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AI Coins Trigger Crypto Market Rebound, What’s Happening?

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3 weeks ago

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In an unprecedented turn of events, AI coins have experienced a notable price rebound today, piquing investor interest globally. This follows recent attention-nabbing developments witnessed across the AI sector, encompassing advancements by Apple, Binance, Tether, AMD, and other giants. Intriguingly, following a considerable upside momentum gained by AI coins today, some of the top crypto prices gained in tandem. This sparked a flurry of inferences among crypto market participants over AI’s role in crypto price rebound.

AI Coins Rebound Amid Sluggish Market

It’s worth mentioning that the broader crypto market has been experiencing quite a bearish trend in recent days, with Bitcoin (BTC) & Altcoins witnessing a significant drop in prices. However, the AI sector’s remarkable progress and the growing speculation about the convergence of these two industries have led to a substantial rebound in AI coins’ value.

This is followed by a 3.21% surge in the global crypto market cap today after a bearish movement engulfed most crypto prices in the past 24 hours. Bitcoin, Ethereum, and BNB have gained an upside momentum in tandem with AI coins.

According to CoinMarketCap’s data, top AI coins NEAR Protocol (NEAR), Render (RNDR), and Injective (INJ) have noted a aignificant upside momentum at the time of writing. RNDR leads the pack with a remarkable 11.32% increase to $9.17, while NEAR and INJ experienced gains of nearly 6%-10%.

Simultaneously, Bitcoin gained over 3% to $69,7322, ETH jumped by 2.82% to $3,639, and BNB bumped 2.96% to $626 at press time.

Also Read: Shiba Inu Exec Warns Bearish Outcome As Apple Exits X Amid Elon Musk’s Heat

What’s The Scoop?

Senior crypto research analyst at Bitwise, Juan Leon, spotlighted that “The intersection of artificial intelligence (AI) and crypto is going to be even bigger than people imagine. The two industries could add a collective $20 trillion to global GDP by 2030.”

Aligning with this, the surge in AI coin & altcoins prices comes against the backdrop of attention-nabbing developments. These include:

  • Apple appears to have recently unveiled its AI, gearing up for the next stage of developments that taps into this emerging tech.
  • Binance Labs recently announced to invest in an AI-enabled zk rollup, Zircuit (L2).
  • Tether unveiled plans to invest over $1 billion in AI over the coming year.
  • AI chipmakers Nvidia & AMD pioneer the realm, simultaneously.
  • BTC miners look into diversifying ventures into AI, per recent reports.

These factors, collectively, underscore a strong relation between the rise in AI coins and crypto prices. The intersection of the two sectors, as seen by the abovementioned ventures, paves an optimistic path for both sectors.

Also Read: BitForex Hot Wallet Reactivated Holding $43M In Assets

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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.

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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Tron Network Display Active User Resilience Amid Price Onslaught

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41 mins ago

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July 5, 2024

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Tron Network’s active user base has continued to grow, demonstrating resilience amidst market uncertainties.

Tron Network Less Perplexed by Broad Market Uncertainties

According to Ben Sizelove, an analyst at CryptoQuant, the Tron Network user base has increased since the beginning of this year.

It has also reportedly maintained near all-time high (ATH) levels even in the presence of market uncertainty and the selling pressure that is currently hitting the broader crypto market. He linked the continuous growth of the Tron Network and its user base to the unique applications across the TRON ecosystem such as payments, stablecoins, and real-world assets.

Sizelove stated that these allowed the network to retain and grow its user base as the other networks struggle to find their footing. In terms of price, TRX is also on the resilient side. The coin has seen some value plunge but not to the level of Bitcoin (BTC), Ethereum (ETH) and other digital assets.

At the time of this writing, TRX was trading at $0.1272 with only a 0.45% decrease within the last 24 hours. This is unlike the other digital currencies that have registered between 10-12% drop in their value amidst intense market volatility.

The expectation of crypto enthusiasts is that TRX find support at $0.14 very soon. The resilience of active users may serve as the catalyst that the ecosystem requires to reach unprecedented levels.

Other Crypto Records Huge Losses

Noteworthy, most crypto networks are currently faced with negative sentiment, triggered by BTC selling pressure. Investors are suddenly more interested in liquidating their positions in the market; both long and short. The selling pressure is contributed by several factors including the frequency sales of Bitcoin by the German government and the United States government.

Additionally, defunct cryptocurrency exchange Mt.Gox finally decided to start paying off customers who were affected in its 2014 crash. To this end, the firm is releasing $9 billion in Bitcoin and Bitcoin Cash to the broader crypto market. This huge dump which has commenced already, is fueling selling pressure and ultimately, a gradual drop in BTC price.

Other digital currencies have been affected by the market performance of Bitcoin as is expected. However, Tron TRX and a few others are keeping the market alive with their remaining good metrics.

Read More: Will Terra Classic Price Lose $0.00006 Support Amid Market Sell-off?

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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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PancakeSwap Opens Claim For 2.4M ZK Tokens As zkSync Denies Insider Minting

Published

9 hours ago

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July 5, 2024

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PancakeSwap, a major decentralized exchange, has unveiled plans to distribute over 2.4 million zkSync (ZK) tokens to its community. This significant airdrop comes at a sensitive time for the zkSync ecosystem, coinciding with recent allegations against Matter Labs, zkSync’s developer. The airdrop aims to reward PancakeSwap’s users and increase platform engagement, but its timing has drawn attention due to the ongoing controversy surrounding zkSync.

PancakeSwap’s ZK Token Airdrop Amid zkSync Controversy

PancakeSwap, a leading multichain decentralized exchange, has announced a major community reward program set to begin on July 5 at 10:30 am UTC. The initiative will distribute 2,452,128 zkSync (ZK) tokens to its community members over a one-month period, ending on August 5. This airdrop comes as a gesture of appreciation for the community’s support of PancakeSwap’s zkSync deployment since July 2023. The timing is notable, as it coincides with recent controversy surrounding zkSync’s developer, Matter Labs.

Matter Labs recently faced accusations of “insider minting” related to its Libertas Omnibus NFTs. These claims, initially raised by blockchain research firm SoEasy on June 17, suggested improper distribution of NFTs to ineligible insiders. However, Matter Labs has strongly denied these allegations.

PancakeSwap’s airdrop follows significant milestones for the platform, including surpassing $3 billion in trading volume, $5 million in total value locked (TVL), and attracting over 1.9 million traders. The distribution is designed to reward both past and future contributors, as well as vote-escrowed Cake (veCAKE) holders.

Eligibility for the airdrop extends to active users who have contributed through trading, liquidity provision, and participation in previous zkSync initiatives. Future contributors who provide liquidity and trade on zkSync PancakeSwap will also be included, aiming to stimulate further platform growth.

At the time of publication, the airdrop is available to veCAKE holders and past contributors. Eligible users can claim their ZK tokens by connecting their wallet to the PancakeSwap platform homepage and following the provided instructions. Any unclaimed tokens will be redirected to support future PancakeSwap ecosystem development and community initiatives.

This airdrop represents a significant move by PancakeSwap to reward its community and potentially boost engagement, particularly in light of the recent controversies surrounding zkSync. It also highlights the ongoing competition and innovation in the decentralized finance space.

Also Read: Whale Continues XRP Selling Streak, $0.42 Becomes Major Resistance Level

Market Impact and ZK Token Performance

The ZK token has faced significant price pressure in recent weeks. Last month, it experienced a 5% drop following a $113 million token airdrop. Since its listing on major exchanges, numerous sell-offs have occurred, negatively impacting the token’s value.

As of the latest report, ZK is trading at $0.1495, with a 24-hour trading volume of $346,751,351. This represents a 7.43% price decline in the last 24 hours and a 7.55% decline over the past week. With a circulating supply of 3.7 billion ZK, the token’s market capitalization stands at $546.9 million.

The crypto community is now speculating on how PancakeSwap’s recent airdrop might affect ZK’s price, given its recent volatile performance and the ongoing controversy surrounding zkSync.

Also Read:  Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License

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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.

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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Pepe Coin Correction Prompts Over 1 Tln PEPE Dump, Bull Run Over?

Published

10 hours ago

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July 5, 2024

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In an unprecedented turn of events, Pepe coin has raised severe investor concerns by showing signs of a price correction today, July 5. Recent on-chain data indicated that over 1 trillion PEPE was dumped to exchanges amid a nearly 12% dip in the value of the frog-themed meme coin.

The emergence of these massive dumps amid a bearish crypto market has made market sentiments take a paradigm shift. Notably, speculations that Pepe coin has potentially topped have pushed traders and investors onto a hot seat, further aligning with the massive exchange dump.

So, let’s dive deeper into the current market stats of the third-largest meme coin by market and what it indicates for future price movements.

Colossal Exchange Dumps Ignite Bearish Sentiments

According to the on-chain data offered by ‘The Data Nerd,’ a transaction tracker, $1.02 trillion PEPE was collectively dumped to a crypto exchange by two whales today.

The whale address 0xf22 deposited 435 billion PEPE, worth $3.86 million, to Binance, one of the leading CEXs. If sold at the current price, the whale will suffer a loss of $1.21 million.

Simultaneously, the market maker Wintermute deposited and sold a whopping 593.6 billion PEPE for $4.61 million. This massive selloff has presented Pepe coin with increased selling pressure.

Collectively, these massive transfers to exchanges have stirred a whirlpool of bearish market sentiments, underscoring loss in the market’s confidence surrounding the asset’s future potential.

Meanwhile, Pepe coin continued to trade dominantly in the red territory.

Also Read: Justin Sun Faces $66M Loss As Ethereum Records 10% Fall, Here’s Why

PEPE Price Plummets

At press time, PEPE’s price saw a 12.03% dip in value to $0.000008304. It’s 24-hour bottoms and tops are $0.000007724 and $0.00000963, respectively. The weekly crash, a fall of nearly 33%, saw PEPE regaining a zero in its value after shedding it amid this year’s bull cycle. This momentum has pushed the token to take a bearish stage.

It’s worth mentioning that while this price drop aligns with the broader market trend, Pepe coin has surged unprecedently amid this year’s bull cycle, defying broader market trends and sentiments. This could mean that Pepe coin’s long-due correction has finally taken place.

However, CoinGape Media spotlighted PEPE’s nearest resistance point at $0.000009, hinting that a potential market recovery could witness PEPE scaling this level, paving the road for further gains.

Collectively, the abovementioned data hints at uncertain market sentiments over the future price action of the frog-themed meme coin.

Also, the RSI rested around 31, hinting that further downside pressure might propel an entry into the oversold territory. Should this happen, chances are Pepe coin could witness a potential price rebound.

Nonetheless, crypto market participants extensively eye the token for further price shifts, given the volatility of the crypto realm.

Also Read: Coinbase, MicroStrategy & Bitcoin Miners Stocks Extend Losses Ahead US Job Data

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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.

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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