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Polygon Network Matched Ethereum for Growth in 2023, Can $GFOX Outpace $BONK

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News that the Polygon network is on par with Ethereum regarding growth in user adoption sent shockwaves through the crypto industry.

Similarly, Galaxy Fox, the new P2E blockchain project is an interesting one as users wait to see if $BONK can recover from its massive sell-off during the recent market downturn.

Polygon Nearly Levels Up with Ethereum in User Growth

Recently, data revealed that Polygon Network experienced significant growth in 2023, making it almost exactly even with Ethereum in terms of growth in user adoption. While Ethereum gained 15.4 million users last year, Polygon came within a hair’s breadth by gaining about 15.24 million – a remarkable 142% increase in its user adoption since 2022.

At the start of 2023, Polygon took the lead over Ethereum in user growth by acquiring an impressive 2.8 million users. However, the momentum slowed down a bit, allowing Ethereum to take over and maintain the lead till the end of the year. Moreover, both networks experienced their peak in user growth in May 2023.

This increase in the adoption of  Polygon’s network shows that it is getting better at attracting users with its faster and cheaper transactions. This update also hints that Layer-2 solutions, the basis of the Polygon network, will significantly make blockchain more scalable and increasingly adaptable.

Although Ethereum still maintains the top spot in overall blockchain performance right now, several crypto experts believe it will continue to experience intense competition from Polygon’s Layer-2 scaling solution over the coming years.

Bonk Price Prediction: Massive Sell-off Keeps $BONK Price in the Red

After $BONK got listed on Binance and other major crypto exchanges, it experienced an uptrend, which saw its price rise 1000% within one month. However, this rally was followed by a decline when traders began to sell their $BONK tokens massively to lock in their profits.

Among the sell-offs that triggered a decline in the price of $BONK was the one that happened on December 15, 2023. According to data from Lookonchain, a blockchain analytics platform, a trader who had earlier bought 69 billion $BONK for $0.000021 sold over 70% of its $BONK portfolio for almost a million dollars gaining about $750,000 in the process.

As a result, the $BONK price dropped by over 65%, and it dipped from its all-time high of $0.00003419 to trade at the current price of $0.00001189.

Galaxy Fox Reveals Features Worthy of Outpacing Top Coins

While $BONK experienced a price decline due to massive selling pressure, $GFOX stands out as an interesting project, though it is yet to launch.

Galaxy Fox blends many opportunities that bring much interest to the industry. These opportunities are not limited to token ownership but include staking, play-to-earn (P2E), and trading NFTs.

Notably, Galaxy Fox ecosystem controls an interesting Web3 endless runner game in the play-to-earn aspect, allowing investors to have fun while earning rewards in $GFOX tokens. Top players who are among the 20% of the highest-ranked will also receive rewards from the prize pool every season. Also, players can temporarily boost their in-game abilities with cool NFTs to have better chances of winning.

For investors who choose to hold their tokens in loyalty to the ecosystems, Galaxy Fox ensures they are adequately rewarded by reserving rewards for them in the platform’s central hub for distributing funds called Galaxy Fox Stargate. Funds get into this hub with contributions of 2% of every transaction within the ecosystem.

Galaxy Fox also runs a treasury that provides funds for community initiatives and future developments to prove how transparent and accountable it can be. Moreover, it supports a strategy called ‘token burn’ to curb possible inflation of the $GFOX. Galaxy Fox is in stage 7 of its presale, and it sells for $0.00198. Over 93% of the tokens allocated for this stage have already been sold, and the presale is expected to progress to stage 8 within the next few days, where its price will increase by 10%.

While Polygon continues gaining adoption, many analysts predict it might outpace Ethereum at some point. Meanwhile, $BONK’s recent downtrend is expected to ease once the massive token dump stops. As for $GFOX, it serves as an interesting alternative to watch.

Learn more about $GFOX here:

Visit Galaxy Fox | Join the Community

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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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