The Shiba Inu token is relevant again. Investors are keenly watching to see if the current price correction has run its course and whether SHIB is poised for a rebound. However, the lack of immediate support levels nearby raises questions about the potential for a random reversal.

As of now, SHIB’s price is not resting on any recognized support level, casting uncertainty on the immediate future of the token. The next notable support is at the $0.000020 mark. This absence of nearby support could imply that the price might continue to drift until it reaches more solid footing.

SHIB/USDT Chart by TradingView

One positive aspect is the current low volume, which means that it could take less trading activity to move the price significantly. Nonetheless, the flip side is that low volume can also point to a lack of interest, which can be a negative indicator for price growth.

Moreover, there might be passive selling pressure that is not yet evident in the exchange volumes. If holders are gradually losing faith and waiting to sell, this pressure could materialize and affect SHIB's price when it hits the markets.

If SHIB manages to find buyers and initiate a rally, the first resistance level to watch would be around $0.00002271. Should it break through, the next point of resistance might be at $0.00002590.  

Ethereum gets ready

Ethereum is approaching a pivotal moment. The price is inching closer to the 50-day EMA, situated at $3,413, which is often considered a significant resistance. As it approaches this level, Ethereum could encounter selling pressure, which is typical when an asset tests a critical moving average that it has been trading below.

If Ethereum breaks through the 50 EMA it could potentially lead to an acceleration in price growth. Such a bullish breakout would suggest that buyers are in control, overriding the sell orders waiting at this key level.

card

The recent breakthrough of the 26-day EMA is already a positive sign for Ethereum. If this level can be established as a new support. The 26-day EMA acting as support indicates that the shorter-term momentum is shifting in favor of the bulls.

For a more nuanced look at Ethereum's price prospects, the chart reveals that if the 50 EMA is broken, the next target for resistance lies near $3,510. Overcoming this barrier might clear the path towards testing higher resistance levels, possibly around the $3,600 area.

Cardano enters the game

Cardano appears to be changing course, showing signs of entering an uptrend. The evidence lies in the formation of higher highs and higher lows, a classical pattern that often hints at a trend change, even a local one. ADA's recent activity has been compelling, particularly with the most recent bounce off the $0.44 mark, signaling a strong bullish presence in the market.

card

This positive momentum is characterized by a steady series of peaks and troughs ascending on the price chart, suggesting an increase in buying pressure. The support level around $0.44 has proven to be robust, indicating a solid floor beneath ADA's price. With each rebound from this level, the currency demonstrates resilience and potential for continued upward movement.

ADA, like many altcoins, is connected with the movements of Bitcoin and Ethereum, so the most recent market performance shouldn't be analyzed outside of the broader market tendencies.  

Cardano is currently moving towards a major resistance level at approximately $0.5 and may take a fight with bears for the prolonged uptrend. There's a real possibility of a substantial reversal, but only if bulls pick up the momentum on ADA and help it get through the 200 EMA.

The Ripple-affiliated XRP cryptocurrency is currently on track to record its ninth consecutive month in the red against Bitcoin, the flagship cryptocurrency. 

XRP is now down 72% against the crypto king since Ripple managed to score a partial legal victory against the U.S. Securities and Exchange Commission last July.

The token reached its current all-time high of 0.00025 BTC all the way back in May 2017. Currently, it is down a shocking 97% from that peak. 

As reported by U.Today, U.S. District Court Judge Analisa Torres partially sided with the San Francisco-based company, ruling that the secondary sales of the highly controversial token do not constitute a securities offering. The ruling triggered a substantial XRP price rally, but it ended up being short-lived. 

card

In October, Ripple's top lawyer Stuart Alderoty touted XRP's unique status in the US since it is the only cryptocurrency that boasts regulatory clarity in the US (apart from Bitcoin). 

Ripple is also not off the hook for now. Last year, Judge Torres also ruled that Ripple violated securities offering with its institutional XRP sales. As reported by U.Today, the SEC is demanding that Ripple pays a hefty $2 billion fine. However, Ripple wants to trim that gargantuan sum to a mere $10 million, arguing that it did not show reckless disregard for the securities laws since the company was actively engaging with US regulators.

It remains to be seen how upcoming developments in the Ripple case will affect the XRP price. However, so far, the token's newfound regulatory clarity has not translated into any meaningful price gains. 

Bulls are trying to be back in the game at the end of the week, according to CoinStats.

DOGE chart by CoinStatsDOGE/USD

The rate of DOGE has increased by 2.63% since yesterday. Over the last week, the price has fallen by 5.62%.

Image by TradingView

On the hourly chart, the price of DOGE is looking bullish as it is approaching the local resistance of $0.1506. If buyers can keep up their pressure, traders may witness a breakout followed by a move to the $0.1510-$0.1520 zone.

Image by TradingView

Today's growth of DOGE has not affected its overall technical position on the daily time frame. As neither side is dominating, ongoing consolidation around $0.15 is the more likely scenario for the next days.

Image by TradingView

A similar picture is on the weekly chart. The volume keeps going down, confirming the absence of buyers' and sellers' power. All in all, one can expect sideways trading in the area of $0.1450-$0.1650.

DOGE is trading at $0.1501 at press time.

Most coins are facing a bounce back on the last day of the week, according to CoinMarketCap.

Top coins by CoinMarketCapETH/USD

The price of Ethereum (ETH) has increased by 4.72% over the last 24 hours.

Image by TradingView

On the hourly chart, the rate of ETH is returning to the recently formed resistance level of $3,327. If the daily bar closes near it, the accumulated energy might be enough for a breakout to the $3,400 range.

Image by TradingView

Bulls are also powerful on the bigger time frame. At the moment, one should focus on the daily bar.

card

If the candle closes around the current prices and with no long wicks, there is a chance to see a further upward move to the $3,400-$3,500 zone.

Image by TradingView

From the midterm point of view, it is too early to think about a bull run even if the weekly bar closes above the previous candle peak. In this case, sideways trading in the zone of $3,300-$3,500 is the more likely scenario for the next week.

Ethereum is trading at $3,310 at press time.

According to on-chain data, Cardano (ADA) has recently experienced a decline in wallet activity, raising questions about the underlying factors driving this trend and its potential implications for the cryptocurrency's trajectory.

In a recent tweet, on-chain analytics firm Santiment presented a comparison of top-cap assets' non-empty wallet amounts. It was highlighted that Cardano is one of the few networks to see a drop in active wallets, with non-empty wallets down 0.1% in the last three months. Dogecoin and BTC saw their non-empty wallets increase by 13.8% and 2.6%, respectively, within the said time.

📊 The total amount of non-empty #Bitcoin wallets are rapidly growing despite choppy prices. #Altcoin wallets for assets like #Dogecoin have flattened after enormous rises earlier this year. #Cardano is one of the few networks to see active wallets drop. https://t.co/itg9qMes7c pic.twitter.com/yrOlEQw3jy

— Santiment (@santimentfeed) April 27, 2024

Cardano's market struggles are not limited to wallet activity alone. The cryptocurrency has experienced a 28.7% price decline in the last 30 days, according to CoinGecko data, albeit higher by 17.8% on a one-year basis. ADA has seen its ranking slip, now trailing behind Dogecoin (DOGE) and Toncoin (TON) to sit in the 10th spot.

card

At the time of writing, ADA was posting a rebound after declining to lows of $0.445 in yesterday's trading session. ADA is currently up 2.2% in the last 24 hours to $0.4697.

Warning sign or opportunity?

The dwindling numbers might either be a warning, signaling a waning interest in Cardano, or an opportunity that signals undervaluation. However, it is essential to consider the broader context.

The entire crypto market is currently facing uncertainty and fluctuations in user activity are not uncommon. Periods of decline and consolidation are common before periods of renewed development and expansion, as projects adjust to changing market conditions.

However, Cardano's upcoming upgrades, which might boost network fundamentals, and ongoing initiatives may offset these short-term trends.

Despite the current underperformance, historical data suggests that ADA could see a breakout, potentially reaching new highs.

In an early April post, crypto analyst Ali noted that nothing has changed for Cardano, which is currently stabilizing before a breakthrough. So far, Cardano has followed the pattern witnessed from 2018 to 2021, and if this fractal continues, ADA might jump to $1.70, paving the way for a breakout to $5.

According to on-chain analytics firm Santiment, the number of non-empty Dogecoin wallets has increased by 13.8% over the past three months. This comes despite a recent flattening trend following an enormous rise earlier this year.

The increase in non-empty wallets indicates sustained Dogecoin user activity, highlighting the enduring appeal of the iconic cryptocurrency.

The rise in active wallets also indicates a sustained interest in the dog-themed cryptocurrency, even as the market experiences a phase of consolidation. This suggests that despite the lack of dramatic price action, the Dogecoin community remains active and may even be expanding.

Top Cap Asset Non-Empty Wallet, Courtesy: Santiment

The Dogecoin price rallied at the start of the year, partly fueled by a frenzy of retail investor interest, peaking at highs of $0.229 on March 28.

Consequently, Dogecoin declined to enter a period of consolidation, with its price flattening out and trading within a range. Despite this apparent stabilization, the Dogecoin community remains vibrant and engaged, as evidenced by the uptick in non-empty wallets.

The growth in non-empty wallets also follows ongoing developments and initiatives aimed at expanding Dogecoin's adoption.

card

In late March, the Dogecoin Foundation launched v.1.0 of GigaWallet, a backend service that provides a convenient integration API for platforms such as online shops, exchanges and social media platforms to programmatically transact Dogecoin.

The increase in non-empty wallets might be a positive sign for Dogecoin, as it implies that the community is not solely driven by speculative trading but also includes users who see value in holding DOGE long-term.

At the time of writing, DOGE was up 2.82% in the last 24 hours to $0.149, rebounding slightly after yesterday's drop to lows of $0.142. Dogecoin ranks as the eighth largest cryptocurrency, with a market cap of $21.49 billion.

XRP has recently shown a gleam of reversal possibility on XRP chart. Its daily candlestick has turned green, an optimistic sign that could herald a reversal in the short-term market perspective. This change arrives amid descending trading volume, a factor that could inject a note of caution among market watchers.

The current trading volume trend may signal a lack of conviction in the price change or simply a breather before more decisive movements. A critical element to consider in this analysis is the potential crossing of the 100 and 200-day EMA. Such a crossover often implies a significant shift in market momentum, with the shorter-term 100-day EMA moving below the longer-term 200-day EMA, suggesting a bearish outlook.

XRP/USDT Chart by TradingView

Looking further ahead, the possibility of a 50 and 200-day EMA cross in the coming months could be an even stronger indicator of a sustained downward trend for XRP. This event would likely confirm a long-term bearish sentiment.

card

XRP is currently testing a support level near $0.52. If this level holds, we could witness a scenario where XRP attempts to climb toward the immediate resistance level at $0.5728. A successful breach of this threshold could open the path to further gains, potentially aiming for the $0.57 resistance.

However, if the support fails to provide a strong enough floor, XRP could see its value decline toward lower support zones, which may lie around the $0.5000 psychological mark. The green candlestick provides hope for an upward trajectory, but the light trading volume and the looming EMA crosses suggest that it is too early to push longs on XRP and there is a pretty real possibility of an upcoming price reversal that will lead to serious losses.

Panos Mekras, co-founder of Anodos Finance, recently took to the X social media network to clear up the main misconceptions about the XRP Ledger's Automated Market Maker (AMM) feature.

As noted by Merkas, providing liquidity should be seen as a separate income strategy, meaning that users do not have to add the XRP tokens that they intend to hold. "As a liquidity provider, you care about income and fees earned by the trading activity. It's better if you don't care if you end up with more on one side and less on the other. Total profit is what matters," he added.

Impermanent loss, a risky scenario that can be triggered by price volatility causing a temporary decrease in value, can actually benefit users in some scenarios, according to the Anodos Finance co-founder.

card

Notably, different pools have different degrees of risk associated with them. "Not all pools are created equal, and not all pools have the same risk," Mekras said. Providing liquidity into a stablecoin pool with pairs like USD/EUR carries minimal risk. Meanwhile, pools that contain two volatile cryptocurrency tokens that tend to have a high level of correlation (case in point: XRP and XLM) can be quite risky.

He has also noted that there is no staking or earning with XRP tokens, meaning that users can only give their assets to AMM, thus allowing others to trade them. In return, they can get a fee for that.

XRP Ledger's AMM feature went live earlier this year. However, its launch has been mired by technical issues.

Meme coins carved out their own controversial niche throughout time. The co-founder of Solana has made a bold statement regarding the thesis that meme coins are scaring away serious builders. Reminding the crypto community that "serious builders" should handle a few funny meme assets and keep on focusing on their true goal instead of being scared.

On the one hand, meme coins are often viewed as speculative assets that capitalize on internet trends and humor rather than fundamental value. On the other hand, they represent the freedom and creativity inherent in permissionless systems, engaging a demographic that appreciates the lighter side of cryptocurrency.

Source: CoinGecko

The assertion that meme coins might push away serious developers stems from the concern that their volatility and the culture surrounding them can overshadow the more substantive and innovative projects within the space. Indeed, the volatile nature of these assets is a double-edged sword: They can yield high returns in a short period but also carry a significant risk of loss, much like gambling, where the odds are not always favorable.

card

However, it is notable that meme coins account for a considerable part of Solana's market capitalization, with investors frequently buying into these smaller, more volatile assets. The immense fluctuations in price can sometimes lead to rapid wealth accumulation but can also result in equally swift financial losses for those who invest.

The Solana co-founder's position seems to call for an adequate perspective on the blockchain: recognizing the legitimacy of fun and experimental uses of blockchain while focusing on volatility and value to push the relevance of the blockchain. Meme coins should not create a dispute within the industry and instead be a fun and clever way to spend some time in crypto-related communities.

Well-known cryptocurrency trader Josh Olszewicz has spotted the Tenkan/ Kijun crossover on Bitcoin's daily chart. The bearish signal could indicate the start of a bearish trend.

In order to calculate the Tenkan Sen, the highest high and the lowest low in price have to be divided in two over the past nine periods. This line can typically serve as a short-term support level during an uptrend, meaning that the price could potentially find some buying interest there. At the same time, it can also serve as a short-term resistance level if a certain asset is in a downtrend.

card

The Kijun Sen (the base line) is calculated by adding the highest high and the lowest over over the past 27 periods and dividing this sum in two. This base line can act as a medium-term support level.

The relationship between the two aforementioned lines could provide key signals for traders about the current state of the market. The Tenkan Sen crossing below the Kijun Sen is usually treated as a bearish indicator since it indicates that the market is succumbing to bearish pressure.

However, this signal might not be the coup de grace for the bullish trend since the crossover took place below the Ichimoku cloud.

At press time, Bitcoin is currently trading at $63,645, according to data provided by CoinGecko. As reported by U.Today, the largest cryptocurrency is currently underperforming against Ethereum, which has managed to surge roughly 6% over the past 24 hours alone.

Binance has experienced significant outflows: 14,146 ETH, valued at approximately $46.74 million, within 24 hours. Notably, a fresh wallet also extracted 95.67 million USDT along with 7,402 ETH, equating to around $23.3 million. The activity mirrors the withdrawal patterns of two other wallets known for moving large quantities of ETH and stablecoins off the platform.

The smart money tracking service Lookonchain even raised a question: Could these transactions be linked to Justin Sun, known for his substantial funds movements, or are they simply routine redistributions? While the identity of the wallet owners remains unconfirmed, the movement of such large sums is not necessarily an alarm signal. It is often a simple transfer of funds.

ETH/USD Chart by TradingView

Recently, Binance has been witnessing continuous outflows and a dip in market share. This could suggest a trend of whales gradually reducing their presence on the exchange. It is important to consider these movements within the market's current tendencies.

Ethereum price chart suggests the second-biggest currency is currently in a mixed position. Ethereum's price appears to be consolidating with current support at the $2,900 level. If there is a potential growth scenario toward resistance at $3,400, ETH would need to maintain the current pace. A break beyond that could see Ethereum challenging higher levels, possibly around the $3,650 mark.

card

However, if support at $2,900 is breached, Ethereum might face a slide toward the next support region near $2,800. Whales' actions, like those possibly associated with Justin Sun, can influence market sentiment, but the price chart suggests a steadiness that may not be easily swayed by individual transactions, regardless of their size.

While the outflows from Binance and market share reduction could be part of a funds redistribution by large-scale investors, Ethereum's technical indicators and support levels remain mixed.

MicroStrategy’s founder and Chairman Michael Saylor has seen ups and downs for the last 25 years. First, the dotcom bubble burst of 2000 erased a staggering 99% of the company’s stock value. In 2022, Bitcoin, a significant part of MicroStrategy’s balance sheet, collapsed more than 70% from its ATH in November.

Yet, in March 2024, MicroStrategy (MSTR) saw a staggering 461.7% increase in stock price over the past year. Despite all the dramatic events, MicroStrategy has been a success story to its investors.

Who owns MicroStrategy?

MicroStrategy Inc. develops and provides enterprise analytics and mobility software, including the MicroStrategy Analytics platform and MicroStrategy Server. The company generates revenue through licensing arrangements, cloud-based subscriptions and related services tied to their platform.

Saylor is the largest MicroStrategy shareholder, with Class B holdings worth over $2 billion, with a 68% control of the votes. Capital Research and Management Company and The Vanguard Group, Inc. are the second and third largest shareholders.

Although Saylor sold 400,000 voting shares from December to April, his stake has not decreased dramatically.

Big bet

Saylor's strategy as the chairman at MicroStrategy revolves around leveraging low-cost debt to raise substantial funds. With interest rates below 1% annually, the company accesses affordable capital, maximizing investment impact.

MicroStrategy innovatively uses its stock (MSTR) for debt repayment instead of cash, offering lenders a premium over the stock's price at issuance. This approach benefits MicroStrategy and aligns interests with lenders.

In 2020, Saylor made the strategic decision to protect against currency debasement by investing MicroStrategy's spare cash into Bitcoin. Around that time, MicroStrategy raised $3.4 billion through various financial instruments to acquire Bitcoin, totaling $4 billion in purchases at increasing prices.

The idea is that MicroStrategy can repay its fiat debt in the future by selling less Bitcoin, leveraging Bitcoin's potential as a store of value with long-term capital appreciation. In an October 2020 tweet Saylor revealed that he personally held 17,732 BTC worth $250 million. It is safe to assume that he has acquired more since then.

Some have asked how much #BTC I own. I personally #hodl 17,732 BTC which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy #bitcoin for itself.

— Michael Saylor⚡️ (@saylor) October 28, 2020

Long-term strategy

In the past four years, MicroStrategy has acquired 214,246 BTC, which represents roughly 1.02% of the total supply. In its latest buying spree, company started buying Bitcoin in late December 2023, right before the latest bull run.

According to SEC filings, between Feb. 15 and 25, the company invested $155.4 million to acquire 3,000 BTC. Additional 9,000 tokens were purchased for $623 million convertible notes between March 11 and March 18.

MicroStrategy Announces Pricing of Offering of Convertible Senior Notes $MSTR https://t.co/GBR4yG4Ebk

— Michael Saylor⚡️ (@saylor) March 6, 2024

MicroStrategy has spent nearly a quarter of its total Bitcoin purchases in 2024, with an average cost more than twice that of last year's average cost, according to data compiled by Bloomberg.

Today, the software company owns 214,246 BTC, valued at more than $14 billion, which is around 1% of total circulating BTC supply. MicroStrategy has been the biggest Bitcoin holder among public companies for quite some time. However, recently, BlackRock has surpassed MicroStrategy's holdings through its iShares Bitcoin ETF (IBIT).

card

 

Source: zerohedge 

Recently, it was disclosed that BlackRock and Fidelity collectively own 428,304 BTC worth $27.7 billion through their spot Bitcoin ETFs. These ETFs hold 214,058 more Bitcoins than MicroStrategy.

Does the strategy work in the long run?

MicroStrategy's average purchase price of $31,554 per BTC has resulted in a current market value of over $13 billion, representing a substantial return on their initial investment.

Since April 2019, BTC prices have surged from $5,170 to about $66,500 at the time of writing. Over the last five years, MicroStrategy's stock (MSTR) has returned 910%, significantly outperforming broader market returns.

Although MicroStrategy shares recently retreated, the stock has surged over 90% this year, following a remarkable 346% surge in 2023.

However, the company's stock price is not aligned with business performance. In 2023, MicroStrategy's business generated nearly $496 million in revenue, while the operating income was only $800,000, down from $11 million in 2022.

Source: Fidelity

Overall, whatever business model works, investors will like it. Saylor's pioneering integration of Bitcoin into corporate treasuries has positioned MicroStrategy for long-term success and paved the way for other companies to follow suit. This strategy has demonstrated the potential for Bitcoin to serve as a store of value and has influenced broader adoption within the corporate sector.

The Shiba Inu community has been put on high alert due to circulating misinformation regarding releasing the TREAT token.

As a result, Shibarmy Scam Alerts, an X handle dedicated to uncovering scams and protecting the Shiba Inu community, has issued an urgent alert, reiterating that the TREAT token has not been officially released. It further added that, contrary to recent claims, there has been no official launch by the SHIB team.

🚨SHIBARMY WARNING:🚨Attention: TREAT Token AlertImportant Notice: The TREAT token has NOT been officially released. Contrary to recent claims, there has been no official launch from the SHIB team. Please exercise caution and refrain from engaging in any transactions or…

— Shibarmy Scam Alerts (@susbarium) April 27, 2024

In light of this, the Shiba Inu community is asked to proceed with caution and refrain from engaging in any transactions or investments related to TREAT until its release is confirmed by legitimate sources. They should also safeguard their assets by not engaging in any unauthorized TREAT-related activities and by remaining vigilant by prioritizing financial security.

card

Shiba Inu has recently made significant progress, successfully raising $12 million from strategic VC partners led by Cypher Capital to launch its next-gen Fully Homomorphic Encryption (FHE) blockchain, which would be powered by the upcoming TREAT token.

The FHE technology, which allows computations on encrypted data, would be a game changer for privacy and trust in cryptocurrency.

However, with great anticipation comes enormous risk; hence the urgent alert as regards the TREAT token. The Shiba Inu community should remember that any claims of the TREAT token being released are false as the SHIB team has not initiated any such launch. They should also rely only on official announcements for accurate information as regards the TREAT launch.

In big news for the ecosystem, the Shiba Inu decentralized exchange ShibaSwap has moved to Shibarium, bringing with it innovations.

Shiba Inu has announced the migration of its DEX, ShibaSwap, from Ethereum to Shibarium. This move represents a huge step forward in ShibaSwap's progress, enabling new possibilities and driving innovation on the Shibarium blockchain.

The price of Ethereum, the second-largest cryptocurrency, has surged more than 6% over the past 24 hours. 

ETH is currently trading at $3,320 on major spot exchanges, according to data provided by CoinGecko. 

Bitcoin's dominance is currently sitting slightly above the 50% level.

The ETH/BTC pair is currency sitting at 0.051 BTC after peaking at 0.052 BTC earlier today. The pair is now up nearly 13% over the past two weeks alone. However, the pair is still down 15% from its 2024 peak of 0.061 BTC that was achieved on Jan. 12. 

A major resistance level 

According to the 100eyes Crypto Scanner account, the second-largest cryptocurrency has now approached a key horizontal resistance at the $3,300 level. 

card

The largest altcoin came close to surpassing this resistance level on Apr. 24. However, this attempt resulted in a significant correction.   

Major headwinds    

Ethereum's price recovery came despite the fact that Consensys, the key backer of the second-largest cryptocurrency network, recently sued the U.S. Securities and Exchange Commission after receiving a Wells notice from the regulator. 

The SEC wants to expand its jurisdiction by classifying the flagship altcoin as a security, the firm alleges. 

Consensys has already hired some of the best lawyers from Manhattan-based firm Watchtell, meaning that the industry is about to witness another contentious legal battle. 

Moreover, some analysts believe that the SEC could potentially face another lawsuit from Grayscale over its refusal to approve a slew of spot Ethereum ETFs in May. 

Michael Saylor, founder and former CEO of MicroStrategy giant (and currently its chairman) has taken to the X social media network (previously known as Twitter) to share a key Bitcoin message with his audience.

This is yet another his daily Bitcoin tweet accompanied by an AI-generated image but today he indeed posted a “key” BTC tweet. It says – “Bitcoin is the key.”

#Bitcoin is the Key. pic.twitter.com/Rf8zP93iV2

— Michael Saylor⚡️ (@saylor) April 27, 2024

Many of his followers eagerly responded to that, providing supportive comments, and confirming that for them the world’s pioneer cryptocurrency is indeed the key to future wealth. This tweet also widely resonates with a popular crypto statement about storing Bitcoin and other crypto, meaning private keys to wallets. It goes as “not your keys, not your coins.”

Saylor published his daily Bitcoin content simultaneously with BTC dropping by nearly 2% over the past 24 hours. As of this writing, it is changing hands at $62,890, having lost approximately $2,000 in value since Friday.

card

On Friday, Saylor posted a curious tweet about the mysterious Bitcoin creator Satoshi Nakamoto, thus raising an active discussion in the comments. He tweeted that Satoshi “created a way, gave it away, and walked away.” He posted that tweet on the day when the enigmatic software engineer left his last Bitcoin message exactly 13 years ago before he chose to go under the public radar.

What he did was sign his cryptographic key before leaving his brainchild in the hands of the developers and disappearing, it seems, forever.

Despite the pale performance of the MATIC price, early Q2, 2024, was very fruitful for Polygon (MATIC) in terms of on-chain records and integrations.

Robinhood Wallet enables cross-chain swaps on Polygon (MATIC)

Robinhood Wallet, a mainstream multi-blockchain trading application, now supports cross-chain swaps on Polygon's proof-of-stake (PoS) network. Such statement was shared by Polygon's team today, April 27, 2024.

Robinhood Wallet has enabled crosschain swaps on Polygon PoS for tokens supported by @0xProject and @lifiprotocol.👉🏼 enabling onchain access to over 23 million users on @RobinhoodApp pic.twitter.com/JbUGxUdiVT

— Polygon | Aggregated (@0xPolygon) April 26, 2024

The integration became possible thanks to 0x Project and LI.FI. infrastructure protocols integration. Cross-chain swaps are now available for all tokens supported by the two platforms.

Polygon (MATIC) representatives stressed that on-chain access to the swap module is now unlocked for over 23 million Robinhood app users.

card

As covered by U.Today previously, Robinhood was among the first applications to list all spot Bitcoin ETFs for trading.

Also, in December 2023, it expanded cryptocurrency trading services to the countries of EU. Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) became available for European crypto enthusiasts.

Polygon (MATIC) becomes go-to blockchain for stablecoins and NFTs in April

For Polygon (MATIC), the announcement by Robinhood became yet another milestone in its array of Q2, 2024 accomplishments.

In the last 30 days, Polygon (MATIC) became the leading Ethereum Virtual Machine blockchain in terms of NFT-associated transactions.

.@0xPolygon is the leading EVM chain by number of NFT transactions.Transactions counted here are those that involve NFT transfers only, where they counted the number of distinct hashes in the ERC721 and ERC1155 tables.This highlights that @0xPolygon's NFT ecosystem is the… pic.twitter.com/4Jvkd15hJv

— Polygon Stats (@polygonstats) April 25, 2024

Also, as per a recent report, Polygon (MATIC) registered 1.9 million on-chain stablecoin users, while its closest competitors, Ethereum (ETH) and Arbitrum (ARB), only onboarded 1.4 million stablecoin users each.

After a slight bounce back, the cryptocurrency market is bearish again, according to CoinStats.

BTC chart by CoinStatsBTC/USD

The rate of Bitcoin has dropped by 2.13% over the last day.

Image by TradingView

On the hourly chart, the price of BTC is more bearish than bullish as it is falling after a failed attempt to fix above the interim zone of $63,000.

card

If the situation does not change by the end of the day, there is a chance to see a test of the support by tomorrow.

Image by TradingView

A similar picture is on the daily time frame. If the bar closes below the support level of $63,136, one can expect an ongoing decline to the $62,000 area shortly.

Image by TradingView

From the midterm point of view, there are no reversal signals yet, which means it is too early to think about a bounce back. Moreover, if buyers lose the $60,000 zone, the accumulated energy might be enough for a dump to the $55,000 zone.

Bitcoin is trading at $62,979 at press time.

XRP, the seventh largest cryptocurrency by market capitalization, saw a flurry of activity as a staggering 74 million tokens were mysteriously transferred to various wallets in a series of transactions.

The significant transfers of XRP tokens, which might suggest whale buying, have sparked speculation and intrigue within the XRP community and the broader cryptocurrency market.

XRP has seen volatility in the last 24 hours, with its price falling amid a broader market downturn. At the time of writing, XRP was down 1.14% in the last 24 hours to $0.516, after dipping to intraday lows of $0.5077.

In what might coincide with a strategic move by crypto whales to buy the dip, millions of XRP tokens have been moved within the last 24 hours to various unknown wallets from crypto exchanges such as Binance and Bitvavo.

Whale Alert, a cryptocurrency data tracker, reveals three transactions totaling more than 74 million XRP.

🚨 24,118,600 #XRP (12,461,230 USD) transferred from #Bitvavo to unknown wallethttps://t.co/b7HvBXzXaL

— Whale Alert (@whale_alert) April 27, 2024

In two separate transactions, 24,059,884 XRP worth $12,390,804 and 26,336,059 XRP worth $13,563,030 were transferred from Binance to unknown wallets. The third transaction involved 24,118,600 XRP worth $12,461,230 being transferred from the Bitvavo exchange to an unknown wallet.

card

This series of transactions has raised questions about the motives and intentions behind the movement, as well as the fact that the identities of the receiving wallets remain unknown.

Not ruling out funds' reshuffling, the transactions could be related to whales or large holders seeking to capitalize on market trends. Keep in mind that withdrawals from cryptocurrency exchanges may indicate buying.

According to on-chain data from Santiment, XRP may be undervalued, with a profit ratio of 77% now. The low percentage of supply in profit, when compared to other cryptocurrencies such as Bitcoin and Ethereum, may indicate undervaluation.

The increase in whale activity may represent a belief that XRP is undervalued and that investors are taking advantage of the opportunity to accumulate coins at lower prices.

Visa, a global leader in payment technology, has recently shone a spotlight on the growing prominence of Solana (SOL) in the stablecoin market.

According to Visa Stablecoin Dashboard, Solana has witnessed a surge in stablecoin transactions, particularly USDC (USD Coin), a stablecoin pegged to the U.S. dollar.

card

Solana surpasses other blockchains

Per the reports, Solana’s stablecoin transactions surpassed other blockchains like Tron, Binance Smart Chain (BSC) and others.

The blockchain’s total stablecoin transactions exceed 69 million over the past 30 days. Compared to its closest rival, Binance Smart Chain saw a total of 47.2 million transactions. Ethereum fared even more poorly as the stablecoin transactions came in at only 2.3 million for the past 30 days.

new @visa dashboard shows that @solana has significantly more stablecoin transactions than any other blockchain pic.twitter.com/swCM8C2DGy

— Mike Dudas (@mdudas) April 26, 2024

It appears that larger investors are currently favoring Solana's network, as the choice of protocol boils down to the specific needs and strategies of stablecoin users.

Looking at the future of Solana, a continued rise will depend on the market sentiment post-halving, project developments and the capacity of buyers to drive and sustain higher prices.

Solana congestion challenges get major fix

Just recently, Solana announced the release of a major congestion fix on its mainnet. According to the platform, a new version upgrade dubbed v1.17.31 has been released and is available for MainnetBeta validators.

Solana has confirmed that the new upgrade will address its congestion issues directly. Before this release, many developers and validator clients had released major updates on the testnet as a concerted effort was invested in helping address network woes across the board.

card

With this fix, many halted projects have expressed plans to proceed with launching, with plans to go live as network stability is now guaranteed.

Notably, the new release of the Solana congestion fix sent the price of SOL up by 9.24% to $154.43 over the past week. While this growth trails a broader market recovery, the return of normalcy and the trust that the resolution of congestion woes will bring should help in boosting the growth of the coin in the long term.

It looks like the euphoria around meme coins might be finally gone. Out of the 10 worst performing categories on CoinGecko, five are associated with meme cryptocurrencies. At the same time, the most painful losses are associated with small-caps.

Base, Solana meme coin ecosystems bleeding: Double-digit losses registered in 24 hours

In the last 24 hours, amid the general crypto market apathy, meme-associated coins are yet again suffering the most. Two ecosystems demonstrated the worst performance metrics. Meme coins on Base, a Coinbase L2 for Ethereum (ETH), lost over 18% of value overnight.

Image by CoinGecko

The aggregated capitalization of 38 largest Base meme coins dropped to $142 million. Brett (BRETT) meme coin's price plummeted by over 40%.

Solana's (SOL) meme coin segment erased 12.6% of its value. The net market capitalization of Solana-based meme cryptocurrencies barely exceeds $1.67 billion.

Also, cat-themed meme coins and BRC-20 assets (some tokens in this category are also associated with memes) are amid the worst performers.

While cat coins' value plunged by 8.8%, BRC-20 cryptocurrencies lost 8.7% of the total value.

$8.5 million worth of DOGE, WIF, BONK positions liquidated, mostly longs

This dropdown in the meme coin sphere triggered eight-digit liquidations on futures markets. Dogecoin (DOGE), Dogwifhat (WIF), Bonk (BONK) and Pepe (PEPE) are the worst sufferers here.

With $150 million in total liquidated in the last 24 hours, three largest meme coins are responsible for $8.5 million in equivalent lost.

Over 80% of this sum should be attributed to long positions.

The total crypto market capitalization is down by 2%, data says.