Altcoin
Axelar (AXL) Price Jumps 14% In Recovery To New All-Time High
AXL, the native cryptocurrency of the multichain platform Axelar network which unifies Web3, has witnessed a strong 14% surge in the last 24 hours. As of press time, the Axelar (AXL) price is up by 12.75% trading at $1.21 with a market cap of $781 million. Interestingly, the daily trading volume for AXL has also surged by 76% in the last 24 hours which is currently at $38.5 million.
Axelar (AXL) Price Aiming for New All-Time High
The recent surge in the AXL price over the past 24 hours, brings the altcoin closer to its strong resistance of $1.26. If the AXL price manages to give a decisive breakout above $1.26, it can set the course for a new rally toward its all-time high levels and beyond.
Besides, the Axelar technical chart suggests that traders should prepare for a bullish trend in AXL after a confirmed breakout from the bearish pennant pattern observed in the 12-hour timeframe.
š LONG: #AXLUSDT | $AXL | 12h
Traders should anticipate a bullish trend for AXL following a confirmed bearish pennant breakout in the 12-hour timeframe.
š See more: https://t.co/wfDqnUIcnt pic.twitter.com/7IbaoPvyWg
ā Crypto | #1 Free Signals (@best_analysts) May 2, 2024
During the months of February, the AXL price rallied all the way to $2.36 amid the high staking activity of the AXL tokens. Since January 2024, the number of AXL stakers has more than doubled, increasing from 5,000 monthly stakers to over 10,000.
The total number of unique users staking their AXL tokens has reached 32,100. Over the past 30 days, an average of 56 new stakers per day have joined, totaling 1,800 new users.
In the last 10 days alone, an additional 26 million $AXL tokens have been staked, bringing the total staked amount of AXL to 759 million, which accounts for 66% of the total supply.
With an additional staked 26 million $AXL in the last 10 days, the collective staked amount of AXL has surged to 759 million, constituting 66% of the total supply.
From its launch onwards, the @axelarnetwork has attracted nearly 32.1k unique stakers.
Let’s Dive in š pic.twitter.com/kL5ZiHx3BS
ā Hess (@0xhess) April 27, 2024
On the other hand, thereās a strong demand currently going for asset tokenization with big players like BlackRock exploring this space. Axelar Network announces its mission to link all tokenization protocols with any blockchain, whether private or public, through an interoperability framework. Their infrastructure promises to be programmable, scalable, secure, and transparent end-to-end, ensuring seamless connectivity across diverse blockchain networks.
Axelar will connect all tokenization protocols to any blockchain (private or public), over interoperability infrastructure that is:
šļø Programmable
š Scalable
š Secure
š Transparent end-to-end
š¦¾š https://t.co/UevzKhgtrjā Axelar Network (@axelarnetwork) April 29, 2024
More About the Project
Axelar introduces itself as a platform offering āsecure cross-chain communication for Web3.ā Their initiative centers on furnishing a decentralized network and toolkit tailored for developers of decentralized applications (dApps), facilitating seamless cross-chain communication via a suite of protocols, tools, and APIs.
The core framework of Axelar comprises three key elements: a decentralized network, a software development kit encompassing protocols and APIs, and a series of gateway smart contracts designed for cross-chain linkage.
Operated by a decentralized network of validators, Axelar offers an open invitation for participation, enabling users to contribute, build, or utilize its services. Application developers can engage with a user-friendly API layered atop a permissionless network, which orchestrates message routing and upholds network integrity through a proof-of-stake (PoS) consensus mechanism.
AXL serves as the native token of the Axelar network. Additionally, the protocol supports the cross-chain transfer of various native tokens via their wrapped ERC-20 counterparts, including AVAX (Avalanche), ETH (Ethereum), FTM (Fantom), GLMR (Moonbeam), and MATIC (Polygon).
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.
VTHO price has skyrocketed 300% after Binance announced its support for VeThor Token. Simultaneously, the tokenās trading volume also surged by an astonishing 86,000%, reaching $3 billion. This massive rally reflects the strong influence of the top crypto exchanges in the market and how the listing or any other positive developments impact the sentiments.
Notably, VTHO token is used as gas within the VeChainThor ecosystem, further driving the marketās enthusiasm.
VTHO Price Surge After Binance Announces Listing of Perpetual Contract
On January 22, Binance listing announcement showed that the exchange plans to list VTHOUSDT perpetual contract on its futures platform, offering a maximum leverage of 75x. This new trading option has caught the attention of traders, contributing to a massive spike in VTHOās trading volume.
Meanwhile, VTHO is the secondary token in the VeChainThor ecosystem, primarily used as the gas for transactions within the network. This listing expands Binanceās support for the VeChainThor blockchain, enabling users to trade VTHO with increased leverage. The contractās capped funding rate is set at +2.00% / -2.00%, with funding fees settled every four hours, giving traders more flexibility.
Notably, the 75x leverage allows traders to maximize their exposure to VTHO price movements, further intensifying the marketās focus on the VeThor Token. The move by the top crypto exchange to offer such high leverage and favorable funding rates is a clear indication of its confidence in VTHOās potential.
Binanceās Multi-Assets Mode and Trading Rules
Binanceās Multi-Assets Mode allows users to trade the VeThor token perpetual contract across multiple margin assets. This feature enables traders to use other cryptocurrencies, such as BTC, as collateral when trading VTHO contracts.
Multi-Assets Mode supports greater flexibility, giving users the ability to diversify their margin options for more efficient trading strategies. Recently, Binance expanded support for TRUMP and several other tokens, fueling optimism about future price movements.
The rules for Multi-Assets Mode include applicable haircuts on collateral, ensuring the safety of user assets. It is particularly useful for those who hold large amounts of various cryptocurrencies and wish to leverage them for high-leverage trading opportunities.
VeChain and VTHO Price Surge
VeChain (VET), the blockchain powering VTHO, has experienced notable growth, rising by 11% in the past 24 hours. VET price now trades at $0.05, and its market cap has reached $4.06 billion. This rise is attributed to VeChainās increasing adoption and its partnerships with major corporations, including Walmart China and BMW.
VTHO price today jumped 320% and exchanged hands at $0.0087, indicating a growing interest in the VeChainThor ecosystem. With a market cap of $744 million, VTHO has seen an 86,000% increase in trading volume, reaching $3.11 billion. As the blockchain industry continues to innovate, VeChainās supply chain solutions and VTHOās integral role are poised for continued success.
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.
In what comes as a bullish market event, the Shiba Inu burn rate skyrocketed 600% on Wednesday, sparking immense optimism among traders amid a broader sector recovery. Recent burn data indicated that over 3 million tokens were taken out of the meme coinās circulating supply. As an upshot, crypto enthusiasts expect a massive SHIB breakout ahead, driven by supply reduction and the communityās recent advancements.
Shiba Inu Burn Rate Blows Over 600% Echoing Bullish Market Sentiments
According to the latest data by Shibburn, the Shiba Inu burn rate shot up nearly 613% on January 22, dealing a massive blow to the circulating supply. Per the data, the massive burn rate surge came against the backdrop of 3.24 million tokens sent to a null address, thus permanently removing them from the supply.
For context, the SHIB burn mechanism is designed to reduce the cryptoās market supply, which many believe to be the reason behind the dog-themed meme coinās broader sluggish performance. Thereby, with the abovementioned burn rate surge weighing in, traders and investors anticipate price gains for the crypto asset in light of the law of supply and demand.
Community Developments Add To Market Optimism
Further, a stockpile of ecosystem developments in recent days appears to have additionally bolstered the market sentiment for Shiba Inu amid its burn rate surge. CoinGape reported that SHIB lead developer Shytoshi Kusama stated a ābig weekā lies ahead for the meme token. This statement has sparked market-wide speculations of a looming advancement for the coinās community.
Moreover, with American billionaire and investor Mark Cuban lauding SHIBās potential recently, market watchers are extensively eyeing the crypto with bullish long-term views. Particularly in light of the communityās long-term goals and support, Cuban finds the meme coin to be one of the few promising projects in the sector. Overall, the Shiba Inu burn rate surge and these developments have solidified investorsā sentiments of a looming breakout, further driven by the recent pro-crypto Donald Trump frenzy.
Whatās Next For SHIB?
At the time of reporting, SHIB price witnessed a 4% uptick in value, reaching $0.00002054. The coinās 24-hour low and high were $0.00001983 and $0.00002127, respectively.
Notably, the coin rises alongside the intraday Shiba Inu burn rate surge and positive market sentiments building against the backdrop of Trumpās win and meme coin sector recovery. After a waning action yesterday, DOGE, PEPE, and TRUMP, among other meme coins, witnessed a remarkable upswing.
In light of this recovery-like trend, crypto enthusiast āVipRoseTrā revealed on X that a $0.00004029 price target is ahead for the asset. Also, a recent Shiba Inu price analysis by CoinGape further cements the chances of a breakout approaching, as the coin showcases the potential to gain 100x this year.
This bullish prediction comes riding the back of strong market technicals and price patterns, flagging that a potential run to $0.00003340, followed by the March 4 high of $0.0000455, is possible. However, the $0.00001565 support remains extensively eyed by market watchers, given the crypto realmās dynamic nature.
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.
Donald Trumpās DeFi project World Liberty Financial is on a Tron buying spree after loading up on Ethereum earlier this week. In the last few hours, the project spent a total of $2.65 million USDT stablecoin to load up its TRX holdings. As a result, the TRX price is seeing a strong 5.76% surge amid fresh buying interest for the altcoin.
World Liberty Financial Accumulates Tron (TRX)
World Liberty Financial, the Donald Trump-owned DeFi project, has been aggressively expanding its crypto holdings with fresh Tron purchases. Data from Arkham Intelligence shows that the project has recently spent 2.65M USDT to acquire 10.81M TRX.
Following the current acquisition, the DeFi project holds a total of 30.11M $TRX, valued at $7.38M. The latest purchase by the DeFi project comes following massive Ethereum purchases earlier this week.
Additionally, on-chain data shows that World Liberty swapped 5,252 ETH, worth 17.43M, for stETH, and later staked it with Lido Finance. Over the past three days, the fund has invested a total of $168.4M in six tokens.
This includes $99.95M in Ethereum, $47M of WBTC, $7.35M in Tron (TRX), and another $4.7M each in AAVE, ENA, and LINK. Interestingly, World Liberty Financial has increased its positions in every token except ONDO, reported Spot on Chain.
Justin Sun Celebrates the Development
Tron founder Justin Sun celebrated this development while making big investment promises moving ahead. In his message on the X platform, Sun noted:
āBought again! TRON has now become the 3rd largest asset held by World Liberty Financial, the presidentās crypto project, with a current holding of $7.3 million TRXā.
Furthermore, Sun made big investment promises while commenting on Eric Trumpās post. Earlier today, Eric Trump noted that thereās no better time to invest in the United States and invest across sectors like technology, innovation, and crypto. Responding to this Sun said:
āFully agreed! We have an outstanding plan that will bring over $200 billion worth of business to the United States. This will be massive and meaningful!ā
Tron founder Justin Sun is himself one of the early investors in World Liberty Financial. Earlier this week, he expanded his investments into the DeFi project by acquiring WLFI tokens and taking total investments to $75 million.
TRX Price to Rally 100% From Here?
As of press time, the Tron price is trading 5.7% up at $0.251. As per the Coinglass data, the Tron futures open interest is up 14% to $258 million hinting bullish sentiment among traders.
The TRX price has been trading within a broad descending channel for the past several weeks, following a sharp rally to $0.45 in December. This price action has resulted in several swing highs and lows, indicating a battle between buyers and sellers.
On the RSI, there is a hint of a potential bullish divergence. A falling wedge pattern is emerging, suggesting a possible upside breakout. Additionally, Fibonacci retracement levels point to a potential move toward $0.30 at the 0.50 RSI level and $0.33 at the 0.382 RSI level. In his recent analysis, crypto analyst AMCrypto stated that the TRX price could reach as high as $0.50 by the end of Q1.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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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