Tag: OnChain

  • On-Chain Tracker Points Out Interesting Difference Between Current And Past Rallies

    On-Chain Tracker Points Out Interesting Difference Between Current And Past Rallies

    The current Bitcoin rally has taken most of the crypto space by surprise after going from under $27,000 to $35,000 in less than two weeks. As prices continue to fly, on-chain data tracker Santiment has revealed something different between the current Bitcoin rally and its previous rallies above $30,000.

    Altcoins Refuse To Fall Behind Bitcoin

    In the report that was posted on X (formerly Twitter), Santiment revealed that altcoins have changed their usual routine for when the Bitcoin price is surging. For instance, when Bitcoin had rallied to $30,000 in April and July of this year, altcoins had taken a back seat, allowing BTC to enjoy the shine.

    This time around, the rally has been just as prominent in altcoins as it has been in Bitcoin, and in some cases, even outshining BTC’s price trajectory. Some of these altcoins that have shown teeth this time include Chainlink’s LINK, Polygon’s MATIC, Aptos’s APT, AAVE, and UIP. All of these altcoins have defied the established trend with their prices surging double-digits in a short time.

    Altcoins bitcoin

    Source: Santiment on X

    Not only are these altcoins seeing a lot of success at a time when Bitcoin would be the only one rallying, but they have also managed to decouple completely from the leading cryptocurrency. According to Santiment, all of the named altcoins “are all seeing their best performing decouplings of 2023.”

    Meme Coins Show Their Prowess

    As the crypto market rally has progressed through some of its most bullish stages, other altcoins such as meme coins have begun to also show a lot of promise. The usual culprits such as PEPE saw double-digit gains as well, with ELON rallying up to 57%. Additionally, $BITCOIN also saw a $36 rise in one week.

    Meme coins Bitcoin

    Source: Santiment on X

    PEPE has continued to surge as well and is up 34.55% in the last day, bringing its weekly gains to 51.49%. The meme coin’s run has seen it emerge as a top gainer, also trending alongside the likes of Bitcoin (BTC) and Chainlink (LINK).

    Another altcoin that stands out is Troller’s TRB. The coin rose around 750% in a 3-month period to emerge as one of the winners of the rallies. It also saw large transactions from unique whale addresses, suggesting a very high level of interest in the altcoin from investors.

    Trellor TRB Bitcoin

    Source: Santiment on X

    In all, this rally is completely different from the previous rallies recorded this year in that the whole market seems to be pulling up together. This is interesting because rallies like these are usually seen in bull markets, with 2021 serving as a perfect example.

    Bitcoin price chart from Tradingview.com

    BTC price falls below $34,400 support | Source: BTCUSD on Tradingview.com

    Featured image from Business Insider, chart from Tradingview.com

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  • On-chain Sleuth Question ConsenSys About BitLicense

    On-chain Sleuth Question ConsenSys About BitLicense

    ConsenSys, a leading Ethereum-focused software company, is facing scrutiny from the blockchain community regarding its lack of a BitLicense to operate in New York State.

    To provide some context, the BitLicense is a business license that’s required by New York for companies conducting “virtual currency business activity,” which involves storing, holding, or maintaining control of virtual currency on behalf of others. It was instituted in 2015 to regulate cryptocurrency activities and protect consumers.

    On October 13, blockchain investigator Mr. Huber posted questions on how ConsenSys has been able to avoid obtaining a BitLicense, given its extensive involvement in the Ethereum ecosystem, via two posts on X (formerly Twitter).

    How is it possible that @ConsenSys doesn’t have or need a BitLicense? Clearly they are involved in virtual currency activities? Just think about Token Foundry or litteraly anything they do? @JohnEDeaton1 @Marc_Fagel @StevenNerayoff pic.twitter.com/h2FPAwK34a

    — Mr. Huber???????????? (@Leerzeit) October 13, 2023

    In one of the two posts, Huber questioned the absence of a BitLicense for ConsenSys, given their involvement in virtual currency activities, including Token Foundry and other related ventures.

    Token Foundry was a startup incubated by ConsenSys in 2018, with an aim to establish itself as a prominent platform for conducting initial coin offerings (ICOs). As a company involved in releasing and selling tokens, it would appear to fall under the purview of entities required to obtain a BitLicense.

    In a separate post, Huber observed that ConsenSys had actively attempted to “improve” the BitLicense, raising the question of why they had never obtained one themselves.

    Consenys is quite active in the crypto realm. Moreover, Bill Hughes, the company’s attorney, clarified in a post that the company has officially submitted a request for an extension of the deadline concerning the IRS broker crypto reporting standards.

    Today, @Consensys submitted a short letter to the staff at @USTreasury and IRS who are working on the notice of proposed rulemaking concerning the IRC Section 6045 broker reporting requirement. That letter requested two things:

    First, due to the complexity of the proposed… pic.twitter.com/tX9hZpkOOg

    — Bill Hughes : wchughes.eth ???? (@BillHughesDC) October 9, 2023

    Hughes made the announcement on Monday, stating that ConsenSys has sent a letter to the Internal Revenue Service (IRS) and the U.S. Department of the Treasury, seeking two substantial modifications to the proposed regulations.

    However, ConsenSys has not publicly responded to the implication that it may be in violation of New York’s registration requirements. With blockchain transparency proponents like Huber digging in, ConsenSys may soon have to answer tough questions.

    General Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.



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  • Hunters On-Chain Update Adds Missions and Friends

    Hunters On-Chain Update Adds Missions and Friends

    A big update for Hunters On-Chain dropped today, bringing with it missions, daily quests, clans, friends, a mailbox, and more! Available through a web browser or on mobile devices (both Android and iOS).

    The latest update for Hunters On-Chain brings a number of new features to the game which should be of interest to both new and returning players!

    Hunters On-Chain now offers both Missions and Daily Quests to their players. Daily Quests offer BGEM and Hunter Shards as rewards and reset once a day. Missions are more long term quests. They include a number of different goals to accomplish, offer substantially more in terms of rewards, and can only be completed one time.

    If you earn 20,000 BGEMs, Premium mode is activated, multiplying the BGEM rewards for the next set of quests you receive by 1000x!

    In addition, they’ve improved the interface a bit, adding more detail to the scoreboard, and putting your level-up choices in the center of the screen when playing. We also have friends lists, clans, and mailboxes, increasing the potential for social interactions in-game.

    With the potential for daily play and earn, and access on mobile devices, Hunters On-Chain could see a significant surge in player numbers. They still need to figure out how to distribute their BOOM token, as that is the gateway for permanently leveling up Hunters. But, this update looks good and brings a nice set of new features to the game.

    What is Hunters On-Chain

    Hunters is a fantasy, top-down, casual, PVE action game with a couple of different game modes.

    For PvE, each match features four players fighting monsters and leveling up. In Hunt mode, matches last for two minutes, with the top spot going to whoever has earned the most experience in that time, or whoever is the last survivor — whichever comes first. Each player starts the match at level 1 with full hit points. As they kill monsters and grab the stars that drop, players gain experience. Gain enough experience, and you level up, earning the right to choose between two, semi-random promotions. These promotions include standard power-ups such as increased damage, greater attack range, and more hit points, as well as special abilities like Damage Reflect and Demon Pact (sacrifice HP for more damage).

    As the match goes on, the monsters spawned get tougher. So just trying to hide and survive the match isn’t really a viable tactic. Players need to actively get out on the battlefield and increase their levels. Monsters generally spawn in the corners of the map, though they will chase players all around. At the center lies a healing square that can be visited at any time.

    Other modes include Boss Hunt, which requires players to try and defeat a Boss dragon after leveling up, and Bounty Hunter, which is a 10 character, FFA fight with no level-ups during the match.

    Players can earn BGEM tokens from playing matches. They can then use BGEM to purchase chests containing random artifacts and hunter shards. Players also need BOOM tokens to level up their Hunters.

    Hunters is available to play through a webpage, or with the official app on Android and iOS devices.

    To learn more about Boomland and Hunters on-Chain, visit the Boomland website, follow them on Twitter, and join their Discord.

    Hunters On-chain

    Phil Hall has been a gaming enthusiast since birth and a crypto enthusiast since 2017. He enjoys new discoveries and sharing those with others via blogging and photography. You can follow him on Twitter or read his other articles on Medium.



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  • Bitcoin Rally Sustainable? On-Chain Data Provides Crucial Insights

    Bitcoin Rally Sustainable? On-Chain Data Provides Crucial Insights

    Bitcoin has been trending up since hitting a local low below $25,000 on September 11th. Yesterday’s rally to $27,435 marked a 10% increase from the recent low. As NewsBTC reported, the rally was largely led by the futures market and a massive increase in open interest of over $1 billion, more than half of which was flushed out when BTC fell back below $27,000. Despite this, BTC is up around 7.5% from last week’s low. A reason to be bullish?

    Glassnode Report Sheds Light On Market Sentiment

    According to Glassnode, the Realized HODL Ratio (RHODL) serves as a crucial market sentiment indicator. It measures the balance between investments in recently moved coins (those held for less than a week) and those in the hands of longer-term HODLers (held for 1-2 years). The RHODL Ratio for the year 2023 is flirting with the 2-year median level. While this indicates a modest influx of new investors, the momentum behind this shift remains relatively weak.

    Bitcoin RHODL ratio
    Bitcoin RHODL ratio | Source: Glassnode

    Glassnode’s Accumulation Trend Score further elaborates on this trend. It shows that the current recovery rally of 2023 has been significantly influenced by investor FOMO (Fear of Missing Out), with noticeable accumulation patterns around local price tops exceeding $30,000. This behavior contrasts sharply with the latter half of 2022, where newer market entrants showed resilience by accumulating Bitcoin at lower price levels.

    Bitcoin accumulation trend score
    Bitcoin accumulation trend score | Source: Glassnode

    The Realized Profit and Loss indicators also reveal a complex picture. These metrics measure the value change of spent coins by comparing the acquisition price with the disposal price. In 2023, periods of intense coin accumulation were often accompanied by elevated levels of profit-taking. This pattern, which Glassnode describes as a “confluence,” is similar to market behavior seen in peak periods of 2021.

    An assessment of Short-Term Holders (STH) uncovers a precarious situation. A staggering majority, more than 97.5% of the supply procured by these newcomers, is currently operating at a loss, levels unseen since the infamous FTX debacle. Using the STH-MVRV and STH-SOPR metrics, which quantify the magnitude of unrealized and realized profits or losses, Glassnode elucidates the extreme financial pressures recent investors have grappled with.

    Market Confidence Remains Low

    The report also delves into the realm of market confidence. A close examination of the divergence between the cost basis of two investor subgroups — spenders and holders — offers an indication of prevailing market sentiment. As the market reeled from the price plummet from $29k to $26k in mid-August, an overwhelmingly negative sentiment was evident. This was manifested as the cost basis of spenders fell sharply below that of holders, a clear signal of prevalent market panic.

    To offer a clearer visualization, Glassnode has normalized this metric in relation to the spot price. A crucial observation is the cyclical nature of negative sentiment during bear market recovery phases, usually lasting between 1.5 to 3.5 months. The market recently plunged into its first negative sentiment phase since 2022’s conclusion.

    Currently, the trend lasts 20 days, which could mean that the end has not yet been marked by the recent rally, if history repeats itself. However, if there is a sustained bounce back into positive territory, it could be indicative of renewed capital inflow, signifying a return to a more favorable stance for Bitcoin holders.

    Investor confidence in trend
    New investor confidence in trend | Source: Glassnode

    In conclusion, Glassnode’s on-chain data reveals a Bitcoin market that is currently in a state of flux. Although 2023 has seen new capital entering the market, the influx lacks strong momentum. Market sentiment, especially among short-term holders, is decidedly bearish. These findings indicate that caution remains the watchword, with underlying market sentiment offering mixed signals about the sustainability of the current Bitcoin rally.

    At press time, BTC traded at $26,846 after being rejected at the 23.6% Fibonacci retracement level (at $27,369) in the 4-hour chart.

    Bitcoin price
    BTC falls below $27,000 , 4-hour chart | Source: BTCUSD on TradingView.com

    Featured image from iStock, chart from TradingView.com

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  • Is Ethereum’s on-chain activity closing in on its ATH?

    Is Ethereum’s on-chain activity closing in on its ATH?


    • Transactions on the blockchain spiked as ETH’s trading volume fell.
    • Network growth also decreased as ETH held on to the $1,600 region.

    Ten months after FTX collapsed, the exchange was on the lips of many players in the market again, as the court approved the liquidation of a sizable part of its assets. This reappearance ensured that the social volume and dominance around FTX jumped.


    Read Ethereum’s [ETH] Price Prediction 2023-2024


    ETH takes second place

    However, according to Santiment, conversations surrounding FTX were not the only metric that rose. Interestingly, Ethereum’s [ETH] on-chain activity also reached its second-highest ever in history on 14 September.

    As the name suggests, on-chain activity refers to blockchain transactions that exist and have been verified by validators or miners. Although on-chain activity increased, the daily trading volume of ETH fell.

    At press time, Santiment showed that Ethereum’s trading volume was down to 4.73 billion. The trading volume is a different metric from on-chain volume, in the sense that the trading volume only considers transactions on exchanges.

    However, on-chain volume measures transactions involving external wallets. Therefore, the decrease in trading volume means that most of the activity on Ethereum occurred outside the shores of exchanges.

    ETH price and Ethereum trading volume

    Source: Santiment

    To buttress the on-chain activity point, active addresses was one metric to go to. Active addresses show the number of unique addresses involved in transactions daily. In tracking this data, this metric indicates the daily level of crowd interaction (or speculation) with a token.

    As of 14 September, there were over 1.1 million active addresses on the Ethereum blockchain. This meant that a lot of distinct addresses participated in the transfer of assets over the network.

    Overlooked by the new entrants

    Unfortunately, the rise in active addresses could not save Ethereum’s network growth from a notable fall. At the time of writing, the network growth was down to 27,500. Network growth measures the number of new addresses interacting with a network.

    Ethereum network growth and active addresses

    Source: Santiment

    Therefore, the chart above means new addresses were not the main players in the rise in on-chain activity. The decrease also means that user adoption of ETH was very low. For ETH, the increase in network activity did not do much to change its price action.


    Is your portfolio green? Check out the ETH Profit Calculator


    At press time, ETH’s price was $1,627, similar to what it was at the beginning of the week. Also, it is also interesting to see that the FUD around ETH, being one of the cryptocurrencies listed for FTX liquidation, has failed to materialize into a price plunge.

    However, market participants may need to watch out for the timeframe FTX sets for liquidation. As it stood at press time, it was likely that ETH would continue to consolidate around $1,600.



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  • XRP On-Chain Activity Surges Despite Regulations

    XRP On-Chain Activity Surges Despite Regulations

    Ripple’s XRP is all set to make a strong comeback. Recent data shows a big increase in its on-chain activity, even with regulatory challenges. According to Cheeky Crypto’s new YouTube video, one of the key indicators of XRP’s growing strength is the increase in the number of wallets holding significant amounts of XRP. Over the last year, wallets holding more than 1,000 XRP have increased by 29.15%. 

    Wallets with over 10,000 XRP have seen a remarkable rise of 32.34% during the same period. Wallets with over 100,000 XRP have grown by 17.18%, and even wallets with over 1 million XRP have increased by 12%. These statistics suggest growing interest and investment in XRP from both retail and institutional investors.

    The XRP Ledger continues to experience high levels of blockchain activity. The 30-day average active addresses amount to 497,130,000, with a minor decrease in the past 24 hours. The 60-day average active addresses stand at 719,470,000, maintaining their activity. The 90-day average of active addresses reaches 1,370,000.

    To date, there have been 2,629 XRPL assets issued, showcasing the platform’s versatility. Daily net XRPL trust lines created are at 1,026, suggesting active user participation. The network has witnessed around 35,500 transactions in recent times, further showing an engaged community.

    These positive metrics align with Ripple’s ongoing legal battle with the SEC. Notably, the court ruled that XRP is not a security, marking a partial win for the company. Despite the legal challenges, the strong on-chain activity and development activity bode well for XRP’s future.

    Judge Torres ruled that XRP doesn’t fit the Howey Test criteria for an investment contract, settling doubts about its security classification. This legal victory was a big win for Ripple and the crypto industry, clarifying XRP’s status. Consequently, major exchanges like Coinbase relisted XRP, causing its price to soar.



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  • Base’s ‘Onchain Summer’ saw over 700K NFTs minted from 268K users in August

    Base’s ‘Onchain Summer’ saw over 700K NFTs minted from 268K users in August

    Base network’s “Onchain Summer” promotion in August resulted in over 700,000 non-fungible tokens (NFTs) minted by over 268,000 unique wallets, according to a Sept. 6 announcement from the team.

    Coinbase launched Base, its Ethereum layer-2, on Aug. 9. To spur adoption, the network’s team implemented a month-long launch event. It partnered with over 50 companies, artists, and creators to release new digital art NFTs exclusively on Base. Each art set was released on a different date, requiring users to return to the network repeatedly to collect every piece.

    Over the first two weeks of the promotion, over $242 million worth of crypto was bridged to Base, with over 130,000 unique wallets using it each day.

    The final NFT set was released on Aug. 31; it will continue to be mintable until Sept. 7. Meanwhile, the Base team has released more detailed information about which digital art sets collectors were interested in the most.

    According to the announcement, the Coca-Cola collection available from Aug. 13-16 saw the most activity, with over 80,000 pieces being minted over the period.

    Vermeer, “Girl with a Pearl Earring,” from the Coca-Cola “Onchain Summer” collection. Source: Onchain Summer.

    Other highly-minted collections include those of Web3 gaming platform Iskra (71,000 mints), social media platform Friends With Benefits (71,000 mints), layer-2 network Zora (70,000 mints) and music rights marketplace anotherblock (55,000 mints).

    Related: USD Coin officially expands to Base and Optimism networks

    During this period, Base also saw the amount of cryptocurrency locked in its contracts steadily increase, reaching a peak of over $402 million on Sept. 3, according to data from DefiLlama.

    Base network total value locked (TVL). Source: DefiLlama.

    Despite these achievements, Base’s launch hasn’t been entirely smooth. The network suffered an outage on Sept. 5 when its sequencer stopped producing blocks. Multiple scams have been promoted on the network as well, including $6.5 million rug-pull Magnate Finance.

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  • On-chain Sleuth Potentially Unveils Shiba Inu Founder With Shocking Affiliates

    The identity of the mind behind the Shiba Inu meme coin has been a long-standing crypto mystery since it first debuted in 2020. So far, there has been no concrete proof as to who it might be with guesses ranging from FTX’s Sam Bankman-Fried to Ethereum’s Vitalik Buterin. Despite having little success so far, crypto investigators have not given up as a new theory has popped up as to the creator behind Shiba Inu.

    Has The Shiba Inu Founder Been Identified?

    An X (formerly Twitter) user identified by the username @boringsleuth first drew attention on Thursday, August 1, after they posted an elaborate theory as to who the founder of Shiba Inu is. In this initial thread, the researcher put forward that there was not one but two founders behind the coin.

    Two names were put forward – Ryo Suzuki & Tsuyoshi Maruyama, a combination of which the researcher believes was used to make the widely known Ryoshi moniker. Interestingly, both of the people named were identified to be advisors of B2C2, a liquidity provider. This is where the investigator makes the connection to Shiba Inu.

    According to Boring Sleugh, the liquidity provider’s wallet once held 25% of the total SHIB supply in its wallet. Furthermore, they linked the two alleged founders together by pointing out that Tsuyoshi Maruyama had immediately taken over as an advisor for B2C2 when Ryo Suzuki stepped down from the role in 2021.

    A follow-up post from the researcher digs deeper into Suzuki’s past, tying him to an internship at Microsoft when SHIB was launched, as well as a visit to the infamous MIT media lab in 2019.

    Unveiling Shocking Connections

    After debuting the theories on Thursday, it seemed Boring Sleuth was not done as a continuation was posted on Friday morning. This time around, the on-chain sleuth presents theories that connect the alleged founder to prominent personalities and organizations.

    The first of these was a connection to Ethereum founder Vitalik Buterin through a series of transactions that connected the Shiba Inu deployer wallet to Buterin’s wallet. The wallet in question identified as “0x2135” was not only connected to Buterin, however. The sleuth lists out notable people and organizations the wallet has also been connected to in the tweet below:

    The infamous gifting of half the total SHIB supply to Vitalik Buterin is also called into question, which one X user refers to as “a massive money laundering scheme.” In response, Boring Sleuth says that the ‘gift’ was a 100% tax write-off for the Ethereum founder. “He captured all the value without moving price down 1 cent,” the researcher added.

    Despite how convincing Boring Sleuth’s theories have been for some, there is still no confirmation of who the SHIB founder(s) are. The sleuth alludes to this as well in their most recent tweet saying “If you don’t know, the Shib founder has yet to come out.”

    Shiba Inu (SHIB) price chart from Tradingview.com (Shiba Inu founder)

    SHIB price loses $0.000008 support again | Source: SHIBUSD on Tradingview.com
    Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Unsplash, chart from TradingView.com



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  • Moonbirds NFT Project Elevates On-Chain Art Through Strategic Partnership

    Moonbirds NFT Project Elevates On-Chain Art Through Strategic Partnership

    Moonbirds, an NFT project renowned for its unique approach to on-chain art, has made significant strides in enhancing its offerings, thanks to a collaboration with Chromie Squiggle and the development of a custom processing engine. 

    Transition to On-Chain

    When Moonbirds first entered the scene, they took the route of launching off-chain while incorporating a feature for future on-chain upgrades in their contract. This transition commenced in November 2022 and allowed holders of these unique bird-themed NFTs to unlock an exclusive “Perpetual Pioneer” stamp and new backgrounds for their collectibles. The move has had the effect of preserving each piece in the Moonbirds collection permanently on the blockchain.

    Enhanced Aesthetic Value

    Moonbirds has also benefited from a strategic partnership with Chromie Squiggle, led by American internet entrepreneur Kevin Rose. This collaboration has enabled Moonbirds to augment its existing collection with vibrant new backgrounds. 

    Following the partnership, the trading sales volume of Moonbirds NFTs surged by 290%, attaining a remarkable 30 ETH within just a single day. This influx of interest reflects the value addition that such collaborations can bring to an NFT project.

    Cost-Effective On-Chain Storage

    One of the most notable aspects of Moonbirds is the development of a custom processing engine designed to store the entire collection’s layers. Impressively, this has been achieved at a modest cost of 0.37 ETH. The engine employs bitmaps rather than SVGs, which optimizes the on-chain process and reduces the need for external dependencies.

    Conclusion

    Moonbirds acknowledges the crucial role of community engagement and collaboration in propelling the project forward. By combining advanced technology, strategic partnerships, and community involvement, Moonbirds sets a strong example for how NFT projects can sustainably evolve while adding tangible value to their collections.



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  • OpenSea Introduces On-Chain Redeemable NFTs, Empowering Creators

    OpenSea Introduces On-Chain Redeemable NFTs, Empowering Creators

    In a move that is set to reshape the landscape, the platform has announced the publication of not one, but two Ethereum Requests for Comment (ERC), namely ERC-7496 and ERC-7498. Alongside these, OpenSea has also unveiled two Seaport Improvement Proposals (SIP-14 and SIP-15), solidifying its commitment to innovation.

    OpenSea is introducing an open standard that revolves around the concept of “redeemables.” This strategic move is poised to create a significant impact on both the on-chain and off-chain NFT landscape.

    This standard pertains to on-chain redeemables, specifically NFT-to-NFT redemption. This means that creators and collectors will now have the ability to explore new dimensions of engagement and interaction within the NFT space. The ERC-7496 standard empowers creators to offer unique opportunities to their collectors, creating a symbiotic relationship that adds a layer of utility to NFTs beyond their artistic value.

    OpenSea’s ERC-7498 standard is set to revolutionize the off-chain redemption scenario. This opens up avenues for NFTs to be redeemed for real-world goods, services, or experiences. This move effectively bridges the gap between the digital and physical realms, giving NFT holders tangible benefits that extend beyond the virtual sphere.

    Complementing these standards are the Seaport Improvement Proposals (SIP) – SIP-14 and SIP-15. SIP-14 focuses on enhancing OpenSea’s contracts for redeemable support, ensuring a seamless user experience for both creators and collectors. SIP-15, on the other hand, emphasizes the development of off-chain redeemable structures.

    DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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