Market
4 Upcoming Crypto Airdrops to Boost Your Portfolio
The crypto markets are entering what could be one of the most volatile weeks of 2024, with major US economic events on the horizon. As analysts brace for increased market swings, crypto airdrops might offer investors a way to benefit without upfront investments.
Airdrops distribute free tokens, often as a strategy to gain followers and expand a project’s user base. This week, five notable airdrops are worth keeping an eye on.
Confidential Layer
Confidential Layer advertises itself as the first decentralized protocol linking public and privacy blockchains. It operates as a non-custodial cross-chain protocol, offering a bridge between public and private blockchains.
The network launched its airdrop campaign on October 30, with a total airdrop pool of 35% of the total supply of CLONE tokens. Allocations are available for all eligible participants.
“Over 35% of the token supply is allocated for airdrops and incentives, built for the community and rewarding early adopters. We’re here to recognize and support those who join us early,” the project noted.
Read more: What are Crypto Airdrops?
To qualify for the airdrop, farmers must engage in specified tasks, including completing social assignments and referring friends. It delivers an exciting adventure to secure exclusive rewards, with airdrop distribution expected to take place in December 2024.
PAWS
Operating as a Telegram mini-app looking to reward users for their digital footprint within the TON ecosystem, PAWS airdrop stands confirmed. It features a reward system that recognizes and incentivizes user engagement on the platform.
The PAWS airdrop offers eligible users an opportunity to claim tokens based on their Telegram activity and previous participation in related airdrops.
“Users who received tokens from the DOGS, NOT, and HMSTR airdrops are eligible to participate in the PAWS token distribution,” a paragraph on the page read.
This strategic approach to eligibility comes as PAWS commits to rewarding long-term Telegram users and early adopters of similar projects. Additionally, the airdrop features a unique point-based system, allowing users to earn additional rewards through referrals and completing social tasks to earn PAW points.
BulbaSwap
BulbaSwap enables users to execute token swaps for AI and meme coins while offering opportunities for liquidity providers to earn rewards.
The project recently confirmed its upcoming airdrop through its project documentation. A credits-based system has already been implemented to reward early platform adopters. Focusing on active traders, liquidity providers, and referral partners, these three participation categories form the basis of the BulbaSwap airdrop program.
“This structured approach ensures that participants contributing to different aspects of the ecosystem can earn their share of the future token distribution,” BulbaSwap said.
With the credits program currently active, users can accumulate points based on their platform engagement. Bridging Ethereum (ETH) to Morph L2 is one of the participation criteria, with the “boost” page providing one avenue to maximize credits. Additional mechanisms include combining trading, liquidity provision, and referrals, participating in different trading pairs, and maintaining consistent platform activity.
Meanwhile, the BulbaSwap airdrop confirmation came after the project closed its $1.3 million seed round led by Foresight Ventures. Morph L2, MEXC Ventures Labs, and Kronos Research also participated in the fundraiser.
dGEN1
Combining the functionality of a traditional smartphone with native Web3 capabilities, Freedom Factory confirmed an airdrop program exclusive for dGEN1 device owners. It will reward the project’s early adopters and supporters with a share of a dedicated token pool. The distribution is set to commence in spring 2025 (March), coinciding with the delivery of the dGEN1 devices.
Read more: Best Upcoming Airdrops in 2024
The airdrop utilizes a unique NFT-based claim mechanism. Each dGEN1 device owner receives an NFT that represents their right to claim an equal share of the airdrop pool. The pool’s composition includes various tokens, with the exact value and distribution per holder transparently displayed on a dedicated website.
“Added 0.5% of our reflection token to the dGEN1 airdrop pool, so the buyers of EthereumPhone [ethOS] can claim both our token and the reflections that accrue while we wait for delivery,” OG Baby Miggles noted.
This suggests that dGEN1 buyers could also be potentially included in future airdrops for Ethereum-based projects.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Banana Gun Rises After Justin Sun’s $6.2 Million Art Purchase
Justin Sun, founder of TRON and Poloniex CEO, has purchased the viral art piece Comedian—a banana duct-taped to a wall—for $6.2 million at Sotheby’s.
Following the purchase, Sun announced on X (formerly Twitter) that he plans to eat the artwork. This has ignited a frenzy of memes, commentary, and market reactions, even causing the crypto token Banana Gun to spike in value.
Crypto Reacts: Banana Gun on the Rise
Maurizio Cattelan’s Comedian gained international fame in 2019 when it was first displayed at Art Basel Miami. Its simplicity and absurdity—a banana taped to a wall—sparked debates about the nature of art. The so-called artwork became viral when performance artist David Datuna ate it in a stunt dubbed Hungry Artist.
Sun’s pledge to eat the $6.2 million fruit has also drawn parallels, adding another layer of humor to the piece’s history. The Tron founder even said he’s willing to donate the banana to Elon Musk and send it to Mars.
Meanwhile, several users even recreated their own version of Comedian and shared it on social media. One fan followed up by taping bananas around the Massachusetts Institute of Technology (MIT) campus, encouraging others to “tape all over the world” and start a movement.
What they are campaigning for, precisely, remains to be seen.
“In the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture. Stay tuned,” Sun said on X.
The ripple effects of Sun’s purchase eventually trickled beyond the confines of art and humor and into crypto markets. The token Banana Gun, which shares its name with the theme, surged nearly 16% following the news. Traders and enthusiasts, ever attuned to cultural moments, appear to have seized the chance to capitalize on the buzz.
Sun’s acquisition and the banana’s virality bring to mind another recent development in the art-crypto nexus. Earlier this week, Ethereum co-founder Vitalik Buterin allegedly minted 400 Patron NFTs. This development sparked hopes of a resurgence for the NFT market.
This aged well…. $BANANA is an insane project. For me, this is in the same league as $ZIG. Fundamentals are truly insane. No matter which narrative will cook next, $BANANA will profit from it,” said one trader on X.
The combination of Sun’s high-profile purchase and the market’s reaction to Banana Gun demonstrates how art, humor, and technology continue to blur boundaries. Whether Sun’s banana-eating spectacle will leave a lasting impact or peel away (pun intended) into meme history, one thing is certain—the intersection of crypto and culture remains as unexpected as ever.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cardano (ADA) Price Hits 41% Weekly Growth, $1 Target in Sight
Cardano (ADA) price has surged 41.89% in the last seven days, signaling strong bullish momentum in the market. The uptrend remains strong, supported by key technical indicators like the ADX and Ichimoku Cloud, which point to sustained positive sentiment.
However, signs of consolidation and narrowing gaps in short-term indicators suggest that the rally could face challenges if buying pressure weakens.
ADA Current Uptrend Is Still Strong
Cardano DMI chart shows an ADX of 42.7, indicating a strong trend. The metric has remained above 40 since November 7. This high ADX value confirms the robustness of ADA ongoing uptrend, signaling solid momentum behind the recent price movements.
With the positive directional index (D+) at 21.3 and the negative directional index (D-) at 11, bullish pressure continues to outweigh bearish activity, further supporting the upward trajectory.
The ADX measures the strength of a trend without considering its direction. Values above 25 indicate a strong trend, while those below 20 suggest a weak or nonexistent trend. With an ADX at 42.7, ADA is clearly in a strong uptrend, showing significant market confidence.
The gap between D+ and D- reinforces the bullish dominance, suggesting that ADA price could sustain its upward movement if current conditions persist.
Cardano Ichimoku Cloud Shows An Important Signal
The Ichimoku Cloud chart for Cardano indicates a generally bullish trend, as the price remains above the cloud (Kumo). The Tenkan-sen (blue line) and Kijun-sen (red line) are relatively flat, showing signs of consolidation after ADA’s recent rally.
While the price is still trading above these lines, the narrowing gap between the price and the Tenkan-sen suggests weakening short-term momentum.
The green cloud ahead signals potential support for ADA uptrend, but the current consolidation phase highlights the need for sustained buying pressure to maintain this momentum.
If the price drops below the Kijun-sen or approaches the cloud, it could signal a possible shift toward bearish sentiment.
ADA Price Prediction: Can It Reach $1 In November?
If Cardano (ADA) maintains its strong uptrend, it could test the resistance at $0.85. Breaking this level could pave the way for further gains, with the potential to reach the $1 threshold, marking a 20% rise from current levels and the highest price for Cardano since April 2022.
However, as indicated by the Ichimoku Cloud, a potential reversal could be on the horizon. If bearish momentum takes over, ADA price could face significant downward pressure, potentially dropping to $0.51.
If this support fails, the price could decline further to $0.32, representing a steep 59% correction. This highlights the importance of the current support and resistance levels in determining ADA’s next direction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why SUI Network Outage Did Not Cause a Price Crash
Earlier today, the Layer-1 blockchain Sui experienced a two-hour blackout, halting block production and rendering transaction processing impossible. This network outage led to a slight dip in SUI’s price, falling from $3.73 to $3.64.
Despite concerns of a more significant decline, the price stabilized after the project announced that the network was fully restored and operational.
Sui Comes Back Online, Altcoin Still in Good Position
Around 10:52 UTC, web3 security firm ExVull disclosed that a DOS bug caused the Sui network outage. Fully known as a Denial-of-Service (DoS) attack, the bug” refers to a software attack that overwhelms a system with excessive traffic or requests, causing it to become unavailable to legitimate users by crashing or severely slowing its functionality.
“After our analysis, it was found that the Sui Network node occur DOS due to integer overflow,” ExVul stated.
Following this development, several exchanges halted SUI transactions as the price also dipped a little. However, nearly two hours later, the project updated its community, saying that validators had assisted in resolving the issue.
“The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved,” it explained.
Meanwhile, data from Messari showed that, amid the outage, the Sharpe ratio remained positive. The Sharpe ratio is a key measure of risk-adjusted return, indicating how much excess return an investment generates relative to its volatility.
It helps investors assess whether the returns of a riskier asset justify the risk taken. A higher ratio signifies better risk-adjusted performance. Typically, when the ratio is negative, it means that the risk might not be worth the reward.
However, since it is positive for SUI, it indicates that accumulating the altcoin around its current value could still yield positive returns.
SUI Price Prediction: Run Above $4
On the daily chart, SUI continues to trade within an ascending channel. An ascending channel, also called a rising channel or channel up, is a chart pattern defined by two parallel upward-sloping lines.
It forms when the price shows higher swing highs and higher swing lows, indicating an ongoing uptrend. Furthermore, the Chaikin Money Flow (CMF) has increased, suggesting that buying pressure has outpaced distribution.
If this continues, SUI’s price could climb above $4. However, if a Sui network outage occurs again, this might not happen. In that scenario, the value could drop below $3.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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