Market
HMSTR, CATI on Binance Launchpool and More
This week in the crypto sphere brings exciting updates: Binance Launchpool introduces HMSTR and CATI, Ripple’s RLUSD might be limited to institutional investors, and significant legal developments involving Ripple and the SEC.
Additionally, a notable debate among presidential candidates on crypto policies and updates from the gaming platform Snek.fun offer a broader perspective on the current market climate.
Binance Launchpool Welcomes HMSTR and CATI
Binance’s Launchpool platform welcomed Hamster Kombat (HMSTR) and Catizen (CATI), marking significant additions that offer users new staking opportunities. On September 12, Binance announced that Hamster Kombat would become the 58th project on its Launchpool.
Hamster Kombat is a tap-to-earn game built on the Telegram mini-app platform. It provides a unique gaming experience in which players simulate crypto exchange CEOs in competitive battles. Hamster Kombat has a total token supply of 100,000,000,000 HMSTR, with 3% allocated for Launchpool token rewards.
Read more: What Is Hamster Kombat?
Users can stake Binance Coin (BNB) and First Digital USD (FDUSD) to receive HMSTR airdrops over three days starting September 23, 2024, at 00:00 UTC. Binance plans to list HMSTR on September 26, 2024, at 12:00 UTC, opening trading with HMSTR/USDT, HMSTR/BNB, HMSTR/FDUSD, and HMSTR/TRY pairs.
Following the HMSTR announcement, Binance revealed on September 13 that Catizen would be the 59th project on its Launchpool. Catizen is a cat-themed gaming bot built on the Telegram mini-app platform.
Since its inception six months ago, Catizen has attracted 34 million players and boasts over two million active on-chain users. The project reports an 800,000-paying user base and an average revenue per paying user of $33.
Catizen has a total and maximum token supply of 1,000,000,000 CATI, with 9% allocated for Launchpool token rewards. Users can stake BNB and FDUSD to receive CATI airdrops over four days starting September 16, 2024, at 00:00 UTC. Binance will list CATI on September 20, 2024, at 10:00 UTC, with trading pairs CATI/USDT, CATI/BNB, CATI/FDUSD, and CATI/TRY.
3 Much-Anticipated Upcoming Airdrops and TGE in TON Ecosystem
The Open Network (TON) has generated excitement with its airdrop initiatives. This September, TON is hosting several token generation events (TGE) and airdrops.
First, Catizen, one of TON’s key projects, is set to have its token, CATI, listed on major exchanges such as OKX, KuCoin, Bybit, and Gate.io starting September 20. Launched six months ago, Catizen has attracted 34 million players, with over two million active on-chain participants and 800,000 paying users, averaging $33 in revenue per paying user.
Next on the list is Hamster Kombat, another notable project that will hold its TGE and airdrop on September 26. Exchanges like Bitfinex, Bybit, and OKX will list the HMSTR token. However, the community has expressed concerns about the lack of clarity regarding airdrop criteria.
“The community is eager to participate, but the constant introduction of new games and features has caused confusion and overwhelm,” an X user said.
The CATS project also plans a TGE and airdrop this month, though the exact date remains unspecified. With more than 20 million users, CATS aims to reward Telegram users based on account age and activity level, with all Telegram users eligible to participate. A dedicated bot will assess user statistics to determine token allocation, and additional tokens can be earned through a referral system and minor tasks.
RLUSD Stablecoin and Ripple Legal Developments
Ripple’s Chief Technology Officer, David Schwartz, confirmed on September 8 that the upcoming RLUSD stablecoin would likely be available exclusively to institutional investors. In a social media exchange, Schwartz responded to an XRP user who suggested that RLUSD should be limited to large financial institutions to prevent misuse in illegal activities such as money laundering. He compared RLUSD to existing stablecoins like USDC and USDT, noting that individual investors typically cannot purchase these stablecoins directly from their issuers.
“Probably only ever be available directly to institutions. Can you get USDC from Circle or USDT from Tether, because I can’t.” Schwartz stated.
In a separate but related development, the US Securities and Exchange Commission (SEC) dropped its claims against Ripple executives Brad Garlinghouse and Chris Larsen. This action has sparked rumors of an appeal, especially since Ripple proposed to deposit 111% of the financial judgment into a bank account, presumably to ensure a pause in the case.
A former SEC regional director, Marc Fagel, provided insights into the potential appeal. He emphasized Ripple’s systematic sales rather than debating XRP’s classification as a security.
“If [the SEC chooses to] appeal, it will likely be over whether the programmatic sales constituted securities sales,” Fagel explained.
Furthermore, he clarified that the Court of Appeals could address this issue without deciding whether XRP is a security, as it remains a peripheral matter. Legal expert Bill Morgan also commented on the case, assuring XRP holders that the core judgment—that XRP is not a security—should stand firm despite potential legal maneuvering.
Cardano’s Network Activity Surges with Meme Coin Launchpad Snek.fun
Charles Hoskinson, the founder of Cardano, praised Snek.fun, a meme coin launchpad, for significantly increasing the network’s activity. On September 6, Snek.fun announced a record daily transaction volume for Cardano. This marked the highest 24-hour decentralized exchange (DEX) trading activity in the blockchain’s history.
Launched on September 5, Snek.fun is a meme coin launchpad created by SNEK and Splash, a DEX on Cardano. The platform allows users to create tokens for a fee of 25 ADA.
Once 75% of a token’s supply is purchased, and the market cap reaches 42,069 ADA, a bonding curve is triggered, adding 25% of the supply to a liquidity pool on Splash DEX. Liquidity provider (LP) tokens are then burned to prevent the team from withdrawing liquidity.
Snek.fun initially faced challenges due to high user demand and network congestion. However, it was able to optimize its platform quickly. Within the first 24 hours, over 2,000 tokens were created, and trading volume exceeded 5 million ADA.
Regardless of the achievement, some analysts express concerns about the platform’s long-term viability. They stress the need for additional features, such as creator royalties and messaging systems, to ensure sustained success.
Presidential Debate Omits Crypto Discussion, Impacting PolitiFi Coins
This week also witnessed the first presidential debate between Vice President Kamala Harris and former President Donald Trump. Despite the mounting anticipation, the debate apparently ended without any mention of cryptocurrencies, leaving many crypto enthusiasts disappointed. Instead, the debate focused on topics such as the economy, immigration, and foreign policy.
However, the absence of discussions on crypto had immediate repercussions on the market. Following the debate, the crypto market reacted sharply, particularly affecting meme coins associated with politics—known as PolitiFi.
BeInCrypto reported that the total market capitalization of PolitiFi meme coins fell by 8.7% post-debate. Moreover, some Trump-linked meme coins suffered significant declines. For instance, MAGA (TRUMP) dropped by 10%, while MAGA Hat (MAGA) plummeted by 22.5%.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Conversely, the Kamala Horris (KAMA), a meme coin related to Kamala Harris, surged by 7.3%.
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Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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