writing, with a 1.861% loss on the last day. In tandem, the token’s trading volume is also down by 31.07%, valued at $5.67 billion. Notwithstanding, with a market cap value of $198.36 billion, Ethereum remains the second-largest cryptocurrency.

In response to mounting speculation and accusations circulating within the crypto community, Binance CEO Changpeng Zhao (CZ) has addressed allegations of a significant sell-off of Bitcoin (BTC) by Binance. These allegations have been linked to a 7% BTC price drop. CZ took to Twitter to respond, reposting a thread by a user named ZkHopium, who provided a detailed analysis debunking the claims and highlighting the fundamental basis of the situation. CZ Debunks Allegations Of Bitcoin Dumping The thread by ZkHopium sheds light on the events surrounding the Binance Coin (BNB) liquidation on Venus Protocol. It explains that the exploit occurred on October 6th, 2022, on the Binance Smart Chain (BSC), creating 2 million BNB. Of this amount, 900,000 BNB were deposited on Venus Protocol to borrow approximately $150 million worth of USDT and USDC. In response, the BNB chain burned more than 2 million BNB, equivalent to around $550 million at the time, effectively removing these tokens from circulation. To facilitate the liquidation process, Venus Protocol passed a governance proposal, designating BNB Chain as the sole liquidator for the loan. BNB Chain then funded the liquidator’s wallet with 30 million BUSD in December 2022, an additional 30 million USDT in June 2023, and another 30 million USDT on August 21, 2023. The liquidation mechanism of Venus Protocol involves a collateral factor or liquidation threshold. When triggered, liquidators can gradually liquidate up to 50% of the collateral, receiving an additional 10% worth of liquidated collateral as fees. ZkHopium’s analysis highlights several significant factors that make this case unique. Firstly, only one liquidator is not incentivized to engage in market dumping. Secondly, the liquidations are performed manually, without the involvement of bots front-running the process. Lastly, given the substantial loan size, the liquidation tranches are expected to be much lower than the 50% threshold. Addressing the allegations, CZ expressed his appreciation for the detailed research presented by ZkHopium and emphasized the “insignificance” of a $30 million liquidation’s impact on Bitcoin’s price. CZ stated that Binance does not issue BTC and that most rewards are given in BNB. He highlighted that the alleged fear of a significant BTC price impact is unfounded, as $30 million represents less than 0.001% of BTC’s daily trading volume. At the time of writing, BNB is trading at $217, as the chart above indicates. However, it has experienced a marginal decline of 0.2% over the past 24 hours. BTC Hovers Around $26,000 Amid Minor Dip The largest cryptocurrency in the market by market cap, Bitcoin, currently valued at $26,000, has remained relatively stagnant, experiencing a decline of 2.4% after briefly touching the $26,700 mark. Despite the current low levels of volatility, Keith Alan, co-founder of the research and analysis firm Material Indicators, has noted the following regarding the market situation: As anticipation builds for Federal Reserve Chairman Jerome Powell’s comments at the Jackson Hole Symposium, the Bitcoin market is beginning to show signs of increased activity. Keith Alan suggests that the economic reports, although not immediately affecting volatility, will shape Powell’s narrative during his speech. This anticipation will likely lead to heightened volatility as the BTC market approaches the weekend. Traders and investors are bracing themselves for potential market fluctuations as Powell’s speech unfolds, with the expectation that his statements could significantly impact the cryptocurrency market. Featured image from iStock, chart from TradingView.com

The official closing event for TOKEN2049 will take over the rooftop of Singapore’s iconic Marina Bay Sands SINGAPORE–(BUSINESS WIRE)–#token2049—TOKEN2049, Asia’s premier Web3 and crypto conference, announced an international DJ line-up for AFTER 2049, the official closing event of its upcoming Singapore edition. Headlined by award-winning DJ and producer Shimza, house icon Enzo Siffredi and Hong Kong’s Leon, Milam and Mo-Shi, AFTER 2049 takes place on Friday, 15 September as the largest Formula 1 Singapore Grand Prix pre-weekend party of the year. Taking over the 57th floor of Singapore’s most iconic building, Marina Bay Sands, AFTER 2049 will occupy both the expansive rooftop observation deck alongside celebrated nightlife institution CÉ LA VI. Featuring unparalleled views of the famous Garden City skyline, AFTER 2049 will be hosted in tandem with the practice rounds of the Formula 1 Singapore Grand Prix — located right at the heart of thrilling night race action and entertainment. Raphael Strauch, Founder of TOKEN2049 said: “We are thrilled to once again be hosting AFTER 2049 at the iconic Marina Bay Sands rooftop. We have carefully curated a unique DJ lineup which features some of the largest names in electronic music, alongside a specially crafted stage and set-up to create an atmosphere that’s simply unmatched. We expect AFTER 2049 to be an absolute highlight.” A limited number of tickets for AFTER 2049 will be sold via Resident Advisor from 29 August onwards. TOKEN2049 Singapore marks the conference’s largest edition ever with over 10,000 attendees, which runs from 13 to 14 September 2023, ahead of the Singapore Grand Prix race weekend. Sponsors of AFTER 2049 include innovative digital ecosystem for blockchain and banking solutions CrossFi; a globalized interactive platform for digital assets BIB Exchange; The Open Network (TON), building a Web3 ecosystem on Telegram; Zetrix, public infrastructure for governments and cross-border trade; Smobler, a turnkey metaverse architect focused on gamefi, phygital engagement and education; global market-making and algorithmic trading firm Auros; blockchain for better — vechain; the global leader in residence and citizenship by investment Henley & Partners; global crypto derivatives exchange and home of the OX community OPNX and the leader in blockchain security, Quantstamp. Attendees will be able to hear from some of the industry’s foremost pioneers, prolific thought leaders and founding innovators on all aspects of the broader Web3, blockchain and crypto arena, as it continues to redefine the world of traditional finance and banking. As part of TOKEN2049 Week, attendees can expect to be treated to a full line-up of 300+ side events, conferences, networking events, workshops, and parties taking place throughout 11-17 September across the city-state. To purchase tickets for AFTER 2049, please visit: https://ra.co/events/1748896 For more information and continued updates on TOKEN2049 Singapore, please visit: https://www.asia.token2049.com/. Alex Fiskum, Co-Founder of TOKEN2049 is available for interview. ABOUT TOKEN2049 TOKEN2049 is a premier Web3 event, organised annually in Singapore, where decision-makers in the global crypto ecosystem connect to exchange ideas, network, and shape the industry. TOKEN2049 is a global meeting place for entrepreneurs, institutions, industry insiders, investors, builders, and those with a strong interest in the crypto and blockchain industry. Contacts Media [email protected]

Decentralized exchange (DEX) aggregator 1inch Network has announced the expansion of its operations to Coinbase’s Ethereum layer 2 (L2) network, Base. 1inch’s Aggregation And Limit Order Protocols Go Live On Base In a blog post published on Thursday, August 24, 1inch disclosed the deployment of its aggregation protocol and limit order protocol on the Coinbase-incubated Base network. The project’s team stated that this action is in line with their goal to expand in the decentralized finance (DeFi) industry. 1inch will begin its operation by aggregating liquidity across 15 decentralized exchanges on the Base network. These DEXs, including Uniswap and SushiSwap, also recently launched on Base. Serg ej Kunz, co-founder of 1inch Network, stated the following regarding this development: Before this latest development, 1inch had already been deployed on various networks, including Ethereum, BNB chain, Avalanche, Polygon, Arbitrum, etc. Moreover, it is one of the leading DEX aggregators, with a trading volume of over $1 billion in the past week. A Testament To Growing Interest In Base? The Base network has enjoyed significant interest and growth since opening its doors to the public on the 9th of August. As inferred earlier, 1inch is just one of the numerous prominent decentralized finance protocols launched on the layer 2 network over the past few weeks. Notably, the increasing popularity of decentralized social media platform Friend.tech has primarily contributed to Base’s rising network activity in the last few days. Due to the platform’s growing traction, Base’s daily transaction-per-second (TPS) peaked at 15.88 on Monday, August 21, surpassing Ethereum and other layer 2 networks within the same day. According to L2Beat data, Base currently sits third on the L2 network activity ranking, with a TPS of 8.6. Overall, this reflects a 73.74% increase in the past seven days. Following the BALD meme coin rug pull and other issues, it seemed like Base’s growth would be deterred by an unfavorable reputation. However, with the recent DeFi activity surge, the network appears to rise above every negative sentiment surrounding it.

PancakeSwap, a leading decentralized finance (DeFi) platform, has officially launched its anticipated Version 3 (V3) on the Linea Mainnet. According to the announcement, the collaboration between PancakeSwap and Linea aims to provide a seamless trading experience with lower fees, increased liquidity provider returns, and enhanced capital efficiency. PancakeSwap V3 On Linea Linea, formerly known as ConsenSys zkEVM, stands as Layer 2 scaling solution powered by ConsenSys. Linea achieves faster transaction speeds and reduced gas costs while ensuring security by utilizing zero-knowledge proofs and maintaining full Ethereum Virtual Machine (EVM) equivalence. Developers can seamlessly create or migrate Ethereum apps without code modification or smart contract rewriting. With native integrations of popular tools like MetaMask and Truffle, Linea empowers developers with flexibility and scalability on the zkEVM. The collaboration has provided PancakeSwap users with insights into Layer 2 scaling solutions and the Linea platform, contributing to the development and adoption of decentralized financial solutions. Per the announcement, PancakeSwap v3 on Linea introduces two key features: advanced Swap and Liquidity Provision functionalities. These features enable users to trade tokens and participate in liquidity provision directly on the platform. The core principle of PancakeSwap v3 is maximizing capital efficiency, allowing liquidity providers to concentrate their capital within specific price ranges where most trading occurs. By optimizing asset utilization, liquidity providers can enhance their earnings. PancakeSwap v3 enables liquidity providers to achieve a capital multiplier of up to 4000x compared to its predecessor, v2, thus maximizing returns. While the provision of Linea incentives to PancakeSwap has not been communicated at this point, if they are provided, PancakeSwap intends to share them with various stakeholders, including the CAKE community, CAKE stakers, projects contributing to PancakeSwap’s development, and ecosystem contributors. The protocol’s “Chefs” concluded the announcement by stating: Currently priced at $1.28, PancakeSwap’s token (CAKE) has experienced a slight downward movement in the past 24 hours, with a decrease of 0.02%. Over 7 days, it has seen a decline of 7.89%, and over 30 days, a decrease of 13.85%. Looking at a longer timeframe, PancakeSwap has encountered significant volatility, with a decline of 68.79% over the past 180 days. Featured image from Unsplash, chart from TradingView.com

Following the crypto market crash last week, Ethereum whales look to be gearing up for a recovery as they accumulate ETH. This accumulation trend is very telling of what these large investors expect the market to do next, which could serve as an indication of what’s to come. Ethereum Whales Buy Over 56,000 ETH On Thursday, the on-chain data tracker Lookonchain took to X (formerly Twitter) to reveal the activities of Ethereum whales over the last week. The post shed light on the sentiment among these large holders and showed their expectations for the digital asset. According to the screenshots posted by the tracker, four Ethereum whales went on an impressive buying that saw their balances jump significantly. Between them, they bought a total of 56,100 ETH, worth $94 million, in the last week alone. These whales identified as smartestmoney.eth, 0x3CEE, 0X5bA3, and 0x3478 bought 18,300 ETH ($30.6 million), 18,000 ETH ($30 million), 17,900 ETH ($30 million), and 2,000 ETH ($3.4 million), respectively, during this seven-day timeframe. All of the whales acquired this stash over multiple transactions, withdrawing large amounts of ETH from crypto exchanges Binance and OKX. Even more interesting is the fact that these accumulations began after the market crash that saw ETH fall to $1,500, suggesting these whales are trying to catch the bottom. Is An ETH Recovery Imminent? Ethereum’s fall to $1,600 pushed the assets below critical levels for maintaining its bullish momentum. These include the 100-day and 200-day moving averages. However, it is not all bad for the digital asset going forward. As the Crypto Fear & Greed Index shows, investor sentiment has been slowly but surely recovering over the last few days. This suggests that faith is returning for investors and they are beginning to put money back into the market. If this continues, then the influx could see the price of Bitcoin continue to recover, dragging the likes of Ethereum along with it. Right now, the most important level for ETH to beat remains the resistance at $1,700. But if bulls are able to successfully retake this level and turn it into support, then the recovery is expected to be long-lived. Otherwise, the price of the altcoin could fall back toward $1,500. At the time of writing, ETH is changing hands at $1,664, meaning the whale investors are already sitting in profit.

Crypto tokens with Artificial Intelligence (AI) applications have outperformed other assets as chipmaker Nvidia reached an all-time high. The legacy company’s stock price saw important gains as its bet on the AI sector paid off. As of this writing, crypto market tracker Coingecko data records double-digit gains for AI-based cryptocurrencies. Render (RNDR) and Akash Network performed best in the last 24 hours and the previous week, respectively, with the former recording a 6% profit and a 10% gain. Nvidia Fuels AI Crypto Rally, But It’s the Trend Sustainable? According to a report from Sarson Funds, the correlation between crypto AI tokens and Nvidia is “strong.” The chipmaker has spearheaded the AI trend in the legacy financial sector and sparked interest in this technology. As a result, and under current market conditions, AI crypto tokens are moving with Nvidia’s (NVDA) stock price. Sarson Funds stated the following regarding NVDA’s rally and its impact on the crypto sector: In that sense, the fate of crypto tokens is highly linked to NVDA’s future performance. The stock’s gains were tied to better-than-expected results in its quarterly report and are likely to continue in the coming months. According to the company’s recent report, AI chip sales will only accelerate, boosting Nvidia’s revenue and potentially spilling into the crypto sector. In addition, other tech giants are jumping on the AI fever, reinforcing the thesis that the new technology will unlock further gains. Nvidia’s CFO Colette Kress told investors this regarding their expectations for the coming months: In the meantime, crypto traders might use NVDA’s as a proxy for AI crypto tokens performance. If the forecasts are accurate, NVDA will likely double its current stock price by the end of the year; how will crypto AI tokens stand by then? Cover image from Unsplash, chart from Tradingview

On-chain data shows Bitcoin is currently not satisfying a condition that has historically occurred alongside major bottoms in the price. Bitcoin Supply In Profit Is Still Greater Than Supply In Loss In a new post on X, James V. Straten, a research and data analyst, has pointed out how BTC isn’t fulfilling the bottom condition for the supply in profit and loss metrics. The “supply in profit” here naturally refers to the total amount of Bitcoin supply currently carrying an unrealized profit. Similarly, the “supply in loss” keeps track of the number of underwater coins. These indicators work by going through the on-chain history of each coin in circulation to see what price it was last transferred at. If this previous price for any coin was less than the current BTC spot price, then that particular coin is being held at a profit, and the supply in profit adds to its value. On the other hand, the coins with a higher cost basis are counted by the supply in loss. Now, here is a chart that shows the trend in both these Bitcoin metrics over the entire history of the cryptocurrency: In the graph, the analyst has highlighted a specific pattern that these two indicators have shown during historical bottoms in the cryptocurrency’s price. It would appear that the supply in profit dips below the supply in loss during these periods of lows, implying that most of the market enters into a state of loss. Generally, investors in profit are more likely to sell, so whenever the supply in profit is at very high values, tops become more probable for Bitcoin. Similarly, a large number of investors instead of being in loss should mean there wouldn’t be too many sellers left. This is potentially why bottoms have historically formed when the supply in loss exceeds the supply in profit. The chart shows that the Bitcoin Supply in Profit is currently quite a distance over the supply in loss, suggesting that a decent number of coins still carry gains. To be more precise, there is a difference of six million coins between the two supplies at the moment. The current market is nowhere near fulfilling the historical bottom criteria. However, the bottoms that the pattern has generally coincided with have been the cyclical lows, observed during the worst phase of the bear markets. In the current cycle, this bottom was marked after the FTX crash in November 2022. The only exception to this rule was in March 2020, when Bitcoin crashed due to the onset of the COVID-19 virus. This crash was an unexpected event, which may explain why it doesn’t fit in with the other bottoms. As the market at its current stage is likely already past the bear-market bottom, this supply in profit and loss pattern shouldn’t hold too much bearing on whether BTC has hit a local bottom after the recent crash. If the November 2022 low wasn’t the true bear-market bottom, BTC might have more pain in store, as a significant swing in market profitability will be required before the real bottom is found. BTC Price When writing, Bitcoin is trading around $26,300, down 7% in the last seven days.

A popular Shiba Inu burn tracker has made a significant step in the meme coin’s evolution with the launch of the aptly named SHIB Association, an innovative venture exclusively centered around the Shiba Inu ecosystem. Newly Launched SHIB Association Unmasked In a rather lengthy X (formerly known as Twitter) post, Shibburn announced the launch of the SHIB Association, a novelty initiation that may play a pivotal role in the future progress of the Shiba Inu ecosystem and the improvement of the SHIB community. Shibburn stated that the SHIB Association was created to facilitate the growth and advancement of SHIB by bringing forward development, utilities, and innovative solutions into the SHIB ecosystem. It also added that the newly launched venture will be facilitating the creation of a dedicated blockchain for the Shiba Inu native token, SHIB. This strategic move may impact the advancement of the SHIB ecosystem following the launch of Shibarium. It will also ensure SHIB community members have an independent blockchain, offering better control and flexibility of the token’s capabilities. “I announced ‘Shib Association’ earlier today, a new venture focused solely on SHIB. We will bring utility, and innovation to SHIB, including its own blockchain. This is another option for people that believe in SHIB, and want the focus to be in SHIB without having to be locked into an ecosystem,” the post read. What SHIB Association Means For Shiba Inu Price As news of the SHIB Association unfolds and spreads across the crypto space, SHIB community members and crypto enthusiasts have pondered on the impacts SHIB Association would have on the price of the Shiba Inu token. One of SHIB’s community members has asked if the operations of the SHIB Association would influence the SHIB token’s price. In response, the creator of Shibburn refuted the possibility of SHIB Association or SHIB burning exercises or rates causing any positive or negative impact on Shiba Inu’s price, emphasizing that Shibburn and SHIB Association are independent entities. “Please don’t confuse Shibburn with other projects. Shibburn is an independent company. Also, the Shib Association won’t be part of Shibburn, but we will contribute to it,” Shibburn stated. While relaying all the developments SHIB Association has in store for the Shiba Inu ecosystem, Shibburn highlighted its dedication and commitment to Shiba Inu and its community. The SHIB burn tracker stated that it had no prior affiliations with the anonymous group behind Shiba Inu, Ryoshi when it launched in 2019. However, it started as a burn tracker for Shiba Inu tokens to provide SHIB community members with important information about burns. The tracker has also stated that it has no obligation to reduce significant amounts of SHIB tokens from supply. Adding that every SHIB community member has a significant role to play in the growth and development of the Shiba Inu ecosystem. “Many believe it’s my responsibility to remove massive amounts from the supply when I’m just a community member like you. Shibburn doesn’t belong to any other teams. Shibburn is an independent company I created to help out,” Shibburn said.

Bone ShibaSwap (BONE) jumped by 14% in the last 24 hours as per data from CMC. There has been a surge in the number of people holding SHIB during the previous day. After days of examining, testing, and fine-tuning, the Shiba Inu team lead by primary developer Shytoshi Kusama relaunched the Shibarium mainnet. Post announcement that Shibarium is now again operational, the price of Shibarium’s gas token Bone ShibaSwap (BONE) jumped by 14% in the last 24 hours as per data from CMC. Lucie, a Shiba Inu team official, said that Shibarium is already creating blocks and operating normally; all that’s needed is for it to be made public. After a little delay, the Shibariumscan.io explorer saw blocks being created and transactions being made. SHIB Army Excited Shytoshi Kusama earlier pledged to increase the capacity of Shibarium by 1,500 percent, which would enhance its safety, stability, and decentralization. A new monitoring system and extra fail-safe mechanism, such as RPC-level rate limitation and automatic server reset, have been added to Shibarium. Lucie also requested the community’s patience as the team indexes the chain. In addition, the Shiba Inu crew will launch ShibPaper implementation to establish a fully functional management and governance structure. Shibarium’s usefulness and token burning will increase as more projects and dApps are built on the network. Source: CoinMarketCap The BONE gas token has increased in value by 14% over the previous 24 hours, and is now worth $1.40 as per data from CMC. In addition, the trading volume has surged by 100% in the last day, a sign that investors are paying attention. On the other hand, Shiba Inu kept adding new investors. There has been a dramatic rise in the number of people holding SHIB during the previous day. Metrics show that in the last 24 hours, the number of people who own SHIB has increased by 2,418,953. Highlighted Crypto News Today: Binance Ends Zero-Fee BTC/TUSD Trading – Will This Trigger Another Crypto Selloff?

On-chain data shows the Bitcoin NVT ratio is currently flashing a buy signal, a sign that the bottom for the asset’s price might now be in. Bitcoin NVT Golden Cross Is Showing A Green Signal As pointed out by an analyst in a CryptoQuant post, the Network Value to Transactions (NVT) Golden Cross has now dipped below the -2 mark. The “Network Value to Transactions (NVT) ratio” is an indicator that measures the ratio between the Bitcoin market cap and transaction volume (both denominated in USD). When the value of this metric is high, it means that the price of the asset (that is, its market cap) is high when compared to its ability to transact coins (the transaction volume). Such a trend may imply that BTC is overvalued right now. On the other hand, low values can suggest that the market cap isn’t that much relative to the volume, so the cryptocurrency’s price may be undervalued at the moment. In the context of the current discussion, the NVT ratio itself isn’t of interest, but rather a modified form of it called the “NVT Golden Cross” is. This new indicator aims to pinpoint tops and bottoms in the NVT ratio by comparing its 30-day moving average (MA) with the 10-day one. Now, here is a chart that shows the trend in the Bitcoin NVT Golden Cross over the past year: As displayed in the above graph, the Bitcoin NVT Golden Cross has plunged recently as the cryptocurrency’s price has gone through a crash. Following the latest drawdown, the indicator is now deep inside the negative territory, at a value below -2. In the chart, the quant has marked two lines for the metric that have held some significance for the asset during the past. The first of these (marked in red) takes place at around 2.2, while the other one (green) is at -1.6. Historically, whenever the NVT Golden Cross has crossed above the former line, the cryptocurrency has generally observed the formation of a local top. Similarly, a break below the latter level has resulted in bottoms for the coin. From the chart, it’s clear that the indicator has now dipped firmly below the bottom line, implying that Bitcoin might be undervalued currently. In the past year, there have been three other instances of the indicator plunging below the line, each coinciding with some sort of low for the price. The first two of these had reached bottom values similar to now, while the third occurrence (which is the latest one) saw the NVT Golden Cross dip much deeper towards the -3.1 mark before the bottom was hit. It’s unclear which scenario might play out for Bitcoin this time, but one thing may be clear from this pattern: the bottom could be near for the cryptocurrency, or may even already be in. BTC Price At the time of writing, Bitcoin is trading at around $26,500, down 7% in the last week.

US Fed Chair Jerome Powell will speak on August 25th, 2023. With the U.S economy at center stage, many eyes will be on the address by the Fed chair. The Federal Reserve Bank of Kansas City will host its annual Economic Policy Symposium (Jackson Hole Symposium) on August 24-26, 2023, at a time when de-dollarization fears are at an all-time high. Based on previous reactions to US Federal Reserve events over the last two years, it’s possible Bitcoin’s price may fluctuate significantly during the highly anticipated meeting. Most recent news coverage has been on the probable geopolitical and economic effects of the Russia and Ukraine war and the possibility of the BRICS Group abandoning the USD in international trade deals. Many possibly long-lasting changes to the global economy will be discussed during the 2023 conference. High Volatility Anticipated US Fed Chair Jerome Powell will speak on August 25th, 2023. With the U.S economy at center stage, many eyes will be on the address by the Fed chair. Market players will be paying careful attention to his remarks about the Fed’s inflation objectives and the route he takes to achieve the 2% inflation rate target. One more key figure, ECB President Christine Lagarde, will be speaking on the very same day as Powell. All eyes will be on the duo, as it may bring about an unpredictable and devastating outcome for not only the crypto market but also the conventional market. Source: CoinMarketCap Meanwhile, Bitcoin’s price has dropped back down to roughly the $26,000 level, wiping out almost all of the gains seen in the last 24 hours. Earlier today, the price briefly surged reaching $26,770 level. However, the price failed to maintain momentum. According to CMC, the price of Bitcoin is $26,004 and is down 2.12%.

Algorand native token, ALGO, has experienced a dramatic plunge in the wake of the recent crash in the cryptocurrency market. On August 19, the token’s value plummeted by a staggering 18%, hitting a low of $0.082. While ALGO subsequently rebounded slightly, currently trading at $0.097 according to CoinGecko, the prevailing sentiment suggests that the selling pressure is something investors must keep an eye on. The 24-hour gains have been a mere 0.9%, and over the span of the past week, ALGO has suffered a 5.3% decline. Algorand Challenges Amidst Brief Rebound Despite the transient recovery in prices, the persistent selling pressure continues to cast a shadow over ALGO’s future prospects. The potential consequence of this is the looming possibility of ALGO establishing a new all-time low in the days to come. This setback is compounded by a development earlier in the year when the US Securities and Exchange Commission designated ALGO as a security. This action was made as the SEC unleashed regulatory measures against the US-based crypto exchange, Bittrex. The reclassification of ALGO has set in motion a cascade of ramifications, affecting both the token itself and its holders in terms of financial regulations. Regulatory Uncertainty And Value Erosion In spite of vigorous resistance from its Foundation, ALGO’s demand has experienced a decline. The overarching reason behind this decline lies in the hesitancy of investors towards assets entangled in regulatory ambiguity. Consequently, the value of the token has witnessed a staggering decline of over 87% since the SEC’s classification. Over the past three months, ALGO has endured a series of successive all-time lows (ATLs). The downward spiral began on June 10, culminating in the most recent ATL on August 17. The token’s efforts to stage a bullish rebound were quashed by the overwhelming weight of relentless selling pressure. Critical Support And Prospective Scenarios Meanwhile, the pivotal $0.09 support level has managed to alleviate some of the selling pressure, although indicators on the trading charts raise concerns about its sustainability. Should the critical support of $0.09 crumble under the pressure, it opens the gates for short sellers to target the price range of $0.05 to $0.07, potentially setting another unfortunate precedent of a new low for ALGO. However, if the current support level holds, prospective buyers can anticipate opportunities to secure profits within the range of $0.12 to $0.14. As ALGO navigates through these tumultuous waters, market observers are keenly watching how it will weather the storm. The complex interplay of regulatory challenges and market sentiment will undoubtedly shape the trajectory of this token in the days ahead. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Just Ride