Market
Solana Won’t Kill Ethereum, The “ETH Elite” Will
Evgeny Gaevoy, CEO of crypto market maker Wintermute, has recently voiced concerns about Ethereum’s (ETH) leadership.
According to Gaevoy, Ethereum’s potential downfall will not be due to technical shortcomings compared to competitors like Solana but from contradictions within its leadership.
Wintermute CEO Highlights Leadership Paradox in Ethereum
Gaevoy criticizes Ethereum’s leadership, particularly the network’s co-founder Vitalik Buterin, for their contradictory stance on capitalism and social justice. He believes Ethereum’s failure will stem from these conflicting goals rather than technical issues.
“If ETH fails in the future, it won’t be because ‘Solana is faster,’ it will be because the ETH ‘elite’ is still stuck in a massive contradiction,” he wrote on his X (Twitter) account.
Read more: Solana vs. Ethereum: An Ultimate Comparison
Gaevoy asserts that blockchain technology fosters capitalist systems. Yet leaders like Buterin and Hayden Adams, co-founders of the Ethereum-based decentralized exchange (DEX) Uniswap, try to solve capitalism by insisting on worthy societal ends.
He believes one cannot build both a capitalist and a planned socialist system. Gaevoy prefers capitalism for its efficacy compared to socialism.
Gaevoy’s critique comes amid a broader debate sparked by Buterin’s criticism of celebrity meme coins. Buterin emphasizes that crypto projects should serve broader societal goals beyond monetization. This prompted a response from Australian singer Iggy Azalea, who launched her meme coin—Mother Iggy (MOTHER).
During a podcast, Azalea questioned Buterin’s stance on gas fees. Her remarks, showing a misunderstanding of Ethereum’s gas fees, went viral and drew ridicule from the crypto community.
The debate escalated further when Adams joined the fray. He criticized Azalea for mocking Buterin instead of constructively addressing her concerns.
Gaevoy’s comments have stirred controversy within the crypto community. While some agree with his perspective, many disagree. One community member responded to Gaevoy by pointing out that Buterin and Adams merely expressed their vision for crypto, which does not necessarily conflict with capitalist principles.
The member suggested their critiques were more about ensuring long-term sustainability and progress within the crypto space. In response to the backlash, Gaevoy offered a clarifying statement.
“To me, it’s about the primary guiding principle. If your key guiding principle is capitalism, and then you make extra steps to make it less damaging, I’m all for it. If your guiding principle is, I don’t know, ‘social justice’ or ‘only good things should be built,’ and then you attach capitalism as an afterthought, that’s what I am against,” he stated.
Read more: When Are Ethereum Gas Fees Lowest?
Nonetheless, Gaevoy’s criticism highlights the challenges ahead for Ethereum’s leaders. As Ethereum continues to evolve, the balance between economic incentives and social goals will likely remain contentious.
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.
Market
Can the SAND Token Price Rally Be Sustained?
SAND, the token powering the metaverse platform The Sandbox, has seen a meteoric rise, surging 55% in the past 24 hours. This performance far outpaces leading assets like Bitcoin and Ethereum, which each gained just 1% during the same period. SAND’s trading volume has also skyrocketed, surpassing $1.91 billion — a climb of over 500% in 24 hours.
On-chain data has shown a significant increase in daily SAND transactions and a decrease in selling pressure. These factors suggest the potential for a sustained rally.
The Sandbox Holders Adopt a Bullish Approach
According to CryptoQuant’s data, the daily count of SAND transactions has rocketed over the past few days. For context, on November 23, 2,940 transactions involving SAND were completed, representing the highest count over the past seven days.
This is a bullish signal for the metaverse-based token because a surge in an asset’s transaction count indicates increased activity and interest. It signals higher demand and participation by market participants. Also, it suggests growing confidence in SAND’s price, potentially driving it further upward.
Additionally, a notable increase in exchange withdrawals for SAND has been observed. Per CryptoQuant’s data, the token’s exchange withdrawal transactions currently total 877, its single-day highest since June 2023.
The exchange withdrawing transaction metric tracks the number of cryptocurrency withdrawals from exchanges. A spike in this metric indicates that investors are moving their assets off exchanges. This is a bullish signal, suggesting increased confidence and a potential long-term holding trend.
SAND Price Prediction: Rally Above $0.66?
On the daily chart, SAND is trading at $0.61, a level last seen in April. Its price currently sits below the resistance at its cycle peak of $0.66. If bullish momentum strengthens, SAND could rally toward this peak and reclaim it.
Conversely, if bullish sentiment wanes and selling pressure strengthens, the SAND token price may plunge toward support at $0.56, invalidating this bullish outlook.
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.
Market
Token Unlocks to Watch Next Week: AVAX, ADA and More
Token unlocks release tokens previously restricted under fundraising agreements. Projects strategically schedule these releases to minimize market pressure and prevent token price declines.
Here are three major token unlocks to keep an eye on next week.
Immutable (IMX)
- Unlock date: November 29
- Number of tokens unlocked: 24.52 million IMX
- Current circulating supply: 1.67 billion IMX
Immutable, a Layer-2 solution for scaling NFTs on Ethereum, raised $12.5 million in just one hour during its IMX token sale on CoinList in September 2021. By March 2022, the project secured $60 million in an investment round, followed by an additional $200 million from investors such as ParaFi Capital, Declaration Partners, and Tencent Holdings.
On November 29, Immutable will release 24.52 million new IMX tokens into circulation. These tokens will support project development and growth within the broader Immutable ecosystem.
Optimism (OP)
- Unlock date: November 30
- Number of tokens unlocked: 31.34 million OP
- Current circulating supply: 1.25 billion OP
Optimism, a Layer-2 scaling solution, enhances transaction speed and reduces costs on the Ethereum mainnet. Its OP token is vital for governance, enabling holders to vote on proposals and influence the network’s development and management.
On November 30, Optimism will release 31.34 million OP tokens into circulation. Tokenomist (formerly TokenUnlocks) reports that core contributors and investors will receive these tokens.
1Inch (1INCH)
- Unlock date: November 30
- Number of tokens unlocked: 98.74 million 1INCH
- Current circulating supply: 1.27 billion 1INCH
1inch is a decentralized exchange aggregator that pools liquidity from multiple DEXs to offer users the best trading rates. It streamlines trading by identifying the most efficient transaction routes, minimizing slippage, and lowering fees.
On November 30, 1inch will unlock nearly 100 million 1INCH tokens. These tokens are allocated for developers, early investors, and venture capital funds.
Sui (SUI)
- Unlock date: December 1
- Number of tokens unlocked: 64.19 million SUI
- Current circulating supply: 2.84 billion SUI
Sui is a high-performance Layer-1 blockchain designed to enhance network operations and security using a Proof-of-Stake consensus mechanism. Developed by Mysten Labs, the project was founded in 2021 by former Novi Research employees who were instrumental in creating the Diem blockchain and the Move programming language.
The SUI token supports governance, allowing holders to vote on key proposals and influence the platform’s direction. On December 1, the next token unlock will release a significant portion of tokens allocated to Series A and B participants, the community reserve, and the Mysten Labs treasury.
ZetaChain (ZETA)
- Unlock date: December 1
- Number of tokens unlocked: 53.89 million ZETA
- Current circulating supply: 517.85 million ZETA
ZetaChain is a decentralized blockchain platform designed to enable seamless interoperability between different blockchain networks. The platform’s standout feature enables cross-chain communication, allowing the exchange of tokens and data across blockchains like Ethereum and Binance Smart Chain.
On December 1, ZetaChain will release nearly 54 million ZETA tokens. These tokens will support various initiatives, including a user growth pool, an ecosystem growth fund, rewards for core contributors, advisory roles, and liquidity incentives.
Next week’s cliff token unlocks will also include Cardano (ADA), Ethena (ENA), and dYdX (DYDX), among others, with a total combined value exceeding $540 million.
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.
Market
Is the XRP Price Decline Going To Continue?
Ripple’s XRP hit a year-to-date high of $1.63 on November 23. However, fading bullish momentum has made future traders doubtful about the rally’s sustainability. An increasing number are opening short positions, expecting a near-term price correction.
Currently trading at $1.44, XRP has declined by 6% in the past 24 hours. This analysis explores the recent activity in the token’s futures market and assesses the likelihood of a continued XRP price decline.
Ripple Traders Bet on a Price Drop
A drop in its open interest has accompanied XRP’s price decline over the past 24 hours. Per Coinglass data, this sits at $2.52 billion, falling by 9% during that period.
Open interest refers to the total number of active contracts in a derivatives market, such as futures or options, that have not been settled. When open interest drops as an asset’s price falls, traders are closing their positions to lock in profits or minimize losses, indicating reduced market participation.
In XRP’s case, this suggests waning confidence in the continuation of the uptrend and hints at a sustained reversal in the asset’s price movement.
Moreover, XRP’s Long/Short ratio confirms this bearish outlook. As of this writing, this sits at 0.96%, with 51% of all positions opened shorting the altcoin.
The Long/Short ratio measures the proportion of long positions (bets on price increases) to short positions (bets on price decreases) in a market. When the ratio is below 1, it indicates that there are more short positions than long positions, suggesting a bearish sentiment among traders.
This imbalance in the XRP market reflects growing pessimism about the asset’s near-term prospects and may contribute to continued downward pressure on its price.
XRP Price Prediction: More Declines Imminent
XRP is currently trading at $1.44, holding above the $1.33 support level. If bearish sentiment intensifies, the price could drop to this support. A further decrease in buying pressure at that level may push XRP down to $1.15.
On the other hand, a shift in market sentiment from negative to positive will invalidate this bearish outlook. Should this happen, the altcoin will reclaim its year-to-date high of $1.63 and attempt to surpass it.
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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