M3TA Recap: April 10 – April 16, 2023
Last week was incredibly eventful! Bitcoin skyrocketed to an impressive 30,000, the Ethereum Shapella Upgrade successfully went live, and the Sui network is gearing up to launch new tokens. Read on!
Top performers (7D)
Radiant - $RXD: +162%
Price as of time of writing: RXD/USD - $0.0069
Radiant is a type of blockchain technology that allows people to easily and quickly send digital assets and make payments to anyone around the world. It does this without needing a central authority to oversee the transactions. Instead, the network itself manages and verifies the transactions. Radiant is based on the original design of Bitcoin and is designed to be fast and efficient.
The recent increase in price might be linked to a trend in Proof of Work that occurred two weeks ago.
Stride - $STRD: +135%
Price as of time of writing: STRD/USD - $2.59
Stride Zone is a blockchain platform that helps people make money from their staked tokens. It allows users to earn staking and DeFi yields on the Cosmos IBC network.
The reason for the increase in volume could be because Stride blockchain joined the ATOM Economic Zone and adopted interchain security. We also noticed that most of the deposited volume came from $ATOM.
https://twitter.com/stride_zone/status/1646606808298016791
NFT Worlds - $WRLD: +114%
Price as of time of writing: WRLD/USD - 0.047$
NFT Worlds is a project that lets you earn money by playing games, and it originally used Minecraft as a platform. But starting from July 20th, 2022, NFT Worlds will no longer rely on Minecraft. In the game, you can buy special items that represent different game worlds. You can then use these worlds to create places where people can meet up or play mini-games together.
As no relevant news has been found, it is possible that the rise in price is linked to the trend of $BTC.
SpaceID - $ID: +87%
Price as of time of writing: ID/USD - $0.83
Space ID is a network that helps you name your web3 domain on different blockchains like BNB Chain and Arbitrum.
As no relevant news has been found, it is possible that the rise in price is linked to the trend of $BTC.
SuperWalk - $GRND: +125%
Price as of time of writing: GRND/USD - $0.3
SuperWalk is a move-to-earn project that rewards users with tokens for simply walking.
The recent announcement of the Flower Blooming Spring Event, which includes a new skin airdrop as a reward, could be a contributing factor to the increase in price.
M3TA has developed an analytical dashboard for SuperWalk. If you're interested in checking it out. Access the Report here:
https://m3talab.io/reports/superwalk-dashboard
Top losers (7D)
Kaspa - $KAS: -21%
Price as of time of writing: KAS/USD - $0.027
Kaspa is a PoW cryptocurrency that uses the GHOSTDAG protocol, whose way of working could be loosely compared to sharding. Thanks to GHOSTDAG protocol, transactions can take place concurrently across different chains, unlike traditional blockchains which usually facilitate one by one.
MarbleX - $MBX: -17%
Price as of time of writing: MBX/USD - $2.45
MarbleX is a gaming blockchain ecosystem built on Klaytn.
Venus - $XVS: -14%
Price as of time of writing: XVS/USD - $7.64
Venus is a DeFi platform that empowers users to lend and borrow cryptocurrency by leveraging collateralization.
Axelar - $AXL: -8.6%
Price as of time of writing: XVS/USD - $0.54
Axelar is a technology that lets you create Web3 applications that work across different blockchain networks. It uses a secure method called proof-of-stake, which is already trusted by other popular networks like Ethereum and Cosmos.
Livepeer - $LPT: -8.6%
Price as of time of writing: LPT/USD - $6.49
Livepeer is a network that helps make online video streaming cheaper, stronger, and less likely to be censored. Video streaming takes up a lot of the internet's bandwidth, and Livepeer wants to make it easier and more efficient for people to stream videos without spending too much money.
The recent decline in the value of some tokens may be nothing more than a normal correction following an extended period of market expansion and strong performance, and should not cause undue concern among investors.
Macro
Consumer Price Index (CPI) - which measures the price of consumer goods and how they're trending
Consumer price index rose 0.1% against an estimated 0.2% for the month.
The core CPI increased 0.4% as expected.
Inflation is still above the Fed's comfort level but is showing signs of decelerating.
Retail Sales - which track consumer demand for finished goods over time by measuring purchases of durable and non-durable goods
Retail sales fell 1% in March (compared to February)
Decline was driven by lower sales of autos, electronics, and at-home and garden stores
Micro
MetaMask - April 10, 2023
MetaMask has launched a new feature allowing users to purchase cryptocurrencies directly from its Portfolio Dapp with fiat currency.
The new "Buy Crypto" feature supports payment methods such as debit or credit cards, PayPal, bank transfers, and instant ACH.
The feature offers more than 90 tokens across eight different networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimis, and Celo.
A customized quote is provided for each purchase based on factors such as the user's location and local regulations.
After selecting a quote, the user will be redirected to a third-party provider's website to complete the transaction, and the funds will be deposited directly into their MetaMask wallet.
Decrypt - April 11, 2023
Possible reasons:
Traders are expecting Federal Reserve Chairman Jerome Powell to slow the rate of interest rates due to the banking crisis. This could make "risky" assets like Bitcoin more appealing.
Bitcoin and gold are considered safe investments during economic uncertainty because they are independent of government-controlled currencies and traditional investments, which may be subject to inflation and instability.
CoinDesk - April 12, 2023 at 3:55 PM UTC
Maple is planning a community vote later this year for new tokenomics and utility for MPL token
MPL rallied 23% ahead of community call
The developments come as the platform is recovering from a disastrous year for crypto lending that was plagued with insolvencies of borrowers.
Upcoming pool allows accredited investors and corporate treasuries outside the US to invest in US Treasury bonds and earn yields
Protocol expects demand due to crypto investors seeking yields in traditional assets and decreasing trust in banking facilities after recent bank implosions in the US.
News Highlight
CoinDesk - April 13, 2023 at 10:31 AM UTC
The Shapella upgrade integrates modifications to both the execution layer (Shanghai) and the consensus layer (Capella) within the Ethereum network.
Ethereum's Shanghai hard fork completed, allowing staked ether withdrawals
Two-year lock-up period for Ethereum staking ended with Shapella upgrade
ETH price unaffected after upgrade due to limits on unstaking ETH.
Reuters - April 13, 2023 at 2:49 AM GMT+7
Bankrupt crypto exchange FTX has recovered over $7.3 billion in cash and liquid crypto assets.
FTX attorney said the company is starting to think about its future after months of effort devoted to collecting resources and figuring out what went wrong.
FTX is negotiating with stakeholders about options for restarting its crypto exchange, and it may make a decision on that in the current quarter.
FTX is working on a preliminary Chapter 11 plan that would offer the company a path out of bankruptcy.
U.today - April 16, 2023
Sui Network launches community access program for its SUI token, offering it for purchase to its dedicated community members.
General sales available at $0.1/token, while Sui Champions and Supporters (those who contribute in SUI discord before February 1, 2023) can purchase at a discounted price of $0.03/token through whitelist sales.
The SUI token will be available for purchase on KuCoin, OKX and Bybit, with conditions and restrictions.