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These Altcoins Outperformed the Crypto Market This Week

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BeInCrypto looks at five altcoins that increased the most in this week’s crypto market, specifically from June 16 to 23.

The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These bullish altcoins have stolen the crypto news and cryptocurrency market spotlight this week as the biggest gainers:

Pepe (PEPE) price increased by 71.44%

Stacks (STX) price increased by 46.11%

Conflux (CFX) price increased by 40.13%

Bitcoin Cash (BCH) price increased by 35.80%

WOO Network (WOO) price increased by 25.01%

Pepe (PEPE) Price Leads Bullish Altcoin Gainers

The PEPE price had fallen under a descending resistance line since May 11. The drop led to a low of $0.0000008 on June 13. However, the price has increased since and cleared the descending resistance line on June 21. This is a sign that the correction has ended.

After the breakout, the price reached a high of $0.0000015. PEPE is attempting to clear the 0.5 Fib retracement resistance at $0.0000015.

If it is successful, PEPE could move to the next resistance at $0.0000021. However, a drop that validates the resistance line at $0.0000011 will be expected if it gets rejected.

Stacks (STX) Price Bounces After Drop

The STX price fell sharply after a high of $1.31 on March 20. The decrease was swift, leading to a low of $0.44 on June 10. The price bounced afterward and has increased since. The increase caused it to reclaim and validate the $0.55 area as support. On June 22, STX reached a high of $0.88.

The wave count supports the continuing increase. Since November 2022, the STX price completed a five-wave increase. Then, the ensuing 82-day drop resembles a completed correction.

If so, the STX price has now begun a new upward movement that will take it to at least $1.40.

However, despite this bullish STX prediction, a drop below $0.44 will mean that the trend is still bearish. In that case, the STX price will likely fall to $0.25.

Conflux (CFX) Price Could Break Out From Corrective Pattern

The CFX price has fallen inside a descending parallel channel since March 19. The channel is considered a corrective pattern, meaning that it leads to breakouts most of the time.

On June 10, the price bounced at the channel’s support line and began an upward movement. Currently, the price trades just above the channel’s midline, a sign that could lead to a future breakout.

If CFX breaks out, the closest resistance will be $0.44. However, if the price gets rejected by the channel’s resistance line, a drop to the closest support at $0.14 will be on the cards.

Bitcoin Cash (BCH) Completes Correction

The Bitcoin Cash (BCH) price has increased since falling to a low of $90.3 on June 10. The increase was swift, creating a long lower wick the same day and a breakout from the descending resistance line on June 21.

Furthermore, the movement since November 2022 looks like a completed five-wave increase and an A-B-C correction afterward. This suggests that the price has begun a new upward movement, taking it to a new yearly high.

If the increase continues, the BCH price can move to the next resistance at $190. However, if BCH fails to close above $140, a drop to the next closest support at $115 could transpire.

WOO Network (WOO) Price Concludes Bullish Altcoins

The WOO price has increased alongside an ascending support line since the end of November 2022. The line has been validated numerous times. More recently, the price validated it and bounced on June 14 (green icon).

The bounce initiated the current increase.

Presently, WOO is breaking out from a shorter-term descending resistance line. If successful, this could initiate an increase to $0.32.

However, if the WOO price gets rejected, it could drop to the ascending support line at $0.17 again.

Cryptocurrency

Liquid Lama Rolls Out DeFi Platform on ApeChain, Strengthening Security for Liquidity Providers

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[PRESS RELEASE – Dubai, UAE, November 8th, 2024]

Liquid Lama, a pioneer in decentralized finance (DeFi), is set to debut on ApeChain with an advanced DeFi platform that combines security and community support. This innovative platform is specifically designed to address key challenges for liquidity providers (LPs). Developed after a careful analysis of the evolution of liquidity provision—from early models to LP V3—the platform aims to protect LPs from impermanent loss, particularly during bear markets.

“Traditional liquidity models haven’t effectively shielded LPs from market downturns, often leaving them vulnerable,” explained Vlad Pozniakov, Co-Founder at Liquid Lama. “Our mission is to create a resilient DeFi ecosystem where liquidity providers can participate with confidence, minimizing capital erosion risks.”

With a team of experienced DeFi developers and LPs, Liquid Lama seeks to transform liquidity farming through sophisticated tools while protecting capital during volatile market conditions.

Key Innovations of Liquid Lama:

  1. Impermanent Loss Protection: Liquid Lama introduces advanced hedging tools to mitigate impermanent loss, helping LPs counteract price fluctuations and protect their capital.
  2. Leverage for Potentialy Enhanced Earnings: As a pioneer in leveraging liquidity farming, Liquid Lama empowers LPs to amplify potential earnings while balancing risk through strategic hedging.
  3. Comprehensive Risk Management: Unique lending pools and hedging mechanisms enable LPs to maintain stable positions.

At the heart of Liquid Lama’s platform is the Dynamic Liquidity Market Maker (DLMM), a transformative system that dynamically balances assets within each pool to optimize liquidity and minimize slippage in digital asset trading. The DLMM’s real-time price adjustments, based on asset quantity changes, enhance liquidity stability and improve trading experiences.

The platform’s cohesive design integrates a unified liquidity pool, leverage trading, auto-compounding, and adaptive fee structures. This streamlined, user-focused approach boosts capital efficiency and maximizes LP earning potential.

Additionally, Liquid Lama employs a community-driven tokenomics model that prioritizes sustainability and long-term value creation. Through a buyback mechanism, part of the platform’s revenue is allocated to repurchasing LAMA tokens, which are then locked or burned to reduce circulating supply, thereby supporting token value. With rigorous third-party audits—including a comprehensive review by SEC3—the platform reinforces its commitment to security and reliability in the DeFi landscape.

“Unlike other platforms, Liquid Lama not only offers leverage and risk management but also adapts fees based on market conditions, creating a holistic solution for LPs to both earn and protect assets more effectively,” added Pozniakov.

Platform Roadmap:

Pre-sale and Platform Launch: Begin stages 1, 2, and 3 of pre-sale, followed by a full platform launch.

Q1 2025

  • Enhanced Platform Features: Develop and strengthen platform functionality and user interface.
  • Community Incentive Airdrop: Announce a major airdrop to engage the early community.
  • New Project Listings: Expand offerings with additional DeFi projects.

Q2 2025

  • Blockchain Integration: Announce partnerships with other blockchains.
  • CLMM with Leverage on ApeChain: Roll out Constant Product Liquidity Market Maker (CLMM) with leverage on ApeChain.

Q3-Q4 2025

  • Launch of Permissionless Pools: Enable users to create and manage custom liquidity pools with leverage.
  • Token Minting: Begin token minting to support platform growth and ecosystem development.

“We’re excited to bring Liquid Lama to the DeFi community,” shared Pozniakov. “Our platform is designed to protect liquidity providers from market risks and empower them to optimize returns with innovative, adaptive tools suited for today’s dynamic DeFi landscape.”

About Liquid Lama:

Liquid Lama is an advanced DeFi platform that empowers liquidity providers by incorporating leverage into concentrated liquidity farming. The platform allows providers to maximize potential earning by up to 5x while maintaining a hedged position to protect their capital. Designed to innovate beyond traditional AMMs like Uniswap and PancakeSwap, Liquid Lama introduces dynamic fee rates and leverage for a more robust DeFi experience.

Liquid Lama is driven by a user-centric approach, committed to solving core issues to help traders, LP’s and investors make safer and more informed decisions. Guided by the motto ‘Better with every move,’ the company continuously strives to build innovative tools that respond to evolving market demands, prioritizing transparency, safety, and user empowerment in DeFi.

Liquid Lama differentiates itself through its unique focus on user-friendly leverage options and dynamic fee structures. This focus on innovation in underexplored areas of DeFi aligns with its mission to challenge unresolved issues, enabling users to optimize returns safely and efficiently.

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Important Binance Announcement Concerning Ripple (XRP) and Dogecoin (DOGE) Traders: Details

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TL;DR

  • Binance added XRP and DOGE to its Smart Arbitrage program, offering rewards for users who participate in a special promotion.
  • DOGE saw a 5% daily increase, while XRP’s price remained steady at around $0.55.

The Addition of XRP and DOGE

Earlier today (November 8), Binance added Ripple (XRP) and Dogecoin (DOGE) to its Smart Arbitrage program. The option requires a minimum investment of 12.5 USDT.

The exchange introduced a special campaign with rewards totaling 45,000 USDT to celebrate the new offering. The promotion period is from November 8 to November 21. 

“All users who opt-in to the promotion and hold any Smart Arbitrage portfolio for more than 72 hours during the Promotion Period will receive a 10% Bonus APR on their first 1 – 2,500 USDT subscriptions. A total reward pool of 30,000 USDT will be distributed on a first-come, first-served basis,” Binance explained. 

Additionally, regular and VIP 1-2 users who subscribe to any Smart Arbitrage portfolio with at least 10,000 USDT for more than 72 hours during the promotion period will enjoy a 45% trading fee discount. 

“Rewards will be calculated for the trading fees incurred on Smart Arbitrage during the Promotion Period. A total reward pool of 15,000 USDT will be distributed on a first-come, first-served basis,” the announcement reads.

It is worth mentioning that users willing to participate need to complete the necessary KYC procedures and click the “Join Now” button.

Binance’s Smart Arbitrage program is an automated tool that lets users earn rewards by leveraging funding rate differences between futures and spot markets. It works by simultaneously holding opposing positions in both markets – long in one and short in the other – to collect funding fees while minimizing exposure to price volatility.

How Are XRP and DOGE Doing?

Allowing additional trading services on a major cryptocurrency exchange like Binance often boosts the prices of the involved assets due to increased liquidity, accessibility, and credibility. 

The biggest meme coin in terms of market capitalization – Dogecoin (DOGE) – is well in the green today, pumping by 5% in the past 24 hours and currently hovering at around $0.20. Its solid performance aligns with the overall bullish environment of the entire cryptocurrency market following Donald Trump’s victory in the US presidential elections.

DOGE Price
DOGE Price, Source: CoinGecko

On the other hand, Ripple’s XRP has failed to catch up with its rivals, charting less substantial gains. It currently trades at approximately $0.55, showing little to no volatility on a 24-hour scale. 

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Major Challenges Affecting Institutional Adoption of DeFi: IntoTheBlock

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The decentralized finance (DeFi) sector has experienced explosive growth over the years, but several challenges are causing slower institutional adoption. With its total value locked above $100 million, DeFi has yet to remove the strongholds preventing institutions from getting involved in the sector.

Crypto market intelligence platform IntoTheBlock believes these challenges are multifaceted; hence, DeFi must be developed from several angles to create a market that can handle the needs of a diverse range of participants.

Challenges Hindering DeFi Adoption

One of the major problems of the DeFi sector is regulatory uncertainty. The lack of clear regulations in the United States and other major markets prevents participation and limits DeFi adoption. Market players are forced to seek regions with regulatory clarity and countries that have shown greater openness to the crypto sector.

While battling regulatory uncertainty, crypto entities have created foundation companies and decentralized autonomous organizations (DAOs) to establish a structured entry path for private institutional capital into the DeFi space.

“In short, regulatory challenges hinder institutional DeFi adoption by raising compliance costs, restricting stablecoin use, and creating uncertainty, making it difficult for institutions to deploy capital and access liquidity,” IntoTheBlock added.

Another challenge hindering institutional adoption of DeFi is the underlying infrastructure around crypto wallets and direct access to liquidity. IntoTheBlock found a lack of institutional-grade solutions, as even leading wallets like MetaMask do not meet the needs of institutional players. This limits institutional participation and capital flow into DeFi.

Limited Liquidity And Weak Incentives

Furthermore, the insufficient coordination of asset listings and liquidity across DeFi ecosystems is hindering the sector’s adoption. Insufficient asset listings prevent the use of DeFi tokens across the crypto ecosystem, while limited liquidity can lead institutions into bad debt or trigger slippage and price impact risks for their lending strategies. IntoTheBlock mentioned Liquid Staking Tokens (LSTs) as an area of concern for this challenge.

Additionally, the DeFi sector lacks proper incentive and risk management structures. The space is full of unpredictable and short-term programs that affect medium-term capital allocations due to unreliable timelines and a lack of strategic planning. On the other hand, DeFi needs robust risk management practices to protect institutional funds from technical exploits.

Despite these challenges, IntoTheBlock said institutional investors are increasingly eyeing DeFi. The growing demand for institutional-grade DeFi solutions and initiatives could see the sector attract millions of dollars in capital in the coming years.

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