DeFi

Crypto Markets See Slowdown as Memecoins Slump and Bitcoin ETF Outflows Spark Concerns

Published

7 months ago

18 June, 2024

Crypto Markets See Slowdown as Memecoins Slump and Bitcoin ETF Outflows Spark Concerns

Cryptocurrency markets have taken a hit this week, with major coins like Bitcoin seeing price drops and memecoins suffering significant losses.

The slowdown comes amid concerns about a potential tightening by the US Federal Reserve and news of outflows from Bitcoin ETFs, with uncertainty highlighted by the end of a 20-day streak of inflows into spot BTC ETFs and significant drops in memecoins (15%) and Solana. (10%) during the last week.

Memecoin Mania meets reality

Memecoins, the once hot corner of the crypto market, are facing a harsh reality. Dogecoin (DOGE) and Shiba Inu (SHIB), the two most recognizable memecoins, have both seen double-digit percentage declines in recent days. SHIB, in particular, is down 18.4% over the past week, while OG doggie DOGE is down 13%, WIF is -20.09%, BONK is -21.17% and PEPE is -11.97% during the same period, placing them among the worst performing cryptocurrencies this week.

The change in memecoin Fortune also led to a 7% decline in Solana, a blockchain that has been the focus of much of this space, over the past 24 hours. The token currently stands at $137.44.

This drop could signal a shift in investor sentiment away from memecoins and towards more established cryptocurrencies perceived as useful. However, it is important to note that memecoins are known for their unpredictable behavior, so a rapid reversal is not completely ruled out.

Bitcoin ETF exits raise questions

Added to market concern is the announcement of capital outflows from Bitcoin ETF. These exchange-traded funds, which allow investors to gain exposure to Bitcoin without directly owning the cryptocurrency, have been hailed as an important step toward widespread adoption.

However, recent reports indicate a net outflow of more than $620 million from Bitcoin ETFs last week, suggesting that some investors may be exiting due to the current market climate.

The pain continued this week: On Monday, the 11 Bitcoin ETFs saw cumulative net outflows of $145.83 million, led by Fidelity’s FBTC, which saw $92 million in outflows, The Block reported.

The leak could be linked to the hawkish stance of the US Federal Reserve, which has signaled potential interest rate hikes to combat inflation. Rising interest rates can make riskier assets, like cryptocurrencies, less attractive to investors.

At press time, Bitcoin stood at $65,701, -0.74% in 24 hours and -2.69% in 7 days, according to CoinMarketCap data.

“The price of Bitcoin has continued to decline since recent hawkish comments from the Federal Reserve. This is the fourth time that BTC has failed to cross the $71,500 mark and return to its all-time high. The brutal reversal after the CPI-induced $4,000 price rise sowed doubt in the minds of investors,” said Brn analyst Valentin Fournier.

“While we believe in Bitcoin’s rebound, a new catalyst will be needed for it to break out of the $65,000-$71,000 range. Consistent evidence of a decrease in U.S. inflation or a “Lower interest rates globally could provide the liquidity needed to push the market higher,” the analyst added.

A Lone Bright Spark: TON bucks the trend with explosive growth

While the market as a whole is experiencing a slowdown, the Telegram Open Network’s native token, TON, has defied the downward trend with a price rally in recent days. This unexpected rally follows significant developments within the TON ecosystem.

YOUR Impressive performance can be attributed to the increasing total value locked (TVL) on the TON blockchain and its fast-growing DeFi ecosystem. According to CoinTrust, TON’s TVL has more than doubled over the past three weeks, surpassing $600 million. This substantial growth reflects investor confidence in the network’s potential and the development of robust DeFi applications on TON.

Second, the integration with Telegram, a messaging platform with over 500 million monthly active users, is another key factor. This integration has the potential to introduce a massive user base to TON, fueling increased adoption and demand for the token. Finally, the recent rise of memecoins within the TON ecosystem, such as Resistance Dog, The Resistance Cat, and Ton Inu, has attracted additional attention.

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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