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Redefining Social Interaction with Meme Coins

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Editorial Note: The following content does not reflect the views or opinions of BeInCrypto. It is provided for informational purposes only and should not be interpreted as financial advice. Please conduct your own research before making any investment decisions.

As crypto assets are gaining acceptance in the traditional financial industry, market dynamics are progressively shifting towards a more retail-oriented approach. Perhaps influenced by the GameStop incident, the meme coin sector has caught the attention of Gen Z, gradually transitioning from being considered alternative assets to essential components within the mainstream investment landscape.

According to CoinMarketCap, meme coins account for about 2% of the entire crypto market. The underlying reason for the meme craze is that institution-dominated value projects have become less attractive due to high valuations and the selling pressure from continuous unlocking, leading to decreased retail participation. As institutions and retail investors avoid buying from each other, meme projects have become the market’s focal point.

The key issue is the weakening wealth effect rather than a conflict between institutions and retail investors. The crucial problem is matching projects with users.

Match is a social platform based on AI and big data technology, aiming to establish an efficient value-based social network enabled by the wealth effect of meme coins. By constructing a sustainable value-based social ecosystem, Match deeply understands how to integrate user needs and economic mechanisms to promote both social interaction and economic returns. Match provides privacy-protected social functions and powerful AI capabilities, enabling users to securely manage their social data assets across various Web 3.0 applications, thereby achieving true value-based social networking.

The social networking market has always been in high growth, making it one of the most competitive fields. Recent data shows that there are 5.07 billion social media users globally, accounting for 62.6% of the world’s population. According to Ecwid, the number of social media users grew from 1.72 billion in 2013 to 4.76 billion in 2023, with a compound annual growth rate of 10.72%.

Match

Despite its vast potential, the social networking market has high entry barriers. Walter Isaacson, a renowned author who has written biographies for Einstein, Jobs, and Kissinger, has a viewpoint on social networking: “Almost every digital tool, whether designed for it or not, was commandeered by humans for a social purpose”. But they must first be effective tools to create social opportunities. Therefore, recent social networking applications like Clubhouse and Damus quickly rose and fell due to the lack of unique tool attributes.

Match’s design is different from previous ones; it is a SocialFi application based on meme coins. Similar to social networking, meme culture is rooted in fundamental human needs. Any type of viral cultural transmission can form a meme culture. When meme culture combines with cryptocurrency, it creates meme coins.

Meme coins inherently have social spreading value. Match introduces new gameplay, creating strong community consensus through the resonance of Meme culture to drive ecosystem development. Match is about to issue its exclusive meme coin, RFG. RFG not only creates wealth effects but also attracts a large number of users, laying a solid foundation for social interaction on the platform. By leveraging its meme coin, RFG, Match will accumulate substantial user data, providing a solid foundation for subsequent AI analysis and social interaction.

In its development into an innovative value-based social ecosystem, Match follows four stages: Departure, Sailing, Breaking Waves, and Voyage. In the “Departure” stage, Match focuses on decentralized auction, social matching and mining, and the development of backend services. In the “Sailing” stage, Match enters a period of rapid expansion and application innovation. After launching basic functions, the platform promotes community building and promotional activities.

In the “Breaking Waves” stage, Match will further expand RFG’s application scenarios and deeply integrate AI technology into its infrastructure. RFG’s application covers multiple fields, including finance and social networking, meeting users’ diverse needs with innovative financial products and services. Through rich application scenarios, Match achieves both user scale and platform value growth. Match also introduces an on-chain DID system and social accessories to activate and amplify personal social value. By bringing in more SocialFi services and partners, Match continuously expands its ecosystem and drives global development.

In the “Voyage” stage, Match will complete the construction of a comprehensive service ecosystem, advancing to higher development levels. The platform offers diverse AI services, including intelligent advisory, personalized recommendations, and risk assessments, helping users make more informed decisions in complex market environments.

Match also utilizes ZK technology for privacy capabilities, addressing trust issues with off-chain data and computations. Users can share data confidentially within a trustless settlement layer, ensuring data privacy. ZK applications allow users to create confidential on-chain identities in a modular manner, surpassing traditional data obfuscation methods. Off-chain security guarantees provided by ZK technology ensure the integrity and expected state of vast off-chain data and computations.

Meme coins currently hold a market cap of around USD 49 billion. Match combines SocialFi with meme coins, forging a new value-based social ecosystem. Building upon the wealth effects of meme coins, Match attracts users and encourages them to engage in social activities, enabling value exchange and wealth amplification among users with SocialFi mechanisms. This innovative model not only attracts a large user base but also enhances long-term user retention and activity.

Match

However, meme coins are community-driven and rely on community enthusiasm and hype, lacking sustainable development mechanisms for the long haul. How can Match sustain itself when interest in meme coins fades?

After accumulating data in the first stage, Match will use AI technology as its core driving force. Through intelligent data monitoring, precise user profiling, and AI-driven recommendation engines, Match helps users identify lucrative investment opportunities amidst the ocean of information, improving investment decision efficiency and reducing operational costs.

The success of meme coins often involves inevitability and chance. In the second stage, Match aims to help users seize early opportunities through AI. For example, when CCTV featured the meme coin SAMO, its community hype led to a 500% price surge. Similarly, the pre-sale of Darkfarm’s BOME surpassed expectations. By leveraging AI, such events can be identified, analyzed, and capitalized on.

Currently, Match is still in the early stages of AI training with limited data sets. As the volume and quality of data improve, Match may experience a breakthrough moment for SocialFi similar to the iPhone’s launch.

Additionally, Match plans to introduce a modular social layer to nurture a sustainable ecosystem. In the future, Match will be compatible with various mainstream public chains, allowing seamless integration of data and functionalities. This means that users can enjoy a unified, seamless social experience on the Match platform, regardless of the public chain they use. Furthermore, Match aims to evolve as the ideal platform for social IDOs. Through intelligent recommendations and precise matching, Match provides project teams with high-quality authentic users, facilitating swift traffic and user aggregation for projects on public chains. This not only improves the efficiency and success rate of token issuance but also enhances user engagement via social interactions, forming a sustainable ecosystem.

By harmonizing the four core pillars of wealth, traffic, social interaction, and information, Match forges a powerful value flywheel.

In the rapidly evolving and cacophonous blockchain domain, AI is often more of a gimmick rather than a practical tool. Match seeks to integrate AI into meme coins and SocialFi to deliver tangible applications, potentially heralding a fresh wave of transformation.

By utilizing AI for intelligent data monitoring and analysis, Match creates precise user profiles and offers tailored strategies to guide users toward profitable investments amidst vast information streams.

By analyzing social media trends, discussion scales, and on-chain data, Match’s AI delineates authentic project potential across multifaceted dimensions, distinguishing between retail and project-oriented buyers, empowering users to make more informed trading decisions. Besides, Match’s AI enables real-time access to project insights, saving users research time and helping them seize investment opportunities. The integration of AI not only improves the platform’s service quality but also provides users with personalized social experiences.

Match

Moreover, Match’s AI can craft tailored strategies based on user profiles. Whether users are looking for quick profits, interested in memes, or are seasoned investors, Match’s AI provides bespoken recommendations and helps project teams devise more effective marketing strategies. In a cacophony of information, Match’s AI filters out valuable insights, providing value to users and addressing user retention issues. This not only increases user engagement but also enhances user loyalty.

Through AI-driven recommendations and precise matching, Match provides project teams with high-quality authentic users, making it the ideal platform for social IDOs. The deep integration of social interaction and finance allows users to enjoy the fun of socializing while earning considerable investment returns. Through in-depth AI-based analysis over social interaction data of users, Match generates precise user profiles and personalized recommendation strategies, offering more targeted services to meet different user needs. Moreover, Match uses social interaction data to create soul identities and on-chain credit certificates, further enhancing user trust and security on the platform. This approach not only improves user experience but also reduces costs and increases efficiency.

As Match accumulates more data and users, AI will provide more assistance to both users and project teams. For example, AI can aid in identifying product strengths and weaknesses for targeted optimization and improvements. It can also design more intelligent and personalized financial products to meet diverse user needs. Just like OpenAI, by increasing parameter training data sets, Match aims to trigger an AI revolution through qualitative changes brought by quantitative accumulation.

Surveying the industry’s social applications, from the early ONO to BM’s Voice, the common goal was to attract users to these new platforms for token rewards. However, this narrative has been debunked. The hurdle lies not in the veracity of Web 3.0 + social interaction but in the lofty costs associated with user migration from giants like Sina Weibo and Twitter. Even Sina Weibo’s own pictorial social platform, Oasis, faded quickly, illustrating the challenge.

An alternative approach entails leveraging niche appeal, akin to Douban or the present-day Farcaster, catering to specific user groups without attempting to supplant other social platforms.

In Web 3.0’s landscape, where trading takes a central stage, social applications can explore this facet, as exemplified by Match. Preceding Match, Friend.tech emerged with a viable proposition akin to exclusive circles where users believed prominent influencers could unlock wealth. However, Friend.tech merely attracted users through wealth effects without resolving the core query of user retention. Match aims to fill this gap.

Imagine such an offering: AI streamlines redundant social information for you, identifies investment projects that align with your flair, and offers you with passive SocialFi income while you are trading. Would you embrace this offering? This epitomizes the essence of most users’ demands in Web 3.0, a pain point Match solves.

At the heart of any application lies user retention; users are the linchpin for all endeavors, especially in the realm of social platforms. Presently, valuations of most prevalent social applications stay under USD 1 billion. To sustain these valuations, project teams must incessantly helm operations to enhance user retention. Conversely, Match, possessing an innate ability to naturally draw and retain a substantial user base, could potentially command valuations surpassing these figures by a wide margin, possibly even breaching the hundred-billion-dollar mark.

Disclaimer

This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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US Election Day Boosts Bitcoin to $70,000: Further Rally Ahead?

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Bitcoin’s (BTC) price climbed to $70,000 today ahead of the US presidential election, indicating the connection between major political events and cryptocurrency movements. Historically, political uncertainty and significant elections have influenced crypto market sentiment and volatility.

As the election begins, on-chain analysis provides insights into potential future price movements. Analysts are also weighing in on the implications of the election outcome for Bitcoin, with opinions varying on whether the cryptocurrency could continue its upward trend or face downward pressure. Here are all the details.

According to Glassnode, the Bitcoin price increase comes amid a drop in the sell-side risk ratio. This metric shows whether investors are confident about a bullish performance or if conviction is low.

High values in this metric indicate periods when significant amounts of value are being realized, often correlating with increased market volatility. Such periods are commonly seen during the late stages of bull markets.

Conversely, low values suggest periods with minimal value realization and reduced market volatility. This can also signal macro market bottoms, accumulation phases, and environments with lower sell-side pressure and risk, potentially indicating the onset of future bullish trends.

Read More: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading

Bitcoin selling pressure reduces
Bitcoin Sell-Side Risk Ratio. Source: Glassnode

Therefore, the rise in Bitcoin’s price indicates that selling pressure is low, and the US elections could be bullish for the cryptocurrency.

Regarding this development, Juan Pellicer, Senior Researcher at IntoTheBlock, opined that a Donald Trump win would be good for BTC and the crypto market at large.

“The market appears primed for further upward movement, with the US election serving as a potential catalyst. Sentiment suggests that Trump’s more favorable stance on cryptocurrencies could provide the momentum needed for a decisive breakthrough to a new all-time high.” Pellicer told BeInCrypto

Meanwhile, CryptoQuant’s weekly report says that BTC is at a favorable price level ahead of the elections. It noted that the cryptocurrency is currently not overvalued. Hence, if demand increases, Bitcoin’s price might rally post-election.

For instance, BTC prices rallied by 22% between election day and December 2012. In 2016, it climbed by 37%, while the cryptocurrency saw a 98% increase in 2020. 

Therefore, if past performance influences future trends, the BTC might reach a new all-time high before the end of the year.

Data from the on-chain data provider also showed that demand for Bitcoin has increased. This is similar to the trends of 2016 and 2020. Hence, if sustained, the Bitcoin price might climb well above $70,000 soon.

Bitcoin demand rises
Bitcoin Apparent Demand. Source: CryptoQuant

BTC Price Prediction: $73,000 Possible

On the 1-hour chart, Bitcoin has attempted to break out on four different occasions. However, each time that happened since October 31, the coin faced rejection. However, today, the trend has changed as bulls pushed the cryptocurrency above $68,336.

This breakout has ensured that Bitcoin’s price has risen to $70,288. Furthermore, the Bull Bear Power (BBP) shows that bulls are in control. If sustained, Bitcoin’s price might rally much higher in the coming days.

Read More: Bitcoin (BTC) Price Prediction 2024/2025/2030

Bitcoin US election day price analysis
Bitcoin 1-Hour Analysis. Source: TradingView

If bullish momentum persists, Bitcoin could potentially climb to $73,623 ahead of the announcement of the US election results. However, should BTC face rejection at resistance levels, this forecast might be invalidated, with the cryptocurrency possibly declining to $67,405.

The post US Election Day Boosts Bitcoin to $70,000: Further Rally Ahead? appeared first on BeInCrypto.



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Why Ethereum’s Weak Momentum May Block $2,600 Breakout

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Ethereum (ETH) price is showing signs of weakening strength as polls open across most of the US.

Despite a 24% surge in trading volume over the past 24 hours and a modest 1% price uptick, technical indicators suggest a potential downturn. Here’s a closer look at the factors behind this analysis.

Ethereum to Remain “Under”

Readings from the altcoin’s Super Trend indicator reflect Ethereum’s weak price action. At press time, its red line rests above Ethereum’s price, confirming the potential downward trend.

This indicator helps traders identify the prevailing market trend and potential entry or exit points. It detects changes in price direction and determines support and resistance levels, often signaling when to buy or sell an asset. When the Super Trend line moves above the price and turns red, it signals a bearish trend, often considered a sell signal.

On the ETH/USD one-day chart, Ethereum’s Super Trend line is above the coin’s price at $2740, forming a resistance level that may be difficult to breach if new demand fails to enter the market. When the Super Trend line moves above the price, it acts as a resistance level. This is because the line indicates a potential “ceiling” where the price might face resistance if it attempts to rise. 

Read more: Ethereum ETF Explained: What It Is and How It Works

Ethereum Super Trend.
Ethereum Super Trend. Source: TradingView

Moreover, the setup of ETH’s moving average convergence/divergence (MACD) indicator — which tracks its trend direction, shifts, and potential price reversal points — supports this bearish outlook. As of this writing, ETH’s MACD line (blue) rests below its signal line (orange) and zero line. 

This bearish signal suggests that ETH’s short-term momentum is weakening. Traders often interpret this as a signal to exit long positions and take short ones.

Ethereum MACD.
Ethereum MACD. Source: TradingView

ETH Price Prediction: August 5 Low Is Possible

If buying pressure weakens, Ethereum’s price could fall toward its August 5 low of $2,112, marking a 13% drop from its current value. Conversely, a surge in demand could propel the coin to test resistance at $2,508.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum Price Analysis
Ethereum Price Analysis. Source: TradingView

A successful breakthrough at this level would set the next target at the Super Trend line resistance of $2,740. Clearing this mark with strong momentum could position Ethereum for a climb toward $2,869 — a level not seen since August.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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AAVE Whales Flood Exchanges,

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AAVE, the governance token of the prominent lending protocol Aave, is experiencing downward pressure as large holders, or whales, initiated significant sell-offs early Tuesday.

This analysis explores potential price targets as AAVE’s value reacts to the intensified selling pressure from whales.

Aave Whales Sell Holdings

In a Tuesday post on X, on-chain sleuth Lookonchain noted that AAVE whales are actively selling off their holdings, with significant withdrawals noted in recent transactions. 

One whale, identified as address 0x7634, withdrew 25,790 AAVE (around $3.39 million) from the Aave protocol and transferred it to the MEXC exchange. Just three hours earlier, another whale, address 0x790c, had removed 7,822 AAVE (approximately $1.04 million) from Aave and sent it to Binance. Additionally, crypto trading firm Cumberland deposited 10,000 AAVE to OKX.

The action of these AAVE whales has resulted in a sharp rise in its exchange flow balance. Santiment’s data shows that at press time, this balance is 53,000 AAVE, representing its single-day highest flow since September 10. 

Read more: How To Use Aave?

AAVE Exchange Flow Balance
AAVE Exchange Flow Balance. Source: Santiment

The Exchange Flow Balance measures the net flow of a cryptocurrency into or out of exchanges, calculated by subtracting the total amount withdrawn from the total amount deposited. An uptick in this metric indicates that large quantities of the asset are being sent to exchanges. Such substantial inflows often signal potential price drops, as the added sell pressure can overwhelm the market’s capacity to absorb it.

AAVE’s negative price daily active address (DAA) divergence confirms this rise in selling pressure in the market. At press time, the metric’s value stands at -39.24%.

This metric compares an asset’s price movements with the changes in its number of daily active addresses. Investors use it to track whether the price movements are supported by corresponding network activity. A negative value suggests weakening demand and potential selling pressure. 

AAVE Price Daily Active Address Divergence.
AAVE Price Daily Active Address Divergence. Source: Santiment

AAVE Price Prediction: Where Risks and Opportunities Lie

AAVE is currently trading at $130.29, hovering slightly above its key support level at $128.45. The diminishing buying momentum signals a potential risk of a drop below this threshold. Should AAVE’s price break through this support, it could fall further to $116.10.

Read more: Top 11 DeFi Protocols To Keep an Eye on in 2024

AAVE Price Analysis.
AAVE Price Analysis. Source: TradingView

Conversely, if market sentiment turns bullish, AAVE might see a reversal, with its price likely rallying toward the next resistance level of $140.79.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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