M3TA Recap: April 17 – April 23, 2023
BTC drops, Sui launches mainnet, meme coins create buzz, making for an unpredictable but potentially rewarding time in the crypto world. Read on!
Top performers (7D)
MangoMan Intelligent - $MMIT: +75%
Price as of time of writing: MMIT/USD - $0.0000007
$MMIT is the world's first fruit meme token, built on the Binance Smart Chain (BSC). Mango Man Intelligent, the team behind MMIT, has also launched their own swapping platform called MangoSwapp which allows swapping, farming, LPs providing, and exchanging NFT on BSC chain.
The recent surge in price can be attributed to three events:
the meme coin trend from last week. Read more about $AIDOGE and other meme coins.
the news that $MMIT will be listed on MEXC this Wednesday
the kickstarter program that the platform is about to run with MEXC on Apr 25: hold $MX and receive $MMIT as rewards.
Cartesi - $CTSI: +34.6%
Price as of time of writing: CTSI/USD - $0.239
Cartesi uses a combination of Layer 2 solutions such as rollups and sidechains that can work with the Ethereum Virtual Machine (EVM) to make dApps faster and cheaper to use, while also being blockchain agnostic. This means it can work with multiple blockchains. Additionally, Cartesi's hybrid model combines on-chain and off-chain components, which provides flexibility to dApp developers.
The recent increase in $CTSI's value may be linked to a money flow into layer 2 tokens, such as $OP or $ARB, that occurred two weeks ago.
Polymath - $POLY: +29.5%
Price as of time of writing: POLY/USD - $0.238
Polymath is a platform that helps projects raise funds from investors using traditional payment methods. It is designed specifically for projects that involve real-world assets (RWA). Polymath makes it easy for these projects to create, issue, and distribute tokens using a tool called Polymath Token Studio, which follows the ERC 1400 standard.
The recent surge in $POLY's price could be attributed to Polymath's membership in the Canadian Alternative Investment Securities Association (CAASA), Canada's largest association representing the alternative investment industry.
Polymath's decision to become a member of this association suggests that they are looking to expand their services and brand recognition, as they are a platform that helps projects raise funds.
e-Radix - $EXRD: +27%
Price as of time of writing: EXRD/USD - $0.0965
$EXRD is a wrapped token of $XRD on Ethereum.
Radix - $XRD: +25%
Price as of time of writing: XRD/USD - $0.0964
Radix is a layer 1 smart contract platform that aims to decentralize the global financial system. It offers several features, including Scrypto, an intuitive programming language; Radix Engine, a programmable "DeFi Engine" that allows developers to create "components" of smart contract logic that can be snapped together like Lego bricks; and Cerberus, a consensus algorithm for atomic composability and linear scalability.
The recent price surge of $XRD could be due to a series of positive events:
On March 24th, $XRD raised $10 million from DWF Labs.
On April 11th, $XRD was listed on Gate.io perpetual.
On April 14th, it was also listed on Mexc perpetual.
On April 18th, the number of developers using the Scrypto language had increased from 2,000 to 8,000 in just 8 months.
Finally, on April 20th, Radix formed a strategic partnership with Layerzero.
Top losers (7D)
CoinFlex - $FLEX: -42.9%
Price as of time of writing: FLEX/USD - $1.05
CoinFLEX is a cryptocurrency exchange that focuses on futures and perpetual contracts, and it stands for “Coin Futures and Lending Exchange”. Unlike other exchanges that offer spot trading, CoinFLEX also offers an Automated Market Maker (AMM+) feature that allows users to earn yield without dedicating much time or effort to actively trade.
Recently, CoinFLEX rebranded with a new tokenomic and product structure on March 7. However, the details of the rebrand are unknown since their Whitepaper is not yet available.
The price of $FLEX reached its highest point when their restructuring plan was approved by the courts in the Seychelles. Since then, the price has been declining, but it has not yet reached the support level, which means there is still a possibility that the price may increase again.
Kaspa - $KAS: -28.2%
Price as of time of writing: KAS/USD - $0.024
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.
In early April, the price of $KAS reached an all-time high. However, since then, it underwent a correction and dropped to a low of $0.022. Currently, the price is stable and not showing any significant movement. However, there are signs that the hashrate and difficulty are slowly increasing again. This may suggest that the price of $KAS could rise once more in the future.
Conflux - $CFX: -26.4%
Price as of time of writing: CFX/USD - $0.277
Conflux Network is the only government-endorsed permissionless blockchain network in China.
WOO Network - $WOO: -26.3%
Price as of time of writing: WOO/USD - $0.244
WOO Network is a platform that combines centralized finance (CeFi) and decentralized finance (DeFi) services. It helps cryptocurrency traders, exchanges, institutions and DeFi platforms by providing them with faster trading execution and greater market liquidity at zero or low cost.
The recent decline in the value of these 4 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.
Celsius Network - $CEL: -25.4%
Price as of time of writing: CEL/USD - $0.264
Celsius Network is a lending platform that lets you earn interest on your deposited cryptocurrencies or take out crypto-backed loans. It's regulated and compliant with SEC rules.
Celsius filed for bankruptcy in July 2022 following the Luna crash, and since then, the price has continued to decrease.
Macro
Initial claims - the report released by the government which outlines the number of individuals who have recently lost their jobs and are applying for unemployment benefits for the first time.
State unemployment benefits are financial assistance provided by the government to eligible individuals who have lost their job through no fault of their own
Seasonally adjusted data is a time series that has been modified to remove seasonal variations in the data.
Unadjusted claims refer to the raw count of individuals who have applied for unemployment benefits without being adjusted for seasonal and calendar factors
Initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 245,000 for the week ended April 15, 2023. Unadjusted claims dropped 7,021 to 228,216 last week
Initial claims increasing means more people are losing jobs, which may indicate economic weakness. However, strong employment growth suggests a healthy job market which can positively impact the economy.
This means the impact on the economy can be mixed. The Fed may raise rates next month but may pause tightening monetary policy after that.
Micro
BSC News - April 21, 2023
Sui will launch its mainnet on May 3, 2023.
Sui chose community access for the $594 million SUI tokens plan instead of public airdrop.
Bybit, Kucoin, and OKX confirmed participation in token sale on April 23.
Sales pricing differs between general audience and whitelisted participants
Those who are on the allowlist of Sui Foundation can purchase tokens for $0.03; others can buy them for $0.1.
THENEWSCRYPTO - April 19, 2023
The TON Foundation has introduced a two-way bridge to facilitate the transfer of ERC-20 tokens from Ethereum to natively bridge tokens - Jettons on TON.
The bridge aims to provide a seamless transactional interface between Ethereum and TON, making it a significant milestone in the evolution of the TON ecosystem.
The first unlimited bridge will allow users to bridge Wrapped Bitcoin (wBTC), Tether tokens (USDT), USD Coin (USDC), and Dai (DAI), and more tokens will be available for bridging soon.
Blockworks - April 19, 2023
Hong Kong's High Court has ruled that cryptocurrency is property and can be legally managed by someone else on behalf of the owner.
The ruling was made in a case involving Gatecoin, a crypto exchange that operated from January 2015 to March 2019.
The ruling means that crypto is on par with other intangible assets such as stocks and shares and it comes as Hong Kong aims to revive its image as a crypto assets hub.
Here are some Hong Kong-related tokens to keep an eye on: $LINA, $KEY, $MDT, $ACH, $HIGH, $PROS, and $PHA. However, please note that this is not financial advice and you should always DYOR before making any investment decisions.
News Highlight
Binance - April 21, 2023
What is Open Campus (EDU)?
Open Campus Protocol is a community-led Web3 educational platform that aims to tokenize global educational content. It allows creators of educational content to earn money and provides an alternative education system for those who want to learn. The protocol uses EDU tokens for governance, payments, and revenue sharing. Contributors to the platform, such as content creators, will receive their share of the revenue in EDU tokens.
Binance is releasing and conducting a token sale for Open Campus (EDU) token on Launchpad
Tokensale will use Binance subscription format, recording users' BNB balances on Binance
Public sale price for EDU token will be $0.05
One billion EDU tokens will be issued
Participants' EDU token amount will depend on average BNB balance in Binance wallets from April 23 to April 28
Memecoins Became the Talk of the Crypto
M3TA Intern - April 20, 2023
Last week, the price of BTC dropped to $27,000 from its previous high. Typically, investors would anticipate a rise in altcoins during a BTC price retraction. However, altcoins remained stagnant or experienced significant declines. In contrast, meme coins saw a surge in price.
Several new meme coins, including $AIDOGE, $PEPE, $SHIBAI, $WOJAK, and $APED, gained significant attention on Twitter.
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