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Phân tích

Arbitrum, ApeCoin in focus ahead of big token unlocks

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Arbitrum and ApeCoin prices will be in the spotlight this week as their networks unlock millions of tokens. 

ApeCoin (APE) token was trading at $0.756, up by 57% from its lowest point in August, while Arbitrum (ARB) was stuck at $0.5345, where it has been at in the past few weeks.

Arbitrum will unlock 93 million tokens

The two coins will be in focus as their dilution continues. Arbitrum will unlock 93.2 million new tokens on Monday, Sep. 16. This unlock will bring the number of coins in circulation to over 3.52 billion. 

Arbitrum will still have more unlocks to go since it has a total supply of 10 billion tokens, with the last unlock expected to happen in April 2027. 

This unlock will happen at a time when Arbitrum’s ecosystem is going through a challenging period. Data by Nansen shows that the number of active addresses has dropped to 455,000, down from the year-to-date high of 1.50 million. 

The number of daily deployments in the blockchain has dropped to 8,600 from the year-to-date high of 32,750. Also, transaction count dropped by over 24% in the last 24 hours to 1.07 billion.

Arbitrum has been passed by Base Blockchain in the decentralized exchange industry. The volume of transactions in its DEX networks dropped by 20% in the last seven days to $2.7 billion while Base handled $2.91 billion.

ApeCoin token unlock ahead

ApeCoin, the cryptocurrency started by Yuga Labs, will unlock 15.38 million tokens on Sep. 17. This event will bring the number of coins in circulation to 620 million.

ApeCoin has a maximum supply of 1 billion coins and 15.3 million are released each month. The final unlock will happen in March 2026.

There’s also the upcoming ApeChain launch. ApeChain will be a layer-2 network and enable developers to build applications across the gaming, decentralized finance, non-fungible tokens, and decentralized public infrastructure industries. 

Token unlocks are often seen as bearish events in the crypto industry because they dilute existing holders. They also reduce the staking yield received by investors since most of these tokens flow to staking pools. 

ApeCoin and Arbitrum will also react to the upcoming Federal Reserve interest rate decision on Wednesday.

Economists expect the bank to deliver its first interest rate cut since 2020 since U.S. inflation has eased while the unemployment rate remains above 4%. In most cases, cryptocurrencies and other risk assets do well when the Fed has embraced a dovish tone.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

ApeCoin surges, more gains likely before ApeChain launch

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ApeCoin, the popular cryptocurrency launched by the Bored Ape Yacht Club creators, rose to its highest point in three months.

ApeCoin (APE) reached a high of $0.892 on Tuesday, Sep. 10, marking its highest point since July 3, and 90% above its lowest point this year.

Its recovery occurred as most cryptocurrencies bounced back, with Bitcoin (BTC) jumping to $57,000 after falling to $52,000 last week. The crypto fear and greed index also shifted from the fear zone of 30 to the neutral point of 46.

ApeCoin’s rally has been fueled by anticipation of the upcoming ApeChain mainnet launch. The new chain will be built on top of Arbitrum (ARB), the largest layer-2 network in the crypto industry. It will focus on content, tools, and distribution, with APE serving as the gas token for the ecosystem and as the governance token.

ApeCoin’s price also surged after developers announced their integration with Pyth Network, one of the largest oracle providers in the industry. An oracle securely brings off-chain data to the blockchain.

Developers also unveiled a strategic blueprint ahead of the ApeChain mainnet launch. As part of its roadmap, the project plans to align with Arbitrum by focusing on a user-centric ecosystem. The team aims to leverage partnerships with well-known brands to attract more developers and users.

The challenge, however, is that the layer-2 industry has become highly saturated, with networks like Base, Optimism, Polygon, and Blast having substantial market share. Also, the Bored Ape Yacht Club ecosystem has struggled, with data showing that sales and the floor price have dwindled.

ApeCoin price analysis

ApeCoin price chart | Source: TradingView

The daily chart shows that the APE price has bounced back in recent days. This rebound began when the token bottomed at $0.566, forming a double-bottom pattern with a neckline at $0.802.

In technical analysis, a double-bottom is considered one of the most bullish patterns. Notably, APE has crossed above the 50-day Exponential Moving Average, while the Relative Strength Index has moved closer to the overbought level.

As a result, the coin may continue rising as buyers target the 23.6% Fibonacci Retracement level at $1, which is about 22% above the Sept. 10 levels.

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Theo Crypto News

Phân tích

SuperRare suffers reversal due to weak on-chain data

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SuperRare’s price experienced a sharp reversal due to profit-taking after the token’s parabolic rise of over 500% between August 5 and August 15.

The SuperRare (RARE) token retreated to $0.2280, down by over 34% from its highest point on Sunday, Aug. 18. This downturn was primarily driven by profit-taking, as the recent surge lacked a substantial catalyst. Additionally, the token dropped after on-chain data revealed that the SuperRare Treasury transferred 7.5 million tokens to Binance. Typically, moving tokens to an exchange signals an intention to sell.

Fundamentally, SuperRare and other Non-Fungible Token (NFT) platforms like OpenSea and Rarible are struggling as trading volumes continue to decline.

Data from Dune Analytics indicates that SuperRare’s monthly volume has plummeted to a record low. After reaching over $36 million in August 2021, the volume fell to under $1 million in July. This declining trend over the past two years led the company to reduce its workforce in 2023.

SuperRare monthly revenue | Source: Dune Analytics

Similarly, OpenSea’s monthly volume dropped to $32 million in July from $643 million in Feb. 2023. 

Additional data from CryptoSlam shows that global NFT sales volume has decreased by 37% in the last 30 days, totaling $387 million. At its peak, the industry was handling billions of dollars weekly, driven by popular collections like Bored Ape Yacht Club, Azuki, Art Blocks, and CryptoPunks.

SuperRare’s price surge also pushed its futures open interest to a record high of $112 million. Notably, the token had no open interest in the futures market for several days this month.

SuperRare price analysis

SuperRare price chart | Source: TradingView

The daily chart shows that the RARE price went parabolic, trending on social media platforms like X and StockTwits. It peaked at $0.3460, the highest level since May 2022.

As it surged, the token broke through the key resistance point at $0.2384, which was its highest swing in March this year. It also moved above the 50-day moving average, while the Money Flow Index rose to the overbought level.

Given these factors, the token’s outlook appears bearish as many traders may begin to exit their positions. If this trend continues, the price could drop to the key support level at $0.1626, which was its highest swing on May 12 and 30% below its August 19 low.

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Theo Crypto News

NFT

NFT market roundup: Ethereum, Solana dominate, CryptoPunks lead the pack

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In the week ending July 6, the NFT market finally hit a green patch, with impressive sales volumes across the Ethereum (ETH) and Solana (SOL) blockchains. Here’s a detailed look at the week’s top performers and trends.

Top 5 blockchains by NFT sales volume

Looking at data from Crypto Slam, Ethereum led the NFT sales volume charts this week, amassing a staggering $44.3 million. This total included $36.77 million in direct sales and an additional $7.538 million from wash trading, affirming Ethereum’s stronghold in the NFT ecosystem.

The direct sales numbers were a 15.66% improvement from the previous week, although total sales were still down more than 8%.

Blockchains by weekly NFT sales volume | Source: CryptoSlam

Solana followed, leveraging its fast and cost-effective transactions to achieve $24 million in sales, which was a 34.3% increase from last week’s figures. Of the amount, $22.4 million came from direct transactions and $1.6 million from wash trading. 

Interestingly, the wash trading on Solana went up by more than 83%, with the direct sales also reflecting a 31% improvement from the previous week.

Bitcoin falters

Bitcoin (BTC), known primarily for its cryptocurrency dominance, recorded $15.886 million in sales — a 14.51% drop from the week ending June 30. The amount included $15.63 million from direct sales and a modest $255,349 from wash trading. 

Despite a scalable platform, Polygon (MATIC) had a poor week, generating only $20.11 million in sales, split between $12.03 million in direct sales and $8.08 million from wash trading. The figure represented a dip of more than 18% from the prior week.

Mythos Chain (MYTH) rounded out the top five. It recorded $3.80 million in sales. The majority of this, $3.79 million, came from direct transactions, with minimal wash trading, reflecting a stable growth in its user base.

Top 5 NFT collections by sales volume

Among the top NFT collections by sales volume, DMarket on the Mythos Chain led with $3.53 million in sales, spread across 153,277 transactions involving 11,568 buyers and 9,295 sellers. However, the amount was nearly 16% lower than last week’s haul.

NFT collection rankings by weekly sales volume | Source: CryptoSlam

Ethereum’s Pudgy Penguins closely followed with $3.45 million, achieved through only 99 transactions, highlighting the high value of each trade. 

Solana’s DogeZuki Collection earned $3.19 million in sales from 73,404 transactions, showcasing its popularity among collectors. Another Solana collection, Mad Lads, recorded $3.12 million in sales through 239 transactions, indicating a high level of engagement. 

The iconic Bored Ape Yacht Club (BAYC) on Ethereum rounded out the top five with $2.57 million in sales from 83 transactions, maintaining its elite status in the NFT world.

Top 5 NFT collectible sales

  • The top individual NFT collectible sales featured some impressive figures. CryptoPunks on Ethereum continued to command high prices, with one collectible selling for $386,916.
  • Solana’s BOOGLE #089 fetched $191,517, highlighting the chain’s vibrant NFT market. 
  • An innovative financial NFT, gUSDC Locked Deposit on Arbitrum (ARB), sold for $90,744.
  • Bitcoin’s Ordinal Maxi Biz recorded a sale of $84,331.
  • Cardano (ADA) also made a notable entry with a collectible selling for $49,078.

Top 5 fan tokens by sales volume

Top fan tokens by weekly sales volume | Source: CryptoSlam
  • In the space of fan tokens, Galatasaray’s token on the Chiliz (CHZ) blockchain saw a massive surge of 70,149%, achieving $280.53 million in sales. 
  • FC Barcelona followed with $50.16 million, reflecting strong fan engagement.
  • Paris Saint-Germain’s token continued to perform well, recording $46.71 million in sales.
  • Juventus also saw substantial support from its fans, with $32.68 million in token sales. 
  • The eSports team OG’s fan token sales underscored the growing intersection between sports and digital assets, reaching $28.92 million after skyrocketing 643.6%.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News