Meme Coins SNEK and BANK Drive Trading Frenzy on Cardano’s Minswap Decentralized Exchange
Minswap, a decentralized exchange (DEX), has experienced a significant surge in recent days, potentially influenced by traders seeking profit opportunities within the meme coin market. Notably, the trading volume on this popular Cardano-based DEX has seen a substantial increase, rising from $1 million at the start of May to over $18 million as of Tuesday.
According to TVL rankings from DefiLlama, Minswap currently boasts a total value locked (TVL) of $175.74 million, reflecting its dominant position with over 37% of the market share.
Minswap’s volume surge can be attributed to the meme coin trade surge
The increased transaction volumes on Minswap can be attributed to the growing popularity of meme coins such as Snek (SNEK) and Bank (BANK).
Analysis of data from CoinGecko reveals significant surges in the prices of these tokens. Notably, Minswap alone has facilitated a total trading volume of $40 million specifically for these meme coins.
Within the past 24 hours, SNEK has experienced substantial price movements, ranging from a low of $0.00074874 to a high of $0.00111428 at the time of this statement. This represents a surge of over 34% during this period.
Additionally, over the last seven days, SNEK has seen an impressive spike of over 158%. As a result, the price of SNEK has now surpassed $85 million in market cap.
BANK has also displayed notable price movements, following its all-time low yesterday. The token experienced a significant surge of 36% from its low point, although it subsequently declined by 15% within the past 24 hours.
Meme coins often face criticism due to their perceived lack of utility, inherent value, and highly speculative nature. Such concerns raise questions about the long-term sustainability of these coins. However, supporters argue that meme coins contribute to community engagement within the cryptocurrency space.
Cardano Cube reports that there are presently 25 meme coins based on the Cardano blockchain. This includes tokens such as Hosky Token, DGAF, A SHIB, and several others. Among these, Snek stands out for its notable impact in terms of social media presence and price movements.
Solana (SOL) and Dogecoin (DOGE) Drive The Crypto Market, Orbeon Protocol (ORBN) Emerges As A Key Player With 1988% Increase During Presale
Solana (SOL) and Dogecoin (DOGE) are two of the most prominent tokens in the crypto industry. The bull market of 2023 ensures that the demand for cryptocurrencies remains strong even with weak supply. This will only raise the price of these digital currencies.
However, no project has generated as many conversations as Orbeon Protocol (ORBN). This is a new crowdfunding project that has taken the industry by storm with its 1988% price appreciation so far in its presale. Keep reading to know more.
Calling Solana (SOL) one of the best-performing cryptocurrencies since the start of 2023 is no exaggeration. After all, Solana (SOL) is a stable asset that is worth investing in, according to crypto experts, who predict a continuous rise in value for Solana (SOL).
The Solana (SOL) coin increased in value by 100% in the first month of 2023 alone. This is more than many experts predicted some months ago. As of the time of writing, Solana (SOL) is worth $18.46 with a 24-hour trading volume of $601,855,075.
The Solana (SOL) value is expected to reach $33 as the second quarter draws to a conclusion. Then, investors can become more confident in the crypto market as they enjoy more funds. Then, the price of Solana (SOL) is expected, according to many experts, to rise to $45 by the end of 2023.
It is no strange news that Dogecoin (DOGE) is a leader in the meme sector. Its 30% increase in price over the past weeks ensures that Dogecoin (DOGE) contributes to the drive the crypto market has enjoyed in recent times.
Dogecoin (DOGE) has the ability to help minimize the cost of carrying out transactions on its blockchain while boosting transaction speed. This makes Dogecoin (DOGE) an interesting investment for many. Yet, the future of Dogecoin (DOGE) – as well as other meme coins – depends on its hype and popularity among top personalities.
For instance, the performance of Dogecoin (DOGE) has been powered by the hype from Elon Musk. The current price of Dogecoin (DOGE) is $0.07152 with a 24-hour trading volume of $344,476,322. Analysts predict a rise in value for Dogecoin (DOGE) to between $0.9699 and $1.15 in 2029.
Orbeon Protocol (ORBN)
According to many experts, Orbeon Protocol (ORBN) is the current star of the crypto industry. After all, it has generated conversations more than any other token in recent times. Orbeon Protocol (ORBN) has enjoyed an incredible 1988% rise in value during presale.
Orbeon Protocol (ORBN) is an investment platform that promises to revolutionize the crowdfunding sector. This makes Orbeon Protocol (ORBN) the ideal innovation that enables investors and startups to work together. Only 53% of the Orbeon Protocol (ORBN) tokens are now available for public presale.
The total supply for Orbeon Protocol (ORBN) tokens is 888,000,000 and businesses can now obtain funds quicker and cheaper. They do so as they engage directly with their community at a fraction of the cost through Orbeon Protocol (ORBN).
As the cryptocurrency market shows various signs of recovery, thanks to the recent performances of many tokens following the bear run in 2022, the focus is gradually shifting toward projects with known use cases.
Find Out More About The Orbeon Protocol Presale
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Bitcoin Bears Regain Control – Can They Drive the BTC Price Below $20,000?
The past weekend was bearish for the entire crypto space as the Bitcoin bears strengthened their grip and slashed the price by more than 5%. The bearish volume has accumulated; hence, the price is expected to maintain a descending trend throughout the week ahead.
While the crypto verse hoped the price to surge beyond $25,000 and close the monthly trade around $30,000, the unexpected price slash may hinder the progress of the rally, clinching the levels below $20,000 in the coming days.
A significant ‘Sell Signal’ was lit off as soon as the BTC price marked the levels beyond $24,000 during the previous week. The price remained swinging between $23,000 and $24,000 for quite a long time, indicating the price zone to be extremely risky with a high probability of a swing trade.
Therefore, the next swing may compel the price to retrace into the next relevant support area between $22,000 and $20,000 within the rectangle as shown below.
If the rally holds strong within these support zones, a significant rebound may raise the price back above $24,000 which may further push beyond $25,000. However, this scenario appears to be unlikely as the recent upswing was a result of a short squeeze following the move in the Nasdaq and weakness in the USD.
Therefore, until and unless, the Bitcoin price does not leap beyond $25,000, the bullish trend may not be validated. The price is believed to display false swings in either of the directions till then that may induce distrust among the market participants. Once the price drops below $22,500, a bearish confirmation may set off, capitulating the market for the next couple of weeks ahead.
However, the price after experiencing an extended compression tends to break out of consolidation which may lay down a notable upswing to reclaim the lost positions beyond $24,000 soon.
Bitcoin Whales Drive Altcoin Market FOMO, Santiment Warns Of Macroeconomic Risks
The crypto market has seen its highest gains in the past week since the start of the 2022 bear market, led by Bitcoin’s price reaching above $21,000.
However, on-chain analytics firm Santiment has observed that traders are behaving as if the market has reached its peak. Furthermore, Santiment has noted that Bitcoin’s profit transaction ratio is currently at its highest level since February 2021, suggesting that a potential reversal may lead to a general correction in the crypto market in the coming weeks.
It has been reported that the influx of Bitcoin whales – 416 more BTC addresses holding between 100 to 1,000 BTC in the past eight weeks alone – has given the altcoin market the confidence to experience FOMO.
Santiment also warns that the crypto market is not immune to the macroeconomic factors that affect global economies. Additionally, the future of crypto’s mainstream adoption is dependent on worldwide regulations. In its mid-month crypto report, Santiment highlighted the changes in social volume over the past thirty days.
According to the report, Ethereum recorded a spike of over 50%, while Bitcoin posted a decline of 4.92%. In the stablecoin market, Tether (USDT) and USDC posted a decline in the social volume of approximately 26% and 40% respectively.
The next move in the crypto market is practically impossible to guess but historical data suggests that the industry is in the early stages of multi-week consolidation. Notably, the total crypto market capitalization is about $1.03 trillion today with approximately $122 million liquidated in the past 24 hours.
Top Catalysts That Could Drive XRP Price To $1 by Jan – 2023
Last week’s price action of XRP was disappointing because it fell below a crucial support level, turning it into a roadblock. During this period, the token had lost about 30% of its value, as it slipped below $0.4. Nevertheless, it keeps fighting hard, which has caused the digital asset to move back into the bullish arena. On November 8, the price of XRP fell below the $0.38 support level, creating a narrower range that ranged from $0.31 to $0.40.
Given that the token is recovering from its most recent slump, the momentum is weak. The price level of $0.38 is very crucial at the given moment. The XRP price could increase further as a result of the Ripple vs SEC news. If XRP clears the range between $0.38 and $0.40, positive momentum will be confirmed. On the other hand, at the present resistance level, bears can outsmart the bulls and force a correction back below $0.30.
Ripple vs SEC
The November 14 notification stated that Ripple’s motions to submit amicus briefs to the SEC were approved. Individuals and other interested parties will now be able to participate in the proceeding thanks to the amici status. The first “friend of the court” to submit an amici brief may be Coinbase. The US cryptocurrency exchange has agreed with Ripple’s justification for why XRP shouldn’t be categorized as a security.
XRP Ecosystem Grows
Ripple recently announced an expanded strategic cooperation with MFS Africa in a tweet. The fintech company dominates the African mobile money market with more than 400 million connected customers and more than 800 payment corridors, all of which are expanding.
“We’re thrilled to announce that our On-Demand Liquidity (ODL) solution is expanding via our partnership with MFS Africa ! Africa holds 70% of the world’s $1T mobile money value, and ODL will further enhance digital payment rails across the continent.”
Swell Global is another event that could have a significant effect on the XRP price. This year’s event will take place from November 16 to 17 in London.
Bitcoin To Drive Altcoin Season Soon! Here Is What Traders Can Expect
Being the pioneer in the crypto market, Bitcoin has carried several bullish rallies for altcoins in the past. In 2021, Bitcoin’s bullish momentum greatly impacted the upward recovery of dominant altcoins like XRP, Dogecoin, and ADA, as they were deeply correlated with Bitcoin at a ratio of 0.92, 0.91, and 0.95, respectively.
The correlation between altcoins and Bitcoin has been exponentially increasing as the current altcoin train was initially ignited by Bitcoin. The upward rally of altcoins may extend further if Bitcoin brings positive movements in the price chart.
A Relief Rally Is Around The Corner
The current fluctuation in Bitcoin’s price has puzzled investors about its future price movements. Several crypto analysts have opined on Bitcoin’s future trend amid multiple macroeconomic factors. Recently, the CEO and founder of Eight Global, Michael Van De Poppe, predicted that a relief rally of the crypto market might soon take place in the upcoming months.
According to him, the altcoin season may witness new highs if Bitcoin gets pushed above its crucial resistance level as BTC continues to trade in a consolidated area of around $20.3K. However, the analyst warned investors about a change of mood in the crypto market if it gets negatively impacted by the European PMI manufacturing and the FOMC’s decision to control the high rise of inflation.
However, investors are showing more interest in altcoins and stablecoins rather than leading asset like Bitcoin as the stablecoin spot exchange inflow chart has made an all-time high, according to on-chain data provider CryptoQuant. This movement from stablecoins may trigger an upward motion for altcoins as it has been historically repeated when Bitcoin makes a bottom in the price graph.
The End Of Bitcoin’s Uptrend!
Every time an FOMC meeting is scheduled, the crypto market shows its wrapped mode to the community and investors, as the crypto space is highly correlated with the stock market. The crypto market usually goes on a downtrend when the dollar climbs up and vice-versa. Bitcoin recently faced rejection at $21,085 and initiated a fresh bearish trend to $20,048.
According to CoinMarketCap, Bitcoin currently trades at $20,285 with a downtrend of nearly 1%. Looking at the daily price chart, the RSI-14 indicator dropped from a bullish zone of 60 to a supportive zone of 53, hinting at further consolidation for Bitcoin in the price chart due to high selling pressure as BTC loosens its strength.
The Bollinger bands form a falling pattern as the upper limit dropped to a price level of $20.7K from $21K. If Bitcoin makes a continuous rise above $21K, it can cross its EMA-100 trend line and initiate a strong positive momentum.
Conversely, the Bollinger band’s lower limit has been lifted and trades at $19.6K, building a crucial support level for the BTC price. If BTC falls below EMA-20, it can witness more dips in the price chart, and a bottom price level of $18K may soon appear.
It can be concluded that Bitcoin may make the final price bottom near the $19K level again before sparking a new surge to extreme highs in Q1 of 2023. However, Coinpedia advises investors to do their own research and conduct experts’ opinions before investing in the volatile market.
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Dogecoin Rally to be Halted as FOMC May Drive the DOGE Price to $0.11 Soon
Dogecoin price has been in the spotlight ever since Elon Musk completed the Twitter acquisition & further hinted at accepting DOGE payments on Twitter. DOGE’s price surged remarkably, slicing through the crucial resistance at $0.1 to reach $0.1585. While the DogeArmy is looking forward to another leg up, the possibility of a huge pullback appears to be imminent.
The DOGE trade was set up within an ascending triangle for quite a long time, but the recent plunge has dragged the price below the trend line. The bears currently hold a strong grip over the rally, which could be further fueled by the upcoming FOMC meeting.
As speculated by a popular analyst, Micheal van de Poppe, the DOGE price may plunge hard to reach $0.11 soon.
The analyst highlights the levels for the DOGE price as,
- $0.15 → short region scalp
- $0.13 → Long scalps
- $0.11 → Region bounce long area
- $0.085 → swing longs
The price underwent a significant upswing to reach the short region scalp area that further compelled the price to drain. The plunge dragged the price towards the long scalp area. Meanwhile, the levels appear to have held significantly, but if the descending trend continues ahead, then these levels could be breached to test the bounce area at around $0.11.
Hence, the upcoming couple of hours could be extremely crucial for the Dogecoin (DOGE) price as an extended bearish trend may eventually add up the zero, which it struggled hard to eliminate.
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Bitcoin Price Prediction: These Factors May Drive BTC Price Down to $12,000
Bitcoin has been facing enormous liquidity conditions in recent times. Moreover, the global liquidity crisis has also impacted the crypto space, specifically Bitcoin. Therefore, a significant bearish trend has been speculated for the star crypto that may drag the price lower.
Markets largely depend on liquidity and hence a well-known crypto market analyst, Sam Rule, focuses on global liquidity & its impact on the BTC price. As a result of the current liquidity crisis, central banks combat it by keeping interest rates low and purchasing sovereign bonds and other financial instruments.
Rule further states that the bank balance sheets of various central banks like of US, China, Japan, etc have peaked in 2022, which are 20 times higher than that of 2003. And interestingly, Bitcoin’s new All-time high in March 2021, had collided with the peak of the annual accumulation of these banks.
Ever since then the banks have stopped pumping liquidity into the markets and revised their policies to fight the rising inflation. Conversely, the banks have constantly drawn the liquidity out of the market, hence creating the liquidity crunch that had a macro impact on the stock as well as the crypto markets.
On the other hand, the Bitcoin miner reserve & the BTC price has witnessed a significant drop as the active sales by the miners have declined over a month. As the miner reserves are on a constant rise, Bitcoin is expected to undergo a short-term bounce very soon.
However, because the support at $19,100 has been tested numerous times, it may break easily with an extended bearish action. Once these support levels are breached, the BTC price may face a steep plunge below the yearly highs.
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Will the FOMC Drive Down the Price of Bitcoin Given That It Has Outperformed Many Traditional Assets?
Bitcoin has been extremely volatile in recent times, in contrast to other assets. These have been driven by central bank rate hikes, inflation, and the strengthening of the USD. However, amid the bearish drop, it managed to remain stable and gain ground against many assets.
Although the BTC prices traded slightly higher than the previous month, still remained consolidated for 120 days since the deleveraging event in mid-June. Additionally, the market participants are establishing a probable bearish scenario, various metrics like whale transactions, long-held coins, etc. suggest that there may be several months still ahead before a full recovery.
The on-chain indicators from Glassnode that are listed below could be the cause of star crypto’s potential recovery delay.
- The relative address Supply distribution chart manifests a massive decline of the addresses holding more than 100 BTC from 70% to 60%.
- Holders holding 100 BTC to 1000 BTC have heavily contributed to a distribution event in August while the holders holding 1000 BTC to 10,000BTC have been accumulating aggressively
- The net whale withdrawal volumes in the recent weeks, with a net outflow from the exchanges hitting as high as 15.7K BTC which is the largest since June 2022.
- The market participants are experiencing a decline in profit of about 50% which suggests the supply of profitability remains elevated in relation to historical analogues
In addition to all these above factors, the major contributor could be the FOMC meeting, which is underway in the next couple of hours. While increased basis points may contribute to a further slash in the Bitcoin(BTC) price lower very soon.