Market
Traders dump Cardano and IOTA as they move to Vantard
Cardano and IOTA, two of the best-known players in the crypto industry, have underperformed the market over time as they evolved into ghost chains. A ghost chain is a blockchain whose coin is popular, but one that lacks a supportive ecosystem.
Cardano and IOTA are ghost chains
Cardano is a layer-1 blockchain that became popular in 2021 as a good alternative to Ethereum, which was a proof-of-work network at the time. Its popularity was partly because it was promoted as a peer-reviewed chain that would become a disruptive force in the industry.
Years later, Cardano has no major developers working in its blockchain. For example, there are no popular decentralized exchanges (DEXes) and lending protocols. It has a total value locked (TVL) of less than $350 million. In contrast, newer blockchain networks like Base and Sui have attracted over $1 billion in assets.
IOTA, on the other hand, became popular for its insistence that it was not a blockchain network. Instead, it is a distributed ledger technology that uses a technology known as tangle.
IOTA launched Shimmer, its EVM-enabled blockchain network in 2023 with a lot of hype. Many months later, it has also not attracted major developers.
Therefore, many investors have abandoned ADA and IOTA as their prices have continued to underperform the market. Cardano price has crashed by 60% from its highest level this year, while IOTA has plunged by 75%.
Traders flock to Vantard
At the same time, traders are flocking to Vantard, an upcoming meme coin fund token that is in its presale stage.
Data on its website shows that the developers have now raised $808,240 tokens in less than three weeks. This trend makes it one of the best performing token sales this year.
The idea of a meme coin index fund is inspired by Vanguard’s success. For over three decades, Vanguard has become a financial juggernaut with over $8 trillion in assets. Most of these funds are made up of mutual funds and exchange-traded funds that track either stocks or bonds.
Vantard hopes to create a fund made up of the top-performing meme coins in the industry. It is based on the view that meme coins do better than other traditional cryptocurrencies, especially during bull markets.
Some of the most notable performers were cryptocurrencies like Popcat, MICHI, Fwog, Gigachad, and Moo Deng.
Vantard’s performance will also be influenced by the ongoing interest rate cuts by the Federal Reserve. Analysts expect the Fed to slash interest rates by 0.25% on Wednesday this week. It will also hint that it will deliver more cuts in the coming meetingss.
Bitcoin and meme coins like Vantard thrive when the Fed is cutting rates. You can learn more about Vantard and buy the VTARD token here.
Market
Winklevoss Urges Scrutiny of FTX and SBF Political Donations
Gemini co-founder Cameron Winklevoss has called for a renewed investigation into the dropped campaign finance charges against Sam Bankman-Fried, the convicted founder of the now-defunct FTX exchange.
Winklevoss emphasized the need for the incoming US Attorney General to address unresolved concerns about how these charges, tied to election interference involving stolen customer funds, were handled.
Winklevoss Demands Probe Into FTX-Linked Election Interference Accusations
In a November 23 post on X, Winklevoss expressed the belief that the campaign finance allegations remain a critical issue. He pointed to the Department of Justice under Merrick Garland, which declined to pursue these charges due to extradition technicalities with the Bahamian government.
According to Winklevoss, the DOJ chose not to work through the required legal processes to include the campaign finance violations in the indictment, leaving the matter unaddressed.
“Merrick Garland’s DOJ refused to pursue campaign finance charges against SBF because they were not included in his extradition…Since when has paperwork stood in between a prosecutor and adding more charges? Especially when it involves election interference with $100m of stolen customer funds,” Winklevoss stated.
Federal prosecutors initially dropped the campaign finance charge last year, attributing their decision to objections from Bahamian authorities. This charge involved over $100 million allegedly funneled from Alameda Research to fund more than 300 political contributions.
According to the indictment, these contributions, often made through straw donors or corporate funds, aimed to enhance Bankman-Fried’s influence in Washington, D.C.
The indictment also noted that Bankman-Fried became a top political donor in the 2022 midterm elections. He allegedly used the funds to gain favor with candidates across party lines, potentially shaping legislation favorable to FTX and the broader crypto industry.
Winklevoss’ remarks come as other key figures in the FTX collapse face their consequences. While Caroline Ellison and Ryan Salame received sentences of two years and 7.5 years, respectively, Gary Wang and Nishad Singh avoided prison by cooperating with prosecutors. Bankman-Fried is currently serving a 25-year prison sentence for fraud and other crimes.
Meanwhile, FTX has announced plans to implement its approved reorganization strategy starting in January. The exchange’s bankruptcy managers have recovered billions of dollars for creditors and are intensifying efforts to reclaim assets held by other entities.
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
Why a New Solana All-Time High May Be Near
Solana’s (SOL) price clinched a new all-time high of $264.39 during the trading session on November 23. Its price has since witnessed a 3% correction, causing the popular altcoin to exchange hands at $255.12 as of this writing.
Despite this pullback, the bullish bias toward the altcoin strengthens. An assessment of its daily chart highlights two reasons why a new Solana all-time high may be on the horizon.
Solana Bulls Relegates Its Bears
On the SOL/USD one-day chart, its price is positioned above the green line of its Super Trend indicator. This indicator measures the overall direction and strength of a price trend. It appears as a line on the chart, changing color based on the prevailing trend: green signifies an uptrend, while red indicates a downtrend.
When the Super Trend line is above an asset’s price, it signals a downtrend, suggesting continued bearish momentum. In Solana’s case, when the Super Trend line turns green and moves below the price, buyers are in control.
This green line often acts as a support level, where increased buying pressure can drive a rebound following price dips. For Solana, this support is currently set at $213.53.
Further, the coin’s price rests significantly above its Ichimoku Cloud, confirming this bullish outlook. This indicator tracks the momentum of an asset’s market trends and identifies potential support/resistance levels.
When an asset’s price rests above the Ichimoku Cloud, it signals a bullish trend. It indicates that the asset is on an upward trend with the potential for further gains. In this case, the Cloud is a dynamic support zone below the price, reinforcing bullish sentiment.
SOL Price Prediction: New High on the Horizon
At press time, SOL trades at $255.12, below the new resistance at its all-time high of $264.39. If buying pressure strengthens further, the coin’s price will flip this level into a support floor and attempt to touch a new peak.
On the other hand, if profit-taking activity resurges, SOL’s price will shed some of its current gains to trade at $231.35. Should this level fail to hand, SOL’s price will fall toward the support formed by its Super Trend indicator at $213.53. This will invalidate the possibility of a new Solana all-time high in the near term.
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
WIF Shakes Off Setbacks As Bullish Resurgence Targets More Gains
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I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
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