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Pantera Capital Backs TON with Record-Breaking Investment
Pantera Capital has announced a substantial investment into Open Network (TON), the blockchain network developed by Telegram. This investment is the largest in the firm’s history, signaling strong confidence in the future of blockchain technology. Dan Morehead, founder and managing partner of Pantera Capital, highlighted this strategic investment as a pivotal moment for the firm, aimed at leveraging the growing potential of blockchain ecosystems.
Pantera Capital Invests Heavily in TON’s Ecosystem
The involvement of Pantera in TON not only marks a milestone for the investment firm but also serves as a major endorsement for the blockchain platform initiated by Telegram. Allocating twenty percent of the fund’s resources to liquid or public tokens, Pantera shows a dedicated commitment to nurturing the ecosystem that surrounds TON. This decision comes on the heels of a significant dialogue between Morehead and Telegram’s founder Pavel Durov, whose vision heavily influenced Pantera’s investment approach.
Telegram, led by Pavel Durov, has been a forerunner in advocating for privacy and freedom of expression through its encrypted messaging services. Since departing Russia in 2013 and founding Telegram with his brother Nikolai, Durov has been a prominent figure in promoting digital freedom. His prior venture, VK, was known as “the Facebook of Russia” and played a crucial role as a platform for political dissent. This background contributes to the significant trust placed in Durov’s latest blockchain endeavors.
The technology underlying TON aims to expand on the principles of security and minimal censorship that Telegram is known for. This move by Pantera Capital to invest in TON is seen as a strong validation of Durov’s ongoing commitment to these values. The partnership between Durov and Pantera could potentially accelerate the adoption of TON’s blockchain technology, further enhancing its utility and reach in the digital space.
Pantera Capital Raises $1 Billion for Crypto
Earlier, Pantera Capital raised $1 billion for its latest crypto fund, Pantera Fund V, which aims to provide investors with access to a diverse range of blockchain assets. This fund, planned as an all-in-one investment opportunity, allows exposure across various asset classes, including multi-stage tokens, startup equity, and liquid tokens. This initiative represents Pantera’s largest capital raise following the challenging period known as the crypto winter of 2022, which was marked by significant bankruptcies and scandals in the crypto industry.
With the crypto market seeing renewed interest, the involvement of major financial players such as BlackRock, and the launch of the spot Bitcoin ETF, there is a renewed sense of optimism in the sector. Pantera’s latest move to back TON with a substantial investment is anticipated to stimulate further growth and recovery in the cryptocurrency market, attracting more investors and solidifying confidence in blockchain technology’s resilience and potential.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Trend Rider has revealed the two paths that the Cardano price can follow to reach new highs. This comes amid ADA’s underperformance, with the crypto token currently one of the worst-performing crypto assets since the start of the year.
How Cardano Price Can Reach New Highs
Trend Rider highlighted two paths that the ADA price can follow to reach new highs. He claimed that if Bitcoin holds above $60,000, then path A will happen. The chart he shared showed that path A means that the Cardano price will record a price surge to $0.6 without experiencing any further downtrend before moving to the upside.
Meanwhile, path B involves ADA dropping to the liquidation zone at $0.24 before it begins its uptrend. Trend Rider noted that this would be the crash scenario for the ultimate entry. A price correction to that level could help shake out weak hands and ensure that Cardano is well-prepared to begin its bull run.
For now, the path B looks more likely to happen. According to a CoinGape analysis, the Bitcoin price is likely to slip below $60,000 following worrying NFP data. Therefore, ADA is expected to witness a significant price decline alongside the flagship crypto.
ADA has had a bearish outlook since the start of the year. The coin is currently one of the worst-performing assets this year, with a year-to-date (YTD) gain of over 12%. There were high expectations for Cardano heading into October, considering that the crypto witnessed its first ever monthly green candle in September last month.
However, Cardano hasn’t gotten off to a great start this month, although this is partly thanks to the bearish sentiment in the broader crypto market.
On-chain Metrics Paint Mixed Sentiment
On-chain metrics suggest that investors currently have a mixed sentiment towards Cardano. IntoTheBlock data shows a slight increase in the crypto’s large transactions these few days. This indicates that crypto whales are actively accumulating ADA tokens. These whales have traded 17.67 billion ADA in the last 24 hours.
However, the ‘In The Money’ metric is currently bearish as the number of addresses currently holding ADA at a profit has dropped to 17.59%. The crypto could face more downward pressure if the 77.34% addresses at a loss begin to sell their holdings in order cut their losses. $0.22 remains the most crucial support level for the Cardano price as 539,210 addresses bought 5.42 billion ADA at that level.
At the time of writing, the Cardano price is at around $0.35, up over 3% in the last 24 hours. Trading volume is down over 23%, with $237 million traded during this period.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The HMSTR price looks unlikely to hit $0.1 anytime soon, considering that over 60% of the token’s supply was put in circulation following the Hamster Kombat airdrop. The HMSTR token also continues to witness significant selling pressure, which has led to a price drop of over 50% from its current all-time high (ATH).
What Is Keeping Hamster Kombat Below $0.1
The token’s circulating supply of 64.37 billion HMSTR is mainly what is keeping its price below $0.1. A rise to $0.1 means that the Hamster Kombat will have a market cap of $6.43 billion. However, for now, such a market cap for the crypto token is unlikely possible, considering the crypto market’s total market cap.
For the HMSTR price to attain such a market cap, the broader crypto market will need to experience exponential growth. For context, only the fifteen largest crypto tokens by market cap currently boast a market cap of $6.4 million and above. As such, it is unlikely that HMSTR will witness a price surge to $0.1 anytime soon.
Moreover, Hamster doesn’t have any predefined burn mechanism in place. As such, the token remains inflationary and would only become less valuable as they release more tokens into circulation. Hamster released a whopping 64% of its total supply of 100 billion HSMTR upon launch. 60% of the supply went to the community.
This was a bold move, considering that a significant number of these community members were already likely to dump their tokens upon receipt of their airdrop. This ultimately created a situation whereby the token’s supply exceeded its demand, which contributed to the downward pressure it faced upon launch. Despite its heavy popularity, the Hamster Kombat downtrend has continued.
The HMSTR price is currently down over 50% from its current ATH of $0.01004. The token could once again witness a supply shock when season 2 of the Hamster airdrop ends. However, the season 2 airdrop campaign won’t end until Q1 of next year, meaning that the token’s price could achieve some stability before then.
HMSTR Price To Recover Like NOT Did?
Crypto analyst Crypto Hunter has raised the possibility of Hamster Kombat enjoying a similar price recovery as Notcoin. The NOT token fell by 80% following the Notcoin airdrop earlier this year. However, the token went on to record a 5x increase in price after its initial price decline.
The analyst’s accompanying chart showed a similarity between both HMSTR and NOT’s price actions after their respective airdrops. In line, Crypto Hunter believes that Hamster Kombat has the potential to grow and rise above $0.01.
At the time of writing, HMSTR price is around $0.00479, up over 2% in the last 24 hours. However, trading volume is down by over 42%, with $78 million traded during this period.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Shiba Inu meme cryptocurrency nabbed significant investor attention on Friday, fluctuating considerably after a 14% crash over the past week. Notably, the coin stretched its intraday gains to 5% recently despite the weekly charts showing a fall. This fluxing trajectory has stirred a whirlpool of speculation among investors surrounding SHIB’s price action ahead. Meanwhile, even the monthly chart illustrates that the coin is currently on an uptrend.
Crypto market enthusiasts speculate whether a breakout lies ahead for the meme-themed token in light of recent community developments and market trends.
Shiba Inu Price Fluxes Amid 14% Weekly Drop: Here’s What’s Happening
Shiba Inu weekly price chart illustrated a 14% crash as of October 4, whereas the token today rode a rollercoaster ride, gaining 5% to reach $0.00001679. Also, it’s worth noting that the monthly chart for SHIB price showcases gains worth 27%. This fluxing movement has sparked uncertain sentiments among crypto market traders and investors globally. However, on-chain metrics and recent market stats portray a bullish picture for the meme coin’s price ahead.
Notably, the Shiba Inu ecosystem has rolled out a stockpile of upgrades recently, revolutionizing the crypto’s stance within the broader market. The coin’s marketing lead Lucie recently shared that ‘Shib the Metaverse’ launch remains imminent. This development could be game-changing for the meme token’s ecosystem as users will be able to chat about fresh ideas, vote on essential proposals, and foster new strategies for the ecosystem’s future.
Meanwhile, in another monumental stride, the SHIB community hinted at a SHI stablecoin launch on Shibarium ahead. These developments, enhancing user offerings on the meme coin’s ecosystem, could bring a paradigm shift in the market sentiment surrounding the token.
On-Chain Data Adds Bullishness To Future Action
Meanwhile, adding to the optimism alongside community developments, on-chain metrics sparked significant optimism for the token’s future movements. A recent CoinGape Media report highlights that the meme coin’s community continues to register massive SHIB burns, with the supply continuously taking a hit. This further paves the path for a bullish breakout ahead, abiding by the law of supply and demand ahead.
Additionally, another report reveals that Shiba Inu whales have been active, moving 8.27 trillion coins recently. The colossal surge in large-scale investors partaking in trading SHIB hints at an optimistic sentiment for the token in the market. Besides, sentiments of an ‘Uptober’ rally have added to bullish projections for Shiba Inu’s future price actions. Altogether, despite price fluxes, crypto market enthusiasts portray a positive outlook for the dog-themed coin ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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