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CMC’s Strategic Incubation of Galaxis Unveiled: A New Era for Blockchain-Powered Communities

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[PRESS RELEASE – Zurich, Switzerland, February 8th, 2024]

CoinMarketCap’s incubation thrusts Galaxis into the spotlight, merging unmatched crypto intelligence, broad market reach, and a massive global user base to prime Galaxis for an impactful launch.

In an innovative leap forward, CMC (Coin Market Cap) has announced the incubation of Galaxis.xyz, a frontrunner in the domain of blockchain-powered membership technology. This move propels Galaxis into the limelight, spotlighting its exceptional capacity to energize community-driven projects and revolutionize the digital collectibles market with its pioneering decentralized no-code membership platform.

Already esteemed within the Web3 sector, Galaxis is celebrated for its notable collaborations with figures such as Mike Tyson and Steve Aoki, as well as partnerships with major entities including the NBA. These collaborations have solidified Galaxis’s reputation as a formidable force, adept at transforming the core of decentralized communities and redefining norms for digital interaction and ownership.

Rush Luton, CEO of CoinMarketCap said: “We’re thrilled to welcome Galaxis to CMC Labs. At CoinMarketCap, we are on a mission to accelerate the crypto revolution and Galaxis’ no-code platform does just that, making it easier than ever to create highly engaged Web3 communities. We have huge ambitions for what we can build together”

Through the incubation of Galaxis, CoinMarketCap extends far more than just strategic support; it opens the door to its vast market insights, unparalleled expertise, and a global audience unparalleled in the crypto space. This alliance is set to dramatically boost Galaxis’s growth trajectory, with an eagerly awaited project launch at the end of this year’s first quarter. The partnership has already triggered an increase in Galaxis Engines sales, indicative of the community’s strong belief in Galaxis’s vision.

“With the support from CMC, Galaxis is poised to redefine what it means to be a part of a decentralized community. Our platform’s innovative approach to NFT membership cards is just the beginning. We’re not just creating digital collectibles; we’re building gateways to new forms of interaction and community engagement,” says Andras Kristof, CEO of Galaxis.

With support from CMC, Galaxis aims to broaden its market influence, maximizing the incubation grant to enhance its presence and impact within the Web3 ecosystem. This collaboration transcends a mere investment; it embodies a mutual dedication to advancing the frontiers of digital collectibility and community interaction, heralding a novel phase of decentralized innovation.

As the Web3 landscape evolves, the alliance between CMC and Galaxis marks a defining moment in the push towards a more interconnected, decentralized, and innovative digital world. Armed with state-of-the-art technology, strategic alliances, and the backing of CMC’s incubation program, Galaxis is not merely participating in the digital collectibles field—it is reimagining the potentialities within the Web3 sphere.

For more information and updates follow to the Galaxis official Twitter.

About Galaxis

Galaxis is a groundbreaking platform designed to empower creators and brands in the ever-evolving Web3 ecosystem. Leveraging the latest in blockchain technology, Galaxis provides a suite of tools and services to create, manage, and sell dynamic NFTs (Non-Fungible Tokens) with utility. These advanced NFTs go beyond traditional digital collectibles by offering real-world benefits and interactive features, allowing creators to engage with their communities in meaningful ways. From customizable smart contracts to integrated marketplaces, Galaxis is at the forefront of the NFT revolution, offering a decentralized and secure environment for creators to unleash their potential and for collectors to discover unique digital assets.

Contact

Andras K.
info@galaxis.xyz

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Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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