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  • Ronin Outpaces Solana to Grab Top 3 Daily Active Users; This GameFi Token Will Dominate Industry

    Ronin Outpaces Solana to Grab Top 3 Daily Active Users; This GameFi Token Will Dominate Industry

    If you’re tuned into the crypto scene, you might have heard the buzz surrounding Ronin lately. Ronin has surged ahead, surpassing Solana to claim a spot in the top three for daily active users. Meanwhile, Galaxy Fox is emerging as a formidable contender in the GameFi space, poised to dominate the industry with its innovative approach. 

    Let’s delve deeper into these exciting developments and explore why Galaxy Fox is considered one of the best ICO by many, presenting an unparalleled investment opportunity this year. 

    Ronin Outpaces Solana to Grab Top 3 Position of Daily Active Users

    Ronin is making waves in the cryptocurrency world, swiftly outpacing Solana to secure a coveted spot in the top three list for daily active users. Just recently, Binance announced the listing of $RON trading pairs, sending excitement rippling through the community. The surge in interest saw $RON hitting highs of around $3.51, nearing its previous peak of $4.29 back in January 2022.

    The surge in activity of this good crypto to buy coincided with a significant uptick in daily active users on the Ethereum sidechain, specifically tailored for gaming purposes. However, the initial excitement was short-lived as profit-taking ensued, causing $RON’s price to retreat by nearly 20% within hours. Despite this, the Ronin Network remains a pivotal player in the blockchain gaming sphere and much of the lost ground has already been regained.

    Designed by Sky Mavis, the creators of the immensely popular Axie Infinity, the Ronin Network was crafted to address the scalability issues plaguing gaming applications on traditional blockchains like Ethereum. Through a hybrid Proof-of-Authority and Delegated Proof-of-Stake consensus model, Ronin ensures rapid validation of transactions while upholding decentralization principles.

    What sets Ronin apart is its singular focus on meeting the demands of high-volume gaming applications. In 2021 alone, Ronin processed a staggering 15% of all NFT trading volume, showcasing its prowess in handling the needs of gaming ecosystems.

    $GFOX: The GameFi Token That Will Dominate the Industry 

    Galaxy Fox is a rising star in the world of cryptocurrencies, securing a spot in the best upcoming ICO list of many investors and analysts. Unlike traditional meme coins that offer little beyond hype, Galaxy Fox blends GameFi elements with a playful nod to meme culture, creating a unique and enticing investment opportunity.

    Galaxy Fox breathes new life into the meme ecosystem by introducing innovative features that combine gaming with financial incentives. With a Web3 endless runner game backed by NFTs already in place, the project plans to expand its gaming offerings in the future, promising a diverse and engaging experience for users.

    But Galaxy Fox isn’t just about fun and games—it’s also a sound investment. With a 6% buy-and-sell tax policy, revenues generated from transactions are used to fund staking rewards and maintain a marketplace for trading the coolest NFT assets and digital items. This ensures a steady flow of funds to support the project’s development and reward its community members.

    As Galaxy Fox gears up for its next presale stage, now might be the perfect time to get involved, as the current stage offers $GFOX at a discounted rate of $0.00198. With over $3.2 million already raised and 98% of the tokens for Stage 7 already sold, things are heating up fast. Don’t miss out on this opportunity to join a project poised for success in the burgeoning GameFi space.

    Conclusion

    Galaxy Fox stands as a beacon of innovation in the world of the best upcoming ICO, offering both entertainment and financial opportunities. With its unique blend of GameFi elements and meme culture, it’s primed to dominate the industry in the coming years. Visit Galaxy Fox’s website and join their community via Telegram to learn more and get involved in this exciting project.

    Learn more about $GFOX here:

    Visit Galaxy Fox Presale | Join the Community

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  • TRON Exceeds Bitcoin in Daily Active Addresses

    TRON Exceeds Bitcoin in Daily Active Addresses

    • Surprisingly, TRON takes the top spot on the list of cryptocurrencies with the most active daily addresses, with 1,643,580.
    • It is followed by Bitcoin, which has 867,570 active addresses.
    • In third place is Litecoin with 754,272 active daily addresses.

    Cryptocurrencies are always on the move, constantly changing and evolving. They’re often compared to the wild west of finance, breaking away from the rules of traditional markets. 

    A new analysis by CoinJournal.net utilised the most recent data available to reveal the cryptocurrencies with the highest average of daily active addresses, either as a sender or receiver of the crypto in question. 

    The snapshot from December 5, 2023 unveils an intriguing development—TRON outperformed Bitcoin in terms of worldwide daily user engagement.

    Rank Cryptocurrency Active address count
    1 TRON 1,643,580
    2 Bitcoin 867,570
    3 Litecoin 754,272
    4 Ethereum 478,541
    5 Stellar 109,897
    6 Dogecoin 99,677
    7 Bitcoin Cash 93,186
    8 Cardano 45,483
    9 USD Coin 33,920
    10 Ripple 28,201
    11 Ethereum Classic 15,472
    12 Chainlink 5,021
    13 Internet Computer 4,448
    14 Dai 2,756
    15 Wrapped Bitcoin 1,959

     

    1. TRON (TRX)

    At the forefront of blockchain activity on December 5, 2023, was TRON with an impressive 1,643,580 daily active addresses. The TRON network, known for its high throughput and decentralised applications, attracted a substantial user base actively engaging with TRX tokens.

    2. Bitcoin (BTC)

    Bitcoin, the pioneer of cryptocurrencies, maintained a robust presence with 867,570 daily active addresses. Despite its relatively lower throughput compared to some altcoins, Bitcoin’s widespread adoption and recognition ensured a substantial user base actively transacting on the network.

    3. Litecoin (LTC)

    Litecoin secured the third position with 754,272 daily active addresses. Known for its faster block generation time compared to Bitcoin, Litecoin’s user-friendly features and efficient transaction processing contributed to its significant presence in daily blockchain activity.

    4. Ethereum (ETH)

    Ethereum, the pioneer of smart contract functionality, boasted 478,541 daily active addresses. The Ethereum network’s versatility and wide range of decentralised applications facilitated a diverse set of users actively participating in transactions.

    5. Stellar (XLM)

    Stellar claimed the fifth spot with 109,897 daily active addresses. Focused on facilitating cross-border payments and bridging traditional finance with blockchain, Stellar attracted users seeking fast and low-cost transactions.

    Max Coupland, the director of CoinJournal, comments, “The cryptocurrency landscape, characterised by its dynamic nature, has long been dominated by the legacy and influence of Bitcoin. However, TRON’s unexpected triumph signals a potential shift in user preferences and highlights the evolving demands within the crypto community. While Bitcoin continues to command a substantial user base and remains a symbol of decentralised finance, TRON’s surge suggests that users are increasingly seeking platforms that provide more than just a store of value.”

     

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  • active addresses fall, market makers scale back, price softens

    active addresses fall, market makers scale back, price softens

    Key Takeaways

    • Number of addresses containing one Bitcoin or more crosses one million
    • Bitcoin relatively subdued despite trading at 2-month low
    • Two prominent market markers are scaling back activity in the space
    • Active addresses show notable decline in last week

     

    We wrote last week that nearly one million addresses on the Bitcoin network now contain at least one Bitcoin. That mark has now been passed, as the below chart shows. 

    As dramatic as that sounds, it doesn’t equate to one million people, as aggregate wallets exist (such as exchange wallets), not to mention the fact that one person often has more than one address. 

    Looking beyond this quirky threshold, there has not been too much of note occurring in the markets in recent weeks. The market has been somewhat soft, Bitcoin trading at $27,300 as I write this, a two-month low. It is down 7% over the past ten days, but that is not exactly a dramatic decline by Bitcoin’s standards. 

    Looking at activity on the network does show more notable developments, however. The below chart shows a perceptible break downwards when analysing the 7-day exponential moving average (EMA) of active addresses on the network.

    It is the biggest decline in activity over the last year. It is not immediately obvious what is causing it, but with the 7-day EMA running roughly between 800,000 and 1,000,000 addresses, the fall towards 600,000 does stand out. 

    Regarding possible catalysts, there has not been much beyond the continued big story of the year: the regulatory crackdown from the US. Coinbase CEO Brian Armstrong said the exchange would consider the UAE as an international hub, as the company reels from the punitive measures levelled against the industry in recent times – including a Wells notice served to Coinbase in March. 

    Congressman Brad Sherman was the latest lawmaker to slam the industry, making some startling comparisons that haven’t exactly gone down well in the industry:

    “Peru is way ahead of us (the US) in cocaine production. China is way ahead of us in organ harvesting. We don’t need to keep up on those things and we don’t need to keep up on crypto”. 

    Regardless of whether you agree or not, the industry is feeling the pinch of this hostile stance in the US. Last week, two prominent crypto market makers, Jane Street and Jump Crypto, announced they were scaling back their market making activity.

    This amounts to a blow to markets that are already very thin. Indeed, we have written multiple times what role the thin liquidy has played in Bitcoin’s run-up this year. In April, crypto profits, prices all hit their highest marks since June 2022. But so did volatility, as there has been a dearth of capital in the space ever since Alameda, one of the largest market makers, evaporated amid the FTX crash in November. And that liquidity is only going to get thinner again with the news out of Jane Street and Jump Crypto. 

    With thin liquidity comes high volatility, as it takes less capital to move prices. The below chart shows that volatility has fallen off since March, but is still trading above 40% on an annualised basis and up markedly since the start of the year. 

    While Bitcoin’s price fall from close to $30,000 to where it currently sits at $27,200 is nothing to write home about, the shallow nature of the markets hint that more volatility could be on the way. 

     

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