Market

OP, SUI, ZETA and More

Published

7 months ago

August 25, 2024

Coin2049 Newsletter

Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.

However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are eight major token unlocks to watch next week.

Yield Guild Games

Unlock date: August 27
Number of tokens unlocked: 14.08 million YGG
Current circulating supply: 380.83 million YGG

Yield Guild Games (YGG) is a gaming community that operates on a play-to-earn model. It brings together gamers worldwide, enabling them to earn cryptocurrency rewards by participating in various blockchain games. YGG invests in NFT assets, such as in-game items and virtual land, making these available for guild members to borrow and use in their gaming endeavors.

In a few days, Yield Guild Games (YGG) will unlock a substantial portion of its tokens. These tokens will be distributed across the community, founders, investors, and the treasury, fueling the guild’s growth and ecosystem development.

SingularityNET (AGIX)

Unlock date: August 28
Number of tokens unlocked: 8.32 million AGIX
Current circulating supply: 527.10 million AGIX

SingularityNET is a decentralized blockchain platform designed to develop and host AI applications. The platform’s native token, AGIX, is essential for transactions, governance, and rewarding node operators who maintain and develop the network. SingularityNET also supports cross-chain functionality, enabling the AGIX token to operate on both the Cardano and Ethereum networks.

In August, a key event for AGIX token holders will take place with the distribution of unlocked tokens to participants in the AGIX-ADA rewards program. This initiative aims to incentivize and reward community members who actively contribute to the platform’s growth and development.

AGIX unlock — AGIX Unlock. Source: token.unlocks

Optimism (OP)

Unlock date: August 31
Number of tokens unlocked: 31.34 million OP
Current circulating supply: 1.18 billion OP

Optimism is a Layer-2 scaling solution designed to improve the speed and lower the costs of transactions on the Ethereum mainnet. The OP token plays a crucial role in governance, allowing holders to vote on proposals and decisions that shape the network’s development and management.

On August 31, Optimism will increase its circulating supply by 31.34 million OP. According to TokenUnlocks, the project will distribute these tokens among core contributors and investors.

Optimism unlock — OP Unlock. Source: token.unlocks

Echelon Prime (PRIME)

Unlock date: August 31
Number of tokens unlocked: 750,000 PRIME
Current circulating supply: 44.52 million PRIME

Echelon Prime (PRIME) is the native token of the Echelon Prime Foundation, which focuses on advancing Web3 gaming ecosystems. The foundation provides tools and resources for new gaming models and economies, with its first major adoption in the sci-fi trading card game Parallel.

On August 31st, Echelon Prime will unlock 750,000 PRIME tokens reserved for investors in Parallel Studios. This release is part of a larger token vesting schedule that began on July 31, 2023. These tokens are part of a monthly unlock for investors and are expected to continue until July 2025.

Prime unlock — PRIME unlock. Source: token.unlocks

dYdX (DYDX)

Unlock date: September 1
Number of tokens unlocked: 8.33 million DYDX
Current circulating supply: 227.34 million DYDX

In early 2023, dYdX, the largest decentralized perpetual futures trading protocol, announced changes to its initial tokenomics. According to the update, 27.7% of dYdX’s total supply will go to early investors, 26.1% to the treasury, 15.3% to the team, and 7.0% to future dYdX employees and consultants.

On September 1, approximately 8.33 million DYDX tokens will be unlocked. The majority of these tokens will be distributed among investors and the project team, while a portion is reserved for future employees.

dydx unlock — DYDX Unlock. Source: token.unlocks

Sui (SUI)

Unlock date: September 1
Number of tokens unlocked: 64.19 million SUI
Current circulating supply: 2.59 billion SUI

Sui is a high-performance Layer-1 blockchain that utilizes a Proof-of-Stake consensus to increase network operation and security. The project was developed by Mysten Labs, a company founded in 2021 by former Novi Research employees who created the Diem blockchain and the Move programming language.

The SUI token facilitates governance, enabling token holders to vote on important proposals and shape the platform’s future. The next unlock will happen on September 1, releasing a large portion of tokens set aside for Series A and B participants, community reserve, and the Mysten Labs treasury.

sui unlock — SUI Unlock. Source: token.unlocks

ZetaChain (ZETA)

Unlock date: September 1
Number of tokens unlocked: 53.89 million ZETA
Current circulating supply: 343.07 million ZETA

ZetaChain is a decentralized blockchain platform that enables seamless interoperability across various blockchain networks. One of its main features is cross-chain communication, which allows for the exchange of tokens and data between different blockchains, such as Ethereum and Binance Smart Chain.

On September 1, it will unlock nearly 54 million ZETA tokens. The newly released coins will be allocated across several initiatives, including a user growth pool, an ecosystem growth fund, support for core contributors, advisory roles, and liquidity incentives.

Zeta unlock — ZETA Unlock. Source: token.unlocks

Ethena (ENA)

Unlock date: September 1
Number of tokens unlocked: 14.89 million ENA
Current circulating supply: 1.80 billion ENA

Ethena is a synthetic currency protocol built on Ethereum. It provides a native cryptocurrency solution independent of traditional banking, and also offers global users a dollar-denominated savings instrument called the ‘Internet Bond.’

The ENA token enables holders to vote on governance proposals. On September 1, the project will unlock almost 15 million ENA dedicated to ecosystem development.

Ethena unlock — ENA Unlock. Source: token.unlocks

Other next-week cliff unlocks include Tornado Cash (TORN), Euler (EUL), 1inch (1INCH), and Manta (MANTA), with a total value exceeding $179 million. Although many consider token unlocks bearish, a well-planned schedule can strengthen a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.

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Market

BNB Price Faces More Downside—Can Bulls Step In?

Published

8 hours ago

April 2, 2025

Coin2049 Newsletter

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Market

VanEck Sets Stage for BNB ETF with Official Trust Filing

Published

9 hours ago

April 2, 2025

Coin2049 Newsletter

Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF).

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto.

BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF.

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months.

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

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Market

XRP Recovery Stalls—Are Bears Still In Control?

Published

10 hours ago

April 2, 2025

Coin2049 Newsletter

XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.

XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might extend losses if it fails to clear the $2.20 resistance zone.

XRP Price Faces Rejection

XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.

The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.

On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.

Another Decline?

If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.

If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.10 and $2.050.

Major Resistance Levels – $2.120 and $2.20.

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