U.S. Nasdaq-listed cryptocurrency trading platform Coinbase has updated its roadmap, adding two Ethereum-based altcoins, Gnosis (GNO) and Metal (MTL), and Solana-based blockchain project Raydium (RAY).
Gnosis builds decentralized infrastructure for the Ethereum ecosystem, a protocol designed to be a decentralized prediction market built on the Ethereum (ETH) blockchain.
Upon listing, Gnosis was up 5.43% in the last 24 hours. The live Gnosis price was trading at $143.10 with a 24-hour trading volume of $4,432,452.
Metal (MTL) is an Ethereum-based payment platform. Metal Pay allows users to register a free bank account and buy and sell over 50 cryptocurrencies. Metal’s price was $1.26 with a 24-hour trading volume of $14933541 during the intraday.
The third project goes to Raydium, an Automated Market Maker (AMM) and liquidity provider built on the Solana blockchain for the Serum Decentralized Exchange (DEX).
Raydium has the first-mover advantage as an AMM within Serum and will be an integral part of bringing new and existing projects and protocols into the ecosystem.
Coinbase’s latest move triggered RAY to surge 10% from $0.86 to $0.95.
In order to Increase transparency for new asset listings on Coinbase, Coinbase’s listing roadmap is a set of crypto projects that may be joining the exchange’s list of supported assets.
The 1inch Network announced on Wednesday its plans to deploy the 1inch Aggregation Protocol on Avalanche and the 1inch Limit Order Protocol on Gnosis Chain, formerly known as the xDai Chain. In a statement shared with Cointelegraph, the 1inch Network expressed its aim to further expand its capabilities within the decentralized finance, or DeFi, industry.
1/ In life, we often have to choose between two options both of which may seem important to us.
But what if we could go for both options at once? Sounds fantastic, doesn’t it?
Well, nothing is impossible for #1inch…#DeFi #Avalanche #Gnosis pic.twitter.com/bwN9bBL5Br
— 1inch Network (@1inch) January 20, 2022
“1inch’s main goal is to offer users the best deals across the blockchain space,” said Sergej Kunz, 1inch Network co-founder, adding that the expansion to Avalanche and Gnosis Chain “will offer 1inch users more options for cheap and fast transactions.”
Avalanche (AVAX) is a quickly growing cross-chain network whose TVL, according to DeFi Llama, stood at $10.4 billion at the time of publication. However, the AVAX token has been subject to vulnerability as part of the Multichain hack this week.
According to the statement, a number of protocols will be immediately available via 1inch on Avalanche, including 1inch Limit Order Protocol, Aave, Baguette, Canary Exchange, Pangolin, SushiSwap and Trader Joe.
Related: 1inch Network concludes $175M Series B led by Amber Group
Gnosis Chain (GNO) had a TVL of $21.5 billion at the time of publication, according to DeFi Llama. The largest DEX on Gnosis Chain is Curve v1, and other protocols immediately available on Gnosis include the 1inch Limit Order Protocol, Elk Finance, Honeyswap, Levinswap and SushiSwap.
Volatility is once again the major theme across the cryptocurrency market on Dec. 30 as the price of Bitcoin (BTC) bounced back from an early morning dip below $46,000 with bulls now battling bears for control of support near $47,500.
The altcoin market has likewise been a mixed bag of results on Dec. 30, with many of the coins in the top 200 seeing slight losses while the top performers have posted double-digit gains thanks to major protocol developments and acquisitions.
Top 7 coins with the highest 24-hour price change. Source:Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Frax Share (FXS), Swipe (SXP) and Gnosis (GNO).
Frax Share increases its stablecoin supply
Frax Share is the governance token of the Frax protocol, a fractional algorithmic stablecoin system designed to provide scalable and decentralized algorithmic money.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FXS on Dec. 28, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. FXS price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for FXS climbed into the green zone on Dec. 27 and hit a high of 86 on Dec. 28, around 14 hours before the price increased 57% over the next two days.
Gains for FXS token align with the growing adoption of the Frax stablecoin. The circulating supply of FRAX increased by more than 300% in the past two months to its current supply of $1.74 billion.
Swipe gets acquired by Binance
Another project that saw its price spike over the past 24 hours is Swipe, a platform that is developing card payment infrastructure for the cryptocurrency economy.
Data from Cointelegraph Markets Pro and TradingView shows that, after hitting a low of $1.46 on Dec. 29, the price of SXP surged 38% to a high at $2.02 on Dec. 30 as its 24-hour trading volume spiked 951% to $683 million.
SXP/USDT 4-hour chart. Source: TradingView
The sudden burst in trading volume for SXP came after it was revealed that crypto exchange Binance was finalizing the acquisition of Swipe and rebranding it to Solar.
Related:Binance to finalize acquisition of Swipe, paving for CEO exit
Gnosis releases its zodiac bridge
Gnosis, a decentralized prediction market built on the Ethereum (ETH) network, saw its price increase 38% on Dec. 30.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for GNO on Dec. 27, prior to the recent price rise.
VORTECS™ Score (green) vs. GNO price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for GNO hit a high of 77 on Dec. 27, around 35 hours before the price increased 38% over the next day.
The building momentum for GNO followed the introduction of the zodiac bridge module for the Gnosis ecosystem, which gives decentralized autonomous organizations (DAOs) the ability to control assets on separate Ethereum virtual machine-compatible chains.
The overall cryptocurrency market cap now stands at $2.233 trillion and Bitcoin’s dominance rate is 40.3%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
It appears that CowSwap, a Gnosis DEX, will be launching an airdrop for its token.
A Github repository surrounding a token drop has sparked a flurry CowSwap participation.
While airdrops create a lot of excitement, it seems the excitement often precedes severe drops in price.
Share this article
URL Copied
CowSwap, a decentralized exchange built on top of the Gnosis V2 Protocol, seems like it might be preparing an airdrop for its token.
Airdrop Season
A Gnosis decentralized exchange called CowSwap appears likely to launch a token airdrop, having updated aGithub repositoryshowing code for a token drop. It includes statements like “emits token generation event” and “cannot be claimed after deadline.”
The Gnosis Protocol V2 uses batch auctions to help protect users fromMEV, a scenario in which miners or arbitrageurs extract value from users by reordering, adding, or even censoring transactions. The Gnosis Protocol V2 also integrates liquidity sources across various decentralized exchanges.
CowSwap is the Gnosis V2 Protocol’s first decentralized exchange. Among other things, it utilizes a mechanism called the “Coincidence of Wants”—if one user holds an asset that another user wants and that user owns an asset the first user wants, then CowSwap will match these two users and directly settle the trade without using an automated market maker.
It is unclear if the snapshot determining airdrop eligibility for the CowSwap token has already take place, though some have still interacted with the CowSwap protocol today in the hopes of qualifying for the airdrop.
CowSwap’s alpha was launched in April on the same day that a major partnership between Gnosis and Balancer, an Ethereum automated market maker, was announced. Crypto Briefing highlighted CowSwap as a potential contender in its recent article detailing 10 promising candidates for token airdrops in 2022.
Several airdrops have taken place over the last few days. On Christmas Eve, OpenDAOairdroppedits SOS token to OpenSea users. Earlier today, Gas DAOlauncheda token airdrop to 643,000 Ethereum network participants. However, that token is already down roughly 70% from its all-time high, and the SOS token has done nearly as poorly. This is a common trend for major airdrops this year, as all of the major Ethereum tokenairdrops of 2021are down at least 50% from their highs.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
Share this article
URL Copied
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Every Major Ethereum Token Airdropped in 2021 Is Down Over 50%
Ethereum saw several big token airdrops in 2021. Despite the initial hype surrounding the most anticipated airdrops of the year, most of the tokens are down 50% or more. Ethereum…
Web3 – What it is, What it Means, and How We’ll Transition
We are at the dawn of a new era of the internet. Bit by bit, this new digital world, and all that it enables, will slowly become a part of…
2021 in Review: the Top 10 Crypto Moments of the Year
From meme coins to the Metaverse, join Crypto Briefing as we look back on the top 10 moments that defined the crypto space this year. 2021 in Crypto A lot…
NFT Traders Wanted an OpenSea Airdrop. Then OpenDAO Launched on Christ…
Following an overnight surge, OpenDAO’s market cap is at roughly $295 million. SOS Airdrop Calms NFT Community’s OpenSea Woes Christmas just keeps getting better for the NFT community. A new…
Momentum in the cryptocurrency market is back on the rise on Nov. 8 after a solid rally from Bitcoin (BTC) placed the price back above $66,000 and Ether hit a new all-time high at $4,793. The gains from the largest two cryptocurrencies helped to kickstart a market-wide rally that lifted the total cryptocurrency market cap above $3 trillion for the first time.
Unlike previous rallies where BTC would make significant gains at the expense of the altcoin market, this time a majority of tokens in the top 200 are likewise in the green with many projects seeing double-digit gains.
Top 7 coins with the highest 24-hour price change. Source:Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were UMA (UMA), Loopring (LRC) and Gnosis (GNO).
UMA releases a cross-chain bridge
The Universal Market Access protocol is a platform that specializes in the creation of synthetic assets on the Ethereum blockchain that are self-executing, self-enforcing financial contracts that allow counterparties to digitize and automate any real-world financial derivatives.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $10.72 on Oct. 28, the price of UMA rallied 109% to a daily high at $22.44 on Nov. 7 as its 24-hour trading volume surged 1,329% to $943 million.
UMA/USD 4-hour chart. Source: TradingView
The sudden burst in trading volume and price growth for UMA comes as the platform launched its ‘Across Protocol’ layer-one to layer-two bridge on its mainnet in an effort to offer a fast, cheap and secure bridge for decentralized finance users.
Low fees on Loopring attract new users
Loopring is a zkRollups layer-two scaling solution for the Ethereum network that specializes in the creation of decentralized exchange (DEX) and payment protocols.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for LRC on Nov. 5, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. LRC price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for LRC climbed into the green on Nov. 4 and reached a high of 72 on Nov. 5, around five hours before the price increased 76% over the next three days.
The building momentum for Loopring comes as high fees on the Ethereum network continue to push users to explore lower-cost options which led to a new record high daily trading volume of $75 million on Loopring L2 on Nov. 2.
Related:Ethereum back in price discovery as ETH approaches $5K
Gnosis proposes a merger with xDAI
Gnosis is a protocol focused on building new market mechanisms for DeFi that allow users to securely create, trade and hold digital assets on the Ethereum network.
According to data from Cointelegraph Markets Pro, market conditions for GNO have been favorable for some time.
VORTECS™ Score (green) vs. GNO price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for LRC has been elevated in the green zone for the past week and reached a high of 79 on Nov. 5, around 10 hours before the price increased 39.3% over the next two days.
The climbing price of GNO comes as the protocol introduced Gnosis improvement proposal (GIP) 16, which proposes that Gnosis and the xDAI communities should merge their tokens to develop the xDAI blockchain under the name “Gnosis Chain.”
The overall cryptocurrency market cap now stands at $2.88 trillion and Bitcoin’s dominance rate is 43.2%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The wider crypto market has a wait-and-see feel to it on Aug. 25 as the price of Bitcoin (BTC) dipped to $47,360 before rebounding off the lower support of the ascending channel to reclaim the $48,000 level.
Despite the swift turnaround, analysts are still wary and well-known financial analyst John Bollinger warned investors that it might be a good time to secure some profit.
Several altcoins have managed to overcome the general market malaise to post double-digit gains on Wednesday as decentralized finance (DeFi) and nonfungible tokens (NFT) continue to push higher.
Top 7 coins with the highest 24-hour price change. Source:Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Telos (TLOS), Gnosis (GNO) and Alpha Finance Labs (ALPHA).
Telos finalizes its bridge to Ethereum
The top-performing token on the 24-hour chart was Telos, a scalable blockchain network created from EOSIO software with a focus on the creation of NFTs and smart contracts for decentralized finance, gaming and social media.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for TLOS on Aug. 22, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. TLOS price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for TLOS began to shift positive on Aug. 22 and reached a high of 71 on Aug. 23, roughly nine hours before its price began to increase by 45% over the next two days.
Excitement for the project has been on the rise over the past week as the Telos network prepares to release its Ethereum Virtual Machine (EVM) which will enable the bridging of assets between the two protocols.
Gnosis rallies after creating a DAO
Gnosis continued to see strong demand as developers on the project turned their attention toward the creation of a decentralized autonomous organization (DAO) for its asset management system called Gnosis Safe.
According to data from Cointelegraph Markets Pro, market conditions for GNO have been favorable for some time.
VORTECS™ Score (green) vs. GNO price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for GNO has been in the green for much of the past week and reached a high of 75 on Aug. 22, around eight hours before the price increased 52% over the next two days.
Related:Ethereum supply shock: Exchange ETH reserves continue to fall after a 26% drop in 2021
Protocol upgrades provide a boost for Alpha Finance Lab
Alpha Finance Lab, a leverage-providing DeFi protocol, has been the third-biggest gainer on the 24-hour chart thanks in large part to the release of Alpha Homora V2 which includes a new ‘Minimal Function Mode’ designed specifically for leveraged yield farmers.
VORTECS™ Score (green) vs. ALPHA price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for Alpha first turned green on Aug. 19 and climbed into the dark green zone to hit a high at 81 on Aug. 20. This was approximately 30 hours before ALPHA price increased 31% over the next three days.
The token also got a boost of momentum on Aug. 20 after ALPHA was selected as the Binance Launchpad project of the year for being the best performing project to come out of the exchange’s incubator in 2021.
The overall cryptocurrency market cap now stands at $2.091 trillion and Bitcoin’s dominance rate is 43.8%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The bull market narrative has returned now that Bitcoin (BTC) price managed to briefly climb above $50,500 on August 23.
A handful of altcoins have also seen their prices charge higher as the momentum in the market continues to build. For many tokens, the price has been buoyed by new exchange listings and cross-protocol collaborations that have brought a new level of activity and attention to their ecosystems.
Top 7 coins with the highest 24-hour price change. Source:Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were WAX (WAXP), Gnosis (GNO) and IOST (IOST).
WAX benefits listing on Binance
The top performer on the 24-hour chart is WAX, a delegated proof-of-stake (DPoS) blockchain protocol that claims to offer the “world’s most proven and eco-friendly blockchain for NFTs, video games and collectibles.”
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.161 on Aug. 19, the price of WAXP surged 242% to an intraday high at $0.55 on Aug. 23 as its 24-hour trading volume rose 21,756% to $2.24 billion.
WAXP/USDT 4-hour chart. Source:TradingView
According to the NewsQuakes™ alert system from Cointelegraph Markets Pro, the sudden spike in price came after Binance announced that it would list WAXP.
Gnosis surges after a partnership announcement
Gnosis, an Ethereum-based decentralized prediction market pushed higher after revealing that the team had joined the ZK Open Legal Working Group to create “legal clarity around the use of ZKPs to unleash their full potential for privacy and scaling applications.”
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for GNO on Aug. 19, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. GNO price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for GNO has been elevated for some time and reached a high of 78 on Aug. 19, around 6 hours before its price increased by 26% over the next four days.
IOST’s staking competition attracts investors
IOST is a decentralized blockchain network that utilizes a novel consensus protocol called “proof-of-believability” to validate transactions at a higher speed than competing networks.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for IOST on Aug. 22, prior to the recent price rise.
VORTECS™ Score (green) vs. IOST price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for IOST began to register green on Aug. 21 and climbed to a high of 72 on Aug. 22, around 8 hours before its price increased by 29%.
Activity for the blockchain has been on the rise thanks to an ongoing staking competition done in conjunction with Moonstake which offers a top prize of 15,500 IOST tokens.
The overall cryptocurrency market cap now stands at $2.139 trillion and Bitcoin’s dominance rate is 43.5%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Ethereum-native multi-sig wallet provider Gnosis Safe is launching on three new networks: Polygon, Binance Smart Chain, and Arbitrum.
Gnosis Safe Announces Expansion
Gnosis Safe, a multi-signature wallet provider and asset management platform, has gone live on Polygon, Binance Smart Chain, and Arbitrum. The product was previously only available on Ethereum and xDai.
Like xDai, Polygon, Binance Smart Chain, and Arbitrum offer EVM compatibility. Polygon and Binance Smart Chain have found success by attracting protocols that launched on Ethereum or, as is often the case with Binance Smart Chain, similar derivatives. Arbitrum, meanwhile, is a Layer 2 solution built to help Ethereum scale. It uses Optimistic Rollups and is slated to launch in full this summer.
Gnosis Safe has seen significant adoption as demand for smart contract wallet security increases. It currently secures over $42 billion in ETH and ERC-20 tokens powering the DAO and DeFi ecosystems.
DeFi on Ethereum continues to see rapid growth, with 3 million users and over $54 billion in total value locked in DeFi protocols. Gnosis Safe’s multi-sig wallet secures $22 billion worth of crypto assets and is used bywell-known projects including Aave, Balancer, SushiSwap, 1inch, Kyber, Synthetix, and Yearn Finance.
With today’s expansion, the team hopes to offer additional security to DeFi treasuries and help with the secure implementation of decentralized autonomous organizations (DAOs) on Polygon, Binance Smart Chain, and Arbitrum.
The product lets developers deploy smart contracts that are backed by multi-signature security. This assures that a smart contract is not controlled by one seed phrase or person, meaning the security of the project can be spread across multiple devices.
Polygon’s co-founder Anurag Arjun discussed how Gnosis Safe’s launch on Polygon would help the network flourish. He said:
“We’re excited to have Gnosis Safe’s high security user-friendly platform live on Polygon. This will allow the 450+ dApps building on Polygon’s high speed infrastructure to manage their assets transparently and securely.”
Polygon has seen rapid adoption this year thanks in part to the number of Ethereum projects that launched on the network. Aave, Curve, SushiSwap, and Balancer have all deployed their contracts on the Ethereum commit chain in recent months. Arbitrum, meanwhile, looks set to welcome a number of Ethereum staples as Layer 2 begins to roll out in earnest; Uniswap, SushiSwap, and Bancor have all confirmed launches on the Optimistic Rollup solution this year.
As part of Gnosis Safe’s Layer 2 plans, the team is planning to launch on Optimism and zkSync before the end of 2021. It will also go live on Avalanche.
This news was brought to you by ANKR, our preferred DeFi Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Gnosis Safe Onboards Yearn, SushiSwap for Gasless Governance
Multi-sig wallet provider Gnosis Safe is launching an off-chain decentralized voting mechanism for governance on DeFi. Gnosis Safe Aims to Reduce Ethereum’s Load Gnosis Safe provides over-the-top security to Ethereum…
Balancer and Gnosis Are Launching a New Ethereum Exchange
Balancer and Gnosis, two Ethereum mainstays, are uniting to launch a decentralized exchange called the Balancer-Gnosis-Protocol (BGP). DeFi Favorites Link Up Balancer is one of Ethereum’s most popular automated market…
What is Impermanent Loss and How can you avoid it?
DeFi has given traders and investors new opportunities to earn on their crypto holdings. One of these ways is by providing liquidity to the Automated Market Makers (AMMs). Instead of holding assets,…
Amid DeFi Security Concerns, Opyn May Have an Answer
Opyn, a new DeFi product, has introduced an options-based insurance market for investors to hedge against black swan events and insure their Compound deposits. By leveraging options, the insurance mechanism…
Ether (ETH) continued its stellar run and crossed the $3,500 barrier today. Dogecoin (DOGE) also joined in on the party as its price soared above $0.61 earlier today as Gemini exchanged added support for the coin following a similar step by eToro.
Traders may be buying DOGE with the expectation that Elon Musk will shill the token during his upcoming appearance as the host of Saturday Night Live.
While the rise of DOGE is tempting, traders should be careful with their bets because barring the jawboning by some popular individuals, the fundamentals of the coin look shaky.
Crypto market data daily view. Source:Coin360
Although altcoins are having a field day, Glassnode recently pointed out that Bitcoin’s (BTC) Stablecoin Supply Ratio had plunged to a 2021 low at 13.4. The SSR is calculated by dividing Bitcoin’s supply by th stablecoin supply and its all-time low is 9.6. Glassnode said the low SSR value was a bullish sign as it showed greater availability of crypto-native capital that could flow into Bitcoin and other crypto-assets.
In the altcoin season, the decentralized finance space has been the star performer. Let’s study the fundamentals and technicals of three DeFi related tokens that have done well in the past few days.
GNO/USD
Decentralized exchanges have risen in popularity in the past few months but they are still plagued with certain shortcomings. One of the problems DEX users face are bots that front-run transactions and cause slippage. According to MEV-Explore more than $477 million in value has been extracted from DEX traders since Jan. 1, 2020.
To solve the problem of MEV and improve the experience of DEX users, Gnosis (GNO) recently announced a partnership integration with Balancer to form the Balancer-Gnosis-Protocol, which plans to blend Balancer’s pool mechanisms with the price-finding mechanism of Gnosis and is expected to go live in mid-June. This could attract several traders who have been avoiding trading on DEXs due to MEV.
During bull markets, several new projects are announced as trader’s appetites are high. However, the price discovery of a new token has been a major issue bogging the crypto space. To address this problem, Gnosis launched a new platform dubbed Gnosis Auction on April 6. The protocol claims the platf will conduct transparent and decentralized batch auctions for any Ethereum project.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for GNO on April 28, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. GNO price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for GNO flipped green on April 28 when the price was $201.15.
From there, the VORTECS™ Score consistently remained in the green barring a brief period and GNO rallied to a high at $258.70 today, netting the traders a 28% return in about seven days.
GNO has been in a steady uptrend and it has rallied from $171.32 on April 25 to an intraday high at $261.30 today, rising 52% in ten days. This sharp rally of the past few days has pushed the relative strength index (RSI) into the overbought territory.
GNO/USD daily chart. Source:TradingView
Usually, when an asset is backed by momentum, it does not give up much ground during corrections. The bulls jump in and buy every minor dip as they expect the rally to continue. The first support on the downside is $224.07 and then the 20-day exponential moving average ($206).
A strong rebound off either support will suggest the sentiment remains positive and traders are buying on dips. The bulls will then try to resume the up-move and push the GNO/USD pair to the next target objective at $282.54 and then $300.
This bullish view will invalidate if the price turns down and breaks below the 20-day EMA. Such a move will suggest that traders are booking profits aggressively and that could pull the price down to the 50-day simple moving average ($174).
BAL/USDT
Automated market maker Balancer (BAL) announced the developer launch of its next big upgrade named Balancer V2 on April 20. The major change in the new version is that all the assets added by all Balancer pools will be held in a single vault.
While the AMM logic will be unique for each pool, the token management will be done by the vault. The protocol claims this will improve gas efficiency and enable drafting of various AMM strategies “without having to worry about low-level token transfers, balance accounting, security checks and smart order routing.”
Balancer’s partnership with Gnosis will form the Balancer-Gnosis-Protocol which will be interoperable with any DEX but will have the maximum gas efficiency when traded against Balancer pools. The steps taken to reduce gas fees and improve user experience may give Balancer an advantage over competitors.
The protocol is also promoting its Liquidity Bootstrapping Pools for projects that want to distribute tokens in a fair and capital-efficient way.
BAL rallied from $44.73 on April 25 to an intraday high at $75.08 today, rising over 67% in ten days. During this period, the price climbed from the support line of the ascending channel to the resistance line of the channel.
BAL/USDT daily chart. Source:TradingView
The bears have defended the resistance line of the channel on two previous occasions, hence the level is likely to act as a major hurdle once again. A drop from the current level is likely to find support at the 50-day SMA ($56.47).
Both moving averages are moving up gradually and the RSI is above 61, suggesting the bulls have the upper hand. If the price rebounds off the moving averages, the bulls will make one more attempt to push the price above the channel.
If they succeed, the BAL/USDT pair could pick up momentum and charge toward the next target objective at $100. The bullish momentum may weaken if the pair plummets below the moving averages. A break below the channel will signal advantage to the bears.
CAKE/USDT
PancakeSwap (CAKE) was featured on Cointelegraph on April 8 when it was trading at $20.91. From there, the token rallied to hit an all-time high at $44.27 on April 30, recording a 111% gain in just over three weeks.
The protocol launched an auto-compounding CAKE syrup pool on April 30, which removes the need to manually re-stake CAKE to get the best yields. The new feature seems to have gained popularity among users as the protocol reported on May 3 that 18.5 million CAKE tokens had been deposited in the said pool.
Recently, data from DappRadar showed that PancakeSwap had completed 2 million transactions in a 24-hour period surpassing the 1.55 million transactions done on the Ethereum network. The growing popularity seems to have enabled the protocol to complete its biggest burn of 5,143,789 CAKE tokens.
PancakeSwap launched the BETA version of Prediction on April 28. This allows traders to bet on the direction of the BNB/USDT pair’s close at the end of a 5-minute live phase. If the chosen direction is correct, the trader wins a reward.
While professional short-term traders may be successful in such predictions, novice traders should be careful as this could become addictive and one could quickly lose a lot of money within a short time.
The latest leg of the up-move in CAKE had pushed the RSI above 81 on April 29, indicating the token was overbought in the short term. That could have attracted profit-booking from the momentum traders, resulting in the current correction.
CAKE/USDT daily chart. Source:TradingView
The first critical support on the downside is the 20-day EMA ($32.75). The bears have not been able to sink and close the price below this support since March 23. Therefore, the bulls are likely to buy the dip to the 20-day EMA.
A strong rebound off this support will suggest the sentiment remains positive. The bulls will then try to push the price above $44.27 and resume the uptrend. If they succeed, the CAKE/USDT pair could climb to $55.
Contrary to this assumption, if the bears sink the price below the 20-day EMA, it will suggest that traders are booking profits aggressively. That could pull the price down to the breakout level at $30.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
