Shiba Inu Entering Metaverse as Axie Infinity Slump Continues; Investors Clamoring to Get in on Uwerx (WERX) Presale
It’s 2023, and the eye-popping gains that investors once made with established tokens like Shiba Inu (SHIB) and Axie Infinity (AXS) are but a distant memory. Savvy investors looking to make a bit of profit will do better investing in undervalued projects with tangible real-world value and low market capitalization. Another option is investing in their presales or ICOs to make serious gains. In this article, we’ll take a look at exciting newcomer Uwerx, a blockchain protocol seeking to build the first web3-enabled freelance marketplace and why we think it will do better than Axie Infinity (AXS) or Shiba Inu (SHIB) this year.
Axie Infinity (AXS): Losing Investor and Player Interest
Entering 2023, Axie Infinity (AXS) experienced a much-needed rebound for its AXS token. However, that same Axie Infinity (AXS) rebound in price is expected to trigger a fresh wave of selling. For instance, there is a looming Axie Infinity (AXS) token unlock that will introduce nearly 5 million new Axie Infinity (AXS) tokens. According to financial analysts, the Axie Infinity (AXS) team may have announced the unlock news to drive up investor speculation leading up to the actual unlock.
The Axie Infinity (AXS) play-to-earn blockchain gaming platform has seen its active user base dwindle to a mere fraction of what it once was at the height of metaverse frenzy in 2021 – and so are Axie Infinity (AXS) token prices. Investors and players alike have lost their faith in the Axie Infinity (AXS) braintrust after its Ronin bridge was compromised in 2022 for nearly US$600 million.
Shiba Inu (SHIB): Trying to Meme Itself in the Metaverse
Shiba Inu (SHIB) requires no introduction as one of the most prominent meme coins in the industry. Investors will remember how Shiba Inu (SHIB) caught fire and created eye-popping gains for its early investors in 2021. Despite the perceived lack of utility that has led to an exodus of Shiba Inu (SHIB) investors – and a crash in Shiba Inu (SHIB) token prices, the dog-themed blockchain protocol is betting on its layer two scaling solution called Shibarium. Shibarium is expected to lead the meme coin’s push into the metaverse as 2023 goes full speed ahead.
Uwerx (WERX): Revolutionizing the Gig Economy with Web3
If you’re looking for a presale opportunity that can bring in the gains like Shiba Inu (SHIB) and Axie Infinity (AXS) did for their presale and early investors, recently-launched blockchain protocol Uwerx might just be what you need.
Uwerx is creating the first Web3-enabled freelance marketplace and job platform whose ambition is to compete with traditional Web2 freelancing platforms such as Upwork and improve it by introducing lower transaction fees, greater data privacy and security, and emphasis on defending users’ intellectual property and creative control.
Thousands of early presale investors have expressed their interest in participating in the Uwerx presale. And why not? Uwerx has left no stone unturned as far as being a safe presale. With a fully-passed audit conducted by InterFi Network and SolidProof, and a 25-year liquidity lock after presale will be implemented after the successful presale of Uwerx, it’s easy to see why experienced crypto analysts predict that the platform’s WERX token can rise from presale prices of $0.0075 to $5 by the end of 2023.
Get in on the WERX presale by following the links below to enjoy a 25% purchase bonus.
Presale: invest.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
Website: https://www.uwerx.network
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XRP Defies Crypto Market Slump, Records Gains As Lawsuit Ruling Approaches
Following the collapse of Silvergate Capital Corp. (NYSE: SI), a major crypto banking company in the United States, the cryptocurrency market has turned bearish in the past week. However, Ripple-backed XRP has printed gains of approximately 3 percent in the past seven days to trade around $0.389 on Thursday. Notably, Bitcoin and Ethereum’s prices have declined by approximately 8 percent in the past seven days.
A popular crypto analyst on Twitter who goes by the name ‘CryptoBull’, has insinuated that XRP is on the precipice of a major bull rally similar to the one in 2017/2018. Notably, the XRP price has formed similar technical volatility experienced during its early stages of development.
As a result, analysts anticipate a major breakout of the XRP price should Ripple be crowned as the winner in the ongoing lawsuit against the SEC. On the contrary, the crypto asset could nosedive similar to LBRY should the SEC get an outright win in court.
XRP Market Outlook
Aside from speculation, the XRP market has significantly been adopted worldwide through Ripple’s On-Demand Liquidity program. According to the recent XRP quarterly market report, Ripple launched ODL services in France, Sweden and Africa and is now available in nearly 40 payouts markets.
The XRPL has reported a sharp uptick in NFT trading activity, which has contributed to increased XRP transaction burns. Moreover, Ripple developers have integrated XRPL with other top blockchains, including Ethereum through Peersyst.
As a result, decentralised applications (Dapps) built on the XRPL can tap into the prowess of other top blockchains without compromising security. Notably, Ripple has processed nearly $30 billion in volume and 20 million transactions since RippleNet was first launched. In 2022, approximately 60 per cent of RippleNet payments were sent through ODL.
Nonetheless, XRP price continues to be dragged down by its tokenomics, whereby Ripple has nearly 50 billion coins in its escrow account – half of the circulating supply.
Bitcoin Slump to End? 3 Factors That Could Propel BTC Price to New Heights
Bitcoin (BTC) has seen a little decrease in value over the course of the previous twenty-four hours. The value of the king coin has dropped from $23,839 yesterday to $23,109 today, a drop of 3.3%.
The world’s largest cryptocurrency by market capitalization, Bitcoin, has faced a turbulent period lately. Its price nosedived to $23,000 due to a series of factors, including the strengthening of the US Dollar and a decline in US equities. However, analysts at crypto intelligence tracker Santiment suggest that when BTC breaks out of its correlation with US equities, it could enter a period of recovery.
The Crypto China Narrative
China is a major player in the crypto market, and the recent People’s Bank of China’s (PBoC) liquidity injection into its economy has raised eyebrows in the crypto community. The central bank injected $73 billion into its banking system over the past week, with similar actions taking place in early 2020 during the COVID-19 crisis.
These actions are aimed at stimulating the domestic economy, and they are correlated with Bitcoin’s price bottom. Therefore, they are crucial to the resumption of the cryptocurrency’s bull run. If the Chinese economy continues to recover, there is a high probability that Bitcoin’s price will surge, given its deep ties with China.
BTC’s Recent Price Rally and the Futures Market
Bitcoin’s recent price rally from $16,500 to $25,000 can be attributed to a short squeeze in the futures market and recent macroeconomic improvements. However, while prices increased, data suggests that many interested buyers, including whales, were left on the sidelines.
The recent rally to $25,000 shared many similarities with the 2019 bear market rally, which saw a 330% surge in Bitcoin’s price to highs around $14,000 from the November 2019 low of $3,250. Recently, the king coin rose 60% from its November 2022 low.
On-chain and market indicators relative to the 2019 rally are sending mixed signals on whether or not Bitcoin’s rally will continue. Nevertheless, if BTC can break out of its correlation with US equities, there are strong reasons to believe that it could enter a period of recovery.
Bitcoin’s 200-Day Moving Average
Bitcoin’s price surpassed the 200-day moving average (MA) at $19,600, which could encourage paper traders looking to open a long position. Historically, this metric has acted as a bull-bear pivot line, with breakouts above it being bullish and vice versa.
BTC/USD usually retests the 200-day MA on a breakout, which raises the possibility of a correction toward $19,500. However, this was not the case in 2019, when the price continued rising without a pullback to the 200-day MA.
So until a breakout happens, traders might continue to stay on the sidelines. The funding rates for perpetual swap contracts are currently neutral, suggesting that traders are waiting for confirmation.
Axie Infinity And Decentraland Continue Slump, While Flasko Presale Gains Amid Massive Interest
2022 is coming to an end, but the crypto market downturn is showing no signs of letting up. Nowhere is this more evident than the complete and total beating that metaverse tokens like Axie Infinity (AXS) and Decentraland (MANA) and their investors took the entire year.
The succeeding bankruptcies that affected the market’s most prominent names due to misfeasance, hubris, and fraud didn’t help, as the collapses of Terra, BlockFi, FTX, and Alameda have tanked the entire market.
Nevertheless, there are still plenty of diamonds in the crypto industry if you search hard enough, and we found one in Flasko. Let’s see why Flasko might be the sleeper pick of the year.
Is Axie Infinity (AXS) Finished?
Axie Infinity (AXS) impressed investors and players alike as it rose to all-time highs in 2021 as the hype surrounding metaverse and play-to-earn gaming reached a fever pitch. At its peak in November 2021, Axie Infinity (AXS) was once worth $165 per token. Since then, however, Axie Infinity (AXS) has lost almost all its value due to bearish market conditions, careening to 96% below its ATH values at $6.80 as of this writing.
Axie Infinity (AXS) has since failed to recapture its past glories. Even worse, Axie Infinity (AXS) player numbers have dwindled to a mere trickle, sealing its fate. No one is playing Axie Infinity (AXS) anymore. Axie Infinity (AXS) investors, perhaps it’s time to move on.
Decentraland (MANA) Isn’t Faring Any Better
Decentraland (MANA) was another one of the crops of metaverse tokens that mooned in 2021 amid unbridled speculation about the concept. However, fast forward to December 2022, and it’s evident that there is no sustainable interest in the metaverse anymore. And that has tanked Decentraland (MANA) prices 94% from its ATH levels, with Decentraland (MANA) token prices sitting at $0.33.
It’s safe to say that Decentraland (MANA) will struggle in the coming years, considering the general disinterest in the metaverse. That’s not to mention the stiff competition Decentraland (MANA) faces.
Flasko (FLSK) Presale Interest Peaking As It Draws to a Close
The most hotly-anticipated presale event of 2022 is drawing to a close amid record interest from over 10,000 investors. Flasko is building a novel alternative investment platform that combines non-fungible technology and the insanely lucrative luxury wines, whiskeys, and champagne asset class.
After all, the latter has proven to be a better investment than commodities and financial products because of their inherent scarcity and improving quality over time.
Flasko achieves this by allowing users to invest in the highest-grade premium whiskeys, wines, and champagnes represented by NFTs, which they can hold, trade, or redeem as they see fit. Holding them allows them to benefit from the asset’s increasing prices. Trading them allows them to profit while redeeming them allows them to enjoy the wines they purchase and have their physical bottles sent to them.
With this value proposition and utility, it’s no surprise that analysts expect Flasko to do a 5,000% increase to its current $0.125 presale value or around $5.55 per Flasko token by 2023.
Presale Flasko investors have bought themselves a gem that is fully audited by Solid Proof and has locked platform liquidity for over three decades. This ensures the safety of Flasko as an investment that’s ready to do a parabolic run in 2023.
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Ethereum May Slump Hard To $700! Here Are The Bottom Levels For ETH Price Amid Market Crash
The crypto market is currently haemorrhaging in one of the largest slumps faced this year, ignited by the battle between FTX and Binance this week.
The acquisition of FTX by Binance has led to one of the fastest and most impactful crypto market crashes, which has bled nearly $130 billion from the market cap in the last 24 hours.
Several cryptocurrencies are facing their worst trading sessions, whereas leading assets like Bitcoin and Ethereum plunge by 15%.
Ethereum Begins Its Trailer Before Plunging Hard
The global macroeconomic factors were not enough, as the collapse of the FTT token and Sam Bankman-Fried’s empire are now playing the leading role in marking a prolonged bearish impact on the crypto space.
The global crypto market is now trading at the lowest level since September as it has entered the final support zone. Most of the major cryptocurrencies are gaining pace to drop in value, and Ethereum is not behind in joining the race.
According to a prominent crypto analyst, CryptoCapo, Ethereum may get hit hard by the negative market sentiments and trigger a strong bearish momentum in the price chart.
CryptoCapo analyzed that ETH price may plunge hard as it has been making long bearish candles in the price chart since the market crash.
He predicted that Ethereum might reach a bottom price range of $700-$750 if it fails to hold its support level near $1,250.
Moreover, another crypto analyst, Justin Bennet, predicted that Ethereum might repeat its 2018’s bearish market trend, where ETH lost over 94% of its value, plunging from a high of $1,440 to a low of $86. The analyst mentioned,
“Reminder: The ETH bottom is probably closer to $300 than $1,000. The only thing that has changed is Ethereum being one step closer to its macro bottom. Just my opinion, as always.”
Ethereum May Reach Triple Digits!
Ethereum has been experiencing a stable bearish trend since September, and now the momentum is further accelerated by the weekly sell-off due to FTX’s demise.
According to CoinMarketCap, Ethereum is trading at $1,164 with a downtrend of 25%.
Looking at the daily price chart, Ethereum made a false breakout above the resistance level of $1,600 and significantly dropped to a low of $1,233 yesterday.
The Bollinger bands are forming a supportive region for Ethereum in the price chart as the lower limit is at $1,031, acting as a crucial support level.
The RSI-14 trend line has been making a vertical line downwards from a level of 61 to 32, showing that Ethereum may head toward $850 if the crucial support level breaks.
EMA-100 and EMA-200 are leaning downwards, hinting at an acceleration of ETH’s current bearish trend till it reaches the $1K mark.
However, Ethereum is anticipated to make a bullish recovery if it stabilizes its price after falling below $800. The Bollinger band’s upper limit will be at $1,134, a bullish target for Ethereum if it makes a bounce back near $1000.
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JPMorgan Warns of A Long Slump In The Crypto Markets! Here’s What You Should Know
JP Morgan: Highlighting The Red Indicators
Recent opinions by expert analysts have noted the rapid depletion of venture capital in the cryptocurrency market. JPMorgan Chase & Co. strategist Nikolaos Panigirtzoglou said on Thursday that annual funding for the cryptocurrency industry is at the $10 billion mark, which is only a third of the previous year’s rate.
Venture capital funding for cryptocurrencies hit a record low of $4.4 billion during the third quarter of this year. As a result of macro variables like monetary tightening, investors have lost interest in risky assets because they do not want to lose more money than they already have.
The JPMorgan team published the following report:
The current weakness in crypto markets is likely to persist if this trend continues, as it demonstrates a reluctance by VC funds to commit resources to the digital-asset area.
The cryptocurrency exchange Coinbase also released its quarterly numbers on November 3rd, revealing a net loss of $545 million. The company reported that macro headwinds, as well as the correction in the crypto market, had a significant impact on their transaction revenue.
Besides that, Coinbase also added that it does not anticipate a rapid recovery of the cryptocurrency market from present levels. Thursday’s trading session saw the price of COIN shares down another 8% to a final value of $55.80. The COIN share price has dropped by around 85% from the past year.
JPMorgan’s Approach to Consumer Safety
In addition, JPMorgan stated that banks must put safety and compliance first when experimenting with cryptocurrencies. Recently, banks have been getting closer to the crypto business to improve the accessibility and efficiency of their financial services and bridge the gap between traditional financial institutions and new-age assets.
That being said, adequate safety measures are crucial to protect investors from cyber threats. Umar Farooq, CEO of JPMorgan’s blockchain unit Onyx, made the following remarks this week at the Singapore Fintech Festival 2022:
“From both a regulatory and a customer’s perspective, it is essential that banks take measures to safeguard their clients’ financial information. We can’t afford to waste any of their capital”
The financial behemoth is working on this via verified collections technology, which would reside in the client’s blockchain wallet. Each time a user transacts over the protocol, their identity is checked.
The bottom line
While in conversation with CNBC, Farooq said, “He can’t imagine people being able to send money across borders if no one checks and no one knows who’s giving money to who, because sooner or later they will be in a money laundering issue.”
Given the state of the world, it’s safe to say that the cryptocurrency community as a whole is reevaluating whether or not altcoins represent a secure investment. This could prove beneficial for investors who put their hard-earned money in such assets with the hope of impressive returns but often end up losing it.
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Bitcoin Miners Might Soon Liquidate if BTC Price Continue To Slump
The miner’s profitability could be harmed by the rising cost of mining blocks. Since the price of Bitcoin has been falling over the course of the year, from $46,000 to roughly $19,300, analysts estimated that the difficulty hike would reduce the miners’ profits by about 20%.
Leading analytics company Glassnode issues a dire warning about a particular group of Bitcoin owners who collectively possess nearly $1.5 billion worth of BTC.
According to Glassnode, the hash rate for Bitcoin, which gauges the network’s processing power, is at an all-time high.
While an increase in network hash power puts BTC miners in a vulnerable financial position, a greater hash rate suggests a more resilient network that is more secure against an attacker.
“Bitcoin Difficulty has adjusted to a new all-time high due to a rapid increase in network hash power. This increases the BTC cost of production, and puts additional stress on miners.”
The analytics company estimates that it will now cost $19,300 to manufacture one Bitcoin through mining, which is more than the currency’s current value of $19,067. According to Glassnode, the combination of rising production costs and a low price for BTC indicates that miners face a significant danger of capitulation.
The Difficulty Ribbon Compression is an on-chain indicator that employs simple moving averages of the Bitcoin network difficulty to assess the impact of miner selling pressure on the king cryptocurrency’s price. The Puell Multiple is a statistic that examines BTC miner earnings.
Glassnode further emphasizes that BTC miners have been actively selling off their stock in recent months.
Approximately 78,200 Bitcoins ($1.49 billion) are now held by bitcoin miners in their treasuries, and this amount has been rising overall since mid-2019.
The deceleration in miner treasury growth over the past several months has been the most dramatic in the recent three years.