Market

OP, SUI, ZETA and More

Published

3 months ago

August 25, 2024

Coin2049 Newsletter

Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.

However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are eight major token unlocks to watch next week.

Yield Guild Games

Unlock date: August 27
Number of tokens unlocked: 14.08 million YGG
Current circulating supply: 380.83 million YGG

Yield Guild Games (YGG) is a gaming community that operates on a play-to-earn model. It brings together gamers worldwide, enabling them to earn cryptocurrency rewards by participating in various blockchain games. YGG invests in NFT assets, such as in-game items and virtual land, making these available for guild members to borrow and use in their gaming endeavors.

In a few days, Yield Guild Games (YGG) will unlock a substantial portion of its tokens. These tokens will be distributed across the community, founders, investors, and the treasury, fueling the guild’s growth and ecosystem development.

SingularityNET (AGIX)

Unlock date: August 28
Number of tokens unlocked: 8.32 million AGIX
Current circulating supply: 527.10 million AGIX

SingularityNET is a decentralized blockchain platform designed to develop and host AI applications. The platform’s native token, AGIX, is essential for transactions, governance, and rewarding node operators who maintain and develop the network. SingularityNET also supports cross-chain functionality, enabling the AGIX token to operate on both the Cardano and Ethereum networks.

In August, a key event for AGIX token holders will take place with the distribution of unlocked tokens to participants in the AGIX-ADA rewards program. This initiative aims to incentivize and reward community members who actively contribute to the platform’s growth and development.

AGIX unlock — AGIX Unlock. Source: token.unlocks

Optimism (OP)

Unlock date: August 31
Number of tokens unlocked: 31.34 million OP
Current circulating supply: 1.18 billion OP

Optimism is a Layer-2 scaling solution designed to improve the speed and lower the costs of transactions on the Ethereum mainnet. The OP token plays a crucial role in governance, allowing holders to vote on proposals and decisions that shape the network’s development and management.

On August 31, Optimism will increase its circulating supply by 31.34 million OP. According to TokenUnlocks, the project will distribute these tokens among core contributors and investors.

Optimism unlock — OP Unlock. Source: token.unlocks

Echelon Prime (PRIME)

Unlock date: August 31
Number of tokens unlocked: 750,000 PRIME
Current circulating supply: 44.52 million PRIME

Echelon Prime (PRIME) is the native token of the Echelon Prime Foundation, which focuses on advancing Web3 gaming ecosystems. The foundation provides tools and resources for new gaming models and economies, with its first major adoption in the sci-fi trading card game Parallel.

On August 31st, Echelon Prime will unlock 750,000 PRIME tokens reserved for investors in Parallel Studios. This release is part of a larger token vesting schedule that began on July 31, 2023. These tokens are part of a monthly unlock for investors and are expected to continue until July 2025.

Prime unlock — PRIME unlock. Source: token.unlocks

dYdX (DYDX)

Unlock date: September 1
Number of tokens unlocked: 8.33 million DYDX
Current circulating supply: 227.34 million DYDX

In early 2023, dYdX, the largest decentralized perpetual futures trading protocol, announced changes to its initial tokenomics. According to the update, 27.7% of dYdX’s total supply will go to early investors, 26.1% to the treasury, 15.3% to the team, and 7.0% to future dYdX employees and consultants.

On September 1, approximately 8.33 million DYDX tokens will be unlocked. The majority of these tokens will be distributed among investors and the project team, while a portion is reserved for future employees.

dydx unlock — DYDX Unlock. Source: token.unlocks

Sui (SUI)

Unlock date: September 1
Number of tokens unlocked: 64.19 million SUI
Current circulating supply: 2.59 billion SUI

Sui is a high-performance Layer-1 blockchain that utilizes a Proof-of-Stake consensus to increase network operation and security. The project was developed by Mysten Labs, a company founded in 2021 by former Novi Research employees who created the Diem blockchain and the Move programming language.

The SUI token facilitates governance, enabling token holders to vote on important proposals and shape the platform’s future. The next unlock will happen on September 1, releasing a large portion of tokens set aside for Series A and B participants, community reserve, and the Mysten Labs treasury.

sui unlock — SUI Unlock. Source: token.unlocks

ZetaChain (ZETA)

Unlock date: September 1
Number of tokens unlocked: 53.89 million ZETA
Current circulating supply: 343.07 million ZETA

ZetaChain is a decentralized blockchain platform that enables seamless interoperability across various blockchain networks. One of its main features is cross-chain communication, which allows for the exchange of tokens and data between different blockchains, such as Ethereum and Binance Smart Chain.

On September 1, it will unlock nearly 54 million ZETA tokens. The newly released coins will be allocated across several initiatives, including a user growth pool, an ecosystem growth fund, support for core contributors, advisory roles, and liquidity incentives.

Zeta unlock — ZETA Unlock. Source: token.unlocks

Ethena (ENA)

Unlock date: September 1
Number of tokens unlocked: 14.89 million ENA
Current circulating supply: 1.80 billion ENA

Ethena is a synthetic currency protocol built on Ethereum. It provides a native cryptocurrency solution independent of traditional banking, and also offers global users a dollar-denominated savings instrument called the ‘Internet Bond.’

The ENA token enables holders to vote on governance proposals. On September 1, the project will unlock almost 15 million ENA dedicated to ecosystem development.

Ethena unlock — ENA Unlock. Source: token.unlocks

Other next-week cliff unlocks include Tornado Cash (TORN), Euler (EUL), 1inch (1INCH), and Manta (MANTA), with a total value exceeding $179 million. Although many consider token unlocks bearish, a well-planned schedule can strengthen a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.

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

Bitcoin ETFs Could Overtake Gold ETFs by End of The Year

Published

3 hours ago

November 24, 2024

Coin2049 Newsletter

Spot Bitcoin exchange-traded funds (ETFs) in the US are nearing a major milestone. They are set to become the biggest BTC holders in the world, even surpassing the amount held by Bitcoin’s creator, Satoshi Nakamoto.

Additionally, they are catching up to gold ETFs in total net assets.

Bitcoin ETFs on The Verge of Surpassing Satoshi Nakamoto’s BTC Stash

Since their launch in January, US spot Bitcoin ETFs have grown significantly. According to crypto analyst HODL15Capital, these funds now hold about 1.081 million Bitcoin, just below Nakamoto’s estimated 1.1 million.

Satoshi Nakamoto, the anonymous creator of Bitcoin, is believed to own approximately 5.68% of the total Bitcoin supply. These holdings, valued at over $100 billion, place Nakamoto among the world’s wealthiest individuals — if they are alive and a single person.

However, Bloomberg’s Senior ETF Analyst, Eric Balchunas, pointed out that ETFs are now 98% of the way to overtaking Nakamoto. He predicted that if the current pace of inflows continues, this could happen by Thanksgiving.

“US spot ETFs now 98% of way there to passing Satoshi as world’s biggest holder. My over/under date of Thanksgiving looking good. If next 3 days are like the past 3 days flow-wise it’s a done deal,” Balchunas stated.

Bitcoin ETFs Data. Source: X/HODL15Capital

SoSoValue data shows inflows into these ETFs grew by around 97% week-on-week to $3.3 billion over the last five trading days, with BlackRock’s iShares Bitcoin Trust (IBIT) contributing $2 billion. This surge coincides with the introduction of options trading for these products, which many believe is attracting more institutional investors.

Meanwhile, Bitcoin ETFs are also narrowing the gap with gold ETFs, which currently hold $120 billion in assets under management (AUM). According to Balchunas, Bitcoin ETFs manage $107 billion and could overtake gold ETFs by Christmas.

These bullish predictions reflect Bitcoin’s exceptional performance in 2024. The top cryptocurrency has surged nearly 160% since January, trading near the $100,000 landmark. In addition, its $1.91 trillion market capitalization now exceeds that of silver and major corporations like the state-owned oil company Saudi Aramco.

However, BTC still lags behind gold, which remains the world’s largest asset with a market capitalization of more than $18 billion.

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Market

Why Ethereum Price May Fall Under $3,000

Published

5 hours ago

November 24, 2024

Coin2049 Newsletter

Ethereum (ETH) is currently facing significant downward pressure, with its price declining by 3% over the past 24 hours. This bearish trend could push ETH’s price below the critical $3,000 price level.

This analysis examines the factors contributing to this likelihood.

Ethereum Sellers Re-Emerge

An assessment of the ETH/USD one-day chart has revealed that the coin’s moving average convergence divergence (MACD) indicator is forming a potential death cross. As of this writing, the coin’s MACD line (blue) is attempting to fall below its signal line (orange).

This indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. A MACD death cross occurs when the MACD line (the shorter-term moving average) crosses below the signal line (the longer-term moving average), indicating a bearish trend or momentum reversal. This signal suggests that selling pressure is increasing, and the asset’s price could decline further.

ETH’s rising Aroon Down Line confirms this strengthening bearish pressure. It currently sits at 78.57%, confirming that the decline in ETH’s price is gaining momentum.

The Aroon Indicator evaluates the strength of an asset’s price trend through two components: the Aroon Up line, which reflects the strength of an uptrend, and the Aroon Down line, which reflects the strength of a downtrend. A rising Aroon Down line indicates that recent lows are occurring more frequently, signaling growing bearish momentum or the start of a downtrend.

ETH Aroon Down Line. Source: TradingView

ETH Price Prediction: Key Support Level To Watch

ETH currently trades at $3,333, resting above the support formed at $3,203. This level is crucial because a decline below it will cause ETH to exchange hands under $3000. According to readings from the coin’s Fibonacci Retracement tool, the Ethereum price will drop to $2,970 if this happens.

However, a resurgence in the demand for the leading altcoin will invalidate this bearish thesis. If this occurs, Ethereum will rally toward $3,500.

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

Cantor Fitzgerald Deepens Tether Ties With 5% Stake Acquisition

Published

7 hours ago

November 24, 2024

Coin2049 Newsletter

Cantor Fitzgerald, a prominent US financial services firm, is expanding its alliance with Tether, a key player in the digital asset industry and the issuer of the world’s largest stablecoin.

According to reports, the firm has agreed to acquire a 5% stake in Tether as part of a broader collaboration that includes Bitcoin-backed lending initiatives.

Tether Mints $13 Billion USDT as Cantor Fitzgerald Deepens Tie

The acquisition talks, reportedly finalized in 2023, valued the 5% stake at approximately $600 million. This partnership positions Tether to gain strategic advantages, particularly as Cantor Fitzgerald’s CEO, Howard Lutnick, takes on his new role as Secretary of Commerce under President-elect Donald Trump.

Market observers suggest that the nomination raises the possibility of enhanced regulatory support for Tether, which has faced scrutiny over potential violations of sanctions and anti-money laundering regulations—a claim the company has denied. However, Lutnick has promised to step down from his positions at Cantor Senate confirmation.

Beyond the ownership stake, Tether is expected to support Cantor Fitzgerald’s Bitcoin lending program, a multi-billion-dollar initiative. The program aims to offer loans backed by Bitcoin, initially funded with $2 billion, with plans for significant future expansion.

Meanwhile, Cantor Fitzgerald is already a critical partner for Tether, reportedly holding a significant portion of the stablecoin issuer’s $134 billion reserves in US Treasury bills.

As Cantor Fitzgerald deepens its involvement with Tether, the firm has continued its aggressive token minting. On November 24, blockchain analytics platform Lookonchain reported that stablecoin company minted an additional $3 billion USDT, bringing the total minted since November 8 to $13 billion. This expansion has pushed the total supply of USDT to approximately $132 billion.

Tether USDT Supply — Tether’s USDT Supply. Source: Tether

The increased USDT supply may reflect the growing demand for stablecoins, often used to hedge market positions or facilitate crypto transactions without converting to fiat. This liquidity influx could reduce volatility and enhance price stability across the digital asset market.

This surge in USDT supply coincides with a broader market rally led by Bitcoin and other assets such as Dogecoin and Solana, signaling renewed investor confidence in the crypto ecosystem.

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