Market
ZK Listing and Top Crypto News Impacting Market This Week
This week, some major news has captured the attention of crypto investors and enthusiasts alike.
These developments are expected to substantially impact the crypto market, marking an exciting time for decentralized finance (DeFi) and blockchain technology.
zkSync Token Airdrop and Exchange Listings
ZK Nation, the Ethereum layer-2 network zkSync governance system, has announced that eligible users can claim their ZK token airdrops on June 17 at 07:00 UTC. The ZK token, introduced on June 11, is zkSync’s native asset.
The token allows holders to propose and vote on protocol upgrades and pay for network fees using zkSync’s native account abstraction. Additionally, the community can evolve ZK through governance-driven protocol upgrades to introduce staking and other functionalities.
The total supply of ZK tokens is 21 billion, with 17.5% allocated for airdrops. Major exchanges, including Binance, HTX (Huobi), and KuCoin, will list ZK on June 17.
Read more: What Is zkSync?
Renzo Users Anticipate Key Withdrawal Dates
Users of the liquid staking token (LRT) Renzo (ezETH) are poised to request withdrawals on June 17 or 18. Lucas Kozinski, co-founder of Renzo, announced on Discord that the team is finalizing audit results for their projects.
Users can request withdrawals after the EigenLayer custody period ends on either expected date. This development is crucial for Renzo’s liquidity and user confidence. It also marks a significant milestone for the protocol.
Synthetix’s V3 Deployment on Arbitrum
On June 15, derivatives liquidity protocol Synthetix announced via X (Twitter) that its V3 will be live on Arbitrum (ARB) next week. However, the Synthetix team did not specify the exact date of this launch.
Synthetix’s deployment plan on Arbitrum was initially introduced on March 12 through an improvement proposal called SIP-367. On March 31, Synthetix Governance approved this proposal, paving the way for this significant upgrade.
Implementing the core V3 system will allow Synthetix to establish the core contracts on Arbitrum, enabling users to LP various collateral types like USDC, DAI, Ethereum (ETH), and ARB while minting an Arbitrum-native stablecoin against their collateral. The Synthetix Perpetual market will be paused upon initial deployment, with no tradable markets.
Rocket Pool’s Houston Upgrade: What to Expect
Rocket Pool (RPL), a liquid staking platform on the Ethereum network, will implement their Houston upgrade on June 17. According to its official announcement, the Houston upgrade aims to remove reliance on third-party systems by introducing a fully on-chain DAO to govern the protocol, known as the Protocol DAO (pDAO). The pDAO, run by RPL governance, comprises node operators directly participating in the protocol and invested in its success.
The upgrade will also introduce new features, allowing for building more integrations and platforms on the protocol. These features include the ability to stake ETH on behalf of a node and a new RPL withdrawal address feature. Additionally, the feature allows one party to supply the ETH for staking and another to provide the RPL without giving custody to the node operator.
Binance and Nigeria’s Legal Proceedings
Nigeria’s Federal Inland Revenue Service (FIRS) has dropped its tax charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. This decision makes Binance becoming the sole defendant in this lawsuit.
However, Gambaryan and Anjarwalla remained named in a money-laundering case brought by Nigeria’s Economic and Financial Crimes Commission. The official statement reveals that the next hearing of this case will be on June 19.
LayerZero’s Upcoming Token Distribution
LayerZero Labs, the entity behind the interoperability protocol LayerZero, recently introduced the LayerZero Foundation. The Foundation’s first tweet, featuring the date “06.20.2024,” has sparked speculation about a major announcement related to its upcoming token.
On June 14, Bryan Pellegrino, CEO of LayerZero, shared details about the approximate distribution of LayerZero’s native token, ZRO, on Twitter. Pellegrino outlined that 23.8% of the supply would go directly to the community and builders, with 8.5% distributed on day one.
“The majority of the remainder will be given over the next 36 months with additional retroactive distribution every 12 months, along with some forward-looking [request for proposals] RFPs for builders,” Pellegrino added.
This distribution strategy aims to engage the community actively and support the development of LayerZero’s ecosystem. Pellegrino further provided detailed simulations of the token distribution to ensure fair and broad participation.
Read more: LayerZero Explained: A Guide to the Interoperability Protocol
SpaceID and Other Major Token Unlocks
Space ID, a universal decentralized identity protocol, will unlock over 78 million of its native token, ID, on June 22 at 00:00 UTC. These tokens, valued at approximately $44.34 million, will be allocated to the Space ID Foundation and several sale-round participants. This unlock represents 18.23% of the token’s circulating supply.
Another noteworthy token unlock event is Pixel (PIXEL), which will unlock 54.38 million PIXEL, worth $19.66 million, on June 19 at 10:00 UTC. Read this article for detailed information on major crypto token unlocks this week.
Crypto investors and traders will closely watch this week’s events, as they have the potential to shape market sentiment and spur innovation in the industry.
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
GOAT Price Sees Slower Growth After Reaching $1B Market Cap
GOAT price has skyrocketed 214.29% in one month, recently breaking into the $1 billion market cap and securing its place as the 10th largest meme coin. It now stands just ahead of MOG, which closely trails its position in the rankings.
However, recent indicators suggest that GOAT’s uptrend may be weakening, raising questions about whether it can sustain its rally or face a potential correction.
GOAT BBTrend Is Negative For The First Time In 4 Days
GOAT BBTrend has turned negative for the first time since November 17, now sitting at -0.54. This shift suggests that bearish momentum is beginning to take hold, with the asset’s recent upward trajectory starting to weaken potentially.
BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increased downward pressure, which could indicate the start of a broader market shift.
GOAT has had an impressive November, gaining 61% and reaching a new all-time high on November 17.
However, the current negative BBTrend, if it persists and grows, could signal the potential for further bearish momentum.
GOAT Is In A Neutral Zone
GOAT’s RSI has dropped to 52, down from over 70 a few days ago when it reached its all-time high. This decline indicates that buying momentum has cooled off, and the market has moved out of the overbought zone.
The drop suggests a shift toward a more neutral sentiment as traders consolidate gains and the strong bullish pressure seen earlier subsides.
RSI measures the strength and velocity of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 52, GOAT’s RSI is in a neutral zone, neither signaling strong bullish nor bearish momentum.
This could mean the current uptrend is losing strength, and the price may consolidate or move sideways unless renewed buying pressure reignites upward momentum.
GOAT Price Prediction: A New Surge Until $1.50?
If GOAT current uptrend regains strength, it could retest its all-time high of $1.37, establishing its market cap above $1 billion, a fundamental threshold for being among the biggest meme coins in the market today.
Breaking above this level could pave the way for further gains, potentially reaching the next thresholds at $1.40 or even $1.50, signaling renewed bullish momentum and market confidence.
However, as shown by indicators like RSI and BBTrend, the uptrend may be losing steam. If a downtrend emerges, GOAT price could test its nearest support zones at $0.80 and $0.69.
Should these levels fail to hold, the price could fall further, potentially reaching $0.419, putting its position in the top 10 ranking of biggest meme coins at risk.
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
Ripple (XRP) Price Hits 109% Monthly Gain as Indicators Weaken
Ripple (XRP) price has experienced a significant rally, rising 51.33% in the last seven days and an impressive 109.09% over the past month. This strong momentum has propelled XRP into a bullish phase, with key indicators like EMA lines supporting its upward trajectory.
However, signs of weakening momentum, such as a declining RSI and negative CMF, suggest that caution may be warranted. Whether XRP continues to push higher or faces a steep correction will depend on how the market reacts to these shifting dynamics.
XRP RSI Is Below The Overbought Zone
XRP’s RSI has dropped to 60 after nearly hitting 90 on November 16 and staying above 70 between November 15 and November 17.
This decline indicates that Ripple has moved out of the overbought zone, where intense buying pressure previously drove its price higher. The drop suggests that the market is cooling off, with traders potentially taking profits after the strong rally.
The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 60, XRP’s RSI reflects a still-positive momentum but shows a more balanced sentiment compared to the previous surge.
While the uptrend remains intact, the lower RSI could indicate a slower pace of gains, with the possibility of consolidation as the market stabilizes. If buying pressure returns, XRP price could extend its upward movement, but a further decline in RSI might signal a weakening bullish momentum.
Ripple CMF Is Now Negative After Staying Positive For 14 Days
XRP Chaikin Money Flow (CMF) is currently at -0.12, after showing positive levels between November 5 and November 19. That is also its lowest level since October 31. This shift into negative territory reflects increased selling pressure and a potential outflow of capital from the asset.
The transition from positive CMF values earlier this month signals a weakening in bullish momentum as more market participants reduce exposure to Ripple.
The CMF measures the volume and flow of money into or out of an asset, with positive values indicating capital inflow (bullish) and negative values showing capital outflow (bearish).
XRP’s CMF at -0.12 suggests that bearish sentiment is beginning to gain traction, potentially putting pressure on its price despite the recent uptrend. If the CMF remains negative or declines further, it could indicate sustained selling pressure, challenging Ripple’s ability to continue its upward movement.
Ripple Price Prediction: Biggest Price Since 2021?
XRP’s EMA lines currently display a bullish setup, with short-term lines positioned above the long-term lines and the price trading above all of them.
However, the narrowing distance between the price and some of these lines suggests a potential slowdown in bullish momentum. This could signal that the uptrend is weakening, leaving XRP price vulnerable to a shift in market sentiment.
If a downtrend emerges, as indicated by the weakening RSI and negative CMF, Ripple price could face significant pressure and potentially drop to its support at $0.49, representing a substantial 56% correction.
On the other hand, if the uptrend regains strength, XRP could climb to test the $1.27 level and potentially break through to $1.30, which would mark its highest price since May 2021.
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
Trump Media Files Trademark for Crypto Platform TruthFi
Trump Media & Technology Group is exploring the development of a crypto payment platform, as revealed by a recent trademark filing.
The application, submitted by Donald Trump’s social media company on Monday, outlines plans for a service named TruthFi. The proposed platform aims to offer crypto payments, financial custody, and digital asset trading.
Following the trademark announcement, Trump Media’s stock rose approximately 2%. At the time of writing, the stock was trading at $30.44, up by nearly 75% this year.
However, details about TruthFi remain scarce, including its timeline or operational specifics. This initiative suggests an effort by Trump Media to expand its business model beyond Truth Social.
The social media platform was established back in 2022, after Trump was banned from Facebook and X (formerly Twitter).
Nevertheless, launching a large-scale cryptocurrency platform could require Trump Media to acquire additional resources or partner with an established firm. This is because the firm currently has a small workforce of less than 40 employees.
“The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer: Digital wallets, Cryptocurrency payment processing services, and A digital asset trading platform,” US Trademark Attorney Josh Gerben wrote on X (formerly Twitter).
As reported by BeInCrypto earlier, Trump Media is also in discussions to purchase the b2b crypto trading platform Bakkt. Shares in Bakkt surged by nearly 140% since the news earlier this week.
Meanwhile, the President-elect’s crypto plans seem to be in full swing even before he takes office in January. He is also reportedly considering the first-ever crypto advisor role for the White House, and interviewing several potential candidates.
Earlier today, the current SEC chair Gary Gensler announced his resignation before Trump’s term begins. Gensler’s resignation boosted the crypto market, as it signals a major change in the SEC’s regulatory stance.
Notably, XRP surged 7% to its highest value in three years. Bitcoin also neared $99,000, as the overall crypto market cap reached $3.4 trillion.
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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