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Cardano Announces Key Updates, ADA Price To Recover Ahead?
Cardano has introduced a new upgrade, “docker-cardano-cli v8.24.0.0-1,” developed by Blinken Labs. This release aims to enhance staking accessibility and continues to underscore Cardano’s innovative edge in the blockchain sphere. Despite these developments and the hype around Cardano’s recent activities, ADA’s price movement has remained subdued.
New Release Boosts Cardano Stake Pool Operations
Blinken Labs has released the latest version of its docker-cardano-cli tool, which is aimed at optimizing stake pool operations within the Cardano network. This tool promises to streamline processes and improve user access to staking functions, although comprehensive documentation on the new features is still pending. Historically, updates from Blinken Labs have significantly bolstered usability and performance, suggesting similar outcomes from this release.
Blinken Labs’ continual enhancements reinforce Cardano’s reputation, which is upheld by its robust activity on GitHub. As the blockchain network with the most development commits, Cardano remains at the forefront of technological expansion in the crypto world. This persistent development activity strengthens its infrastructure and aligns with user and community expectations, fostering a more engaged and active ecosystem.
Also Read: Block CEO Jack Dorsey Says Bitcoin Can Replace US Dollar
ADA Midnight Protocol Boosts Privacy Features
Beyond technical upgrades, Cardano has recently ventured into new territories that have sparked interest and even amusement within the crypto community. A notable incident involved Cardano’s founder, Charles Hoskinson, whose pet pig Nike inspired a new meme coin. Surprisingly, this coin achieved a multi-million dollar valuation, illustrating meme-driven market dynamics’ unpredictable and often whimsical nature.
Simultaneously, ADA has pursued significant initiatives like the Midnight Protocol, which aims to enhance privacy features in blockchain applications. These strategic moves, along with community-driven aspects like the meme coin, highlight Cardano’s adaptive approach and responsiveness to technological trends and community interests.
ADA Price Breaks Trend Amid Market Uncertainty
Despite these promising developments within the Cardano ecosystem, ADA market performance has not mirrored the foundational and community growth. Recently, ADA broke out from a descending trendline, suggesting a potential reversal from its previous downtrend. However, the price still hovers around $0.3871, with a 1.53% increase in the past 24 hours.
The trading volume has decreased by 17.44%, indicating lower trading activity despite the positive news. This disparity between development momentum and market response raises questions about ADA’s near-term price prospects. Market analysts suggest that the increased attention from whales and sustained developmental progress could eventually catalyze a recovery in ADA’s valuation, especially if broader market conditions stabilize.
Also Read: Cardano (ADA) And XRP Rebound Fueling New Wave Of Short Positions
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.
XRP whales have again taken action to shuffle 230 million coins as the Ripple vs. SEC lawsuit, with fines reaching approximately $2 billion, looks for a conclusion. On-chain data shows both dumps and transfers between wallets, recorded in hand over the past day, birthing riveting speculations surrounding XRP’s future price movements.
The latest update in the lawsuit, wherein Judge Torres’ Doctrine stood, and XRP secondary sales aren’t securities, has tilted the balance somewhat toward Ripple’s favor. The massive whale activity, emerging in the lawsuit’s aftermath has gained significant traction.
Whales Shuffle 230 Mln Coins
According to the insights streamlined by Whale Alert on X, 230.93 million XRP, worth $109.21 million, was collectively shifted by whales over the past day. While one dumped 30.93 million coins to Bitstamp, the other shifted 200 million coins to an unknown wallet.
As per the data, the renowned whale …Rzn was recorded as making the dump, whereas the whale rP4X2hTa7A shifted 200 million coins to rJqiMb94hy. These transactions have stirred up somewhat mixed sentiments in the market.
While one whale’s transaction sparked bearish concerns, the other’s transaction underscored heightened on-chain activity. Also, it’s worth noting that XRP whale accumulations have surged remarkably amid the token’s recent illustration of consolidation above the $0.46 support. This spike in accumulations, coupled with the recent development in the Ripple lawsuit, has tilted the odds towards XRP.
Meanwhile, the Ripple-backed asset traded in the green today, moving alongside the broader crypto market’s movement.
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XRP Price Springs
At the time of writing, XRP price noted gains of 1.39% over the past day to trade at $0.4802. Its 24-hour lows and highs were evaluated as $0.4716 and $0.4814, respectively.
Coinglass data spotlighted a market uptrend for the crypto, with a significant uptick in its Futures OI and derivatives volume. XRP OI jumped 4.31% to $606.63 million, followed by a derivatives volume upsurge of 58.30% to $499.20 million. This data underscored a significant increase in investor enthusiasm for the asset.
Nonetheless, the RSI moved along a neutral territory at 45, stirring mixed sentiments on future price movements.
However, a recent report by CoinGape further spotlights a potential $6 price target for XRP ahead, with the lawsuit and technical factors weighing in.
Also Read: US Govt Moves $12M Ethereum, Is Bitcoin-Style Selloff Incoming?
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.
One of the most popular dog-themed meme coins, Shiba Inu, has once again made headlines with a colossal surge in its burn rate. The latest update from the tracker Shibburn revealed that over 900 million SHIB were burnt over the past month, June. This glimmered immense hope for the meme coin’s future price movements as supply takes a vital hit.
So, let’s delve deeper into Shina Inu’s market statistics to understand why market sentiments have taken an optimistic turn.
Massive Token Burn Ignites Market Optimism
According to the insights offered by Shibburn, the token burn mechanism incinerated 918.07 million SHIB over the past month via 237 transactions. This gave rise to a 148.69% surge in Shiba Inu’s monthly burn rate.
Meanwhile, today’s data revealed that the community witnessed the incineration of a staggering 301.68 million coins. This gave rise to a colossal 1392.60% upswing in the daily burn rate.
The total number of coins burned from the initial supply now evaluates to 410.727 trillion SHIB. As mentioned above, Shiba Inu’s supply further takes a massive blow, in turn staging as a bullish factor for the token.
Notably, as the supply diminishes, SHIB’s price has noted significant gains today, July 1, mirroring the burn’s impact.
Also Read: ETH Price Surges 5% Amid Increased Whale Activity Ahead of Ethereum ETF Approval
SHIB Price Soars
At press time, SHIB’s price noted an uptick of 3.67% to trade at $0.00001735. Its 24-hour bottoms and peaks were $0.00001669 and $0.00001756, respectively.
Also, it’s worth noting that the price upswing coincides with the broader crypto market recovery. Meanwhile, the abovementioned burn rate upswing adds to it.
Coinglass data shows a market uptrend for the Shiba Inu coin today, as its Futures OI and derivatives volume upsurged. SHIB OI was up 2.85% to $35.71 million, whereas the volume rocketed 61.98% to $72.13 million.
However, Shiba Inu’s RSI rested at 34, hinting at some downside pressure on the asset. This could result in volatility in SHIB’s price movement in the short run.
However, the broader market sentiments remain optimistic, primarily attributable to the continuous massive SHIB burning. Also, Santiment’s data showcasing SHIB’s undervalued position in the market potentially paves the way for a $0.00003 price target, CoinGape Media reported. The colossal spike in the burn rate further bolsters Shiba Inu’s potential bullish future.
Also Read: Ethereum Network to Get Major Boost With SSF Roadmap, Says Vitalik Buterin
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.
On Sunday, June 30, Ethereum co-founder Vitalik Buterin published a blog post explaining the road ahead for Ethereum and how they might have to part ways with the epoch-and-slot mechanism of its existing rollup-centric roadmap. Buterin proposes a new SSF mechanism to improve the transaction time latencies of the order of hundreds of milliseconds or even less.
Ethereum Eyes Single-Slot Finality
Currently, the Ethereum Gasper consensus employs a slot-and-epoch mechanism wherein validators cast votes in each 12-second slot. Also, all validators get the opportunity to vote once, over 32 slots. Later, a PBFT-like consensus algorithm takes care after two epochs (12.8 minutes), thereby providing a strong economic assurance known as finality. However, there are two major concerns with this approach.
- The complexity and several interaction bugs between the two slot-by-slot voting mechanism as well as the epoch-by-epoch finality mechanism.
- The 12.8-minute finality period is pretty slow and inconvenient for the users.
To simplify this, Buterin proposes a single-slot finality mechanism similar to the Tendermint consensus, wherein Block-N is finalized even before the creation of Block N+1. The major difference from Tendermint is the retention of the “inactivity leak” mechanism. This will allow the Ethereum blockchain to continue and recover even if nearly one-third of validators go offline. Vitalik Buterin calls this a “Secure Speed Finality” SSF mechanism.
Also Read: Vitalik Buterin Spotlights Innovative Idealist DApps in Web3
Addressing A Few Challenges With the SSF Mechanism
Vitalik Buterin also highlighted some key challenges associated with Single-slot finality (SSF) in the Ethereum ecosystem. He explained that the naive implementation of the SSF would require every Ethereum staker to publish two messages every 12 seconds, imposing a significant load on the Ethereum network. In his blog post, Buterin said:
“While there are clever ideas to mitigate this issue, including the recent Orbit SSF proposal, it remains a challenge. Although SSF significantly improves user experience by accelerating ‘finality,’ it doesn’t eliminate the need for users to wait 5-20 seconds.”
While implementing the SSF mechanism in Ethereum, Buterin suggests implementing Orbit-like techniques in order to reduce the total number of validators signing per slot and address the key goal of lowering 32 ETH minimum staking.
“This approach might cause the slot time to increase to approximately 16 seconds,” added Buterin. However, he added: “Designs like Orbit SSF are very recent, suggesting that the design space of slot-and-epoch designs where something like Orbit SSF is the epoch is still quite under-explored”.
The Ethereum developers are still figuring out the ideal solution in order to improve the finality. Last month, Buterin shared updates made with Ethereum Layer-2 solutions. The Ethereum L2 activity has touched fresh all-time highs recently.
Ethereum is thriving as an ecosystem right now with L2 activity hitting fresh all time highs every other day and the L1 roadmap being executed on with laser precision
Meanwhile, crypto twitter is acting like Ethereum is failing and in dire need of an emergency intervention
— sassal.eth/acc 🦇🔊 (@sassal0x) July 1, 2024
The Ethereum Layer-2 Blast recently announced the launch of its native token and BLAST airdrop.
Also Read: ETH Price Shoots 5% As Whale Activity Spikes Ahead of Ethereum ETF Approval
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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