Algorand Rises 30% As Founder Sneaks Into List Of Personalities To Watch In 2023

Algorand (ALGO) has benefited from the general sentiment in the crypto market as it records significant profits on high timeframes. The cryptocurrency has been upward since late 2022 and could be on track for further gains. 

As of this writing, Algorand (ALGO) trades at $0.24 with a 2% loss in the last 24 hours. Over the previous seven days, the cryptocurrency saw a 3% decline while recording a 40% profit in the last month. 

Algorand Founder Makes The List Of Most Important Crypto Projects

According to a recent report, Algorand founder Silvio Micali s one of the top “2023’s crypto characters to watch.” The computer scientist is one of the investors of the zero-knowledge proofs (zk Proof) technology which is widely accepted in the blockchain space and one of the pillars of its privacy settings. 

Micali has been part of the faculty at the Massachusetts Institute of Technology (MIT) in the Electrical Engineering and Computer Science Department since 1983. In addition to Zk Proof, Micali has investigated Verifiable Random Functions and is the co-inventor of probabilistic encryption. 

According to the report, Micali has received the Turing Award called the “Nobel Prize of computing,” the Gödel Prize, and other distinctions. In that sense, the report claims that Micali and the Algorand network have the background and capabilities to push the crypto space into a new adoption era. 

Over the coming decade, Micali believes only those blockchains capable of processing fast transactions will remain and see high levels of adoption. This theory is part of the long-term value proposition for Algorand, its founder said:

The moment the blockchain starts to be used for transactions, the few blockchains that are really capable of transacting at a very low cost, they’re going to emerge, in my opinion. When traditional finance starts getting on the blockchain, you’re going to see the blockchains that are really used in a massive and transactional way are going to accelerate.

ALGO Founder On The Radar Along With?

In addition to Micali, the report ranked Vitalik Buterin, the inventor of Ethereum, and Adam Back, CEO of Blockstream. As the report claims, the past years in crypto were led by “moguls” by loud personalities with little technical background, such as the founder of bankrupt crypto exchange FTX, Samb Bankman-Fried. 

Thus, the industry might look up to Buterin, Back, and Micali as the new faces of the crypto industry. Unlike SBF and others, these individuals could “shake things up” and allow the industry to transition from its current state of crisis. 

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Polkadot (DOT) Price Moves Closer To Crucial Support, What’s Next?

The Polkadot (DOT) price started to note a fall on its daily chart after Bitcoin could not stay above the $24,000 price.

Other significant altcoins followed suit with Bitcoin’s descent on its chart. Over the last 24 hours, DOT lost 3% of its market value. In the last week, the altcoin lost close to 6%.

The technical outlook also started to portray how the bulls were losing strength on the daily chart. Demand for the altcoin noted a downtick, which is why even accumulation fell on the chart.

With a fall in demand, DOT is headed toward its nearest support level, and a continued reduction in buying strength will push Polkadot below its support line.

If demand in the broader market improves with BTC appreciating and moving above the $24,000 mark, then demand for other altcoins, including DOT, will increase on its chart.

DOT must break past its overhead resistance to ensure that the coin does not incur further losses over the upcoming trading sessions. The market capitalization of DOT noted a decline, which meant that sellers had started to resurface in the market.

Polkadot Price Analysis: One-Day Chart

DOT was exchanging hands at $6.28 at the time of writing. The altcoin was quite close to its immediate support level of $6.20. This level acts as a crucial price zone for the altcoin, as a fall from its level will bring Polkadot to $5.70.

The overhead resistance for the coin stood at $6.60; breaching this level will help Polkadot secure $6.20 as its nearest support line.

The coin can also try to revisit the $7 mark if it breaks past the $6.70 level. The amount of Polkadot traded in the last session was green, indicating an increase in buyers on the one-day chart.

Technical Analysis

The altcoin has fallen from the overbought region, contributing to the recent price correction. The Relative Strength Index was below the 60 mark, but it displayed an increase in buying strength. Buyers still had power over the sellers in the market.

A fall in demand will bring DOT below its immediate support line. The price of the altcoin was slightly above the 20-Simple Moving Average (SMA) line, which implied that buyers were driving the price momentum in the market.

About DOT losing momentum over the subsequent trading sessions, it formed a death cross in the chart. A death cross occurs when the longer moving average crosses above the shorter moving average, in this case, the 50-SMA (yellow) line going above the 20-SMA (red) line. A death spiral is usually followed by a fall in the asset’s value.

Other technical indicators showed that the bullish signal was weakening. Moving Average Convergence Divergence indicates a change in price momentum and a trend reversal. The indicator underwent a bearish crossover and formed red signal bars related to a sell signal.

A sell signal often means that the price is headed for a dip. On the same note, capital inflows noted a decline, although they were still in the positive zone.

The Chaikin Money Flow measures capital inflows and outflows at a given point. The indicator dipped closer to the half-line, meaning capital inflows fell on the one-day chart.

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Is AAVE Price Close To Breaking Consolidation?

The AAVE price has recovered considerably since the beginning of the month. The coin was hovering around the $50 mark at the beginning of January and breached $90 very recently. It secured close to 70% appreciation.

At the moment, AAVE is trading laterally on its chart. In the last 24 hours, the coin fell by 0.9%, thereby confirming consolidation. The coin started to lose steam as the altcoin failed to cross the $91 price mark. The technical outlook depicted that the coin was still on the bullish side.

After a fall in accumulation over the last few days, the chart noted an uptick in demand at press time. This indicated that AAVE might be eyeing a break in its price consolidation. Over the last two weeks, the coin’s price has fluctuated between $70 and $90, with the altcoin primarily trading above the $84 mark.

The altcoin depicted that the buyers were starting to rise again, which might push demand up and help AAVE break its immediate resistance. At the moment, AAVE is trading 88% below its all-time high secured in 2021.

AAVE Price Analysis: One-Day Chart

Aave was trading at $82 at the time of writing. The journey from $52 to $85 was smooth, after which it took AAVE some time to cross the $90 price level. Over the past few weeks, AAVE has broken past essential resistance levels.

Immediate resistance for the coin stood at $85; a move above that level may help the altcoin reach $90. On the flip side, support for the coin stood at $80 and $76, respectively.

As demand rises, a slight push from buyers will make Aave price challenge $85 and break its consolidation. The amount of Aave traded in the last session was green, indicating an increase in buying pressure.

Technical Analysis

The altcoin visited the overbought zone over the past few weeks; the coin noted a pullback after that, which is not unusual. At the moment, AAVE has started to note an increase in demand. The Relative Strength Index was moving close to the 60 mark, which meant more buyers than sellers.

Accordingly to the increase in demand, the altcoin price moved slightly above the 20-Simple Moving Average (SMA), which suggested that buyers were in charge of the price momentum. The coin was also above the 50-SMA (yellow) and 200-SMA (green) lines, which indicated increased bullishness on the chart.

Other technical indicators indicated mixed signals on the one-day chart. The Moving Average Convergence Divergence reads price momentum and change. The indicator formed red signal bars tied to sell signals on the one-day chart.

This could imply that the price will dip in the coming trading sessions before finally breaking through immediate resistance.

The Directional Movement Index was positive, as the +DI line was above the -DI line. The Average Directional Index (red) showed a downward movement, suggesting that the current price trend was weakening.

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Dogecoin Gearing To Bounce Back Against Bitcoin – Does Doge Have The Energy?

A popular crypto trader, Bluntz, forecasted a significant price rally for Dogecoin against Bitcoin today. Bluntz tweeted to his followers that the DOGE/BTC trading pair is “gearing for a revenge pump for probably 100% or more.”

Based on his chart analysis, Bluntz identified that Doge had formed a bullish pattern that may surprise the crypto community. Bluntz seems convinced that Doge will continue to surge its price, thus cautioning that investors would be careless for missing out on this potential opportunity. 

Bluntz’s sentiment appears to be backed by other crypto market analysts who are also confident that Doge is destined for massive growth. 

Bluntz also disclosed that the Dogecoin/USD trading pair has finally broken out of a consolidation channel, indicating that Doge is “loading and set to lead the altcoin season.” He said it is just a matter before the meme crypto witnesses a huge price uptick. 

Does Dogecoin Have More Potential Than Bitcoin?

For investors seeking to invest in cryptocurrencies, Dogecoin is one of the major altcoins that can prove to be a better investment choice.

Dogecoin is currently the ninth-largest cryptocurrency. However, Dogecoin seems a good option for investors willing to take on a little risk.

Doge’s price appears relatively much less volatile than BTC’s price. As a result, its price’s relative stability makes many investors consider it a more suitable currency for daily transactions than BTC.

Despite some of the selling points that Dogecoin has over Bitcoin, BTC still has significant advantages over the Shiba Inu-themed crypto.

BTC’s value is significantly higher than Doge’s. Bitcoin’s all-time high is over $69,000, while Dogecoin is around $0.70. The price difference shows why millions of people invest in Bitcoin because they deem it a reliable long-term value store.

In the public eye, high-net-worth investors are less confident in investing huge amounts of funds in Dogecoin. Instead, institutional investors prefer Bitcoin as their investment choice. In that sense, Doge is likely to lag behind Bitcoin.

Doge Price Analysis

At the time of writing, Dogecoin is trading its price at $0.09, up 7.39%, with a trading volume of $1.3 million in the last 24 hours, as per Coinmarketcap.

So far, the Dogecoin trading chart shows ranging vector candles to the upside, indicating that the crypto asset is currently bullish. Furthermore, the movement seems to be targeting a closer higher high, which could result in a further price surge. The buyers appear to be taking control and pushing the price above.  

If Doge maintains its bullish trend, then in the next few days, it will likely soar toward the resistance level of $0.1507. But if the coin sees a price correction, it will retreat to $0.07.

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Dogecoin Whales Move Large Amounts, Bearish For DOGE?

Data shows Dogecoin whales have made some large moves over the past day. What does this mean for the meme coin’s price?

Dogecoin Whales Have Made Multiple Large Transactions Today

A few transactions involving a huge amount of DOGE have been spotted on the blockchain in the past day. As per data from the crypto transaction tracker service Whale Alert, the first of these transfers involved the movement of 450,000,000 DOGE, worth more than $40 million at the time of the transaction.

As the scale of this transfer is quite large, the sender is likely to be a whale. Transactions from these humongous holders are generally the ones to watch for, since they can sometimes cause noticeable ripples on the market. Naturally, these transfers can both be bullish or bearish, depending on what the whale intended to do with the move.

Here are some additional details regarding this Dogecoin whale transfer, which may have hints about the purpose behind it:

As can be seen above, both the sending and receiving addresses for this Dogecoin whale transaction were unknown addresses. “Unknown” here means that these addresses aren’t connected to any known centralized platform. So, usually, such addresses belong to personal investor wallets.

Since there isn’t any platform involved here, it’s hard to say exactly why the whale made this transfer. The holder may have been selling through an over-the-counter (OTC) deal, in which case the move could have bearish effects on the price of the meme coin.

However, it’s also possible that both the addresses here were owned by the same whale, and that they were simply restructuring their holdings across these addresses. If this scenario would be true, then Dogecoin shouldn’t feel any impact from this transaction.

According to another tracker, Dogecoin Whale Alert, there have also been two other whale transfers today. And unlike the above transaction, these moves did involve centralized platforms.

352,422,225 $DOGE ($32,672,007 USD) was transferred from a #Top20 wallet to a #Binance wallet.

Fee: 2.41 ($0.22 USD)

Tx: https://t.co/9j5AiXlXF6#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Ðogecoin Whale Alert (@DogeWhaleAlert) January 31, 2023

61,918,730 $DOGE ($5,740,300 USD) was transferred from a #Top20 wallet to a #Binance wallet.

Fee: 0.844 ($0.078 USD)

Tx: https://t.co/VBVh7nqjP3#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Ðogecoin Whale Alert (@DogeWhaleAlert) January 31, 2023

From the tweets, it’s apparent that these two transactions combined involved the movement of more than $38 million in the asset. Blockchain info for these two moves confirms that the same sending and receiving addresses were part of both transactions, meaning that a single whale was likely behind both of them.

The sender was a top 20 wallet here, implying that this Dogecoin whale was among the 20 largest on the network. On the receiving end of these two transfers was Binance, a cryptocurrency exchange.

As one of the main reasons why investors use exchanges is for selling purposes, transfers heading to these platforms can have bearish implications for the price of DOGE.

These deposits to Binance have come after Dogecoin has rallied around 8% in the past day, following news that Elon Musk is planning to roll out cryptocurrency payments on Twitter. If the whale truly intended to sell here, then it’s likely that it was done to take advantage of the current profit-taking opportunity.

DOGE Price

At the time of writing, Dogecoin is trading around $0.0929, up 5% in the last week.

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Ethereum Price Won’t Go Down Quietly: Key Supports To Watch

Ethereum started another downside correction below $1,600 against the US Dollar. ETH is trading above $1,550, but it might face resistance near $1,600.

• Ethereum is correcting gains from the $1,650 and $1,660 levels.
• The price is now trading below $1,620 and the 100 hourly simple moving average.
• There was a break below a major bullish trend line with support at $1,575 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could attempt a fresh increase if there is a clear move above the $1,600 resistance.

Ethereum Price Starts Correction

Ethereum price made another attempt to clear the $1,660 resistance zone. However, ETH failed to surpass the $1,660 and started a downside correction, similar to bitcoin.

There was a move below the $1,640 and $1,620 support levels. There was also a break below a major bullish trend line with support at $1,575 on the hourly chart of ETH/USD. The pair even spiked below the $1,550 level and traded as low as $1,530.

Ether price is now trading below $1,620 and the 100 hourly simple moving average. There was a minor recovery wave above the $1,550 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,659 swing high to $1,530 low.

An immediate resistance is near the $1,580 level. The next major resistance is near the $1,600 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the downward move from the $1,659 swing high to $1,530 low.

Source: ETHUSD on TradingView.com

An upside break above the $1,600 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,660 resistance. Any more gains might send ether towards the $1,720 level.

More Dips in ETH?

If ethereum fails to clear the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,550 level.

The next major support is near the $1,515 level. If there is a break below $1,515, the price might drop towards the $1,450 support. Any more losses might call for a retest of the $1,320 zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,515

Major Resistance Level – $1,600

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Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan

Per a report from the Financial Times (FT), Twitter has been trying to find new sources of revenue, and crypto and Dogecoin (DOGE) could be part of a new strategy to achieve this objective. The company has submitted petitions for regulatory licenses in the United States to “turnaround the business.”

Last year, Musk acquired Twitter in a multi-billion-dollar deal. Since then, many advertisers have left the platform, negatively impacting the company’s revenue stream. The new CEO launched a subscription service and continues to seek an alternative to mitigate the company’s financial problems. 

In that sense, the social network is focused on enabling payments on its platform under the leadership of Esther Crawford, the Financial Times claims. These efforts are a “critical” element of a larger strategy to bolster the company’s revenue streams.

Peer-To-Peer Payments With Dogecoin?

The report claims that Elon Musk has publicly revealed his plans to roll out peer-to-peer transactions with bank accounts and debit cards on the network. These features are part of a “master plan” to build the “everything app,” as the report calls it. 

Like other social networks where users can message their contacts, shop, and make payments, Twitter would expand beyond its current services. In this context, cryptocurrencies could play a big role. 

Elon Musk is a big Dogecoin proponent, and any plans to incorporate payments on Twitter include the meme coin naturally. At least, this is the market’s perception of recent events. 

As of this writing, Dogecoin (DOGE) saw a 5% spike in its price action but has been unable to break above critical resistance. The meme coin follows the general sentiment in the market, recording losses during today’s trading session. 

A Twitter “super app” with Dogecoin payments could usher in a new adoption era for the cryptocurrency and potentially allow it to reclaim previously lost territory. DOGE recorded an all-time high in 2021 on the back of a campaign in its favor spearheaded by Elon Musk and other personalities. 

Twitter’s Master Strategy

Furthermore, the FT report claims that Twitter already filed a registration as a payments processor with the U.S. Treasury. This application suggests that, if approved, the Twitter “super app” could materialize sooner than expected. 

The company is in pursuit of additional licenses, which will be “filed shortly,” according to the report. This stage precedes an international strategy to obtain the necessary licenses to take Twitter to the next level. 

According to Lucy Ingham, head of content at FXC Intelligence, quoted by the FT: “Twitter is already a platform on which payments happen, so it’s kind of a no brainer.”

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Bitcoin Volatility Ahead? Open Interest Registers Sharp Jump

On-chain data shows Bitcoin’s open interest has sharply gone up recently, a sign that the crypto’s price may be heading toward more volatility.

Bitcoin Open Interest Has Made A Huge Jump Of 8.3% Over Past Day

As pointed out by an analyst in a CryptoQuant post, this increase in open interest is the largest observed during the past three months. The “open interest” is an indicator that measures the total amount of Bitcoin futures contracts that are currently open on derivative exchanges. The metric accounts for both short and long contracts.

When the value of this metric goes up, it means users are opening new positions on the futures market right now. As leverage usually goes up with investors opening new contracts, this kind of trend can lead to the price of the crypto becoming more volatile.

On the other hand, decreasing values of the indicator imply investors are closing up their positions at the moment. Especially sharp drawdowns suggest mass liquidations have just taken place in the market.

Naturally, when the open interest comes down to low enough values, the price tends to become more stable as there isn’t much leverage present anymore.

Now, here is a chart that shows the trend in the daily percentage change of the Bitcoin open interest over the last few months:

As displayed in the above graph, the Bitcoin open interest seems to have gone through a very large positive change recently. In this spike, the indicator’s value increased by $700 million, which represented a percentage change of 8.3%, the highest observed during the last three months.

This could signal that volatility may be coming soon for the crypto. However, it’s currently unclear in which direction this new volatility might end up taking the price in.

From the chart, it’s apparent that earlier during the current Bitcoin rally, the open interest saw a large spike (obviously smaller than the current one), and only a day later, a sharp negative spike was seen as Bitcoin’s price rapidly climbed.

This means that the price increase then was fueled by a short squeeze. A “squeeze” takes place when mass liquidations take place at once due to a sharp move in the price.

Such liquidations only amplify the price move further, leading to even more positions being liquidated. In this way, liquidations can cascade together during a squeeze event. Squeezes are the reason why high open interest periods generally introduce more volatility to the price.

It would appear that when the rally started, a large number of investors opened short positions, believing that the price increase wouldn’t last too long. But as their bet failed, their positions being liquidated only fueled the rally further.

It now remains to be seen whether a similar event will also follow this open interest increase, or if a long squeeze will occur this time instead.

BTC Price

At the time of writing, Bitcoin is trading around $23,100, up 1% in the last week.

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Bitcoin Mining Difficulty Touches New ATH Following 4.68% Adjustment

The bitcoin mining difficulty has once again clocked a new all-time high. This adjustment is one of the largest positive adjustments so far for the year, and with the new ATH comes a brand new set of implications for the digital asset.

Bitcoin Mining Difficulty Reaches New High

On Sunday, January 29, the bitcoin mining difficulty underwent a 4.68% adjustment that saw the difficulty shoot up. It took place at block 774,308 and the difficulty is now currently sitting at 39.35 terahash per second on a seven-day basis.

This adjustment puts the difficulty above its previous high of 37.59 TH/s which was recorded on January 16th. The next difficulty adjustment is expected to take place on February 11. Forecasts for the next adjustment are set at an upward 3.63% which would put the difficulty at a new all-time high. 

Over the last 30 days alone, the bitcoin mining difficulty is already up more than 11.27% as 2023 starts off on a high note. It also shows that more miners are plugging back into the network, hence the high adjustments being recorded.

Nevertheless, the competition is good for the digital asset as not only do more miners on the network help to secure it, but more rigs coming online means a high level of demand for the digital asset. BTC is now much harder to mine so miners will have to increase their hashrate to be able to efficiently mine the same volume as they used to.

Will This Affect The BTC Price?

Over the last day, the bitcoin price has already seen a drawdown following the difficulty adjustment. This comes as no surprise as there was ample resistance at the $24,000 level and the adjustment only helped to put more selling pressure on the coin.

However, the digital asset continues to hold above the $23,000 price level which is great because this ensures that BTC remains above its 100-day and 200-day moving averages. As long as both of these levels hold, the price of BTC still remains firmly in a bullish trend. 

As long as the price of BTC is also on the high side, miners will not be putting as much selling pressure on the market. They will have to sell fewer tokens in order to keep their operations going, as well as be able to hold a higher percentage of their mined coins. In the end, there is not much supporting evidence that the mini-bull rally is over but that remains to be seen.

At the time of writing, BTC is changing hands at a price of $23,356, up 1.58% in the last seven days.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from CoinDesk, chart from TradingView.com

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Fasttoken (FTN) Secures Multi-Million Dollar Investment to Advance Its Web 3 Ecosystem

 

• Fastex raises $23.2 million in a token generation event (TGE) last week.
• Funds will be used in accelerating development and community growth.
• Fasttoken (FTN) is the utility token in Fastex’s expansive Web 3 ecosystem.

Up-and-coming Web 3 ecosystem, Fastex, announces a successful capital raise of $23.2 million, following the recent completion of its private and public sale of its Fasttoken (FTN). The additional funding was raised in a token generation (TGE) over the past few months, with two phases of private investments running from December to mid-January and the public sale that launched on January 18 and sold out in less than 72 hours.

According to the official statement, the funding will be used in developing new features, accelerating the innovation of its Web 3 ecosystem, and global marketing to boost its GameFi and Web3 ecosystems. Vigen Badalyan, the co-founder of SoftConstruct, the incubator of Fastex, believes the latest round of funding will “bring the benefits of web3 to game players and gaming partners [on Fastex]” as it heads towards its next growth phase.

“We’re excited for the next phase of growth for Fasttoken and the Fastex ecosystem,” Badalyan said. “Our goal has always been to bring the benefits of web3 to game players and our gaming partners and we’re laser-focused to make that happen.”

The FTN is the official utility token of Fastex and helps power its comprehensive crypto ecosystem including ftNFT (Fastex’s NFT marketplace), Fastex Pay for crypto payments, FastexVerse, a gaming metaverse, and the Fastex exchange. So far, over 100 gaming platforms and developers have collaborated with Fastex to incorporate the FTN token in powering their GameFi projects, the statement further confirmed.

“We are also immensely grateful to the more than 100 gaming partners who have chosen to adopt Fasttoken as their in-game token,” Vigen Badalyan said.

Many developers choose FTN as it is built on a scalable and secure Fastex chain, a Proof of Staked Activity blockchain solution, which uses staking and user activity to secure the chain. As a utility token, FTN provides game developers with a highly scalable and low transaction fee token to power their Web3 games and run in-game marketplaces. The token also provides an onramp for gamers and crypto aficionados who find it hard to join the world of Web 3 gaming.

Fastex aims at building a comprehensive Web 3 ecosystem, in response to the fragmented and complicated onboarding process currently hampering the adoption of Web 3 services and products, specifically Web 3 gaming. The platform is introducing new concepts of diversification by building an impressive ecosystem of services, not limited to gaming or trading. FTN will support other DeFi utilities such as staking, block creation, validation mechanisms and rewards to build out a fully comprehensive Web3 ecosystem for its gamers. In addition, unified wallet accounts will allow users to submit KYC details only once to access the full spectrum of on-chain applications.

Finally, FTN will be the umbrella token for all the web3 products and services within the Fastex ecosystem, including its B2C and P2P payment solutions.

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Dogecoin: Can Elon Musk’s McDonald’s Offer Give DOGE A ‘Happy’ Price?

Dogecoin, the original memecoin, is currently showing a solid performance, retesting its current resistance which is at $0.09370. According to Coinhecko, the token is still up in all time frames with the biggest gains being made in the monthly time frame at 27%. This bullish continuation is the result of Elon Musk’s recent mentions of the coin. 

Musk tweeted back on January 25 last year about how he will eat a McDonald’s happy meal if the fastfood company accepts Dogecoin as a mode of payment. Since then, the DOGE community has been putting pressure on the company as they show support for Elon’s proposal. 

If McDonald’s ever implements DOGE as a mode of payment, the coin would have access to 40,031 restaurants while simultaneously adding a big name in the already large number of merchants that accept the coin as payment method. 

Is this offer still open? pic.twitter.com/lTE4wdl0jf

— DogeDesigner (@cb_doge) January 27, 2023

Elon’s Influence On Dogecoin Remains

Elon Musk’s effect on the price action is certainly evident on the coin. Following that tweet, DOGE started a rally after it slumped by 34% in under a week. Now that Musk renewed his offer to McDonald’s, it remains to be seen if the company even accepts the offer. 

Obviously, the DOGE community has been very optimistic about the acceptance of the coin as a mode of payment. Matt Wallace, a huge crypto influencer, replied to Musk showing his support for McDonald’s acceptance of DOGE as a payment method: 

McDonalds #Dogecoin Acceptance Coming!

— Matt Wallace (@MattWallace888) January 27, 2023

However, this bullishness does not consider McDonald’s side on whether it should accept Dogecoin, or crypto in that matter, as a mode of payment.

At the time of writing, January 30th, the company has not responded to Elon Musk’s offer. 

Optimistic Investors Should Be Cautious

Optimism is good for the market as this means investor confidence in the asset is high. However, DOGE’s market movement right now might be reminiscent of last year’s price increases when the billionaire tweets about the meme coin.

But it is no wonder that the industry is very bullish as Tesla, an electric vehicle company owned by Elon Musk, already accepts DOGE as a form of payment for Tesla merchandise. 

Meanwhile, Dogecoin is trading at $0.0892 with more than enough leg room for a steady upward price movement. Investors and traders can also enjoy the coin’s high correlation with major cryptos like Bitcoin and Ethereum as these coins are bullish with BTC nearing $24,000 and Ethereum (ETH) breaking $1.6k. 

Featured image by Inc. Magazine

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Ethereum Price Hints At Potential Rally But This Resistance Is The Key

Ethereum started another increase above the $1,620 resistance against the US Dollar. ETH is rising and might rally if it clears the $1,665 resistance zone.

• Ethereum is slowly moving higher above the $1,600 and $1,620 levels.
• The price is now trading above $1,620 and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could rally if there is a clear move above the $1,665 resistance zone.

Ethereum Price Starts Increase

Ethereum price remained well bid above the $1,550 level. ETH formed a base and started a fresh increase above the $1,600 resistance zone. There was a clear move above the $1,620 resistance, similar to bitcoin.

There was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD. The bulls were able to pump the price above the $1,640 resistance. A high is formed near $1,658 and the price is now consolidating gains.

Ether price is now trading above $1,620 and the 100 hourly simple moving average. It is trading near the 23.6% Fib retracement level of the upward move from the $1,557 swing low to $1,658 high.

Source: ETHUSD on TradingView.com

An immediate resistance is near the $1,655 level. The next major resistance is near the $1,665 level. An upside break above the $1,665 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,720 resistance. Any more gains might send ether towards the $1,800 level.

Dips Limitd in ETH?

If ethereum fails to clear the $1,665 resistance, it could start a downside correction. An initial support on the downside is near the $1,620 level or the broken trend line.

The next major support is near the $1,600 level or the 50% Fib retracement level of the upward move from the $1,557 swing low to $1,658 high. If there is a break below $1,600, the price might drop towards the $1,550 support. Any more losses might call for a retest of the $1,520 zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,620

Major Resistance Level – $1,665

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Bitcoin Price Resumes Uptrend as The Bulls Aim The Key $25K Barrier

Bitcoin price started another increase above the $23,000 resistance. BTC is rising and the bulls might aim a test of the $25,000 resistance zone.

• Bitcoin is gaining pace above the $23,500 resistance zone.
• The price is trading above $23,000 and the 100 hourly simple moving average.
• There was a break above a key contracting triangle with resistance near $23,145 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rise further towards $25,000 if it stays above the $23,450 support zone.

Bitcoin Price Starts Increase

Bitcoin price remained well bid above the $22,500 support zone. BTC formed a base and started a fresh increase above the $23,000 resistance zone.

The bulls were able to pump the price above the $23,200 resistance and the 100 hourly simple moving average. The price even cleared the $23,500 resistance zone and traded to a new yearly high at $23,950. During the increase, there was a break above a key contracting triangle with resistance near $23,145 on the hourly chart of the BTC/USD pair.

It is now consolidating below the 23.6% Fib retracement level of the recent increase from the $22,900 swing low to $23,950 high. Bitcoin price is also trading above $23,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance is near the $23,800 level. The next major resistance is near the $24,200 zone, above which the price might start a strong increase. In the stated case, the price may perhaps rise towards the $25,000 level. The next resistance could be near the $25,500 level. Any more gains might send btc price towards the $26,000 level.

Dips Supported in BTC?

If bitcoin price fails to clear the $23,800 resistance, it could start a downside correction. An immediate support on the downside is near the $23,650 zone.

The next major support is near the $23,450 zone or the 50% Fib retracement level of the recent increase from the $22,900 swing low to $23,950 high. A downside break below the $23,450 level might send the price towards the $23,150 level. Any more losses might send the price to $22,650 in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $23,450, followed by $23,200.

Major Resistance Levels – $23,800, $23,950 and $24,200.

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Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network

Fantom (FTM) has been one of the best-performing tokens of 2023, pulling off a series of impressive gains in the last few weeks. Following the market crash in late 2022, FTM began the new year trading as low as $0.2007, representing a 94.19% decline from its all-time high value of $3.46.

However, with the entire crypto market attempting to pull off a recovery, FTM has been one particular token with lots of investor attention, as its price has surged by over 136% since the start of 2023. 

Fantom Records 39% Profit In Seven Days

According to data from CoinMarketCap, Fantom (FTM) gained by 38.77% in the last seven days alone, outperforming major cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Bitcoin (BTC) itself.

While FTM has been on an upward trend since the first week of the year, its price rally in the last week can be attributed to Fantom’s recent integration with the Axelar Network. On Jan. 24, the Fantom Foundation announced a partnership with Axelar, which will introduce interchain communication to the Fantom Network.

As of the time of writing, FTM is trading at $0.4724, having gone up by 1.98% in the last 24 hours. Based on more data from CoinMarketCap, the daily trading volume of FTM is currently $240.7 million, while its total market cap is $1.312 billion.

FTM trading at $0.4790 | Source: FTMUSD chart of Tradingview.com

What Does Axelar’s Integration Mean For Fantom Users?

According to a blog post by Fantom, “Axelar network is a blockchain that connects blockchains, enabling universal Web 3 interoperability.” Basically, Axelar functions as a medium for communication and transfer of value between several blockchains.

Following the integration with the Axelar network, Fantom automatically becomes part of an ecosystem that consists of over 30 different blockchains capable of seamlessly interacting with one another. 

Using the General Message Passing (GMP) protocol, developers on the Fantom network will be able to easily access smart-contact codes on any chain connected to Axelar. The GMP protocol will also allow dApps and users to send and receive data and function calls across the multiple chains in Axelar’s ecosystem.

Another benefit of Axelar’s integration with Fantom is the introduction of one-click cross-chain swaps on the platform’s biggest decentralized exchange, SpookySwap. Using Squid, an Axelar-based protocol that reroutes liquidity between chains, SpookySwap users will seamlessly swap native tokens of different chains in one click.

In every transaction, the Axelar network will process the cross-chain gas conversions from the source-chain token to the destination-chain token, ensuring that users need not own crypto wallets on multiple chains or hold native tokens of other chains for gas fees,

That said, other chains on the Axelar Network aside from Fantom include Arbitrum, Moonbeam, Polygon, Osmosis, etc.

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AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles?

The lending platform AAVE has been enjoying positive news lately. According to reports, AAVE has passed a governance proposal that would eradicate all bad debt it accumulated when Avraham Eisenberg, orchestrator of the Mango Markets exploit, targeted the platform’s Ethereum V2 liquidity pool back in November 2022. 

However, the governance token of the platform, AAVE, has not responded either positively or negatively. According to data from CoinGecko, the token registered losses in the daily and weekly time frames. But these losses are too miniscule to revert the token’s gains from the start of the year. 

 With the launch of AAVE’s V3 on its mainnet, the crypto might be in a position to tally new highs if the situation permits it. 

The Gist Of The Proposal & On-Chain Developments

Based on the proposal, the token has over 2,677,749 units of CRV in debt on its Ethereum V2 CRV reserve. This is worth, at the date of the proposal, over $2.5 million. The proposal would use V2’s stablecoin reserve to buy the necessary number of units of CRV to pay the debt.

This obviously was accepted by the community positively, being implemented immediately by January 25th. This would reverse the damage of the exploit attempt, proving the liquidity of the protocol. 

The deployment of AAVE’s V3 on Ethereum was also implemented. According to DefiLlama, the crypto is in the top 4 among all platforms. AAVE V3, the Ethereum pool deployment, has over $526.52 million total value locked. 

At $86.02, What’s In Store For AAVE? 

The token is currently consolidating around the $85.8 support range. This could be a sign that the token still has room to regain lost ground from 2022’s bear market. However, this can only be achieved if the token closes with a green candle to continue AAVE’s rally when the year started. 

Investors and traders should target the token’s current resistance at $90.15. If the bulls can consolidate at the token’s present support, we can see an upward push towards $94.70. 

Investors should also monitor the token’s correlation with Bitcoin and Ethereum as these would have a big influence on its price movement in the short to medium term.

As these major cryptocurrencies retest their crucial resistances, a breakthrough by either one or both of these coins would boost AAVE’s momentum to regain lost ground. 

With this in mind, investors and traders should exercise caution in the short to medium term as the token can still be clawed by the bears to revert back to $78.65.

Featured image by Kanalcoin.com

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Litecoin (LTC) Displays Consolidation – Can We Expect A Reversal Soon?

The Litecoin price has shown considerable recovery ever since it reached its bottom in December 2022. LTC secured almost 50% appreciation in January this year. Currently, however, the altcoin has witnessed a price pullback and is consolidating on its daily chart.

Over the last 24 hours, the Litecoin price moved down by 0.3%, which signified a range-bound movement. The altcoin also lost close to 3% of its market value. The technical outlook of Litecoin pointed towards bullish momentum as demand for the altcoin remained high on the daily chart.

Accumulation also reflected the same. Price noted a decline as LTC receded from the overbought zone. Buyers still have the upper hand on the chart.

A continued fall in accumulation will cause bears to secure Litecoin’s price action. That momentum would continue for the upcoming week, causing LTC to fall below its nearest support level. At the time of writing, LTC was trading 78% below its all-time high set in 2021.

Litecoin Price Analysis: One-Day Chart

LTC was trading at $88.11 at the time of writing. The coin has pierced through several resistance lines over the past several weeks but has failed to hold on to the momentum. LTC met with two rigid resistance levels before it started to move south again.

The two important resistance lines for the coin stood at $90 and $92. Immediate resistance stood at $90. If demand for the altcoin remains steady, then LTC might attempt to breach the $90 price mark.

On the flipside, the nearest support line for the Litecoin price stood at $86, and a continued price correction will force LTC to fall below the $86 price mark and settle at $82. The amount of LTC traded in the last session was red, indicating a fall in buyers.

Technical Analysis

The altcoin has been hovering in the overbought region for several weeks now, and at the moment there is a slight fall in demand for Litecoin. The Relative Strength Index stood a little below the 60-mark after it noted a recent downtick indicating that demand was shrinking.

A reading close to the 60-mark, however, signifies that buyers outnumbered sellers. In accordance with that, LTC price shot past the 20-Simple Moving Average (SMA) line as buyers were driving the price momentum in the market.

The coin was also above the 50-SMA (yellow) and 200-SMA (green) lines, indicating increased bullishness.

Concerning the fall in buying pressure, the LTC chart displayed a sell signal on the one-day chart. The Moving Average Convergence Divergence (MACD), which depicts market momentum, underwent a bearish crossover and formed red signal bars tied to sell signals.

This could also imply that the price will fall in the coming trading sessions. The Parabolic SAR, the indicator that reads the trend and change in price momentum, was still positive. The dotted lines were below the candlesticks, suggesting that the LTC price was still positive.

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Crypto-Friendly Bank Silvergate Suspends Dividend Payouts

Silvergate, a California-based crypto bank whose shares are listed on the New York Stock Exchange, is suspending dividend payout to remain highly liquid as the digital currency market tries to pull itself out of the liquidity crisis of 2022.

In a press release on January 27, Silvergate, a state-chartered bank that went public in 2019, said it would suspend dividend payout on its “5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A” to preserve capital. 

Focus On Liquidity

The crypto bank said its primary focus is maintaining a highly liquid balance sheet with a strong capital position. This will give it an advantage as it navigates the high volatility in crypto. The move means the crypto bank will have more capital than customers’ digital assets.

The bank’s board of directors will re-evaluate the payments of quarterly dividends depending on market conditions evolve. 

There was no official comment from any of Silvergate’s executives.

The high volatility in crypto saw prices peak at around $70,000 in November 2021 before plunging to $15,300 in November 2022.

Losses were due to several macroeconomic factors and crypto-related events. The shift in monetary policy saw central banks hike interest rates to tame runaway inflation. 

In return, this change saw capital flow in the other direction, away from what investors would ordinarily label as “risky”, including crypto and stocks, to safe havens like bonds and gold. 

Silvergate Forced To Take Bold Steps 

The collapse of several CeFi platforms, first 3AC, Voyager, and BlockFi, before FTX said it was halting withdrawals and eventually filing for Chapter 11 bankruptcy protection, broke the markets. In the aftermath, crypto assets capitulated, with Bitcoin sinking to 2022 lows. 

At one time, FTX was valued at over $32 billion. It later emerged that Sam Bankman-Fried misappropriated clients’ funds through the exchange’s related trading firm, Alameda Research.

The risk to safety from investors spilled over to Silvergate, stretching the crypto bank. On January 17, Silvergate posted its financial statements with the United States Securities and Exchange Commission (SEC), saying they posted a loss of $949 million in 2022. This was a sharp reversal in fortunes considering the bank made $75.5 million in profits in 2021. 

Early this month, Silvergate clients withdrew almost $8 billion of their crypto deposits. Reports indicate that roughly 66% of the bank’s clients pulled out their coins in the last three months of the year. Subsequently, the bank was forced to sell $5.2 billion of its assets to cover costs and remain liquid amid the industry’s rapid changes.  

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Does the Crypto Market Have The Strength To Break To The Upside? QCP Capital Weighs In

The conditions of the cryptocurrency market have changed drastically; according to an analysis by QCP Capital, the options market in its current state makes the crypto industry look like a major crisis, such as the shutdown of crypto exchange FTX after filing for bankruptcy, never happened.

Trading desk QCP Capital published observations on the crypto industry, revealing some key points to consider for the coming months.

The Crypto Market Comes Back To Life

QCP’s analysis points out that Bitcoin (BTC) risk reversals have been trading in positive territory over the past week, which tells us that calls (buys) have been more expensive than puts (sells) since 2021 across multiple tenors.

This is unusual for the sector as BTC typically has a persistent put skew, mainly due to miner/treasury hedging activity. The chart below depicts this market behavior and the bullish sentiment impacting the options sector.

Put skew drives the price of puts higher and calls lower. This difference in pricing between options is called skew and, under normal circumstances, puts trade with higher volatility than calls precisely because investors are hedging some of their bullish positions.

For the trading desk, this means that the sentiment in the cryptocurrency market has shifted from bearish to bullish, a culmination of what has been happening in the macro market and the slight recovery in the economy.

Bulls Might Get Their Hearts Broken On Valentines Day

Ethereum’s (ETH) implied volatility (IV), which represents the expected volatility of a stock or currency over the option’s life, has fallen, indicating complacency as the market prices out fears of a price collapse, according to the analysis.

The enthusiasm in the market can be measured by the amount of “fear of missing out” (FOMO) that has set in, with many chasing prices and the top by buying high delta calls and going long in the spot market over the past week.

With the upcoming “Big Bad” Federal Open Market Committee (FOMC) meeting, the trading desk expects the market to be more cautious and conservative.

According to QCP, the following potentially problematic date will be February 14th, when the following CPI report will occur, which can potentially “break the heart of the bulls.”

For QCP, this is the same scenario the market experienced in December. Similarly, the price may experience a topside breakout characterized by a highly sharp and violent movement.

Bitcoin is currently trading at $23,200 and seems to be paving the way for the conquest of new levels. It has gained 0.7% in the last 24 hours and 10.3% in the last seven days. Bitcoin is trying to break the next obstacle represented by the $24,400 level.

Ethereum is trading at $1600, up 0.3% in the last 24 hours, with sideways price action. The next resistance wall is at $1,691, a zone the bulls have not visited since September 2022. Ethereum has gained 3.8% in the last seven days.

Cover image from Unsplash, charts from Tradingview.

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U.S. Institutions Are Driving Bitcoin Prices, Matrixport Research

Bitcoin prices have been on the rise in the last couple of weeks and the digital asset has been able to return to its November 2022 levels. This has been a much-needed boost for the market during this time, but an unexpected investor group is reportedly driving the price of the cryptocurrency.

Bitcoin Surges Are Happening During U.S. Hours

In a new Matrixport report that was shared with NewsBTC via email, U.S. institutional investors are driving the recent price increase of bitcoin. The report notes that over the course of January, the digital asset is already up over 40% but more than 35% of those increases have happened during U.S. trading hours. As such, the research report concludes that U.S. investors are driving the price.

Matrixport explains the reasoning behind this by saying that when an asset performs so well during U.S. hours, especially one that trades for 24 hours, it shows that institutional investors are buying the asset. However, when it does well during Asian hours, then it means that Asian retail investors are buying it.

The most significant movements have happened during this time and the trend lines show very strong similarity to Bitcoin’s movements to this point. But even more interesting is the fact that the data shows that U.S.-based investors are responsible for 85% of the total BTC buying that is happening currently.

What Is Driving These U.S.-Based Investors?

As the Matrixport report notes, U.S.-based investors have been encouraged by the inflation slow-down. It has put individual and institutional investors in positions where they believe they can take more risks. Hence, there is a marked increase in their exposure to risk assets such as bitcoin.

Furthermore, the report points to the possibility of more rallies given the fact that inflation is expected to keep falling. “This could set up the crypto market for a mid-month rally, every month and turn into a trend where we see a strong rally from mid-month onwards with some consolidation towards the end of the month as traders take profit and miners sell calls.”

This is also good news for altcoins as Matrixport notes that historically, money flowing into bitcoin will eventually spread out into other digital assets. So this could mean that the market has not seen the last of the altcoin rally once these institutional investors begin spreading out their investments.

BTC is currently trading at $22,959 at the time of this writing. The coin is seeing small gains of 0.06% in the last 24 hours but on a seven-day rolling basis, the digital asset is still doing quite well with 9.45% gains.

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Bitcoin Exchange Outflows Reach Highest Value Since FTX Crash, Bullish?

On-chain data shows Bitcoin exchanges have registered the most significant outflows since the collapse of the crypto exchange FTX back in November.

Related Reading: Bitcoin Investors Turn Greedy For First Time Since March 2022

Bitcoin Exchange Netflow Shows Deep Negative Values

As an analyst in a CryptoQuant post pointed out, around 7,000 coins have left the exchange in this latest spike. The relevant indicator here is the “all exchanges netflow,” which measures the net amount of Bitcoin exiting or entering into the wallets of all centralized exchanges. The metric’s value is calculated by taking the difference between the inflows (the coins going in) and the outflows (the coins moving out).

When the indicator has a positive value, the inflows overwhelm the outflows, and a net number of coins are deposited to exchanges. As one of the main reasons investors deposit to exchanges is for selling purposes, this trend can have bearish implications for the price of the crypto.

On the other hand, negative values imply that a net amount of supply is currently being pulled off these platforms. Generally, holders withdraw their coins from exchanges to hold onto them for extended periods in personal wallets. Thus, such metric values can signal that investors are accumulating at the moment, which may have a bullish impact on the price.

Now, here is a chart that shows the trend in the Bitcoin all exchange’s netflow over the last few months:

As shown in the above graph, the Bitcoin exchange netflow recorded a deep negative spike during the past day. This outflow amounted to around 7,000 BTC, leaving the wallets of these platforms the largest value the metric has seen since the FTX crash back in November of last year.

From the chart, it’s apparent that the aftermath of FTX’s collapse saw some substantial outflow values. The reason behind that is that a known exchange like FTX going belly up instilled fear among investors and made them more aware of the risks of keeping their coins in centralized platforms.

Naturally, these holders fled exchanges in masses (causing the netflow to plunge into red values) so that they could store their Bitcoin in offsite wallets, the keys they own.

Interestingly, the latest negative netflow spike was recorded while Bitcoin has been observing a sharp rally. Usually, inflows are more commonly seen in periods like now, as investors rush to take some profits.

Thus, instead of making these large outflows, investors are showing signs that they are bullish on Bitcoin in the long term and feel that the current rally has more to offer still.

That would be only if these investors made the withdrawals with accumulation in mind. In the scenario that they transferred out these coins for selling through over-the-counter (OTC) deals instead, Bitcoin could instead feel a bearish impulse.

BTC Price

At the time of writing, Bitcoin is trading around $23,100, up 8% in the last week.

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Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near

Amid the ubiquitous rally in the crypto market, multiple crypto assets including MATIC have climbed higher highs, thriving to reach their peak and beyond. While the catalyst behind the rally might be unclear, Polygon’s (MATIC) bullish trend could be a part of its upcoming zkEVM Network update. As the launch draws near, investors have continued to increase in numbers pouring more funds into the asset. 

Polygon is a layer-2 scaling solution built on top of the Ethereum blockchain to improve the network’s scalability. The soon-to-be-launched zkEVM network update is just one of the plans the developers of the Polygon network have announced to enhance the layer-2 scaling solution. 

According to Polygon co-founder Sandeep Nailwal’s recent tweet, the anticipated zkEVM comes soon as the mainnet launch now has an official date which is somewhere around the corner.

Polygon (MATIC) Surges Nearly 10% In 24 hours

Over the past 24 hours, MATIC has spiked in price by 8.6%, mirroring other altcoins’ bullish trend as the global cryptocurrency market capitalization still holds steady above the previously amassed $1 trillion mark. 

The past few weeks have seen a MATIC mark an upward rally movement, especially since the beginning of the year. MATIC has moved from the $0.75 price tag seen late last year to $1.09 at the time of writing. Meanwhile, the 1-day chart still indicates more rallies as there is still liquidity at the higher highs to be taken.

Notably, MATIC is ranked the 10th most valuable cryptocurrency asset by market capitalization, according to data aggregators CoinGecko and Coinmarketcap. Polygon currently has a market cap of $9.7 billion, higher than Solana with $8.8 billion but below Dogecoin, which sits at $11.8 billion.

Though MATIC has been climbing highs since the beginning of the year, it is still far from its all-time high of $2.92, seen in 2021. With the ongoing disbelief in the crypto market among investors, it is still uncertain whether the zkEVM will be a good enough catalyst to drive its value beyond or closer to its peak.

Polygon Network User Activity Plummets

Despite MATIC’s appreciation in value, the network user activity has recorded a decline in the number of interactions. Polygon’s number of daily users started the year positively moving from roughly 404,000 seen on January 1 to 696,00 users on January 6.

However, today, the figure has declined more than 10%, dropping to approximately 399,000, according to data from PolygonScan. The reason behind the plummet is still unclear, as the network activity is expected to increase, given the network’s recent collaborations with multiple top companies. 

Last year, Facebook (Meta) added support for the Polygon network. In addition, the layer-2 scaling solution recently partnered with Mastercard to launch a Web3 accelerator program to bring budding musical artists into the spotlight by leveraging Web3 technology and other blockchain-based innovations.

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