Market
peaq Ecosystem Gains Traction, and More
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: peaq ecosystem surpassed 30 projects, Privasea completed node sale, mobile app Click partnered with Campaign Verify to protect voters from political misinformation.
peaq Ecosystem Surpassed 30 Projects
July was a good month for peaq. The Layer-1 blockchain, designed to power Decentralized Physical Infrastructure Networks and Machine Real World Assets, celebrated several major milestones, including surpassing 30 projects within its ecosystem.
According to Messari’s report, “peaqosystem” includes over 850,000 machines, vehicles, robots and other devices, and manages over $25 million in tokenized Real World Assets (RWA). Peaq also has a community of over 150,000 members, known as “peaqonauts”.
“They say everything good and magical happens between the months of June and August. Sounds about right. July was another momentous month at peaq: peaq’s roadmap to launch went live, # of DePINs building on peaq passed 30, ranked #1 on fundamentals by CertiK, YOM expanded from Solana to peaq, Messari’s deep dive into peaq, peaqosystem devices passed the 800K mark,” the team shared.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
Notable projects powered by peaq include Silencio, which uses over 300,000 smartphones as noise pollution sensors; XMAQUINA, which tokenizes revenues from robots; and MapMetrics, a community-governed navigation system migrating from Solana to peaq, rewarding users with MMAP tokens for data sharing.
One of peaq’s unique value propositions for DePINs is its Modular DePIN Functions. These functions cater specifically to this sector’s needs, serving as a decentralized backend for DePINs.
Privasea Completed Node Sale
Privasea successfully completed its node sale, selling out all nodes within 48 hours. These nodes are part of Privasea’s DePin network, integrating WorkHeart and StarFuel NFT nodes for secure data processing and storage. The sale expanded node combos from 500 to 5,000 and included a StarFuel token airdrop.
“We are excited to announce the successful completion of our node sale, with all nodes sold out in just 48 hours. This achievement brings us one step closer to realizing our #DePIN vision,” the project stated.
Read more: Top 9 Web3 Projects That Are Revolutionizing the Industry
Privasea’s journey began in 2022 with CEO David Jiao identifying data circulation issues. He proposed Fully Homomorphic Encryption (FHE) as a solution. This approach, detailed in the Privasea Whitepaper, laid the foundation for their mission.
Key partners like Binance Labs and OKX Ventures supported this vision, culminating in the release of the ImHuman app, which has verified over 240,000 users. With the launch of their DePIN network, Privasea is entering an exciting new phase, and the first node runners will form its backbone.
Click Partnered With Campaign Verify to Combat Political Misinformation
Click, a mobile app powered by the Nodle Network, has partnered with Campaign Verify to protect voters from political misinformation. The app authenticates political content using “Deep Reals,” which are photos and videos linked to verified political identities through Campaign Verify tokens.
The verified media is cryptographically signed and stored on the blockchain, increasing transparency and trust during elections.
“We envision a future where misinformation is significantly reduced, particularly during elections. By equipping voters with tools to verify the authenticity of digital content, we can empower them to make informed decisions based on accurate and reliable information. This partnership creates an unprecedented level of transparency and trust for political content on social media,” said Micha Benoliel, CEO and co-founder of Intergalactic Labs, the team behind Click and Nodle.
This collaboration is a major step in fighting misinformation and ensuring honest political communication. It highlights the need for digital tools to verify political content, where false information is common.
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.
Dogecoin is consolidating gains above the $0.380 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400.
- DOGE price started a fresh increase above the $0.3750 resistance level.
- The price is trading above the $0.3800 level and the 100-hourly simple moving average.
- There was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rally if it clears the $0.400 and $0.4080 resistance levels.
Dogecoin Price Eyes More Upsides
Dogecoin price remained supported above the $0.350 level and recently started a fresh increase like Bitcoin and Ethereum. DOGE was able to clear the $0.3650 and $0.3750 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low. Besides, there was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3950 level or the 61.8% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low.
The first major resistance for the bulls could be near the $0.400 level. The next major resistance is near the $0.4080 level. A close above the $0.4080 resistance might send the price toward the $0.4200 resistance. Any more gains might send the price toward the $0.4500 level. The next major stop for the bulls might be $0.500.
Are Dips Supported In DOGE?
If DOGE’s price fails to climb above the $0.400 level, it could start a downside correction. Initial support on the downside is near the $0.3850 level. The next major support is near the $0.3750 level.
The main support sits at $0.3550. If there is a downside break below the $0.3550 support, the price could decline further. In the stated case, the price might decline toward the $0.3200 level or even $0.300 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3850 and $0.3750.
Major Resistance Levels – $0.4000 and $0.4200.
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
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.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
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