M3TA Recap: Aug 07 – Aug 13, 2023
You know, BTC is basically catching some Z's right now, but mark my words, once that SEC gives the thumbs-up to the Spot Bitcoin ETF, get ready for a blast!
Despite the conspicuous ranking of price gain among projects, M3TA only chooses to analyze those that pass our Authenticity Test of:
being listed on multiple centralized exchanges
having a market cap larger than $90M
hosting a 24H volume of at least $500K
reputable backers
teams with consistent and proven track records
Explore our Market Mover Report now on m3talab.io!
Top performers (7D)
Akash Network - $AKT: +105.05%
Price as of time of writing: AKT/USD - $1.19
Akash Network is a decentralized marketplace for cloud computing that offers a speedy, efficient, and cost-effective solution for deploying dApps.
Currently, Akash employs $AKT for transactions, but an upcoming update will introduce the use of $USDC as Stable Payments, seamlessly integrating it into the upcoming Akash GPU Mainnet upgrade.
One development contributing to this is the upcoming “akash-a-thon.”The event has managed to attract attention and participation, with a chance to win over $50,000 in $AKT prizes.
Livepeer - $LPT: +74.97%
Price as of time of writing: LPT/USD - $7.16
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.
Livepeer is gaining attention as the primary streaming platform for the Layer 2 Base network.
Rollbit - $RLB: +48.98%
Price as of time of writing: RLB/USD - $0.18
Rollbit serves as a hub for lotteries and various betting options, alongside offering Futures trading with leverage reaching up to 1000x for over 20 prominent trading pairs. Those participating in the lottery commit a specific quantity of RLB tokens, earning them 20% of Rollbit casino's revenue as incentives.
There was no related news on why $RLB moved upward.
THORChain - $RUNE: +48.39%
Price as of time of writing: RUNE/USD - $1.38
THORChain is an independent cross-chain DEX built on Cosmos SDK, using RUNE token as a bridge for asset swaps.
On August 2, 2023, THORSwap, a decentralized exchange aggregator, introduced Streaming Swaps to reduce slippage and improve price execution for sizable DeFi trades.
THORSwap users now have the flexibility of two options with Streaming Swaps:
Time Optimization: For quicker execution, users can opt for the regular THORChain swap method, where transaction speed depends on each network's native speed.
Price Optimization: With Streaming Swaps, trades can be divided into sub-swaps, potentially leading to a more favorable average price.
Merit Circle - $MC: +44.10%
Price as of time of writing: MC/USD - $0.33
Merit Circle operates as a DAO, aiming to optimize yield within play-to-earn (p2e) games and the metaverse.
Although the team didn't release any significant updates, the initial price spike aligned with $YGG movement. This increase could potentially be attributed to the team leveraging the positive sentiment from $YGG news to boost the price of $MC.
Top losers (7D)
Yield Guild Games - $YGG: -40.92%
Price as of time of writing: YGG/USD - $0.32
Yield Guild Games is a blockchain gaming guild centered on play-to-earn games, connecting global blockchain gamers and investors. Their mission is to create a supportive community that fosters growth and exploration in the NFT gaming realm.
YGG was among the Top Performers 1 week ago.
XDC Network- $XDC: -15.61%
Price as of time of writing: XDC/USD - $0.06
XDC Network is an open-source and EVM-compatible blockchain protocol. With its ability to tokenize real-world assets and financial instruments, it has the potential to revolutionize and decentralize the finance trading industry.
XDC was among the Top Performers 5 weeks ago.
Kaspa - $KAS: -13.89%
Price as of time of writing: KAS/USD - $0.04
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.
KAS was among the Top Losers 4 weeks ago.
Helium- $HNT: -10.94%
Price as of time of writing: HNT/USD - $1.85
Helium is a network for IoT devices based on blockchain technology, where wireless devices are connected to the network through nodes called Hotspots.
ShibaSwap - $BONE: -8.67%
Price as of time of writing: BONE/USD - $1.52
ShibaSwap is a decentralized exchange (DEX) project within the Shiba ecosystem that helps Shiba holders earn profits by providing Liquidity Pool and Staking on ShibaSwap. Currently, the project is still in the testnet phase.
BONE was among the Top Performers 7 weeks ago.
These tokens are experiencing price declines as a corrective measure following a recent upward surge in prices over the past few weeks.
Macro
Our U.S. Market Macro Report keeps track of the following metrics in the past week:
Consumer Price Index (CPI) - which measures the price of consumer goods and how they're trending; a rise in CPI correlates with a higher inflation and consumers' hesitation to spend money
The Core Consumer Price Index (CPI) showed a monthly increase of 0.2%, in line with expectations, and a year-over-year rise of 4.7%, slightly below the expected 4.8%.
Producer Price Index (PPI) - which measures the average prices received by producers for their goods and services; a rise in PPI correlates with a higher inflation and consumers' hesitation to spend money
The Core Producer Price Index (PPI) indicated a monthly growth of 0.3%, surpassing the anticipated 0.2%, and a yearly increase of 2.4%, exceeding the expected 2.2%.
Mary Daly, a member of the Federal Open Market Committee for 2024, emphasized the ongoing need for further steps to control inflation, despite positive trends. Daly highlighted that the recent July CPI figures do not signal a definitive victory against inflation, underscoring that the labor market still lacks equilibrium.
Micro
M3TA Analytics - Aug 09, 2023
The ERC-20 token $PYUSD by PayPal is backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents on a 1:1 basis.
Issued by Paxos Trust Company, it can seamlessly convert to U.S. dollars and can be transferred within the PayPal app without fees or to Ethereum wallets with associated gas fees.
Additionally, the app offers swapping and cashing out options for various other tokens.
M3TA Analytics - Aug 09, 2023
MakerDAO's blocking of VPN users from accessing its new lending platform, Spark Protocol, has sparked debate and criticism.
Users trying to access the Spark Protocol website through a VPN are greeted with an error message indicating that VPN access is not allowed.
A DeFi analyst expressed strong dissatisfaction with this decision in a tweet, suggesting that it effectively imposes a global ban on VPNs beyond just the U.S.
This action seems linked to Maker's intention to restrict access for U.S. users, as outlined in a May 9 update to the Spark Protocol's terms of service.
The exact reason for the ban has not been officially confirmed by MakerDAO.
M3TA Analytics - Aug 10, 2023
Microsoft collaborates with Aptos Labs to create A.I. tools with the goal of building Aptos Assistant, a ChatGPT-powered chatbot aimed at providing users and developers with insights, information, and analysis related to the Aptos ecosystem.
The Collaboration's Purpose:
Aptos Labs will operate validator nodes on Microsoft's Azure platform to enhance blockchain security and transaction processing.
Aptos's programming language, Move, will be incorporated into Github's Copilot for code auto-completion, fostering Web3 adoption through natural language support.
Microsoft will facilitate connections between Aptos Labs and significant financial institutions for blockchain applications on Azure.
News Highlight
M3TA Analytics - Aug 09, 2023
BlackRock and Invesco insiders expressed confidence in approval for a spot Bitcoin ETF within 4 to 6 months.
Anticipation of ETF approval is seen as a bullish indicator for the cryptocurrency market.
News of potential ETF approval contributed to a BTC price resurgence, propelling it above the $30k mark.
M3TA Analytics - Aug 10, 2023
Fantom Foundation is contemplating Ethereum integration through optimistic rollups, akin to Celo's approach.
They are evaluating technologies such as Optimistic Stacks and Arbitrum Stack for potential security enhancements.
CEO Michael Kong believes this Layer 2 integration would bolster liquidity within the Ethereum ecosystem.
However, Founder Andre Cronje challenges the concept of Layer 2, considering it more akin to a sidechain.
M3TA Analytics - Aug 10, 2023
From August 2 to 9, a sequence of events involving Huobi, Binance, Curve, and Tether's stablecoin USDT resulted in the coin deviating from its $1 dollar peg for a week.
We wrote an article explaining in detail what happened here: USDT Depegged. Again.
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