bitcoinlfg

Tag: Spiked

  • Here’s why OKB price spiked 20% today

    Here’s why OKB price spiked 20% today

    • OKB token surged more than 20% to hit highs of $61.29 on Jan. 17.
    • The altcoin, native to the OKX exchange, rose as the community reacted to news around Azuki’s Animecoin (ANIME).

    OKB registered a price surge 20% higher. The price surge follows OKX adopting OKB as the primary token for mining Animecoin which is their maiden project aimed at revolutionizing the Anime industry.

    On Friday Jan 17, the price of OKB, the native token of the OKX ecosystem rose by 20% posting a high of $58.86. This came after the crypto platform chose it as the primary token for mining Animecoin (ANIME), the Azuki backed token.

    OKX Jumpstart and ANIME tokens

    The OKX Jumpstart staking program  is set to begin mining Animecoin on Jan 20. The OKB users can stake their OKB and BTC tokens to gain Anime tokens.

    The program will run from Jan 20 to Jan 23.

    While there is no minimum limit for staking for the holders of OKB and BTC tokens, maximum staking limit is set at 600 OKB and 0.3 BTC ($30,000). Staking and unstaking is permissible at any given time.

    Of the 10 billion total token reserve, a share will go to the active participants in the OKX Jumpstart event. 50.5% of the total supply will be apportioned to the community. 37.5% of the token will go to the Azuki community who are the very first supporters of Animecoin while Community Cultivation which is held by future AnimeDao will get 13%. The 13% will be used as community incentives and initiatives.

    Partner communities will also get 2% share.

    The Anime token Listing

    The Anime token is set for listing on both the Ethereum and Arbitrum platforms on Jan 23. Sources indicate that the token will stir up great following among the Anime users,its creators and revolutinize the the anime ecosystem to a great deal.

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  • ImmutableX spiked 34% after major crypto exchange lists IMX

    ImmutableX spiked 34% after major crypto exchange lists IMX

    • ImmutableX (IMX) price rose more than 30% after a top exchange listed the altcoin.
    • While IMX still tops other crypto gainers in top 50 this past week, it has retreated from near $0.78, to $0.65 amid profit taking.

    ImmutableX (IMX) was among the hottest coins this week, skyrocketing more than 34% to top the list of gainers across the top 50 coins by market capitalization. With mega cap altcoins largely constrained, the price of IMX rose to near $0.78 – the highest level since August 2. 

    Listing on one of the world’s largest cryptocurrency exchanges might have triggered the buying pressure.

    Korean listing triggers IMX buyers

    Immutable is billed as the “future of Web3 gaming,” with decent traction for the ecosystem seen over the past several months. The launch of the Immutable zkEVM Testnet has added to this outlook as developers find it easier to build Web3 games.

    IMX has however not seen much upside amid broader crypto malaise since Bitcoin’s retreat from the $31k area. This week has however witnessed a massive spike in buy pressure – a scenario likely triggered by news of the listing of IMX/KRW on leading South Korea crypto exchange Upbit.

    But according to blockchain sleuth Lookonchain, IMX rising saw major deposits to exchanges soon after – including from top blockchain gaming company Animoca Brands.

    At the time of writing, the cryptocurrency was seeing some downside pressure amid profit taking. IMX/USD traded around $0.65 on major cryptocurrency exchanges. According to data from CoinGecko, the altcoin had shed just over 1% in the past 24 hours.

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  • Solana price has spiked 137% YTD as cryptocurrencies soar

    Solana price has spiked 137% YTD as cryptocurrencies soar

    • Solana is currently changing hands at $23.26, about 137% up year-to-date.
    • The coin’s price plummeted after FTX fell in November, ending the year below $10.
    • SOL price has soared amid positive sentiment, broader market rally and meme coin-driven interest.

    Solana traded below $10.00 on the first day of 2023, having plummeted more than 73% in a massive dump following the collapse of the FTX cryptocurrency exchange.

    As was the case, Solana is a blockchain project with ties to disgraced crypto figure Sam Bankman-Fried – the founder of FTX and Alameda Research. After both companies filed for bankruptcy and Bankman-Fried found himself in custody, the native Solana token SOL took a nosedive.

    Solana’s SOL soars 137% year-to-date

    Having ended 2022 at around $9.66, SOL price has seen impressive bullish action over the past two weeks. The token’s price has rebounded strongly to currently trade more than 62% in the past week, according to crypto market data aggregator CoinGecko.

    For its YTD price, SOL is up more than 137%, trading at $23.26 across major exchanges on Monday, 16 January, 2023.

    A turnaround for SOL comes on the back of positive sentiment from across the crypto, including last month’s optimistic outlook for the Solana ecosystem from Ethereum founder Vitalik Buterin. 

    A rebound in decentralised finance (DeFi) and meme coin craze-related activity is also leading to more buy Solana market action. Another factor driving SOL price in recent days has been the broader enthusiasm in the market after what was typically a suffocating run at the backend of last year.

    On 12 January, crypto markets platform Messari highlighted that Solana was far from “dead.” According to the firm, on-chain data showed both transaction volumes and active accounts on the Solana blockchain had surged to levels last seen before the FTX collapse.

    As CoinJournal previously covered, some of the uptick in activity followed the launch of meme coin Bonk (BONK), with significant spike in interest in Solana after the cryptocurrency’s airdrop to the community.

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  • Shiba Inu Burn Rate Has Just Spiked By An Impressive 1,860%

    Shiba Inu Burn Rate Has Just Spiked By An Impressive 1,860%

    Shiba Inu, a cryptocurrency that is a spin-off of dog-themed crypto Dogecoin, is counting on massive token burning rates to stop its decline.

    • Over the last 24 hours, over 45 million SHIB Tokens were burned
    • During the same time frame, Shiba Inu failed to increase its trading price
    • Analysts think the asset might “die” by the end of 2023

    But despite the destruction of around 410 trillion of its supply since its introduction to the crypto space, SHIB failed to make any kind of rally as it continues to paint its charts in crimson.

    Over the last 24 hours, there were over 45 million Shiba Inu tokens that were burned. That accounted for an impressive 1,860% spike in the asset’s burn activity.

    This, however, failed to help the altcoin as it is price dropped during the same time period. At the time of this writing, the asset was trading at $0.00000997, based on tracking from Coingecko. It’s been down by 4.3% for the past week and 11.4% over the last 30 days.

    The crypto’s community pinned their hopes on reducing its supply to stop it from experiencing another decline. That did not happen and investors are now cautioned to pay attention to SHIB’s metrics to know where the novelty digital coin is headed right now.

    What Awaits SHIB In The Next Coming Days

    While traders are still buying Shiba Inu, they are not holding the asset for long. Instead, they are using it to trade.

    Source: TradingView

    This is reflected in the crypto’s Accumulation and Distribution Line (ADL) which stood at 97.95 trillion. This level has helped the altcoin to establish the crucial $0.00000994 support marker.

    More bad news for holders as SHIB’s Directional Movement Index (DMI) hints at its apparent fall to bears once again.

    Moreover, the virtual currency’s Average Directional Index (ADI) at 23.58. If this number goes up over the next few days, it would put investors in a very difficult position to gain even just short-term profit.

    Meanwhile, prediction for Shiba Inu from Coincodex reveals the cryptocurrency will maintain its current trading price over the next five days but will eventually decline to $0.00000556 30 days from now.

    Shiba Inu Could Be Gone Next Year?

    Some experts are predicting that SHIB, as a cryptocurrency, will die by the end of 2023 and there are very good reasons this might prove true.

    For one, at present, there is no viable utility for the crypto asset and because of that, network activity and development won’t come as often as investors would want to.

    The altcoin is also experiencing high supply inflation rate at 7.93%. Despite having a circulating supply that is close to 1 quadrillion, coins available for trading are very limited.

    Furthermore, the burn mechanics that was thought to help in initiating price rallies for SHIB failed to meet the expectations of the asset’s community.

    Investors must keep a close watch of Shiba Inu as it might be closing in on being a “dead” cryptocurrency.

    SHIB total market cap at $5.46 billion on the daily chart | Featured image from Coopers Fire, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

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