DOT Price (Polkadot) Prediction: Break Above $6.80 Could Spark Fresh Rally

Polkadot’s DOT started a fresh increase from the $6.00 support against the US Dollar. It is consolidating gains and might start a fresh rally above $6.80.

• DOT is holding the ground above the $6.00 and $6.20 levels against the US dollar.
• The price is trading above the $6.30 support and the 100 simple moving average (4-hours).
• There was a break above a key bearish trend line with resistance near $6.20 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
• The pair could start a strong rally once it clears the $6.80 and $7.00 resistance levels.

Polkadot’s DOT Eyes Fresh Surge

After forming a base above the $6.00 zone, DOT price started a fresh increase. It climbed above the $6.05 and $6.10 levels to move back into a positive zone.

The bulls were able to push the price above the $6.20 level and 100 simple moving average (4-hours). Besides, there was a break above a key bearish trend line with resistance near $6.20 on the 4-hours chart of the DOT/USD pair.

A high is formed near $6.90 and the price is now consolidating gains, similar to bitcoin and ethereum. There was a move below the $6.70 level. It declined below the 23.6% Fib retracement level of the upward move from the $6.03 swing low to $6.90 high.

Dot price is now trading above the $6.30 support and the 100 simple moving average (4-hours). An immediate resistance is near the $6.80 level. The main resistance is near the $6.95 and $7.00 levels.

Source: DOTUSD on TradingView.com

A successful break above $6.80 and a close above $7.00 could start a strong rally. In the stated case, the price could easily rally towards $7.60 or even $7.80.

Dips Limited?

If DOT price fails to continue higher above $6.80 or $6.95, there could be a downside correction. The first key support is near the $6.45 and $6.48 levels.

The next major support is near the $6.35 level or the 61.8% Fib retracement level of the upward move from the $6.03 swing low to $6.90 high. Any more losses may perhaps open the doors for a move towards the $6.00 support zone.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.

Major Support Levels – $6.45, $6.35 and $6.00.

Major Resistance Levels – $6.80, $6.95 and $7.00.

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Ethereum Price Looks Ready For Another Leg Higher Over $1,700

Ethereum is correcting gains from the $1,700 resistance against the US Dollar. ETH could again unless there is a downside break below the $1,600 support zone.

• Ethereum spiked above the $1,700 resistance zone before it corrected lower.
• The price is now trading above $1,620 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $1,605 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start another increase if it stays above the $1,600 support zone.

Ethereum Price Remains Supported

Ethereum price remained supported for more gains above the $1,650 level. ETH even cleared the $1,680 level and spiked above $1,700. It traded as high as $1,714 before there was a downside correction, similar to bitcoin.

There was a break below the $1,680 and $1,665 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $1,558 swing low to $1,714 high. However, the bulls are active near the $1,640 level.

Ether price is now trading above $1,620 and the 100 hourly simple moving average. It is consolidating near the 50% Fib retracement level of the upward move from the $1,558 swing low to $1,714 high. There is also a key bullish trend line forming with support near $1,605 on the hourly chart of ETH/USD.

An immediate resistance is near the $1,660 level. The next major resistance is near the $1,700 level. An upside break above the $1,700 resistance zone could spark a fresh increase.

Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $1,780 resistance. Any more gains might send ether price towards the $1,800 resistance zone.

Downside Break in ETH?

If ethereum fails to clear the $1,660 resistance, it could continue to move down. An initial support on the downside is near the $1,620 level and the 100 hourly simple moving average.

The next major support is near the $1,600 zone or the trend line. If there is a break below $1,600, the price might drop towards the $1,565 support. Any more losses might call for a test of the $1,530 support.

Technical Indicators

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

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

Major Support Level – $1,600

Major Resistance Level – $1,660

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Bitcoin Price Just Saw Key Technical Correction, But 100 SMA Is Still Strong

Bitcoin price is correcting gains below the $24,000 zone. BTC is holding the $23,250 support and might attempt another increase in the near term.

• Bitcoin is correcting gains from the $24,250 resistance zone.
• The price is trading above $23,250 and the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $23,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if it stays above the $23,250 support zone.

Bitcoin Price Remains Supported

Bitcoin price attempted an upside break above the $24,000 resistance zone. BTC spiked above the $24,250 level, but there was no upside continuation. A high was formed near $24,282 before there was a downside correction.

The price declined below the $24,000 level. There was a move below the 50% Fib retracement level of the upward wave from the $22,752 swing low to $24,282 high. However, the bulls seems to be active above the $23,250 support zone.

Bitcoin price is still trading above $23,250 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $23,300 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $22,752 swing low to $24,282 high.

An immediate resistance is near the $23,950 level. The next major resistance is near the $24,250 zone. A clear move above the $24,250 resistance might start a decent increase.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $25,000 level. The next resistance could be near the $25,500 level, above which btc price might test $26,200.

Downside Break in BTC?

If bitcoin price fails to clear the $23,950 resistance, it could continue to move down. An immediate support on the downside is near the $23,400 zone.

The next major support is near the $23,250 zone or the 100 hourly simple moving average. A downside break below the $23,250 level might send the price towards the $22,650 level. Any more losses might send the price to $22,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $23,400, followed by $23,250.

Major Resistance Levels – $23,950, $24,250 and $25,000.

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VeChain Aims To Take Web3 By Storm, Here’s How

The crypto industry has seen a lot of hype at the beginning of 2023, and the VeChain Foundation is trying to keep up. The sector is attracting attention around non-fungible tokens (NFTs), the Metaverse, Web3, and, more recently, artificial intelligence. 

The VeChain Foundation has announced the “Spiritual Rebirth” launch of the 2019 VeChain Summit, introducing The Hive to achieve goals that “create tangible economic value with blockchain technology.”

The Foundation claims that it has been “invigorated” by a stream of positive developments and opportunities for the growth of its community. In an official post, the non-profit organization suggests that the VeChainThor blockchain is ready to “take center stage of the upcoming digital-sustainable web3 revolution.”

The Web3 Revolution And The Blockchain VeChainThor

The Hive aims to “foster collaboration across the web3 community” and to act as an “inclusive beacon” for sustainability, focusing on developments for the blockchain ecosystem. 

The new event will take place on March 4, 2022, in Las Vegas, according to the VeChain Foundation. During the event, the Foundation promised to make new announcements of consequence for the blockchain VeChainThor and the launch of a new whitepaper to take their global concept on digital ecosystems to the worldwide market.

With the economic difficulties of the past and the recent announcement by the U.S. Federal Reserve (FED), VeChain remains optimistic for further regulatory clarity to unfold around the crypto industry. This gives VeChain and its foundation a panoramic view of an exciting new phase for blockchain. 

The Foundation anticipates a “productivity plateau” in 2023. It is confident that the blockchain VeChainThor will become a leading platform in the coming years as adoption accelerates exponentially in line with the Layer 1 smart contract platform.

VeChain On A Path To Sustainability?

Another of the Foundation’s critical elements for 2023 is the continued development of the “digital ecosystem” concept, which the Foundation claims represents an “evolutionary leap” in connectivity, information sharing, and collaboration through the power of the blockchain VeChainThor.

According to the Foundation, in this new era, blockchain technology provides benefits in exchange for the “consensual provision of user data that contributes to a greater good, such as sustainability.”

VET’s digital ecosystem concept represents a milestone in achieving the United Nations Sustainable Development Goals (UNSDGs), which have a deadline of 2030. VeChain aims to:

(…) We look forward to unveiling more about digital ecosystems in our upcoming whitepaper, due by the end Q1. Join us as we kick off this incredible new epoch for sustainability, powered by real-world blockchain applications on the mighty VeChainThor.

From this February 2nd the Foundation will be launching The Hive’s landing and registration pages. On March 4 in Las Vegas, the event features VeChain-specific content and applications of web3 technologies from other projects and protocols. 

Cover image from Unsplash. Chart from Tradingview.

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Twitter Scraps Free API Access, Crypto Developers Must Pay

From February 9, anyone who wishes to use the Twitter application programming interface (API) will have to pay.

Twitter Scraps Free API Access

In an announcement on February 2, Twitter, one of the world’s largest social media platforms, said they will no longer support free access to their v2 and v1.1 APIs. Instead, anyone interested must have to subscribe to the basic paid tier.

Starting February 9, we will no longer support free access to the Twitter API, both v2 and v1.1. A paid basic tier will be available instead

— Twitter Dev (@TwitterDev) February 2, 2023

The Twitter API platform provides access to data sets generated and posted by millions of Twitter users. Only registered applications can access Twitter APIs and, by default, would access public data transmitted from any of the five endpoints, which include access to accounts and users, and tweets and replies.

The social media giant pointed to the quality of its data, saying that over the years, trillions of user-generated tweets have been sent by millions of users across the world. Billions of tweets continue to be sent every week. 

The social media platform said its data sets are powerful considering their diversity and depth. Even with the new requirement, they will continue “enabling fast and comprehensive access” so developers can continue building using their data.

In the development world, APIs are critical for developers and businesses. With APIs, it is easier for developers to collaborate. Data flows through APIs to ensure products are continuously improved. Most importantly, new applications can be integrated into existing architecture using APIs. 

APIs are also important in the crypto world, considering the fast-paced nature of the industry. Through APIs, developers can create complex functionalities more quickly and securely, eliminating the need to incur costs in software conversions.

Crypto Development Using APIs

The social media giant is used by over 368 million people every month across the globe. Therefore, the diversity of data means there is density, a quality that developers use to integrate or improve their products.

Crypto developers have created different tools, including real-time trackers for gauging prevailing sentiment on top crypto assets, including Bitcoin, using the platform’s APIs.

 

By tapping into the social media’s Developer Portal and using their APIs, bots can be deployed to serve different functions according to the needs of the creators. Above all, it should be noted that bots cannot function without these  APIs.

It is not immediately clear why the Elon Musk-owned company is scrapping free access to its APIs. The goal could be to manage and eliminate Twitter bots accused of impersonation and scamming users, including those in crypto. 

It may also be because of ChatGPT, which may be further tuned using data sets from Twitter users. 

Last month, a user found that some were using ChatGPT to reply to tweets.

I had a gut feeling but now I proved it:

People now have A.I. bots running that use ChatGPT to automatically reply to people's tweets https://t.co/N7nzCTGGmS pic.twitter.com/au2EVE3QMB

— @levelsio (@levelsio) December 19, 2022

 

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Binance Integrates Binance-Pegged BUSD On Optimism Network

Binance, a leading cryptocurrency exchange by client count and trading volumes, has integrated Binance-Pegged BUSD on the Ethereum layer-2 platform, the Optimism Network.

Binance Integrates The Optimism Network

In a press release on February 2, Binance said their users can now begin depositing and withdrawing the wrapped token via the Optimism Network. 

The Optimism Network is a layer-2 protocol on Ethereum seeking to scale the smart contracting platform and drastically lower fees. Transaction fees on Optimism are several folds lower than on Ethereum, and dApps launching on it can benefit from rapid transaction processing speeds. 

The Optimism Network is the second largest Ethereum layer-2 platform with a total value locked share of 32.58%. Its native token, OP, is currently trading at $2.79.

Following this integration, Binance allows users to transfer Binance-pegged BUSD, a wrapped version of BUSD, on the Optimism network. BUSD is a stablecoin that tracks the USD and is issued by Paxos under the Binance brand. 

The issuer of BUSD says the stablecoin, compliant with the ERC-20 standard on Ethereum, is regulated by the New York State Department of Financial Services. The Binance-pegged BUSD is a version of BUSD that can be used to move value beyond Ethereum to Avalanche, Polygon, and Binance ecosystems, including the BNB Smart Chain (BSC). 

Binance said holders can swap BUSD and Binance-pegged BUSD freely between chains. As a wrapped token of BUSD, Binance-pegged BUSD is held by a third party and is a different product from BUSD. Nonetheless, Binance has assured holders that it is safe to hold.

Over the years, the Binance ecosystem has grown. Although there are bridges with Ethereum and BNB Smart Chain (BSC) remains interoperable with other networks, association with Ethereum is critical. The decision by Binance to integrate Optimism Network could boost activity in the BSC.

Scaling Ethereum Using Layer-2 Solutions

The Optimism Network is among the many layer-2 protocols aiming to scale Ethereum. As a general-purpose platform, dApps can deploy and retain the base layer’s security. 

Over the months, layer-2 platforms, dominated mainly by Arbitrum and Optimism, have been processing increasingly more transactions. Dune Analytics’ data on January 10 showed that Arbitrum and Optimism processed 1.12 million transactions versus Ethereum, at 1.06 million.

According to Vitalik Buterin, scaling Ethereum through layer-2 solutions, including Optimism, will form a base for further throughput enhancement in the future.

With the merge completed, the goal of Ethereum developers is to gradually improve on-chain scalability through Sharding. Then, Ethereum developers would process over 100,000 transactions per second, establishing themselves as a smart contracting platform leader.

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MATIC May Take The Crypto Market By Surprise, Here’s Why

MATIC made a 180-degree turn at the beginning of the year, following Bitcoin’s lead. The token, used to govern and secure the Polygon Network, had consolidated since mid-July, with some erratic price action recorded in November.

At the time of writing, Polygon’s token has maintained its momentum since January with a gain of 42.6%, breaking the range formed in 2022. Can MATIC holders continue the streak and aim for further gains?

February, A Month Of Love Or Disappointment For MATIC?

MATIC’s funding rates remain neutral, with long positions paying short positions on most exchanges, except OKX and CoinEx. According to on-chain analytics firm Jarvis Labs, negative rates and aexceptikely present as a buying on-chainity for investors.

In addition to the above, the number of active addresses fluctuates according to MATIC’s price. Whenever the price action dips, the number of addresses follows. However, according to historical data from Jarvis Labs, the number of addresses holding the token has increased since January.

Similarly, as investor confidence in Polygon’s native token has grown, price volatility has increased over the past month, pushing the price to new highs since November. Jarvis Labs’ analysis suggests that when the 30-day price volatility increases on MATIC, the price tends to trend to the downside. Both price and volatility metrics are currently up on the 30d timeframe, which could suggest the token will retrace some of its gains.

In addition, the MATIC/USDT trading pair Cumulative Volume Delta (CVD) based on the volume traded remained neutral. On the other hand, the MATIC/BUSD pairing Matic has seen spot bidding while the perpetual CVD has been decreasing.

In short, Jarvis Labs’ analysis suggests that after MATIC’s long period of consolidation and breakout, the sentiment in the token should not be taken lightly. However, there are warning signs of a pullback as well.

Investors Trust In Polygon For The Long Ride

Recently global investment manager Hamilton Lane Inc. announced that individual investors can now access its equity fund, Equity Opportunities Fund, through a new securitized fund tokenized on Polygon. 

Hamilton Lane closed the Fund at nearly $2.1 billion and made a portion of the vehicle available to retail investors through a feeder fund on a secondary basis. It will significantly increase access with a minimum investment of $20,000 from an average of $5 million.

The Polygon token is trading at $1.1320, down 0.8% over the past 24 hours. MATIC is currently trying to break the next resistance level at $1.27. Failure to do so may result in a pullback to the next support level at $0.98.

With the recent decision of the Federal Reserve (FED) to raise interest rates to 25 basis points, MATIC may have the opportunity to follow the market sentiment and take the next resistance to consolidate and reclaim the $1.4 level.

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Are Nigerians Really Buying Bitcoin For As High As $34,000?

Over the last couple of weeks, reports have emerged that crypto users in Nigeria have been buying bitcoin (BTC) for a pretty hefty premium. On the surface, it may seem that these reports are accurate, but they are essentially wrong, and this report will address how.

Nigerians Are Not Buying Bitcoin For $34,000

The reports that have emerged have claimed that Nigerians are currently buying bitcoin at a price of $34,000. These reports take into account the fact that the digital asset is currently selling for over 17 million Nigerian Naira on P2P platforms (which is the only way Nigerians can buy and sell crypto, by the way) but they then U.S.e the official central bank rate of $1 to 459.89 Naira to arrive at the $34,000 figure. 

Now, as previously mentioned, this might seem right on the surface but it is not, and that is because there are currently two different U.S. dollar rates in the country. The central bank rate and the black market rates differ widely.

As of February 1, the black market rate for the U.S. dollar to Naira is around 750 which is what the broader population of the country uses. If the price of BTC is converted using the official central bank rate, then it is at the $34,000 figure. But since citizens can literally not get dollars in the country except for official purposes and international school fees payments, and even then it can be a nightmare, the black market rate is what residents of the country go with. 

Using this black market rate, you will arrive at the same figure as everyone else – the around $22,900 figure that the digital asset is trading at. Besides, you sell your tokens at the same dollar rate you buy them at, not at the CBN dollar rate.

So are Nigerian residents paying a high premium to purchase bitcoin? No. They are rather paying a high premium to purchase the U.S. dollar. This premium on the U.S. dollar affects the buying and selling rate of everything in the country and bitcoin is no exception.

As for the claims that the price of bitcoin recently rallied more than 50% above the general market price, they are wrong. Bitcoin has always traded in the country at the price of the black market dollar rate, so this is not a new phenomenon in any way either.

The only thing that the cash withdrawal limit could’ve triggered in the country is the higher adoption of cryptocurrencies. There was no sudden 50% increase in the price of bitcoin in the last couple of days.

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FED To Put Off Interest Rate Hikes, Bitcoin Rallies: Here’s Why

Bitcoin is shaking off sellers of January 30, price action on late February 1 shows.

The FED Raises Interest Rates

The spark in BTC demand is because of Federal Reserve (FED) Chair Jerome Powell’s comments on the general economy and the central bank’s monetary policy stance going forward. 

In recent months, Bitcoin and crypto prices have been sensitive to inflation readings. News that inflation fell in December 2022 triggered a bull run, with analysts predicting the end of the FED’s hawkish regime in early February.

Surprisingly, after the FED raised rates, pushing the current fund rate to 4.75%, BTC and crypto prices fell. It was until an hour later when Jerome Powell took to the podium in a highly anticipated presser. 

Minutes after the chair began speaking, BTC prices rallied from $22,780 to over $23,500, adding about 3.5%.

The chair’s comments on inflation and labor expectations and the route the central bank plans to take in the next few months triggered demand across the financial markets, including Bitcoin. 

Most importantly, Powell relayed what was mostly expected by traders and investors.

The chair confirmed that inflation has been improving, decreasing in most core sectors, excluding housing. In December, when inflation dropped to 6.5%, it was the sixth consecutive time the critical metric has been tapering after peaking in mid-2022.

While dropping inflation is welcomed, the FED chair said the central bank needs to see more evidence that the critical metric will continue falling in months ahead. Since their intervention and hiking interest rates seem to work, the central bank will maintain a “restrictive stance for sometimes”.

Monitoring Inflation

Nevertheless, the FED maintains that ongoing rate increases would be appropriate to manage inflation. However, for inflation to fall, the chair adds, the economy has to register below-trend growth characterized by soft labor market conditions. 

Amid all this, the FED will monitor inflation and “stay the course until the job is done”.

Reducing inflation is likely to require a period of below-trend growth and softening labor market conditions. The historical record cautions strongly against prematurely loosening policy. We will stay the course until the job is done.

Deterioration of macroeconomic conditions wouldn’t be a concern for the FED because their goal is to see “sustained changes to broader financial conditions” in the long term.

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Data Reveals Reasons Behind Litecoin’s 80% Rally

Litecoin (LTC) recently saw an impressive 80% rally after the first ten days of November 2022. According to Santiment, a crypto analytics firm, this remarkable increase results from two key factors.

Reasons Behind Litecoin’s Bullish Trend

Based on the tweet from the analytics firm, Litecoin’s two major driving forces are its increasing adoption and halving process ahead in 2023.

Litecoin is becoming more accepted by merchants due to its low transaction costs and quick transaction times. This fact has allowed people to use it for everyday purchases, such as buying goods online or sending money to others. As a result, the demand for Litecoin has grown significantly in recent months, which has seen the price of LTC surge.

Large holders of the token have added considerable money to it, and its adoption keeps increasing. In the last seven months, addresses holding the coin have added about 1.15 million tokens. This event has increased the token’s total supply by 0.5%.

According to the Santiment report, several token holders acquired it toward the end of July 2022. At the time, each Litecoin token was trading at a little less than $60, thus, bringing good returns to the holders.

Litecoin Halving Ahead, Will It Push The Price Further?

A halving is a mechanism to reduce block reward for miners by half. This process intends to keep the cryptocurrency’s supply in check and to help maintain its price stability. Every four years, the network halves the block reward miners receive for mining on the Litecoin blockchain.

This action reduces the total Litecoin the network can generate to about 84 million coins. Miners will receive only 6.25 LTC per block when the halving event occurs instead of the current 12.5 LTC reward.

As per some analysts, more highs in the price of LTC are expected, considering the upcoming halving slated for August 2023. This event will occur at the time the block height of the token is up to 2,520,000, as it has done in the past. 

Generally, the halving event might positively influence its price, but it’s not guaranteed that the coin’s price will sustain its bullish momentum.

The LTC price currently trades at $94. Also, its 24-hour price change stands at 0.60% at the time of writing. The information on the 24-hour trading volume of LTC supports the bullish thesis for the cryptocurrency. 

Featured Image From Pixabay, EivindPedersen Charts From Tradingview.

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Why Ark Invest Believes Bitcoin Could Emerge As Multi-Trillion Dollar Market

Bitcoin has returned to a consolidation state as the macroeconomic dust settles in the coming days. The number one crypto by market capitalization rallied for most of January and is now entering a new month with market expectations of higher profits. 

As of this writing, Bitcoin (BTC) trades at $23,000 with sideways movement in the last 24 hours. The cryptocurrency still records some profits in the previous seven days at 2%. Other digital assets in the top 10 experienced similar price action except for Cardano (ADA) and Dogecoin (DOGE), which continue to see high profits over the same period. 

BTC Price Bottom Confirmed By Fundamentals?

Per a recent report from Ark Invest, Bitcoin (BTC) recently experienced its second-worst price drawdown since its inception. The cryptocurrency lost over 70% of its value from an all-time high of $69,000, crashing into a two-year low at $15,800. 

This level coincides with the 2018 all-time high region that peaked at $20,000 and preceded a 77% drawdown to a $3,000 low. Bitcoin bounced into price discovery after experiencing this crash, suggesting that $15,800 will be critical support for future downside pressure. 

Ark Invest argues that Bitcoin is more robust today and has better fundamentals to continue its uptrend. The BTC Hashrate, the computational power generated by Bitcoin miners, reached an all-time high at 272 exahashes/second in its twelve consecutive years on the rise. 

The market cost basis for the BTC supply, the average price of the Bitcoin in circulation, stands at $393, almost three times its 2018 value. In addition, 66.5% of the cryptocurrency’s supply remained unmoved over the past year. 

In other words, long-term Bitcoin holders seem unwilling to move their coins to crypto exchanges to dump them in the market. In that sense, the long-term holder supply stands at 71% and has been increasing since December 10, 2017. 

All of these factors behind Ark Invest’s bullish thesis compound with the capitulation levels seen in the past two years. As in 2015 and 2017, these capitulation levels could coincide with another bull run. 

 

Bitcoin Will Transform Into A Financial Behemoth

In the short term, Bitcoin will still face selling pressure from macroeconomic conditions, persistent inflation, and other global events. However, Ark Invest believes the cryptocurrency will become a central piece in global financial markets in the coming decade. 

As seen in the chart below, the investment firm has three targets for BTC in this period. In the bearish scenario, BTC will hit a price of $258,000 by 2030, and in the bull scenario, BTC could climb as high as $1.5 million per coin. 

These targets are derived from potential use cases for the cryptocurrency as a growing institutional investment and an alternative to gold, an economic and global payment settlement network, an emerging market currency, a corporate treasury, and others. 

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Social Token Platform ‘Rally’ Shuts Down Sidechain, Native Token RLY Plunges 10%

Social token platform ‘Rally’ announced on January 31 the shutdown of its sidechain blockchain network, meaning that users would not be able to access non-fungible tokens (NFTs) on its sidechain.

Rally communicated the shocking message to its users via email that said the Rally sidechain would start winding down on Tuesday, January 31, the same day the firm sent the email.

Rally Close Down Sidechain Amid Difficult Market Conditions

Explaining the reason behind the unusual move, Rally cities 2022 has been a difficult year. It said the year was not only challenging for the platform but also for the entire cryptocurrency sector.

Rally said although its team made attempts to create a new path for the business continuation, the firm has been unable to overcome the ongoing challenges and negative macroeconomic factors that began last year.

Rally CEO Rob Collier explained that they would start winding down the platform immediately because of a lack of support at work. The CEO admitted that funding was the major obstacle for the company.

He said the firm developed its sidechain in 2018, but the mainnet has been extremely expensive to maintain compared to all of the new layer-1 blockchain tech stacks that the firm recently launched.

Rally said the sidechain is no longer supported, and therefore, users may experience a decline in NFT services or may soon become inaccessible.

Rally network is an Ethereum-based platform that enables creators to launch their social tokens. It allows musicians, team sports, and personalities to engage with and monetize their independent communities through direct engagements on the platform.

Rally has become the latest victim of the ongoing crypto winter, which has so far led several crypto firms to announce bankruptcy protection and impose massive layoffs.

The new year started with several challenges brought forward by the previous one. The crypto winter is still causing troubles and has shown no signs of slowing down. Over the past months, there have been cases of job cuts, companies announcing losses, and regulators heightening their oversights.

Several adverse crypto events have defined the beginning of 2023, with crypto lending firm Genesis laying off 30% of its workforce, crypto exchange Huobi cutting 20% of its workers, and crypto-focused bank Silvergate Capital Corp. letting 40% of its staff go.

Rally price action

Following the announcement, the value of the native token RLY went down by about 10% to $0.01353. At the time of writing, Rally trades at $0.012498.

The token is down 17.09% in the last 24 hours, with a trading volume of $9,342,835. Its market cap sits at $58,222,590, and the token is currently ranked number 354 amongst all cryptocurrencies, according to Coinmarketcap.

RLY is currently down 28.62% from its 7-day record high of $0.01812. Perhaps, this has been triggered by the current slight bearish sentiment in the market.

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