Market

Nuklai Teams Up with Filecoin, and More

Published

3 months ago

July 8, 2024

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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.

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.

Bittensor price — Bittensor (TAO) Price Performance. Source: BeInCrypto

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.

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.

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.

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Market

Trump’s Rally Draws Musk’s Support And Surges in Dark MAGA

Published

10 mins ago

October 6, 2024

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Tech billionaire Elon Musk attended a rally for Republican candidate Donald Trump on October 5, stirring significant market reactions, especially among meme coins linked to the former president.

The event took place in Butler, Pennsylvania, the site of an attempted assassination of Trump in July.

Dark MAGA Meme Coin Jumps 227%

Musk, the owner of social media platform X, arrived at the rally wearing a black blazer, an “Occupy Mars” shirt, and a black MAGA hat. His appearance marked an important moment in his growing political involvement in the impending US November elections.

Observers noted Musk’s attendance at the rally highlights his strengthening ties with Trump. Trump previously mentioned that he would appoint Musk to head a government efficiency commission if re-elected. Meanwhile, Musk has emerged as a prominent Trump supporter, even hosting the former president on a live X Space session in August.

At the rally, Musk encouraged the crowd to register and vote in November, calling it “the most important election of this lifetime.” He stressed the urgency by urging attendees to get others involved in the voting process.

PolitiFi Meme Coins Market Capitalization. Source: CoinGecko

During his speech, Musk referenced Dark MAGA, a meme coin inspired by Trump. After his remarks, Dark MAGA’s value surged by 227%, reaching approximately $0.0073. Other meme coins also experienced gains. MAGA (TRUMP) rose 3%, Doland Tremp (TREMP) spiked 10%, and Super Trump (STRUMP) increased 5%.

“As you can see, I’m not just MAGA. I’m dark MAGA,” Musk stated.

Meanwhile, this rally in meme coins comes as election odds on platforms like Polymarket shift. This reflects a close contest between Trump and Vice President Kamala Harris.

Kamala Harris vs Donald Trump US Election Odds. Source: Polymarket

According to Polymarket, Trump has a 50.4% chance of winning, while Harris’s odds are 48.5%. This is the closest contest the platform has seen since mid-September, highlighting the uncertainty surrounding the upcoming election.

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Market

What’s Next for Ethereum’s Price After a 13% Decline?

Published

1 hour ago

October 6, 2024

admin

Ethereum (ETH) price recently faced a 13% correction, bringing the altcoin down from local highs. However, the cryptocurrency is showing signs of recovery, having secured a crucial bear market support level.

With market sentiment slowly improving, ETH appears poised for a potential rebound, though challenges remain.

Ethereum Losses Trigger HODLing

Ethereum has seen a spike in realized losses, which typically signals untimed selling from investors who may have exited positions during the downturn. Interestingly, these upticks can also indicate a shift in investor behavior, with many opting for HODL rather than risk further losses. By holding onto their assets, investors are waiting for Ethereum’s price to rise, giving them an opportunity to sell for a profit later on.

This change in strategy could help stabilize Ethereum’s price, as the reduction in selling pressure may prevent additional declines. Long-term holders are likely holding out for a better market environment, which could contribute to Ethereum’s gradual recovery.

Read more: How to Invest in Ethereum ETFs?

Ethereum Realized Losses. Source: Glassnode

The overall macro momentum for Ethereum is looking more favorable, especially when analyzing the exchanges’ net position change. This indicator tracks the flow of ETH into and out of exchanges, and the recent decline shows that inflows into exchanges have dropped. Lower inflows typically suggest reduced selling pressure, as fewer investors are moving their assets onto exchanges to sell.

This shift in momentum reflects a positive change in market sentiment. As selling activity decreases, Ethereum could gain some breathing room to recover from its recent decline. Investors are showing increased confidence in the asset, which may lead to upward price movement in the coming days.

Ethereum Exchange Net Position Change. Source: Glassnode

ETH Price Prediction: Bouncing off Support

Ethereum’s price is currently trading at $2,428, recovering from its recent 13% decline. The cryptocurrency has successfully secured the 23.6% Fibonacci Retracement line at $2,401 as a support level, signaling a possible continuation of uptrend.

With the aforementioned market factors in play, Ethereum could potentially breach the $2,591 barrier, which coincides with the 38.2% Fibonacci line. A successful breakout would bring ETH above $2,600, allowing it to regain some of the ground lost during the correction.

Ethereum Price Analysis. Source: TradingView

However, if Ethereum fails to breach $2,591, the altcoin may enter a period of consolidation, trading between $2,401 and $2,591. This would keep Ethereum subdued and invalidate the current bullish outlook, delaying any further price rallies 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.

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Market

This Is Why Accumulating Solana Could Be the Right Decision

Published

4 hours ago

October 6, 2024

admin

Solana’s (SOL) price recently dropped to $143, raising concerns about its recovery amid the current market conditions.

However, based on Solana’s historical performance and market trends, this could present a promising opportunity for long-term investors to accumulate SOL at this level.

Gains Ahead of Solana

Solana’s Sharpe Ratio, a measure of risk-adjusted returns, is showing a familiar pattern. Every time the ratio turns deeply negative, Solana’s price rallies. This week, the Sharpe Ratio again dropped into negative territory, hinting at the possibility of an upward price surge.

Historically, a negative Sharpe Ratio has signaled that the altcoin is oversold, attracting buyers and driving the price higher. This pattern could repeat itself, providing investors an opportunity to accumulate SOL before its next potential rally. As indicated by the Sharpe Ratio, the current market sentiment suggests that Solana could see renewed momentum in the coming weeks.

Solana Sharpe Ratio. Source: TradingView

The overall macro momentum for Solana is also showing positive signs. Initially, traders turned bearish as SOL’s price declined, anticipating further drops. However, this sentiment has since shifted, and traders have become bullish again. The renewed optimism reflects growing confidence in Solana’s ability to recover and rally.

This shift is supported by broader market conditions and the historical patterns noted in Solana’s Sharpe Ratio. The convergence of these factors suggests that Solana is in a position to regain its lost momentum and start climbing again.

SOL Price Prediction: Barriers Ahead

Solana’s price remains above the crucial $140 support level, which is a positive indicator for continued recovery. Holding this level is essential for SOL to attempt a breakout, particularly as it targets $161 once again.

Given the current market conditions and positive indicators, Solana’s price could see an uptick if it manages to break through the $155 barrier. Breaching this resistance would pave the way for a rise back to $161, marking a solid recovery for the altcoin.

Solana Price Analysis. Source: TradingView

However, if Solana fails to break $155, it could experience a pullback to $140. While this would still offer short-term gains for investors, it would invalidate the bullish outlook, leaving SOL holders vulnerable to further losses. Maintaining support above $140 is key to sustaining the upward trajectory.

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