Tallinn, June 28, 2022 – While many Ukrainians are suffering from the consequences of the Russian invasion, industry-leading crypto companies unite to support the victims of the war. A supportive program was initiated by a fintech company Utorg, which is a licensed fiat-to-crypto service provider. Under the frames of this program, all Ukrainian citizens with actual ID cards issued in Ukraine get an instant discount for the purchase of cryptocurrency.
For a period of 1 week, all Ukrainian users who have the KYC Level 1 verification on Utorg are qualified to take advantage of the instant 5% bonus while purchasing crypto with UAH from the following websites:
Both existing and new users can participate in this supportive program. To get the KYC Level 1 verification, a new user should start purchasing crypto on the above-mentioned platforms via Utorg. While doing this, the service will request the user to verify their account by following two simple steps.
The first step requires a user to upload a photo of their actual ID card. Secondly, verify the user’s identity using a web camera (to make a few turns of the head in front of the camera). When the user completes these steps, the AI-based algorithm will automatically check all the information provided and send an email, which confirms the success of the verification. Afterward, all subsequent crypto purchases will have a discount displayed as a 5% bonus in the Order Details section on the checkout screen.
Utorg is a licensed virtual currency service provider operating in 187 countries. The company’s core product is a fiat-to-crypto payment widget embeddable into any Web3 product. It enables users to buy crypto using 10+ most popular payment methods (bank cards, instant bank transfers, Apple Pay, Google Pay, and local payment systems), which, together with the built-in AI-powered KYC, takes less than 3 minutes. The solution has been highly appreciated by industry-leading companies from all over the world.
People have opted to invest in stock indexes as a form of stock selection for many years. Compared to returns from a basket of cryptocurrency tokens, these gains are estimated to be modest. The risk can be reduced by carefully choosing a varied collection of crypto tokens for a personal fintech portfolio. Your investments’ profitability can change in several ways, some of which are covered below.
Greater returns than any stock index might be possible with the Mehracki (MKI) Token. It will soon be up for presale, and you may buy a massive amount of it to make lots of money over the long run potentially. After the presale ends and the coin begins to trade on major exchanges, the price of Mehracki (MKI) tokens typically increase. Moreover, the recent crypto market crash isby 10% currently, losing $205 billion.
FLOW (FLOW): According to market capitalization, Flow Token has risen steadily through the rankings to hold a position among the top fifty cryptocurrencies. The team recently unveiled the $725 million Flow Ecosystem Fund to help developers create on the Flowverse. Another cryptocurrency that can potentially yield significant gains in the future is FLOW Token. Holders of FLOW can also stake their tokens to protect the network.
Mehracki (MKI)
Mehracki (MKI) is a community-driven meme coin with significant real-world applications for users of the metaverse. The coin the platform uses to deliver quick and borderless transactions is supported on the Solana blockchain. Transaction fees can be reasonable or minimal due to the innovative contract feature. Users who stake for at least 30 days will receive a 15 percent annual yield (APY).
Additionally, the platform plans to incorporate an ecosystem and a voting mechanism to let token holders participate in governance. As a result, people can cast their ballots and make proposals and suggestions for improving the platform. This coin is referred to as a community-driven coin for these reasons.
The coin has a 100 billion coin supply and a beginning price of 0.000056 USD. Wait until August 22nd, 2022, which is defined as the coin’s formal launch, if you’re eager to purchase it. However, you can now learn more about them by reading their whitepapers and roadmaps, which are accessible on their official website.
Flow (FLOW)
Flow (FLOW)is a decentralized ecosystem and platform built on the blockchain that primarily focuses on the development of scalable and interactive solutions. To scale interactive experiences, decentralized application projects, and blockchain-based games. The Flow network provides a scalable ecosystem and architecture for quick transactions without congestion to create an environment for non-fungible tokens, dApps, and games. NFTs can be produced and exchanged like other cryptocurrencies, but the main distinction is that each NFT is distinct and has a different value, which is why they are referred to as collectibles.
The working of FLOW primarily relies on the Proof of Stake protocol. In comparison to the famous Proof-of-Work (POW) model, it ensures that the target of accomplishing scalability is fulfilled. This further allows the enhancement of the network speed and capacity. The role of Flow is to ensure there is a consistent divide between the work on the network across the system’s nodes. It assigns different duties to different nodes based on their technological capabilities ensuring there is no load on the overall system.
Conclusion
We believe that by contrasting Mehracki (MKI) and FLOW (FLOW), we have demonstrated how these two new coins aim to go above the essential features that other cryptocurrencies provide. These coins may offer good value for your money if you’re looking for a safe investment strategy. The two cryptocurrencies discussed above have a variety of applications. They have focused on specialized market segments that may provide their coins with the required momentum to generate large profits in the future. You can learn more about the many uses of the Mehracki (MKI) Token through the resources provided below.
SIT is the world’s first blockchain-based algae biomass project offering. The project will be built utilising patented sustainable technology to deliver a pioneering green investment opportunity.
Carbon credits generated by biomass projects will be tokenized as Algaecoin.
The world’s first blockchain-based algae biomass project, built on the energy-efficient Tezos blockchain, was announced today by leading capital markets technology firm, Globacap. Developed and operated by Sustainable Impact Token (SIT), the project will support the development, construction, and operation of algae biomass farms. The initiative will use blockchain technology to bridge the gap between two of the fastest growing investor markets in the world – asset-backed finance and crypto.
SIT’s algae biomass farms produce high quality, non-animal protein, based on a system powered exclusively using renewable energy. These algae farms are absorbing large amounts of carbon out of the atmosphere and a net producer of renewable energy. The SIT project is currently supporting the development of a “proof of concept” algae biomass farm in Europe using patented, sustainable technology.
Myles Milston, CEO of Globacap says, “Being part of this pioneering project marks an important milestone in our ongoing mission to enable frictionless asset creation and transferability. With Globacap, the capital raising process is completely digital, mostly automated, transparent, secure, and compliant. Our work with SIT and Tezos is transformational in the way this market can operate.”
The $5 billion algae biomass sector is estimated to grow at a CAGR of 6.3% during the next 5 years (Quince Market Insights) and the success of the project will provide the basis to expand globally. SIT provides investors with tokens issued via smart contracts deployed on the proof-of-stake Tezos blockchain, representing their preferred shares in the project. Carbon credits generated from the algae production will also be tokenized into Algaecoin, a tokenized asset representing tradable carbon credits.
“By bringing agri-tech solutions and carbon credit-backed assets into private markets and beyond, we can make significant, impactful steps towards sustaining our planet for future generations,” adds Milston.
The SIT offering was designed to enable frictionless transferability in full compliance with securities regulation through the Tezos FA2 compliant token contracts for holding and settlement. This pioneering offering links the sustainable asset-backed and crypto investment worlds together to create a compelling blockchain-enabled investment vehicle.
“As solutions to the macro challenges of food scarcity and sustainable energy production continue to be a global priority, demand for investment vehicles that can also support these objectives are increasing. We are thrilled to see Globacap choose Tezos to power this unique blockchain based, asset-backed offering,” says Mason Edwards from Tezos Foundation.
Tezos is an energy-efficient open source blockchain network powered by a globally decentralised network of users and validators. Companies and builders around the globe leverage Tezos for projects exploring the potential for blockchain to be a tool for sustainable innovation. Recently, Cambridge University announced the Cambridge Centre for Carbon Credits (4C) which is creating a trusted decentralised marketplace on Tezos where purchasers of carbon credits can confidently and directly fund trusted nature-based projects tying together corporate funders to conservationists, via automated and transparent global oracles.
Globacap is committed to enabling adoption of tokenization for most asset classes and providing a means for digital securitisation to global capital markets. Blockchain technology enables previously illiquid investment to now be transacted efficiently in seconds instead of weeks, and with minimal overheads. Globacap’s mission is to bring the archaic processes behind capital markets into the digital era by offering private placement, securities issuance, securities registry management, and liquidity products.
Chairman & Founder of Sustainable Impact Token, Peter Henderson, says, “Our vision is to play our part in addressing some of the real challenges of our time – how can the growing world population be fed sufficiently, nutritiously and can this ambition be achieved in a way that improves, rather than harms, the environment? We believe our approach helps on all these fronts and know that the investor community is keen to join us on the journey.
“SIT presents a unique investment opportunity that is underpinned by our three core pillars: food security, renewable energy and carbon reduction.
“We wanted to structure the offering using an innovative, transparent and secure approach. Investors are being offered an attractive return, in a real asset, but through digital technology – and they can make their investments through fiat or crypto currencies.
“Bringing the token offering to market has been amazingly smooth, which is a credit to our partners at Globacap, Tezos and Lumin Capital.”
To learn more about Sustainable Impact Token, visit https://sustainableimpacttokens.com/
To learn more about Globacap, visit https://globacap.com/
To learn more about Tezos, visit https://tezos.com/
ENDS
About Globacap:
Globacap is driving the digitisation of all assets by using technology to unlock the true potential of capital markets. It has standardised the securities landscape, enabling frictionless asset creation and transferability.
Over $14 billion of private share and debt instruments are digitally administered on the platform, and Globacap has now executed over $180 million of secondary liquidity in private securities with digital, automated settlement. Globacap is regulated by the FCA (Financial Conduct Authority) as an arranger and custodian and its platform can onboard investors from over 60 countries, in compliance with local regulations. For more information on how Globacap is changing the private capital markets industry, please visit www.globacap.com.
About Tezos:
Tezos is smart money, redefining what it means to hold and exchange value in a digitally connected world. A self-upgradable and energy-efficient Proof of Stake blockchain with a proven track record, Tezos seamlessly adopts tomorrow’s innovations without network disruptions today. For more information, please visit www.tezos.com.
Klever will be launching its KleverChain blockchain platform on July 1
KleverChain is a Proof-of-Stake blockchain that offers built-in “Kapps” to make development as accessible as possible
The Klever ecosystem also includes a multi-chain cryptocurrency wallet, a crypto exchange platform and an NFT marketplace
Klever is launching its layer 1 blockchain KleverChain on July 1
The Klever blockchain project is taking a big step in the evolution of its ecosystem with the upcoming launch of KleverChain, a layer 1 blockchain. The KleverChain launch will happen on July 1, 2022.
KleverChain uses a Proof-of-Stake consensus mechanism and is able to handle 3,000 transactions per second, according to the Klever team. The design of KleverChain implements masternodes, which require a minimum of 10 million KLV tokens to run.
The Klever team says their main goal is to make blockchain technology accessible to as many people as possible, and the KleverChain platform is another step in this direction. With built-in functionalities for common blockchain operations, KleverChain is designed to simplify the process of developing decentralized applications.
The prebuilt functionalities are called Klever Apps (Kapps), and essentially make it possible for developers to create decentralized applications without requiring in-depth blockchain knowledge. This allows developers to save on costs and time, and focus on the application itself rather than the blockchain it is built upon.
Of course, KleverChain also supports custom tokens, including non-fungible tokens. This functionality is called Klever Digital Assets (KDA). KDA is an example of a Kapp that’s available to developers on KleverChain. There are also Kapps for staking, fundraising, NFT marketplaces, multisignature transactions, and more.
Dio Ianakiara, the co-founder and CEO of Klever, commented on the unique proposition of KleverChain:
“Klever has a completely different approach and instead builds the Klever Blockchain with smart contracts coded into the blockchain itself. It is inspired by what Satoshi Nakamoto did with Bitcoin: code once and the Klever contract or Kapp as we call it will be there forever for anyone to use.”
Meanwhile, Klever’s director of communications Misha Lederman said that KleverChain’s developer-friendliness represents an important advancement in the cryptocurrency space:
“The KleverChain Mainnet launch is certainly the next chapter of the Klever Ecosystem. But more importantly, Klever Blockchain’s use of smart contracts coded native to the blockchain (Kapps) made available for developers worldwide as simple and essential crypto features to tap into at the click of a button, is in actuality taking blockchain building in the entire crypto space to the next level.”
Developers will be able to start working on applications for the Klever blockchain through the KleverOS SDK (software development kit).
Beyond the KleverChain, the Klever ecosystem also includes a multi-chain cryptocurrency wallet, a cryptocurrency exchange platform, and an NFT marketplace.
Creditcoin 2.0 represents the latest upgrade of Creditcoin, a top blockchain-powered credit lending network that has recorded over 28,000 real-world loans
Aella, a mobile banking platform based in Africa, is the first to integrate with Creditcoin 2.0 and hopes to attract more investors as its business becomes more transparent
Creditcoin 2.0 facilitates easy integration and provides several other improvements to the OpenFi Ecosystem
Creditcoin is building a robust infrastructure that will help partners to reach more unbanked and underbanked individuals in emerging markets
Cryptocurrency was originally created to help people engage in financial transactions without relying exclusively on governments and banks. The Creditcoin Foundation is one of many companies working hard to achieve this dream on a global scale.
The Creditcoin Foundation and Gluwa have announced the release of Creditcoin 2.0, which is a much-needed and long-awaited upgrade to its network. The blockchain-powered credit lending network is prepping to do more, after recording more than 28,000 real-world loan transactions that are valued at over $1.8 million. It is one of the top entities providing much-needed credit to the unbanked and underbanked in emerging markets.
Aella Integrates With Creditcoin
Aella, a top mobile banking platform in Africa, is poised to become one of the merchants to drive the success of Network. It has successfully integrated with Creditcoin 2.0. From the available information, Aella’s credit transactions, including loan terms, payments, and repayments will be recorded on the Creditcoin block explorer.
Aella is already a reputable brand in the African market. The integration with Creditcoin 2.0 will bring a higher level of transparency. Its credit history will become completely transparent, meaning that investors within the OpenFi Ecosystem can audit Aella’s credit performance in real-time. They can then invest their funds via Gluwa Invest.
Reaching the Unbanked and Underbanked
Creditcoin is playing a huge role in the open market. It efficiently minimizes the informational asymmetries between borrowers, lenders, and investors. This helps Aella to raise capital easily and satisfy its market quicker. Of course, this will ultimately improve lending rates for the unbanked and underbanked in Africa.
Speaking about the development, the CEO of Aella, Akin Jones said:
“We’re excited to be the first OpenFi partner to integrate with Creditcoin. By allowing potential investors to see how our business is performing in real-time, we’re confident that this will increase counterparty trust and, ultimately, help us raise capital too. For us, and millions of users across Africa, that means more and cheaper access to vital sources of credit.”
A Well-Timed Valuable Upgrade for the Future
Creditcoin 2.0 is an important upgrade that will improve the performance of the network significantly. The newly released Credal API makes it easier for lending platforms to seamlessly integrate with the decentralized credit network. It comes with a new command called Register Deal Order. In addition to enabling more efficient integration, it guarantees faster recording of loan portfolios and user bases.
Though it has been launched, more improved features are still on the way. In the coming weeks, visibility in Credit 2.0 will improve, thanks to the new and improved Creditcoin Block Explorer tool. This tool will facilitate the development of public-facing endpoints which, in turn, will deliver real-time, transparent data on the performance of the blockchain.
There is also a plan by the Creditcoin team to add data to the number of outstanding loans within its ecosystem. It is also aiming to create a real-time Order Book of its loan bid/ask market between lenders and borrowers.
Speaking about the upgrade, Creditcoin Founder, Tae Oh, said:
“It’s an exciting time as we launch Creditcoin 2.0. This release gives us increased stability and performance for our miners as they secure the network for our lenders, investors, borrowers, and community of fintech developers. All of this helps us achieve our goal – giving the unbanked of the developing world a fairer shot at building an immutable, transparent credit history, and with it, financial stability.”
Fintech company Circle has announced New York Community Bank (NYCB) as a custodian of its USDC stablecoin
Going forward, Circle plans to expand the roster of USDC custodians with more community banks and MDIs as a part of the Circle Impact initiative
USDC is currently the largest stablecoin in the sector, boasting a market capitalization of $55.8 billion
USDC issuer Circle enters a custody partnership with New York Community Bank
Circle, the issuer of the second largest market cap stablecoin USD Coin (USDC), announced on Tuesday that it is partnering with New York Community Bancorp (NYCB). As a part of the deal, the New York-headquartered financial firm will become a custodian of USDC cash reserves and collaborate with Circle to promote low-cost payments services for “unbanked communities”.
According to a press release, NYCB has become the first community bank to manage stablecoin reserves. Circle plans to expand custody over USDC to more traditional financial institutions in the future, as a part of the Circle Impact initiative announced last November.
This is not the first time that Circle has forged a high-profile partnership with a traditional financial institution. Recall that in April, the company selected BNY Mellon – one of the oldest the largest custodian banks, with more than $45 trillion in assets under custody (AUC) – as a primary custodian for USDC reserves.
The USDC stablecoin has seen immense growth in the past year. In January, it surpassed its biggest rival, Tether (USDT), to become the largest stable digital currency on Ethereum in terms of the total supply. Despite the recent crypto downturn and a highly publicized collapse of Terra’s UST stablecoin, USDC has managed to retain the $50B+ market cap the coin first reached in February.
KuCoin is known as the “People’s Exchange” for a solid reason – all KCS holders earn from the platform usage.
Launched in September 2017, KuCoin Exchange is already the biggest altcoin exchange, with over 700 assets and 1,200+ trading pairs. In addition, it is a top 5 crypto exchange overall within the entire industry. In the short time running, KuCoin has already managed to attract well over 18 million users in 207 different countries.
KuCoin Token (KCS) is the native token behind the cryptocurrency exchange. It is a utility token that has several use cases in the entire KuCoin ecosystem. For example, it can be used for paying trading fees on the KuCoin Exchange and also provides a 20% discount on those trading fees.
In addition to this, any user that holds at least 6 KCS tokens gets a daily bonus reward from the KCS Bonus incentive mechanism. The reward comes from the 50% share of KuCoin’s daily trading fee revenue, which is distributed proportionally across all holders.
Other use cases include taking part in IEOs on KuCoin Spotlight and collateralizing KCS to take out loans from the platform in USD and VND.
KuCoin recently closed Series-B funding round, which took their evaluation past $10 billion. As a result, their upcoming expansion plans will certainly help the exchange and the token grow.
This article will briefly cover some potential fundamental driving forces for the KCS token and outline where it could trend in the coming years.
KCS Potential Fundamental Drivers
One of the main driving forces behind KCS is the quarterly burn that occurs. From January 2021, KCS decided to change the quarterly burn to a monthly burn. In total, 200 million KCS were created at launch and the burn is intended to continue until 50% of the total supply has been removed.
In the new monthly burn, 10% of the net profit will be applied to the buy-back of KCS;
Image source: KuCoin
In March 2022, the KuCoin team released the KCS whitepaper to announce the new KCC ecosystem. KCC will be its own native chain and will bring KuCoin into the DeFi world. It will be a high-performance platform that can boast higher throughput and lower transaction fees than Ethereum.
As the KCC chain grows, all fees on the chain will be paid in KCS, helping provide further use-case for the growth of KCS.
The last strong fundamental driving force that might help KCS run higher is that they recently announced a $150 million pre-Series B Funding round – taking its valuation all the way up to $10 billion. The funding round was led by Jump Crypto and saw the participation of some big industry players such as Circle Ventures, IDG Captial, and Matrix Partners.
The new influx of capital will allow KuCoin to truly expand beyond the realms of “just” a cryptocurrency exchange. Instead, with the new funding, KuCoin can expand its presence in Web 3.0, GameFi, Defi, and NFT platforms.
Johnny Lyu, CEO of KuCoin, stated the following on the matter;
“The vote of confidence from prominent investors, including Jump Crypto and Circle Ventures, solidifies our vision that one day everyone will be with crypto. KuCoin is built for all classes of investors, and we believe these new investors and partners will contribute to making KuCoin synonymous with a reliable and trustworthy gateway into crypto space.”
KuCoin Price History
Like the majority of the crypto market, the growth of KuCoin was truly exponential in 2021. The coin started the year beneath $0.8 as it started to surge as high as $20 in the first few months of the year. From there, KCS fell lower in April but managed to hold the support level at around $5.
It took a few more months for KCS to finally break above $20 again. Officially, it happened in the first week of November, which allowed KuCoin to surge through the winter to reach the all-time high price of $28.77 in the final week of November.
More specifically, KCS found resistance at a 1.414 Fib Extension level and started to roll over from there.
In 2022, like the majority of the cryptocurrency market, KCS started to plummet as it dropped back beneath $20 and headed lower through April. In June 2022, KCS fell back beneath $10.
Looking ahead, once the US Interest Rate hikes cease and Bitcoin (BTC) starts its recovery, the first few points of resistance are expected to be around $10, $15, and $20. Beyond $20, the resistance is located at $25.15 (1.272 Fib Extension), $27.90 (1.414 Fib Extension), and $30.
It is unclear if KCS can break $30 through 2023. It entirely depends on overall market conditions as the entire altcoin market is highly correlated to Bitcoin. However, if Bitcoin does recover quickly, the $30 level should not act as overpowering resistance for KCS.
KuCoin Price Forecast Long Term Outlook – 2025
The price potential for KuCoin over the long term takes it well above $50. After the resistance at $30 is breached, local resistance is then expected at $34.10 (1.272 Fib Extension – green), $35, $36.90 (1.414 Fib Extension – green), and $40.
Above $40, resistance is located at $41, $42.50, $46.28, and $50.
Conclusion
Predicting the price forecast so far into the future for any token is extremely difficult. However, once the overall cryptocurrency market recovers and BTC heads back to its all-time highs, there is no reason why KuCoin could not smash past $50 in the coming months and continue further higher.
In addition to this, the fundamental drivers behind KCS will all help the coin break its all-time high during the next market recovery.
When you look at the stated advantages of cryptocurrency – the speed of transactions, the internationality of the concept, and the low cost of use – they seem to mesh well with what online casinos and sportsbooks are trying to do. Given this seemingly obvious synergy, it would make sense that betting with crypto should appeal to a broad audience. Yet a quick search around the most popular gaming providers in any market, whether in the US or elsewhere, shows a marked lack of providers offering crypto as a means of deposit or withdrawal.
Where does this divergence between what is expected and the reality come from? In truth, there are a few reasons, and we’ll explore them as we go on. But with a definite market for the growing industry of US real money casinos, it is worth being open and honest about a few facts; facts which remain constant whether a user is pro- or anti-crypto. Taking those facts into account, it might not be too much of a surprise that casinos are, for the moment, reluctant to accept cryptocurrencies on the same level that they take fiat currencies.
The first reason is banking
Banking is a complex issue for any betting provider for a number of reasons. There is the sheer volume of money that changes hands through a bookmaker at a given time, which introduces an element of enhanced security. There is also the need for strict screening given that this high volume makes betting an attractive proposition for people seeking to launder money. And when casinos and sportsbooks are arranging banking software and infrastructure for their sites, there is a tendency for crypto to raise alarm bells, increasing the number and extent of checks that need to happen. In other words, it’s more convenient to not allow crypto to be used in online casinos.
Regulation is a key issue
Be prepared, the following paragraph will contain at least one use of the phrase “legal gray area”.
Cryptocurrency is not widely regulated at present. Because it is a very new means of making and accepting payments, it does not have much of a history and there does not exist a broad consensus as to how it is treated. Different governments in different countries may see it as a digital asset, a currency, a store of value or anything else. So while crypto is traded internationally, there is not an international regulatory framework for dealing with it. This leaves casinos in a legal gray area, as crypto coins are largely unregulated, making it hard for casinos to know what their legal position is when accepting them and paying them out. Aware of their need to operate legally to retain a license, casinos will often back away from crypto.
Time will clarify the picture
For now, there are various obstacles to online casinos accepting Ethereum and Bitcoin, and the crypto gambling community is therefore led towards specialist crypto betting sites. A willing crypto bettor may find more luck with casinos headquartered in Malta, a jurisdiction with extensive regulation concerning both crypto and betting, where gambling is a leading industry. As time goes on, it is expected that more legislation will emerge in more regions and that a certain amount of harmonization will take place between jurisdictions. It’s not going to happen overnight, but time is how a consensus develops, so waiting may be in the best interests of casinos looking to change their stance on crypto.
Data from a Currency.com report suggests that DOGE/USD is starting to lose momentum as traders turn risk-averse at an increasingly rapid pace.
The number one ranked memecoin lost as much as 57% in trading activity during June 2022.
Furthermore, it seems that BTC Hodlers might be selling while ETH and LTC retain top positions in trading volume.
According to a recent Currency.com report, the trading activity across “meme” tokens appears to be collapsing. The growth of the memecoin sector was largely driven by Dogecoin in the former years but was further expanded by Shiba Inu in 2021.
The growth of these two tokens was truly exponential which allowed DOGE to reach an all-time high market cap value of over $80 billion and SHIB to reach as much as $41 billion.
In a dramatic turn of events, it seems that traders have abruptly stopped trading Dogecoin, the memecoin that is largely considered to be the most popular in the sector, on Currency.com.
According to the data, DOGE/USD used to be one of the top-traded coins in May after BTC, ETH, and LTC. The new data from Currency.com suggests that trading volumes for DOGE/USD dropped by a whopping 50% in June, down enormously from the previous month.
In that same period, the total number of traders exchanging DOGE/USD fell by 57% on the platform.
It seems that traders are seeing a bottom for DOGE and are looking for safer options during the interim. Steve Gregory, CEO at Currency.com, had the following statement on the issue;
“This may suggest that traders are seeing a bottom for DOGE and favoring the safety of larger market cap coins like Bitcoin (BTC) and Ethereum (ETH). As we approach the end of June, $2.5B in open interest of BTC options expired last week bringing volatility across the asset class. All eyes will be on the next meeting of the Federal Reserve and with current indications pointing to a possible increase in the interest rate, it’s likely that risk assets like cryptocurrency could continue to slide. Typically, crypto is the first to sell-off, followed by the wider global equities markets.”
Unfortunately, it seems that the maximum pain might still be incoming for any remaining DOGE holders.
ETH & LTC remain on top but are BTC Hodlers losing faith?
Furthermore, Currency.com also reported that BTC/USD, ETH/USD, and LTC/USD continue to hold on to the top three most traded cryptocurrencies listed on the exchange.
Although BTC and ETH are the top two ranked cryptocurrencies by market cap value, LTC is still sitting in the 20th position, so it’s quite surprising to see it on the list. Additionally, this is the second month running that these three coins have managed to hold the top three positions by trading volume.
Adding further to the drama, it appears that there is an increase in the selling activity from BTC Hodlers. This could suggest that BTC supporters are starting to grow tired of the current bearish market conditions and are starting to lose faith as additional interest rate hikes are still on the table later in the year.
However, it could also be an indicator that traders are starting to gear up for the Ethereum merge on the horizon, favoring holding ETH instead of BTC.
Gregory had the following to say on the situation;
“With the Ethereum ‘merge’ just a few months away, and a major daily supply drop in ETH issuance, we see these as possible catalysts that pulls the asset class out of its downward trend,”
