Decentralized Physical Infrastructure Networks (DePin) are transforming the tech by enabling decentralized projects in real-world infrastructure.

Here’s what happened recently in the DePin sector: Nuklai collaborated with Filecoin to archive global data, Opentensor Foundation shared its post-hack plans, and Silencio celebrated 5 million check-ins.

Nuklai Collaborates with Filecoin

Nuklai, a collaborative infrastructure provider for data ecosystems, has teamed up with Filecoin Foundation to archive the world’s data and improve AI with detailed data understanding. The first step in this partnership is to connect with Filecoin’s decentralized network using Lighthouse Storage’s solution for better data storage.

Whether it’s the actual data or information about the data, Nuklai’s goal is to store it efficiently. The project aims to do this transparently and in a decentralized manner using Filecoin’s network.

“We’re excited to collaborate with the Filecoin Foundation to bring Nuklai one step closer to building the world’s ontology through an accessible and traceable storage and archiving solution,’’ said Nuklai product lead Daniel van der Woude.

Read more: The Economics of Decentralized Storage Protocols

Data is usually stored on big cloud providers like AWS, Google Cloud, or Alibaba Cloud. To make data easier to access, Nuklai has a simple method. They explain and decentralize the data’s details in its metadata, making sure we understand the data, where it comes from, and what it contains. This helps create a clear picture of the data.

They also standardize the data to make it more efficient and compatible, speeding up innovation and helping train AI models. Once the data is clear and standardized, Nuklai stores it using Filecoin’s network, making it accessible.

Bittensor Explains the Recent Hack

On July 2, a security exploit led to Bittensor users losing 32,000 TAO tokens worth about $8 million due to a leaked private key. This incident caused TAO’s price to drop by 15%, reaching a six-month low.

The attack was caused by a fake package in version 6.12.2 of the PyPi Package Manager, which compromised user security. This package pretended to be a real Bittensor package but had code that stole unencrypted cold key details. When users downloaded this package and decrypted their cold keys, the information was sent to a remote server. This server was controlled by the attacker.

Despite the severity of the attack, some validators, like RoundTable 21, confirmed their delegators’ funds were safe. However, stopping the chain has sparked debate within the community about Bittensor’s decentralization. Critics say pausing the chain goes against decentralized AI network principles, while supporters believe it was necessary to protect users’ assets.

Read more: Crypto Project Security: A Guide to Early Threat Detection

Opentensor Foundation plans to gradually restart the Bittensor blockchain safely and responsibly, with regular updates to the community. In the future, Bittensor will enhance package verification, increase security audits, adopt best practices in public security, and improve monitoring of package uploads and downloads.

Silencio Reaches 5 Million Check-Ins

Silencio is a decentralized app that lets users make money from their phones by sharing local noise data, helping to fight noise pollution. The app relies on a community-powered network and is built on the PEAQ blockchain, which ensures data accuracy.

In the Silencio app, users tap the measurement button to start recording noise with their phone’s microphone. They can also earn rewards by checking into locations like cafes or offices. These check-ins help gather information on noise levels in different areas.

Today, the app’s team announced they have reached 5 million check-ins, marking an increasing user interest along with hopes for a possible NOISE airdrop.

“It’s roughly 7 months ago that we introduced the Check-In Feature! And the Silencians love it! Just this weekend, we breached through 5 Million Check-ins equalling out to ca. 23k Check-Ins being made per day!” the team stated. 

Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?

These developments indicate a promising future for DePIN, with more prominent players entering the sector and new solutions emerging. While DePIN is still in its early stages and has some flaws, it allows for the exchange of tokens between synthetic and real-world assets. This supports traditional infrastructure by providing last-mile coverage in areas where conventional models are not economically feasible.

Render’s (RNDR) price slipped below its downtrend, signaling losses are continuing to rise on the network.

However, this still has not put fear in some investors whose conviction could help the recovery.

Render Investors Exhibit Mixed Signals

Render’s price has noted a considerable drawdown over the past month. During this time, investors lost a huge chunk of their money, and many even receded. The overall Artificial Intelligence (AI) space witnessed bearishness impacting other similar tokens as well. Speaking to the same, Akshay Nassa – Founder of Chimp Exchange, exclusively told BeInCrypto,

“For crypto markets, it’s been a volatile week. AI tokens such as FET, with a market cap of $2.98B, RNDR with a market cap of $2.53B, and GRT, with a market cap of $1.75B, witnessed a substantial decline.Despite the volatile nature of AI tokens in the crypto market, their value propositions are compelling.”

Render’s Chaikin Money Flow (CMF) shows this well, as it has been stuck in a downtrend for the last two months. Currently, it is below the zero line, indicating significant outflows. This typically signifies an increase in selling pressure.

Despite this bearish signal, another key metric tells a different story. Render’s Mean Coin Age continues to show an uptick. This metric measures the average age of coins in the network, indicating how long coins have been held.

An increasing Mean Coin Age suggests that most investors hold onto their coins, showing strong conviction. This behavior contrasts with the selling pressure indicated by the CMF.

Read More: How To Buy Render Token (RENDER) and Everything You Need To Know

The combination of these factors could lead to potential consolidation in Render’s price. While selling pressure is present, the continued holding by long-term investors suggests that a significant price drop may be avoided.

RNDR Price Prediction: Breaking Another Resistance

Render’s price has noted a 40% decline in the last couple of days, invalidating multiple support levels. The altcoin has dropped from $11 to $6.7 in a month, stabilizing above the $6.3 support line.

The mixed signals coming from the investors, however, suggest consolidation above $6.8 and under $8.0. This range has been tested before, and the same could occur again since the market is still volatile.

Read More: Render Token (RNDR) Price Prediction 2024/2025/2030

However, if the upper limit of $8.0 is breached, the Render’s price could rally to $9.0 or more. This would invalidate the bearish-neutral thesis to push the altcoin toward recovery.

Dogwifhat (WIF), the meme coin that took the crypto market by storm in the first quarter of the year, has dropped 23.76% in the last seven days. However, WIF is showing early signs of a rebound even though several indicators continue to give mixed signals. 

While the road to respite may be challenging, BeInCrypto’s deep dive shows that bulls seem determined to drive a higher value for the crypto.

Dogwifhat Bulls Threaten Bearish Supremacy

Recently, WIF encountered a 39.55% decrease between June 5 and 24. During this period, the price fell from $3.42 to $1.60.

However, the token did not take long to rebound to $2.25 on July 1, only to be faced with selling pressure that drove it back to June lows.

According to the daily chart, things seem to be changing in WIF’s favor. This is because of the signs shown by the Cumulative Volume Delta (CVD).

The CVD displays changes in the volume traded by buyers and sellers. If the CVD prints a green bar, it means that the volume change is above zero, and buying pressure outpaces selling pressure.

Read More: What Is Dogwifhat (WIF)?

On the other hand, a red bar for the indicator shows that sellers are dominant in the market. As shown above, the CVD on WIF’s daily chart is green. This position implies that buyers edged sellers by over $307,950.

Should bulls keep up with this dominance, WIF may resist trading below $1.70 again. Instead, the price of the meme coin could be eyeing a higher value.

Furthermore, on-chain analysis, backed by the Open Interest (OI) is a party to this potential. According to Santiment, Dogwifhat’s OI is $166.70 million. 

Though this is a low value compared to July 6, it is an improvement from the figure for Sunday, July 7.

Open Interest refers to the sum of all open contracts in the market. When it increases, buyers are aggressive and increase their net positions. However, a decrease implies that market participants are closing positions and taking their capital out.

While WIF has shown signs of a potential price increase on the chart, the OI has to increase exponentially with it to validate the jump.

WIF Price Prediction: A 20% Rally Is Possible

Another examination of the technical state of the memecoin shows that the Moving Average Convergence Divergence (MACD) sits above the signal line.

The MACD indicates momentum using the difference between two moving averages—specifically, the 26 EMA (orange) and 12 EMA (blue). The indicator also helps spot entry and exit points. 

A positive reading of the MACD indicates a bullish momentum, while a negative reading suggests otherwise. Thus, the reading at press time suggests that WIF’s momentum is bullish, and an entry between $1.68 and $1.72 could yield gains as the price attempts to retest $2.11.

Read More: 5 Best Dogwifhat (WIF) Wallets To Consider In 2024

It is worth noting that WIF does not yet have a clear path above $2. To validate the thesis, bulls must sustain the current momentum and kick off whatever dominance bears want.

If this happens, the WIF’s price may rise above the landmark. But in the event that selling pressure takes over the meme coin market again, this will be invalidated. Should that be the case, WIF will drop below $1.60 again.