Crypto Push

​Pepe [PEPE]: As market cap reaches $1 billion, where will the memecoin head next Fuelled by its addition to Binance’s Innovation Zone on 5 May, the market capitalization of popular meme coin Pepe [PEPE] crossed the $1 billion mark, as the alt’s value jumped by almost 50% in the last 24 hours. According to Coingecko, the token has surged by an astonishing 1,000% in the last week, propelling it to become the 42nd-largest cryptocurrency in terms of market capitalization at press time. As a result, it has surpassed the market capitalization of both Fantom [FTM] and Aave [AAVE]. Is your portfolio green? Check the Pepe Profit Calculator As the general utility of meme coins remains highly doubted, leading exchange Binance, in its announcement, warned: “Memecoins are extremely high risk; please ensure that you exercise sufficient risk management. Please note that, as of the time of writing, PEPE has no token utility or value support mechanism.” PEPE croaks loudly on-chain As of this writing, the meme coin exchanged hands at $0.00000309, with a 291% jump in trading volume within the last 24 hours. Increased trading following PEPE’s addition to Binance’s Innovation Zone pushed its daily trading volume to an all-time high of $2.76 billion, per data from Santiment. In addition to a jump in its trading volume, the token’s network activity also registered a new milestone in the wake of its listing on Binance. During the intraday trading hours on 5 May, the count of unique daily addresses that traded the alt rallied by 119%. As investors rushed to capitalize on the price surge of meme-inspired cryptocurrency PEPE, the token’s network experienced a surge in demand, with many new users flocking in to trade the alt. According to data from Santiment, the count of new addresses created to trade PEPE rallied by an impressive 169% on 5 May. Further, since the memecoin’s launch on 17 April, the whales have actively traded the token. For example, the count of whale addresses that hold between 10,000 and 10,000,000 PEPE tokens has since risen by over 23,000% in under 30 days. While there have been a few price dips, this cohort of PEPE investors remains undeterred as they continue accumulating the meme coin. According to on-chain data analyst Lookonchain, following Binance’s listing, a whale purchased 313 billion PEPE tokens for 1.24 million USDT and exchanged 120 million WOJAK for 27.83 billion PEPE. Look before you “hop” in PEPE’s key momentum indicators were positioned in significantly overbought spots at press time. Its Relative Strength Index (RSI) rested at 78.26, while its Money Flow Index (MFI) was pegged at a high of 88.15. While these represented increased accumulation momentum at press time, these highs are typically followed by a price correction, as exhaustion sets in when the buyers in the market cannot sustain any further price growth.

​Assessing DOT’s recovery path after significant growth on this front If you have been following up on blockchain networks leading in terms of development, you may have noticed that Polkadot is among them. This strong presence in the list of top networks in terms of development has not gone unnoticed. One of the latest updates pertaining to the Polkadot network offered an overview of its social metrics in April. The findings revealed that the network achieved net positive growth in the last four weeks in key social metrics. They include social mentions, dominance, engagement, and contributors. For example, social dominance was up by 97.8%, while Twitter volume grew by 100.5%. Favorable social metrics are important because they underscore growing visibility to potential investors. But will the favorable social metrics have an impact on the demand for Polkadot and its native crypto DOT in the next few weeks? Well, multiple other factors come into play. These Polkadot metrics paint a less inspiring picture Polkadot’s development activity saw a bit of a slowdown in April and it kicked off May by falling to a new four-week low. Similarly, DOT’s weighted sentiment concluded April at its lowest monthly level. Both the weighted sentiment and development activity demonstrated some recovery after bouncing back slightly from their four-week lows. But will these findings have an impact on the demand for DOT? Binance and DYDX funding rates registered a drop into negative territory in the last 24 hours. A key reason for this shift is that DOT kicked off the first day of May with a surge in long liquidations which ensured a bearish outcome. Aside from overall sell pressure, over $600,000 worth of long positions were liquidated compared to just slightly below $9,000 short liquidations. As a result, more traders embraced short positions in an effort to take advantage of the subsequent downside as seen on Coinglass. Note that the liquidations only account for just six popular exchanges, hence it does not provide the full scope of the potential liquidations. Nevertheless, the selling pressure in the last few days ensured sub $6 prices. DOT traded at $5.73 at press time. DOT’s latest price underscores the push and pull that has been going on between the bulls and the bears since the last week of April. In other words, Polkadot’s social metrics have not had much of an impact on DOT’s price action.

​Sensorium kickstarts SENSO token burn as private sale of UNDER NFT Land begins The buzz around Sensorium’s highly anticipated metaverse gaming project, UNDER, has reached new heights as the company reported a private sale of Non-Fungible Tokens (NFTs) associated with this new virtual world. In a show of commitment to a healthy tokenomics ecosystem, Sensorium also burned $500,000 worth of SENSO tokens following the operation. UNDER, a cutting-edge metaverse project, will feature 25,000 NFT land parcels integrated with blockchain game mechanics and an extensive upgrade system tied to original games. Once the private sale is concluded, the general public will get access to a multi-stage NFT drop. The initial offering will comprise 2,500 NFT parcels, with all transactions settled using SENSO tokens. Both private and public proceedings will contribute to the burning of SENSO tokens.  By owning an UNDER NFT land parcel, users will be able to monetize their blockchain gaming experiences on Sensorium’s decentralized platform. Each NFT land parcel is equipped with resources known as SENSO Aura (SAr) that can be mined by owners through various mechanics. Users can then exchange their SENSO Aura for ERC-20 SENSO tokens. SENSO tokens play a crucial role in all operations within Sensorium’s platforms, functioning as the ecosystem token, facilitating NFT minting, NFT marketplace transactions, game mechanics, and social tokens. SENSO also enables users to participate in Sensorium Galaxy’s decentralized autonomous organization (DAO) for creators. The recent burning of $500,000 worth of SENSO tokens is not the first time Sensorium has taken such a step. In 2021, the company burned 1 billion SENSO, leaving the total supply at 700 million tokens. In another significant development, Sensorium recently announced that well-known crypto businessman Jay Hao, former CEO of OKX, has joined their Expert Advisory Board. With a wealth of blockchain experience, including his tenure at the world’s second-largest cryptocurrency exchange, Hao is expected to provide valuable insights for Sensorium as they continue to break new ground in the rapidly expanding Web3 space. As the demand for quality blockchain gaming experiences grows, Sensorium’s UNDER project is well-positioned to capture the imagination of both gamers and crypto enthusiasts alike. The successful private sale of NFT land parcels and the strategic burning of SENSO tokens demonstrate the company’s interest in providing a thriving ecosystem for its users. With more NFT land parcels set to become available to the public in the near future and the addition of industry expert Jay Hao to its advisory board, Sensorium appears poised to make a significant impact in the metaverse and blockchain gaming sectors. As the world continues to embrace the potential of Web3 technologies, projects like Sensorium’s UNDER could play a pivotal role in shaping the future of digital interaction and entertainment.

​Bitcoin leveraged longs liquidated after brief mid-week recovery above $30,000 Bitcoin [BTC] traders were in for a rollercoaster of price performance during 26 April’s trading session. Bitcoin briefly managed to rally back above $30,000, leading to euphoria about its bullish prospects but another crash sent it below $28,000. To put things into perspective, Bitcoin’s market cap fell by roughly $49.13 billion from its highest point on that day. This officially makes 26 April the most volatile day in the last seven days. Note that, despite the sharp crash the market cap recovered slightly. Leveraged long liquidations fueled the Bitcoin volatility The $30,000 retest attracted an unusual amount of volatility. One major reason for this is that the price was previously on a bearish trend, followed by a brief period of uncertainty regarding market direction. However, the midweek outcome demonstrated a return of bullish volumes, hence the uptick and retest of the $30,000 range which previously demonstrated resistance. Many traders saw the recovery as a sign of demand and a possible push past the resistance range. As such, many traders in the derivatives segment were convinced that Bitcoin would offer a good rally, hence they embraced leverage. This explains why Bitcoin’s recent slap-down resulted in heavy liquidations. Bitcoin’s long liquidations on 26 April soared to their highest level so far in the month. The liquidations also triggered a sharp drop in the estimated leverage ratio as leverage traders quickly shifted to the side of caution. The Bitcoin long liquidations highlight some of the risks in the market. Some analysts believe that the recent rally was a setup for whales to secure exit liquidity. Bitcoin’s brief rally presented the perfect opportunity for a leverage shakedown. Traders were high on hopium given that the market previously struggled to find enough momentum. The news that another major bank was in trouble further supported the bullish expectations. Investors should also note that there might also be a bear trap ahead. How many are 1,10,100 Bitcoins worth today Bitcoin has already recovered slightly in the last few hours to its $28,995 press time price. The timing is particularly noteworthy because most investors will be sitting on the sidelines after the mid-week events. There is still some uncertainty regarding BTC’s next move, especially as the market rolls into a new month.

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​Will Avalanche’s NFTs help AVAX go up? Refer to these metrics for an answer The NFT market has primarily been dominated by Solana, Polygon, and Ethereum, attracting considerable user attention. Nevertheless, according to current data, Avalanche may be poised to close the gap and compete with these protocols soon. According to recent data, it was observed that Avalanche NFT transfers surged. During April, the Avalanche network experienced over 2 million NFT transfers, a figure that was five times greater than the previous month of March. The increased interest in Avalanche NFTs could be attributed to Blue chip AVAX NFT collections. Over the past few months, popular NFT collections like Chikn and Doggerinos have witnessed a significant surge in volume, as per the data from AVAX NFT STATS. The dApps operating on the Avalanche network experienced a similar level of interest. Trader Joe, one of the leading DEXs on the Avalanche network, witnessed a surge of 183.8% in the count of unique active wallets on its network in the past month. As a result, the volume and quantity of transactions on the network also increased during this period. Still, a long way to go for Avalanche However, despite interest in NFTs and high dApp activity, the overall number of daily active addresses on the network declined. Over the past month, the number of active addresses on the network fell from 79,740 to 75,000, according to Artemis’ data. As a result, the number of transactions being made on the Avalanche network also went down. Moreover, there has been a decline in the level of interest in staking on the Avalanche network. According to Staking Rewards data, the count of stakers on the network decreased by 0.82% in the preceding week. At the time of reporting, the number of stakers on the Avalanche network stood at 84,419. The state of the AVAX token wasn’t too well either. Over the past few weeks, the price of AVAX has experienced a substantial decline. Along with its volume, which decreased from 598 million to 149.23 million. Despite this, the development activity on the Avalanche network’s GitHub has continued to increase. The recent upgrades and updates on the network resulting from the development activity could have a positive impact on the AVAX token in the long run.

​Can Optimism compete in the layer 2 race with these new developments? Despite initially establishing a dominant presence in the Layer 2 (L2) sector upon entering the market, Optimism‘s performance has since been surpassed by other protocols such as Polygon and Arbitrum in various areas. Gift of the Magi The addition of the Magi to the Optimism protocol could impact it positively. Magi is a recently developed client program designed to enhance the diversity and resilience of the OP Stack ecosystem. Developed in Rust, Magi functions as a consensus client, commonly referred to as a rollup client, and complements execution clients like op-geth to synchronize transactions on the network. While OP Labs maintains the reference implementation called op-node, Magi performs the same functionality, albeit with the added benefit of being a novel solution. It is worth noting that Magi is not yet a production-ready client and should not be considered as such. Nonetheless, it has already demonstrated its compatibility with both Optimism and Base testnets, making it suitable for experimental purposes. Back to the present At press time, Optimism was still under attack due to a significant number of challenges. In terms of daily activity on the protocol, Optimism wasn’t able to compete with networks such as Polygon and Arbitrum. Over the past few weeks, the number of daily active addresses on the Optimism network declined from 82,000 to 42,000. The protocol was also unable to compete with other solutions in terms of saving ETH for its users. According to Dune Analytics’ data, Arbitrum was outperforming Optimism by a large margin in this regard. Should holders be ‘OP’timistic? Optimism’s native token OP faced the consequences of the aforementioned information. The last few weeks saw a drastic fall in the velocity of the OP token. This indicated that OP’s trading frequency witnessed a decline. Coupled with that, OP’s network growth started to fall. This further indicated a fall in the number of new addresses transferring OP for the first time. Despite the declining price of OP, the MVRV ratio remained positive. This implied that there were still addresses left that were profitable that could have the incentive to sell their holdings for profits in the future.

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​Solana [SOL] moves to OTC via Grayscale: Is the token ready to rumble Solana [SOL] became the 16th digital asset listed by Grayscale Investment on Over-The-Counter (OTC) markets. The American digital currency management company manager made the announcement on 17 April. According to the press release acquired from GlobalNewswire, the Solana Trust would trade under the symbol GSOL. For the unversed, the OTC market is a decentralized market where participants trade financial instruments that are not listed on major exchanges. This move could potentially increase the adoption of SOL and pave the way for more institutional investment in the token. Revelation of the investments But according to Grayscale, putting GSOL as a public-quotation investment vehicle was not without thought. According to the firm, they made the decision to reveal the value of Solana held by the Trust. Following the development, the Solana Total Value Locked (TVL) reneged from its month-long 19.29% hike. Therefore, this means that the Proof-of-History (PoH) blockchain was still struggling with attractive significant investors’ deposits into its underlying chains. And one major reason for this could be linked to the FTX collapse, which acted as the driver of Solana’s TVL exit from the billion-dollar mark. However, on-chain data showed that SOL still had some backing from notable market activity. For one, social dominance, which was at its lowest around March, peaked at 1.344% at press time. Although quite minimal, the rise in dominance means that the discussions around the asset had increased. Hence, this could impact the motive to capitalize on SOL’s price, as it seemed far from the top. The strength behind the SOL value In the same vein, the volume had also increased. According to Santiment, the on-chain volume had increased to 595.65 million. Thus, this implies that there was strength behind the 12.79% seven-day uptick. With respect to momentum, the Moving Average Convergence Divergence (MACD) was exhibiting bullish signals. Since the indicator had crossed from below the zero line, it means that traders could start opening long positions by taking advantage of increasing upward momentum. Furthermore, the Relative Strength Index (RSI) was 64.67. Such an instance infers how the buying momentum has overcome possible selling pressure. However, SOL might need to avoid reaching an overbought region around 70 to escape a retracement. In the interval, Grayscale noted that GSOL was not registered with the U.S. SEC. This was because the asset was not subject to the Securities Exchange Act. However, the firm mentioned that the Trust would not generate any income. Rather, the company would distribute the assets as each share slowly decreases.

​Ripple’s Liquidity Hub launches as XRP enthusiasts watch closely Traders have recently shown renewed interest in Ripple [XRP], as evidenced by a significant metric from Santiment. With a new development from Ripple on the horizon, could this interest surge even higher? Active addresses maintain the 1 million range Despite the ongoing Ripple/SEC case, traders are not showing signs of hesitance to engage with XRP. According to Santiment’s data, XRP experienced a significant increase in its 30-day active addresses around 19 March, and the number has remained steady within the range of 1 million ever since. Presently, there are approximately 1.08 million active addresses. With Ripple’s latest service launch, can we witness a further surge in this metric? Ripple launches B2B Crypto Liquidity API Solution On 13 April, Ripple made an official announcement regarding the launch of its Liquidity Hub. According to the release, the newly launched service will operate independently and complement Ripple’s widely-used cross-border payments solution, On-Demand Liquidity (ODL). The Liquidity Hub aims to provide its partners with access to payout rails on a global scale and has been designed with an enterprise perspective in mind. This means the platform will offer a range of digital assets from various market makers, including crypto exchanges and over-the-counter trading desks. The initial version of the Liquidity Hub will support a range of cryptocurrencies such as Bitcoin (BTC), Ethereum [ETH], Bitcoin Cash [BCH], Ethereum Classic [ETC], and Litecoin [LTC], as well as fiat currency, the U.S. Dollar (USD). The XRP question Following Ripple’s announcement on Twitter, it was evident that XRP enthusiasts were excited about the launch of the Liquidity Hub. However, the official statement did not mention the role that XRP would play in the new service, nor was XRP mentioned at all. Some commenters pointed out this omission and raised concerns about it. One possible explanation for this could be the ongoing legal battle between Ripple and the SEC. Volume and daily timeframe analysis of XRP Upon analyzing the daily timeframe of XRP, it was evident that despite concerns surrounding the ongoing legal battle with the SEC, XRP had managed to trend upwards. As of this writing, XRP was trading at approximately $0.51, showing a gain of nearly 1%. Additionally, a support range was forming around the $0.50 and $0.48 price levels. XRP continued its bullish trend, evidenced by its Relative Strength Index (RSI) line crossing over the 60 line. Santiment’s volume metric indicated that Ripple experienced several spikes over the past month. However, there had been a subsequent decline in volume, suggesting a correction in the market. As of this writing, the trading volume for Ripple was over 1.5 billion.

​RocketPool takes a page off Lido Finance’s playbook with liquid staking. Here’s how… RocketPool sets its sight on the staking big leagues RDL’s bullish performance may just be the beginning if RocketPool plays its cards right Lido Finance has been enjoying immense success thanks to its liquid staking mechanism. As a result, other staking platforms such as RocketPool are starting to notice and emulate Lido’s staking model. A recent Messari analysis took into consideration the level of growth that Lido and its competition have been enjoying since November 2020. Based on the analysis, RocketPool achieved significant growth and dominance, coming in third after Lido and Coinbase. The Messari report also noted that the reason behind RocketPool’s growth was because it had adopted similar strategies to those of Lido Finance. Liquid staking platforms are bound to become more popular over time. This is because of the risks that come with centralized staking platforms. History has so far proved that centralized staking platforms are hot targets for malicious attacks and theft since they operate on a custodial mechanism. Can RocketPool compete with Lido Finance’s lead? Lido Finance already has a strong lead thanks to its first-mover advantage. This is reminiscent of Bitcoin’s [BTC] comparison with Ethereum [ETH] where the latter was playing catch up while the former is in its own league. Similarly, RocketPool will likely struggle to get to Lido’s current level. Perhaps the best way to establish whether RocketPool can compete effectively with Lido is to look at its stats since the start of 2023. RocketPool’s market cap is one of the areas that delivered robust growth in the first three months of the year. It grew from as low as $261 million in January, and briefly managed to push above $1 billion in February. RocketPool had a $906 million market cap at press time. For reference, Lido Finance had a $2.07 billion market cap at press time. RocketPool kicked off the year with less than 30 daily active users but peaked at 724 DAU in the second week of February. It has so far maintained a daily average above 200 DAU. Its network growth reflects the daily active users. Is Rocketpool’s native token RPL undervalued? RPL had almost 19,257,026 tokens in circulating supply, meaning it had its total supply in circulation. Its $47.29 press time price represented a 156% upside from its historic lows. RPL is a low cap token based on the circulating supply. The fact that it previously managed to secure $1 billion in market cap in its early stages means it is off to a healthy start. It has robust growth potential if it maintains the same trajectory.

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​I asked ChatGPT Shiba Inu’s price fortunes, it gave me this very amusing answer Shiba Inu [SHIB] has been in the news a lot these days, mostly thanks to major developments in its ecosystem. This is an incredible achievement, especially in light of its origins as a mere meme coin. At the time of writing, Shiba Inu [SHIB] was the 14th largest cryptocurrency by market cap. Although the altcoin’s usefulness has faced doubts previously, the launch of its Metaverse and Shibarium may have resolved those concerns. Popular AI tool ChatGPT can be used to shed light on the fundamental features of an impeccable metaverse. But, that’s not all. ChatGPT has also ventured to predict SHIB’s forthcoming price trends and its perspective is intriguing. Shiba Inu enters the Metaverse On March 15, Shiba Inu announced the opening of the shib io website, which is the portal for its Metaverse. The launch came after months of planning and selling Metaverse territories. Following the launch of the new site, the SHIB community welcomed another platform that may provide utility to the SHIB token. The Shiba Metaverse’s functionality could be added to the Shibarium testnet, which was recently released. We chose to ask our AI friend, Chat GPT, its opinion about the Metaverse in light of its increasing popularity and Shiba’s introduction of its version. It produced some intriguing results.

​Shanghai/Shapella Upgrade: Will it sink or swim Ethereum’s market valuation? The upcoming Shanghai/Shapella upgrade of Ethereum [ETH] has left many pondering the potential effects on ETH’s market valuation. While some metrics pointed to a possible downturn, other indicators seemed to offer a more optimistic outlook. Ethereum worth billions of dollars to hit the market According to data from CryptoQuant and Dune Analytics, Ethereum’s stake has been on the upswing, despite the approaching upgrade. In fact, at the time of writing, the overall value staked had soared past 18 million, equivalent to over 15% of the entire circulating ETH supply. Additionally, CryptoQuant’s statistics revealed a surge in staking inflows, with February registering the highest inflow rate of the year. Moreover, Dune Analytics’ data revealed that Kraken has currently staked over 1.2 million ETH, placing it third among the top stakers. Celsius, on the other hand, has approximately 158,000 ETH staked. When added to the over 1 million ETH rewards that will be unlocked after the upgrade, it comes up to billions of dollars in ETH value. However, partial reward withdrawals of over 1 million ETH could be dumped into the market. Celsius Network may sell its 158,000 staked balance as part of its bankruptcy proceedings, leading to almost 1.3 million ETH or about $2.4 billion in potential sell-side pressure facing the market. Here, it is also worth noting that Kraken, which recently faced regulatory scrutiny for not registering its staking-as-a-service offering in the U.S., may decide to unstake all its ETH holdings. ETH saved by metrics? However, not all unlocked Ethereum will flood the market. According to CryptoQuant’s analysis, out of the 18 million ETH currently staked, approximately 9.7 million ETH are at a loss. According to Dune Analytics, the number at a loss represents over 50% of the total staked value. Furthermore, when comparing the initial deposit value to the prevailing value, only 29.2% of the staked ETH is profitable while 70.8% is underwater. The aforementioned metrics suggest that many stakers may hold their positions rather than sell at a loss. This action could reduce the sell-side pressure on the market. Unstaked ETH volume v. daily volume Even if we consider the stakes from Kraken and Celsius and the partial reward unlocks, the total amount of Ethereum involved would be less than 3 million. Meanwhile, data from Santiment revealed that ETH’s average daily trading volume is around four billion, with the same flashing a figure of around 9.4 billion at press time. This means that in the event of a sell-off, the volume of ETH being moved would be insignificant compared to the overall volume. As a result, the impact on ETH’s price may be negligible. Although the upcoming Ethereum upgrade and unlocks have raised concerns, the impact on price may not be significant. Despite the potential for a sell-off, the volume of ETH involved would be relatively small, compared to the overall daily trading volume. Additionally, many stakers may hold on to their positions rather than sell at a loss, reducing the sell-side pressure. Therefore, barring any major unforeseen events, we are likely to see regular price movement after the upgrade.

​Bitcoin Cash [BCH] recovery underway, here are the key levels to track Bitcoin Cash [BCH] retreated from $140 in mid-March and hit $116.5 at the end of March. After that, BCH’s price action has consistently stayed above an ascending line as bulls aim to recover losses in the past few days. But there are key obstacles and levels to watch out for. At press time, Bitcoin [BTC] had slightly dropped below $28K but seemed determined to reclaim the price level. A move back to $28K and a surge afterward could push BCH to clear immediate obstacles on its upward path. Can bulls overcome the obstacles at $127.5 and $130? In late March, the RSI (Relative Strength Index) retreated from the oversold zone but was almost neutral by press time. It shows buying pressure increased but later slowed due to BTC’s retracement from $28K. On the other hand, the OBV (On Balance Volume) dipped but showed an uptick – pointing to a likely surge in trading volumes if BTC reclaims $28K. As such, BCH could clear the obstacles at 200 MA (Moving Average) of $125 and $127.5 if BTC reclaims $28K. A close above $127.5 could tip bulls to retest $130 or surge beyond it, especially if BTC moves to $29K. A close below the ascending trendline could attract increased selling pressure and flip the structure to bearish. It could see BCH drop to retest the $116 support level. 30-day MVRV was negative, unlike 90-day MVRV According to Santiment, the funding rate remained disturbingly negative in the past few days and could undermine a strong recovery. On the performance level, quarterly holders outperformed monthly holders, as shown by the positive 90-day MVRV (Market Value to Realized Value) at press time. The 30-day MVRV was negative at the time of writing, indicating monthly holders were in losses by press time. In conclusion, BCH could surge if BTC reclaims $28K, given its strong positive correlation to the king coin. Therefore, investors should track BTC price action for more profit trade setups.

​Hedera: As positive developments spur network, will HBAR rally The Hedera [HBAR] network has made all the right moves since the beginning of 2023. Now, its unique Hashgraph technology has caught the attention of other participants in the crypto space. Fathom this. HBAR surged 13% over the last week and in the last 24 hours, it recorded gains of 6.36%, as per CoinMarketCap. The token’s market cap has more than doubled to $2.16 billion on a year-to-date (YTD) basis, allowing it to break into the list of top 30 cryptos by market cap. And now, the community has some more reasons to cheer. Recognition from the U.S. government As per a press release shared by the United States Department of State, Hedera was recognized for its resolve to further the ideals of democracy through the use of its blockchain technology. Hedera stated that it would invite companies, trade associations, advocacy groups, academics and government officials in a democracy roundtable to discuss how distributed ledger technology (DLT) can help in bringing transparency and defending civic rights. The commitments were in response to the government’s ‘Call To Advance Democracy’, which required the active participation of the private sector. While the network scored big on corporate social responsibility (CSR) parameters, it also forged big partnerships to expand its reach. As per a tweet by HBAR Foundation, Fresh Supply Co (FSCO), which was the largest user of payments giant Mastercard’s blockchain system, will move all of its existing operations to the Hedera network. Hedera network upgrade approaches The Hedera community eagerly awaited the mainnet upgrade to v0.35.2, slated for 31 March. However, users could expect some disruption to network services during this time. The development activity picked up decisively and has been going uphill throughout its course in March, which was a good sign for a network waiting for an upgrade, per Santiment. Positive developments pushed the transaction volume to its one-month high of $173 million at press time. The social mentions of HBAR on crypto-focused channels increased 2x as of 30 March. There was a growing demand for HBAR in the futures and perpetual futures markets. The dollar value locked in active contracts jumped 62% to $18 million in the last 24 hours, with over 66% of the total Open Intereest (OI) in Binance.

​Voyager’s deal with Binance on ice: investors adrift as VGX yields melt away On 27 March, a US federal judge temporarily halted the proposed $1.3 billion sale of bankrupt crypto firm Voyager Digital to Binance.US. The ruling grants the United States Securities and Exchange Commission (SEC) more time to question the deal’s legality on appeals. The decision comes as Voyager Digital filed for bankruptcy in February, seeking to sell its assets to Binance.US, the American affiliate of major crypto exchange Binance. The proposed deal was meant to give Binance.US a bigger foothold in the U.S. market and make Voyager’s customers whole. In early March, bankruptcy judge of the Southern District of New York – Michael Wiles – had given Binance.US the approval to proceed with the proposed sale. However, the U.S. Attorney’s Office for the Southern District of New York and the Office of the U.S. Trustee immediately filed an appeal challenging the bankruptcy court’s approval of the sale. VGX gets no juice from investors While VGX rallied to a high of $0.60 in the first 30 days of the year, this was due merely to the general rally that the market witnessed. Trading at $0.3292 at press time, the token’s value has since dropped by 45%. Seeing very minimal network activity in the last month, VGX’s daily active addresses on a 30-day moving average was 2.63, per data from Santiment. The altcoin has had several days in the past month when it registered no new trading addresses, indicating that only a few individuals considered it a viable investment choice. Further, a look at the alt’s supply distribution revealed a demand stagnation from the various cohorts of investors holding the alt. Typically, the lack of interest from existing investors may signal a lack of confidence in the altcoin, which might further drive down its value. On a daily chart, the absence of new demand has forced VGX’s Chaikin Money Flow (CMF) to remain in negative territory since September 2022. At press time, this was spotted at -0.22. A negative CMF over an extended period implies that the selling pressure has been more significant than buying pressure, which could lead to a significant decline in the asset’s price. A persistent negative CMF may also suggest that the bears are in control of the market and that a trend reversal may not occur anytime soon. In a downtrend, the token’s Aroon Up Line rested at 35.71% as of this writing. This showed that VGX’s most recent high was reached long ago.

​Germany’s Deutsche Bank takes a dip while Bitcoin goes uphill Deutsche Bank AG’s shares fell as much as 14% on 24 March, marking the bank’s third consecutive day of losses. Its stock dropped as low as €7.95. Despite recovering from its worst losses previously, the bank closed more than 8% lower at €8.54 on the same day. Concerns about Germany’s largest lender rose days after Credit Suisse Group AG was forced into a takeover by its larger rival UBS Group AG. Following the failure of Silicon Valley Bank (SVB) in the U.S. earlier this month, investors are hunting across the globe for institutions deemed vulnerable. With major footprints in both Europe and the United States, the Deutsche Bank is a significant player in the global banking system. It provides lending and other services to a number of multinational corporations globally. German Chancellor Olaf Scholz told reporters at an EU summit in Brussels: “Deutsche Bank has thoroughly modernized and reorganized its business model and it is a very profitable bank. There is no reason whatsoever to be concerned.” Shares of other European banks also fell on 24 March, though not as much as Deutsche Bank. Another German bank Commerzbank AG’s stock fell 6.5%; British bank Barclays PLC’s stock fell 5.8%; and the stock of France’s most valuable bank BNP Paribas SA fell 5.27%. Germany’s Dwpbank offers Bitcoin Trading Services Earlier this week, Germany’s Deutsche WertpapierService Bank (Dwpbank) announced that it was developing wpNex, a new platform that will offer Bitcoin (BTC) trading to retail customers of all of its 1,200 affiliates in the second half of this year. It should be noted here that BTC’s price tumbled when the SVB collapsed. But since then, its value has surged by nearly 40% and it doesn’t show any signs of slowing down for now. It was trading at $27,443.03 at press time. As concerns about the failure of big banks across the globe increase, Bitcoin maximalists have been underlining the sustained performance of BTC amidst the crisis. The proponents of a decentralized banking system have time and again suggested that a trustless financial system is the only way forward for a stable economy.

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