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Will Izuchukwu

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Analysis: Arbitrium Investors Face Losses Amidst Bearish Trends

As Arbitrium continues to experience bearish trends across all time frames, a staggering 85% of investors holding ARB in their wallets find themselves at a loss.  Observations of on-chain data reveal a notable decrease in large ARB transactions since January 3, 2024, with transactions over 100K dropping from 256 to 121. These downward signals underscore the prevailing bearish sentiment. Currently, the ratio of wallets holding ARB for over a year to the general population stands at 23%, indicating a substantial portion of long-term holders. Notably, one wallet holds a significant 33.92% of the current ARB supply, highlighting potential centralization concerns. https://twitter.com/burak_kesmeci/status/1789749148599665081?t=ey62Av5K-aaCFn_KXEXWdw&s=19 Decline In New Active Addresses For ARB Active addresses, a crucial metric for gauging investor interest, tell a concerning story. While the average number of active addresses in 2024 was roughly 30K, it has now dwindled to 10.5K. Moreover, […]

Will Izuchukwu May 13, 2024

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Tron Network Witnesses Surge In Activity And Market Dominance

The Tron Network has recently experienced a remarkable surge in activity, as highlighted by data from Intotheblock. Year-To-Date Daily Active Addresses on the network have seen a significant spike, indicating heightened user engagement. On May 6th alone, there were 3 million active addresses involved in transactions, with a staggering 7 million recorded transactions. https://twitter.com/felixreads/status/1788135438869242327?t=18bTeIRC-Ekpqbid5tzkag&s=19 Coin98analytics data further underscores Tron's dominance, particularly in the $USDT Market Cap, where it secured the top spot by the end of April. Tron exhibited exceptional growth momentum, with a notable month-over-month increase of over $2.96 billion in $USDT Market Cap. Trondao's Monthly Report for April 2024 revealed impressive statistics for Tron's performance. Fees and revenue soared to over $125.6 million, with over 170 million transactions conducted and nearly 5.9 million new unique addresses created. Moreover, the total stablecoin market cap surged by $2.8 billion in […]

Will Izuchukwu May 10, 2024

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Arbitrum Token Shows Signs Of Recovery Amidst Increased Transaction Activity

The Ethereum layer 2 scaling solution token, Arbitrum, has faced a lackluster performance over the past three months, with bearish trends prevailing across all timeframes, particularly experiencing a 35% decline in the past 30 days. However, there are indications of a potential turnaround for $ARB, as highlighted by analyst Ali Martinez on X. Martinez points to the TD Sequential, which has presented a buy signal on the Arbitrum weekly chart. This signal suggests an anticipated rebound of one to four candlesticks for the token, signaling a potential shift in momentum. https://twitter.com/ali_charts/status/1788485954656747933?t=Enk0oggGEBsW0gcbYdixew&s=19 Moreover, data from intotheblock reveals a surge in Arbitrum transactions, indicating increased activity on the platform. Since early March, the number of transactions on Arbitrum has shown a strong upward trajectory, with daily transactions surpassing 2 million recently. This significant rise marks a notable increase from the average transaction […]

Will Izuchukwu May 10, 2024

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Cardano Hits 90 Million Transactions: A Milestone For The Blockchain

In an exciting development, Cardano has reached a significant milestone by processing a staggering 90 million transactions on its network. This achievement not only highlights the platform's robust infrastructure but also underscores its increasing adoption and usability across various sectors. https://twitter.com/CardanoFeed/status/1787961231233384621?t=qxpgA7-IecsmSn1vvTr69g&s=19 The surge in transaction volume reflects the growing confidence in Cardano's capabilities to support a wide array of use cases and transaction types. It signals a positive trajectory for the blockchain as it continues to evolve and expand its ecosystem. The timing of this milestone is particularly noteworthy, coinciding with the imminent rollout of network upgrades. Among these upgrades is Ouroboros Genesis, a critical component of the upcoming Chang upgrade set to be implemented this summer. Ouroboros Genesis introduces innovative features, such as the ability for nodes to autonomously boot themselves from the Cardano network, enhancing the platform's overall […]

Will Izuchukwu May 8, 2024

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MakerDAO MKR Multisign Deposits Millions To Binance Amidst Market Activity

MakerDAO's Multisign wallet, identified as 0xbba, has recently made a significant deposit of 750 MKR, equivalent to $2.19 million, to Binance at a price of $2,920. This transaction was facilitated through a middle wallet, 0x1cc, adding to the ongoing activity surrounding the multisign's operations. Since its reactivation on March 18, 2024, following a three-month period of inactivity with MKR, the multisign has been actively depositing tokens to centralized exchanges (CEX) at strategic moments. Notably, it has deposited a total of 11,993 MKR, valued at an average of $3,184 per token ($31.18 million in total). These deposits often precede price drops in the MKR market. https://twitter.com/spotonchain/status/1787313284024053825?t=sPQQdtzvxLFq5i2avEKe8g&s=19 Multisign Activity To Watch On MKR Movements The multisign's activity includes two notable phases: between March 18 and April 22, where 9,043 MKR ($29.75 million) was transferred to Wintermute Trading OTC and subsequently to CEXs […]

Will Izuchukwu May 8, 2024

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$VELO Token Continues Bullish Momentum Amidst Development Surge

Amidst market corrections, $VELO, the native token of a significant development project, is showcasing remarkable bullish behavior across all time frames. Over the past 30 and 90 days, $VELO has surged by 133% and 318% respectively, signaling strong investor interest and positive sentiment. In a recent on-chain development, DWF Labs, a key player in the $VELO ecosystem, has made a notable deposit of 10 million VELO tokens to Bybit at a price of $0.021. This move adds to the ongoing activity surrounding the token and underscores the confidence of stakeholders in its potential. https://twitter.com/spotonchain/status/1787435658060943433?t=MKgePfa1peJmalBfXw-slw&s=19 DWF Labs has been actively engaged with $VELO since receiving 75 million tokens from the project on July 14, 2023, when the price was $0.003. Since April 9, 2024, DWF Labs has deposited 45 million VELO tokens, valued at $800k, to Bybit at an average price […]

Will Izuchukwu May 8, 2024

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Bitcoin’s Fate Amidst Fed Speculations And Crypto Token’s Wallets Data

As cryptocurrency prices show signs of mild recovery, social media chatter continues to revolve around Bitcoin and its susceptibility to fluctuations in response to the Federal Reserve's decision to maintain unchanged interest rates. However, insights from Santiment's data feed, focusing on the most significant growth in non-empty wallets among top market caps in crypto, shed light on noteworthy trends beyond Bitcoin and Fed speculations. https://twitter.com/santimentfeed/status/1786145163435540689?t=y_dItEJb7whvpqPqC9xEOg&s=19 Among the top performers in wallet growth over the past six months, Toncoin (TON) stands out with a remarkable surge of 110%, boasting 16.8 thousand wallets. Dogecoin (DOGE) follows suit with an impressive 27% growth, tallying 6.6 million wallets, while stablecoins like USDT and USDC demonstrate significant expansion, with 5.7 million and 2.1 million wallets respectively, marking growth rates of 23% and 16%. Ethereum, the leading smart contract platform, has seen its wallet count rise […]

Will Izuchukwu May 4, 2024

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Optimism Leads The Pack In Layer 2 Crypto Development Activity

Recent data from Santiment feed sheds light on the top Layer 2 cryptocurrencies by development activity, providing valuable insights into the bustling ecosystem of blockchain projects. The list, compiled by analyzing non-redundant GitHub activity of each project and averaging their daily activity over the past 30 days, showcases Optimism as the frontrunner in this domain. Optimism, denoted by the ticker symbol $OP, emerges as the clear leader, boasting a remarkable 146% more activity per day compared to its closest competitor. This surge in development activity underscores Optimism's dedication to advancing blockchain technology and enhancing its platform's capabilities. Following Optimism, other notable projects in the list include Starknet ($STRK), Arbitrum ($ARB), Cartesi Project ($CTSI), Immutable ($IMX), Skale Network ($SKL), MintLayer ($ML), 0xPolygon ($MATIC), MetisDAO ($METIS), and 0xMantle ($MNT). Each of these projects contributes to the vibrant landscape of Layer 2 solutions, […]

Will Izuchukwu May 3, 2024

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Cryptocurrency Market Witnesses Significant Decline Amid Outflows

In the tumultuous landscape of the cryptocurrency market, the past week has been marked by a substantial downturn, sending shockwaves across various digital assets. Among them, the popular memecoin $SHIB has experienced a notable 4% decline in value over the course of the week, reflecting the broader trend of market contraction. A recent report has shed light on the underlying factors contributing to this downturn, revealing a surge in selling activity as investors seek to mitigate their losses. Large investors, in particular, have been observed trimming their positions amidst the market turmoil, signaling a shift in sentiment towards risk aversion. Notable SHIB Whale Transaction To Monitor  One noteworthy transaction that has captured attention is attributed to the address associated with $SHIB, which was opened just a week ago. This address, identified as 0x9f5...19A60, initiated a transfer of 101 billion $SHIB […]

Will Izuchukwu May 1, 2024

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Ethena Protocol’s Innovative Approach Gains Traction In DeFi Space

A recent analysis sheds light on Ethena protocol's unique capability to generate USDe, a synthetic dollar, through a delta-neutral strategy. This method involves a careful balance of cryptocurrencies and cryptocurrency derivatives to uphold the stability and integrity of USDe. One standout feature of Ethena is the opportunity for users to earn over 10% APY on staked USDe. This innovative incentive structure has contributed to the rapid growth of USDe, capturing approximately 1.4% of the broader stablecoin market. https://twitter.com/intotheblock/status/1784979886932627664?t=UWfXi4nc74kQws9M63KITQ&s=19 USDe's distinction as a "synthetic dollar" sets it apart in the stablecoin landscape, drawing attention from DeFi enthusiasts. The protocol's Total Value Locked (TVL) has surged to nearly $2.4 billion in just six months, fueled in part by the successful airdrop of $ENA tokens, which garnered significant interest and influx of capital. $ENA Price Action Leads To Multiple Losses For Holders Despite […]

Will Izuchukwu April 30, 2024

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