Market

Solana Airdrops, Jito Unlocks, and others

Published

2 days ago

December 2, 2024

Coin2049 Newsletter

This week in crypto promises to be eventful, with major developments expected to shape market sentiment. Ecosystems like Solana, Jito, Ethena, and Jupiter are set to make headlines with key updates.

These updates from various decentralized finance (DeFi) and blockchain projects are likely to influence investor behavior and market dynamics.

First in line is a possible Solana announcement expected to break on Thursday, December 5. The network is expected to make a few major announcements, and rumors suggest that they will be related to some airdrops.

It remains unknown what the Solana announcement will entail. However, several Solana-based projects have huge upcoming developments, positioning them as likely candidates for the anticipated Solana-related announcement.

For example, there is a confirmed Wise Monkey (MONKY) airdrop for Floki Inu (FLOKI, TokenFi (TOKEN), and ApeCoin (APE) holders. The snapshot date for APE holders was November 29, whereas FLOKI holders’ snapshot date will be December 15. Distribution is based on token holdings.

The announcement comes ahead of Wise Monkey’s launch of the MONKY token on December 12, 2024. Elsewhere, Rectoverso (RESO), a DeFi platform built on the Solana blockchain, is also planning an IDO (initial DEX offering), according to a contributor. Other candidates include the Qubic ecosystem, which suggested an ongoing collaboration with Solana.

“This month, we’ll be unveiling a huge update about the Qubic and Solana launch, alongside a special reveal of Imporium — a new initiative that will revolutionize our ecosystem,” Qubic shared.

Qubic is a utility token on the Stellar (XLM) blockchain. It aims to support decentralized applications (dApps) for various real-world challenges in the web3 domain.

Jito (JTO) Token Unlock

On December 7, the Jito Network will unlock 135.71 million JTO tokens valued at approximately $462 million at current rates. The tokens constitute 103.01% of its circulating supply, which could dampen the market and cause a price drop. As BeInCrypto reported, the tokens will be allocated to core contributors and investors. Unlike core contributors, investors may cash in for early gains.

The Jito Network is a major contributor to the Solana ecosystem through its JitoSOL liquid staking pool and its collection of MEV products.

Ethena Lab’s BlackRock-Backed Stablecoin

Another top crypto news this week is the release of USDtb, Ethena Lab’s new stablecoin backed by BlackRock’s BUIDL fund. The synthetic dollar protocol and tokenization platform Securitize submitted a joint proposal to feature Ethena’s USDtb stablecoin in Spark’s $1 billion Tokenization Grand Prix.

“Approval of USDtb as a backing asset for USDe and an eligible asset for the Reserve Fund, with the potential for allocation as a backing asset of USDe on Day 1 of USDtb’s launch next week [this week],” a paragraph in the forum discussion read.

With this proposal, they seek to onboard real-world assets (RWAs) to decentralized finance (DeFi) by offering liquidity to selected participants.

D.O.G.E Proposals From Musk and Ramaswamy

In addition, this week, Elon Musk and Vivek Ramaswamy will present key proposals for the Department of Government Efficiency (D.O.G.E). Musk plans to rein in defense spending as part of his Trump-appointed mission to find ways to slash government spending.

“Elon Musk is right. The Pentagon, with a budget of $886 billion, just failed its 7th audit in a row. It has lost track of billions. Last year, only 13 senators voted against the Military Industrial Complex and a defense budget full of waste and fraud. That must change,” said Bernie Sanders, an American politician and activist who is the senior United States senator from Vermont.

Meanwhile, Ramaswamy alluded to halting or increasing defense spending, arguing against reflexively increasing the magnitude. Both Coinbase CEO Brian Armstrong and Gemini co-founder Cameron Winklevoss have rallied behind the proposal.

Jupiter’s Revised Airdrop Proposal Voting

Jupiter’s revised airdrop proposal will also be voted on this week. The Solana-based decentralized exchange (DEX) aggregator plans to airdrop approximately $860 million of JUP in January, marking the second round of the airdrop. Community members expect the vote to proceed.

“A vote on whether this will happen is starting soon, and I believe it will proceed The snapshot has already been taken, and there will be a vesting with a 75% fee if you choose to claim instantly,” a Solana DeFi maxi said recently.

The optimism comes as the minimum vote threshold to pass the vote has already surpassed. Passing the proposal would mean two more airdrops of 700 million JUP tokens each.

Gala Film Launch

Also, on December 5, the Gala ecosystem will launch its FILM token. The token launch comes after Gala Film rewrote the playbook for the web3 era. With it, it built a free platform that enhances the watching experience for fans. It also empowers filmmakers to create anything their imagination can manage.

“Gala Film’s revolutionary plan is fueled by a single upcoming GalaChain token: FILM. And we’re pleased to announce that an official date has been slated for its release. FILM is coming on December 5th, 2024,” Gala said.

Gala Film is an ecosystem built atop the web3 infrastructure of GalaChain, with a vision centered around FILM, the platform’s official reward and utility token. Users collect FILM as a reward for multiple levels of participation. The token will also help boost promising projects and unlock exclusives. Community members will harness it to fund a future of decentralized video content and usher in a new creative era.

Beyond these events, crypto markets must also brace for the impact of US economic data this week, which is expected to spur volatility.

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.

Source link

Related Topics:Airdrops Jito Solana unlocks

Up Next

Ethereum ETF Inflows Spike on Renewed Interest

Don't Miss

Altcoin Season Index Roars Back with Bitcoin Falling Behind

Click to comment

Market

BNB Price Surge: Upbeat Momentum Builds After $724 Breakout

Published

24 minutes ago

December 4, 2024

Coin2049 Newsletter

BNB has taken the spotlight with a powerful surge, breaking past the critical $724 resistance level and signaling the potential for more growth. This breakout has ignited bullish momentum, sparking speculation that the token could be gearing up for uncharted territory. With strong market sentiment and increasing trading activity, BNB appears poised to extend its rally, leaving many wondering how high it can climb in the days ahead.

This article aims to explore BNB’s recent breakout above the $724 level, delving into the key drivers behind its bullish strength. it seeks to assess whether the asset can sustain its upward trajectory and set new all-time highs by analyzing technical indicators, market sentiment, and potential resistance zones

BNB Breaks $724: A Key Milestone For The Bulls

On the 4-hour chart, BNB is positioned above the 100-day Simple Moving Average (SMA), a key indicator of its current bullish trajectory. Significantly, this alignment highlights the token’s underlying strength and suggests that positive sentiment is driving its momentum. The steady upward movement reflects growing optimism among traders, with BNB now aiming to create new highs.

An examination of the 4-hour Relative Strength Index (RSI) reveals a notable climb, with the indicator reaching the 78% threshold after rebounding from a recent low of 46%. The sharp increase underscores a strong surge in bullish momentum, as intensified buying pressure has driven the RSI into overbought territory, thereby signaling a significant change in market sentiment.

Also, the daily chart further emphasizes BNB’s strong upward momentum, marked by the formation of bullish candlesticks as the price climbs above $724, indicating the possibility of continued gains and an extension of the rally. Its position above the SMA reinforces the positive trend, demonstrating sustained strength and market confidence, setting the stage for a continued rally.

Lastly, the daily chart’s RSI recently reached 76%, indicating that BNB has entered overbought territory. This suggests a strong optimistic sentiment as substantial buying pressure drives prices higher. While this level points to the potential for more upside, it also signals that the asset may be overheating.

Can The Bulls Sustain The Momentum Beyond $724?

BNB has surged past the crucial $724 level, fueling a strong bullish movement. The critical question is whether the bulls can maintain this upward trajectory and bolster its value. If the buying pressure remains strong, the asset could be on track to reach new highs, with $800 emerging as the next key target.

However, if the cryptocurrency fails to maintain its upbeat momentum, it could begin to decline toward the $724 level. A breach below this support may spark additional downside movement, possibly leading the price to test other support zones.

BNB

Source link

Market

Toncoin (TON) Price Climbs Higher as Exchange Supply Declines

Published

1 hour ago

December 4, 2024

Coin2049 Newsletter

Toncoin (TON) price has surged 45.45% over the last 30 days. The RSI remains near overbought territory, and recent outflows from exchanges highlight reduced selling pressure, suggesting growing confidence among holders.

EMA lines further reinforce the bullish trend, with the price staying well above short-term averages. If TON maintains its upward trajectory, it could break the $7.198 resistance and aim for $8 in December, but a reversal might test support levels at $6.6 and $5.6.

TON RSI Is Still Close to 70

TON RSI recently almost touched the overbought threshold of 70 before retreating to its current level of 63. This pullback suggests that buying momentum has slightly weakened but remains relatively strong, as the RSI is still in bullish territory.

The current reading reflects a market where buyers maintain a slight edge, though it’s unclear if the momentum is enough to push prices significantly higher without further buying pressure.

The RSI (Relative Strength Index) measures the speed and magnitude of price movements, with values above 70 signaling overbought conditions and below 30 indicating oversold levels. TON’s RSI at 63 suggests it is still in a favorable position for potential upside.

If it rises back above 70, as it did at the end of November, TON price could regain momentum and test levels above $7.2, signaling another bullish breakout.

Toncoin Supply on Exchanges Dropped In The Last 3 Days

TON’s Supply on Exchanges has decreased to 1.68 million, down from 1.75 million on December 1. This decline indicates that holders have withdrawn approximately 800,000 TON from exchanges over the past three days.

Such a significant outflow suggests reduced selling pressure and a potential shift toward long-term holding or staking.

TON Supply on Exchanges. Source: Santiment.

Supply on exchanges reflects the amount of a token readily available for trading. A high supply is often seen as bearish, as it implies users might be preparing to sell.

Conversely, a decline in exchange supply, like the current trend for TON, is typically bullish, as it signals accumulation and confidence in the coin’s future performance. If this trend continues, it could support upward price movement as selling liquidity diminishes.

TON Price Prediction: Can It Reach $8 In December?

TON EMA lines remain bullish, with short-term lines positioned above long-term ones and the price trading well above the short-term averages.

This alignment indicates strong upward momentum, reinforcing the current bullish trend. As long as the price stays above these lines, the trend is likely to persist.

If TON sustains its uptrend and breaks the $7.198 resistance, it could extend its rally and potentially test $8 in December, a level not seen since June 2024.

Conversely, if the uptrend reverses and a downtrend emerges, TON price may first test the $6.6 support, with a deeper correction possibly pushing it down to $5.6.

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.

Source link

Market

Solana (SOL) Price Suggests a Pause Before the Next Rally

Published

2 hours ago

December 4, 2024

Coin2049 Newsletter

Solana (SOL) price is currently 12% below its all-time high, which was reached on November 22. Despite this recent pullback, SOL remains one of the year’s top performers, boasting an impressive 275.85% gain year-to-date.

Recent technical indicators, including the BBTrend, DMI, and EMA lines, suggest the market may be entering a consolidation phase. This could set the stage for SOL to test key support and resistance levels as it seeks its next major move.

SOL BBTrend Is Negative, But Far from Its Peak

SOL’s BBTrend is currently at -1.43, recovering from its peak negative level of -8.34 on November 28. Although it has remained negative since November 27, this less extreme reading suggests SOL may be entering a consolidation phase.

SOL price could now stabilize within a narrower range as the bearish pressure appears to be easing.

BBTrend measures price momentum relative to Bollinger Bands, with negative values indicating downward pressure and positive values signaling upward trends.

Solana current BBTrend level, while still negative, is far less bearish than its previous lows. This may reflect a transition phase, where the market is pausing to decide its next major move.

Solana Trend Isn’t Strong

SOL’s DMI chart indicates that its ADX has dropped to 20.6, down from nearly 30 just a day ago. This decline suggests weakening trend strength, potentially signaling reduced market momentum.

Meanwhile, the D+ is at 19.3 and the D- is slightly higher at 22.9, implying a slight bearish advantage as sellers maintain control over buyers.

The ADX (Average Directional Index) measures trend strength, regardless of direction. Values above 25 indicate a strong trend, while values below suggest a weak or consolidating market.

With D+ representing buying pressure and D- selling pressure, SOL current DMI readings highlight a market still leaning bearish but with less conviction, suggesting potential for consolidation or a shift in momentum.

SOL Price Prediction: A Consolidation Before Trying New All-Time High?

Solana EMA lines recently displayed a bearish signal as a short-term line crossed below a long-term line. However, the narrow gap between the lines suggests consolidation rather than a strong downtrend.

This could indicate a pause in market direction as traders await further cues.

If a downtrend develops, SOL price might test support at $221, with a further drop to $204 if this level fails. On the other hand, a recovery could push Solana toward a key resistance at $248.

Breaking this level could open the path to retesting its previous all-time high near $264.

Disclaimer

Source link