IDLabs

When a crypto project enters the market, the circulating supply of its tokens is limited: the team, various levels of investors, employees, etc., do not have tokens on hand to avoid creating additional pressure on the coin's price.

According to the schedule defined in the project's tokenomics, these participants start receiving tokens and can sell them on the market. This process is called token unlocking.

Shorting after an unlock is an old but always relevant way to make some profit.

This week, on August 26, Token Unlocks has shown that Avalanche will be unlocking 9.54 million AVAX.

This accounts for about 2.77% of the total supply, which equates to approximately $103 million.

The allocation breakdown is as follows: 2.25 million for strategic partners, 1.67 million for foundations, 4.5 million for teams, and 1.13 million for airdrops.

As of now, the current price of AVAX is $10.81 and the 24-hour trading volume is about $80 million.

The Avalanche Foundation last week granted up to $3 million in AVAX tokens to Dexalot, a central order limit book DEX operating on a subnet, as part of the Multiverse initiative driving new subnet growth.

On 2nd August, Balancer, a renowned decentralized automated market maker (AMM) with a staggering $1 billion in total value locked, officially deployed on Avalanche, a high-performance blockchain known for its throughput, fast finality, energy efficiency, and scalability through custom Subnets.

Balancer’s foray into Avalanche aims to drive the growth of liquid staking on the network while offering users a more versatile DeFi tech stack.

Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar.

ETH could start a fresh decline if it stays below the 100 hourly SMA.Ethereum is struggling to recover above the $1,690 and $1,700 levels.

The price is trading below $1,700 and the 100-hourly Simple Moving Average.There was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could resume its decline if it stays below the $1,700 level in the near term.Ethereum Price Faces HurdlesEthereum’s price declined heavily below the $1,700 level. ETH tested the $1,520 zone and recently started a decent recovery wave, similar to Bitcoin.

There was a move above the $1,550 and $1,600 levels. The price climbed above the 50% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low.

Besides, there was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH/USD.

However, the bears are still active below the $1,680 level.

Ether is also trading below $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,690 level.

The next resistance is near $1,700 or the 100-hourly Simple Moving Average.

The 61.8% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low is also near the $1,700 zone.

A close above the $1,700 level could start a decent increase in the near term.

The next major resistance is near the $1,750 level.

Any more gains might send the price toward the $1,820 resistance, above which the price could rise toward the $1,880 zone.Fresh Decline 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 $1,600 zone.

If the bulls fail to protect the $1,600 support, there could be more losses.

The next major support is near the $1,550 support level.

Any more losses might send the price toward the $1,520 level in the near term.

Technical IndicatorsHourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now near the 50 level.

Major Support Level – $1,600Major Resistance Level – $1,700

Ripple, the company behind popular cryptocurrency XRP, has been announced as an official partner of a key subgroup under a Bank for International Settlements (BIS) committee. This could be a massive development in the company’s pursuit to create a crypto ecosystem between central banks around the world.

Ripple Named As Key BIS Committee PartnerThis announcement comes at a time when the altcoin is back to being in bullish space thanks to the recently delivered Summary Judgment in the Ripple lawsuit against the U.S. Securities and Exchange Commission (SEC).

The judgment effectively said that the token can not be deemed a security if it is sold through an exchange or through programmatic sales for retail buyers, while the previous judgment holds when it comes to institutional sales.

According to the announcement, Ripple is now an official partner of the ‘Cross-border payments interoperability and extension taskforce’.

The taskforce is a subgroup within the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures.

The BIS announcement comes just few days after Michael Miebach, chief executive officer at payments company Mastercard, revealed that his company is in collaboration with the likes of Ripple in relation to a new central bank digital currency (CBDC) partner program.

What Next For XRP Price?

Meanwhile, the XRP price saw significant volatile trend in the last few days, thanks to the recent developments like the SEC’s filing for interlocutory appeal in the lawsuit against Ripple. Earlier, CoinGape reported that traders could be rewarded if they hold on until the token hits a target of $0.62 next.

Compared to the beginning of the year 2023, the XRP price jumped by a whopping 54%, compared to the 58% jump in Bitcoin price during the same period.

Shiba Inu’s lead developer Shytoshi Kusama has provided an update regarding the ongoing scaling of Shibarium, the cryptocurrency’s layer-2 blockchain.

In a blog post today, Kusama said the team restarted Shibarium today, adding that everything went smoothly. However, he said the procedure was for internal testing purposes- one of the phases required to relaunch the L2 blockchain.

“Now, with that stage complete, we are scaling up in multiple ways, testing again, and making it public,” he added.

Shibarium Scaling and Capacity Increased By 1,500%

In an interesting development, Kusama said the teams had increased Shibarium scaling and capacity by 1,500%.According to Kusama, the Alchemy team has scaled Shibarium operations by 1,500%.

It bears mentioning that Alchemy is the company where the Shiba Inu team secured 400 million compute units for Shibarium.

Additionally, Kusama noted that Shibarium devs have worked with the decentralized team and validators to scale the blockchain’s server infrastructure by 1,500%.

Shiba Inu Working With Other Devs to Manage Shibarium TrafficIt is worth noting that Shibarium encountered a technical issue due to an influx of users.

A few hours after the L2 blockchain launched, Shibarium experienced massive traffic, with 160M compute units recorded in just 30 minutes.

As reported, Kusama revealed that the development team did not expect that amount of traffic at the time of Shibarium’s launch.

In the latest blog post, Kusama said the team now has a benchmark for the amount of traffic it should expect.

Consequently, the Shibarium team has collaborated with other blockchain developers to create additional protocols to support and help manage the traffic.

Kusama Thanks Shiba Inu Community for Fighting FUDs

Meanwhile, the lead developer expressed gratitude to Shiba Inu community members for defending Shibarium amid escalating FUDs.

“A huge thanks to the ShibArmy, who fight fud while we work on preparing a chain large enough to handle your enthusiasm,” he said.

Recall that several critics leveraged the Shibarium issue to spread FUD about the project.

The most notable incident was a fraudulent screenshot of Kusama admitting guilt and stating that investors would never recover their funds trapped in the bridge.

Reacting, Shiba Inu’s marketing specialist Lucie dismissed the FUD.

She noted that the fake screenshot was a malicious attempt to harm the Shiba Inu ecosystem.

Additionally, Shiba Inu developer Kaal Dhairya said he would talk with the X team to identify the culprit who posted the fake screenshot of Kusama’s alleged admission of guilt.

Shiba Inu Social Engagement Soars 43%In other news, renowned social intelligence platform LunarCrush recently revealed impressive stats for Shiba Inu.

On August 16, LunarCrush reported that Shiba Inu’s social engagement skyrocketed by 43.07%, reaching 1.95 billion.

Shiba Inu 1-week activity:

Social engagements: 1.95B +43.07%

Current price: $0.000009837