Why Bitcoin Is Attracting A 60% Premium In Nigeria - cyptoranking.com

2024-05-04

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Each game provides financial incentives to play and progress and each progress is different. Essentially, P2E games involve grinding and committing to victory. For Ethereum specifically, its ongoing centralization concerns may fuel perceptions that it has drifted from its original motivations. Whether justified or not, accusations of captured governance yield an optics dilemma. Why Bitcoin Is Attracting A 60% Premium In NigeriaSource: TradingViewThe XRP price has dipped by 2% in the past 24 hours, sliding back down to $0.522666 after rising in the wake of a federal court's denial of the SEC's motion to appeal the July ruling in its case with Ripple.XRP is now up by 4.5% in the past week and by 4% in the last 30 days, with the altcoin also having risen by 54% since the beginning of the year.This week's denial of the SEC potential appeal has left XRP in a strong position, solidifying the positive sentiment that emerged when Judge Analisa Torres ruled in July that the token is not, in and of itself, a security.And with the market also showing some signs of recovery earlier this week, XRP could be in for some big gains in the near future.XRP Price Prediction as $1 Billion Pushes XRP Above $0.50 Resistance – Here's the Next Level to WatchXRP's chart is in a mixed position, with its technical indicators neither particularly or particularly weak.Source: TradingViewOn the one hand, XRP's 30-day moving average (yellow) is still substantially below its 200-day average (blue), indicating that the coin remains oversold and so – in theory – should bounce back soon.On the other hand, the coin's relative strength index (purple) is sinking down from 60, and could either fall further or resume rising again soon enough.Weighing in favor of a more positive conclusion is the fact that XRP's support level (green) has risen steadily in the past few weeks, implying that the altcoin won't be falling much further anytime soon.It will, therefore be highly instructive to see whether XRP can resist a drop below its current support of around $0.51: if it can avoid such a fate, it may resume bouncing back soon enough.Either way, XRP's fundamentals received some much-appreciated reinforcement this week when Judge Analisa Torres denied the SEC's application for an appeal on certain aspects of her ruling from July.This appeal would have focused on programmatic sales of XRP (by Ripple) on exchanges, with Judge Torres originally ruling that such sales were not in violation of securities rules, because buyers had no reasonable expectations of profits arising from Ripple's efforts.And she has upheld this ruling once again, saying that there's no "substantial ground for difference of opinion" in the particular matter, leaving the SEC at a loss for how to proceed.This is a big win for Ripple, leaving it in a better position to continue expanding its business, something which can only benefit XRP.Accordingly, XRP is likely to rise to $0.60 in the next couple of weeks, before possibly hitting $0.75 by the final month of the year.New High-Return AltcoinsDespite XRP arguably being one of the strongest tokens in the market right now, much of its potential appreciation may be dependent on the market becoming more bullish overall.As such, traders looking for above-average gains right now would be better off looking to newer tokens that are still yet to have initial growth spurts, with presale coins, in particular, fitting this bill.Possibly the most exciting presale happening right now is that of Meme Kombat (MK), a new gaming platform that will AI-generate battles between meme characters and enable users to wager on their outcomes.The platform has already raised in excess of $300,000, a strong figure in view of how its sale has been open for barely two weeks.Yet this shouldn't be surprising, since what Meme Kombat is building is very novel within the cryptocurrency sector, given that no other platform launched to date has ever offered a platform for betting on computer-generated meme fights.This may seem like an unusual premise to some, but in a year when new meme tokens have often led market rallies, it's clear that Meme Kombat is tapping into a strong current within crypto.Promisingly, its native MK token will have a hard cap of 12 million MK, which is a very low figure in comparison with some meme tokens, and which should make the coin deflationary.50% of this supply will go to the presale, with another 30% going towards battle and staking rewards, something which should ensure a high level of engagement with the Meme Kombat platform.The token will cost $1.667 for the duration of the sale, which investors can participate in by visiting the official Meme Kombat website.And given that some meme token presales (e.g. Wall Street Memes) have resulted in big post-listing rallies, it's very likely that MK could be the next new meme coin to go large.Visit Meme Kombat NowDisclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.Solana Price Prediction as $500 Million Trading Volume Comes In Amid Sam Bankman-Fried Trial – Which Way Will SOL Go? 1/ @friendtech has onboarded over 300k unique users since launch, but is the platform's growth sustainable? 🧵 pic.twitter.com/0iBU8cgJOH

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Cowen recognizes that The Merge, with its deflationary component, could mean ETH might not toe its historical line. This deflationary aspect could be Ethereum’s wild card, making its trajectory even more elusive. As it is a new virtual platform currently being built, the metaverse’s future is in the hands of the people currently working to shape it and make it better. How To Buy Dogecoin on eToro and Tradecurve.ioCowen recognizes that The Merge, with its deflationary component, could mean ETH might not toe its historical line. This deflationary aspect could be Ethereum’s wild card, making its trajectory even more elusive. Ardana’s rise and fallArdana was first announced in the summer of 2021, and by October 2021, it had raised $10 million from venture capital firms CFund, Three Arrows Capital (3AC) and Ascensive Assets. Thanks to its successful fundraise and the prominence of its backers, some investors came to believe that Ardana’s upcoming token, DANA, would deliver outsized market gains.The following month, Ardana announced that it was also partnering with Near Protocol to create an asset bridge between Cardano and Near.However, no Ardana stablecoin platform or bridge was ever launched, and the protocol closed down in November 2022 without a functioning product. The development team stated that the closure was due to “funding and project timeline uncertainty.” The closure happened amid the collapse of FTX, which had made it difficult for many projects to raise funds. One of Ardana’s backers, 3AC, had also gone bankrupt a few months earlier. Given this background, many didn’t question the official story.However, blockchain data and analysis by Xerberus show that Ardana’s failure may have had less to do with a lack of funding and more to do with risky asset management practices by Ardana Labs’ officers. A trail of questionable money Xerberus co-founders Simon Peters and Noah Detwiler told Cointelegraph they identified the Ethereum wallet Ardana Labs used to collect funds from the DANA initial coin offering (ICO) in November 2021. They stated that links to the address were included in the ICO platform Tokensoft’s web pages relating to the token. In addition, they claim to have identified a $1 million transaction from 3AC into this address at a time when 3AC had announced its Ardana investment.According to blockchain data, the first transaction to this account occurred on Sept. 2, 2021, when approximately 0.46 Ether (ETH) ($1,747 at the time) was sent into it. This was approximately two weeks after the Aug. 15 start date for the first round of Ardana fundraising. Beginning on Sept. 15, the account received multiple USD Coin (USDC) transfers that eventually added up to millions of dollars worth of stablecoins.Caption: USDC transfers into alleged Ardana fundraising wallet. Source: Etherscan.Once the funds were raised, they were moved into other wallets through a series of intermediate steps, Xerberus claims.As told by Peters and Detwiler, approximately $3.2 million worth of stablecoins was moved from the fundraiser wallet to a “Target Wallet” through two intermediate addresses. This amount is approximately 30% of the total funds raised. First, the fundraiser account sent the funds to what they refer to as “Proxy Wallet 1.”Diagram of Ardana fund flows. Source: XerberusAfter receiving the funds, Proxy Wallet 1 swapped all of the stablecoins for CVX, a utility token used to receive fees from the Convex Finance platform. Blockchain data shows that decentralized exchange (DEX) SushiSwap was used to make this swap.From there, the funds were sent to what the Xerberus founders claim is an old personal wallet (“Old Address”) of Ardana founder Motovu. According to them, Motovu declared that he made money in the previous bull market of 2017. They found that “between $200,000 and $400,000” was in this wallet before the Ardana ICO, but the bulk of the funds it later held were from Ardana.“When this project went under and when it failed, [Motovu] went onto a live Space and said, ‘A lot of my personal money that I had earned over the previous bull market in 2017’ […] is the money he made out of this old wallet,” Detwiler explained. “It sums up to something around $200,000 to $400,000, nothing more.”Blockchain data shows that approximately four minutes after the CVX tokens were sent to the Old Address, it transferred them to the Target Wallet. It is this wallet that they claim was used to purchase a variety of cryptocurrencies, ultimately causing Ardana’s funds to be lost in bad investments.CeFi exchanges join the trailIn addition to the amount moved on-chain to the Target Wallet, another $4 million was sent through centralized exchanges first, then transferred to the Target Wallet, according to the Xerberus co-founders.They claim to have identified the Kraken, Coinbase and Gate.io deposit addresses used by the Ardana team. To find these, they looked for addresses that received funds from the fundraising wallet and sent funds to a known exchange address. For example, one address in particular received funds from the fundraising wallet and only sent funds to the Coinbase 6 and Coinbase: Miscellaneous wallet addresses.Once funds were sent to a centralized exchange, determining what happened to them became more difficult. However, the team used a variety of techniques to determine with a degree of certainty where the funds went.In some cases, the team was able to identify funds that were sent to Kraken and then immediately sent out to another address, as Kraken often uses the same address to send and receive funds for each user, especially if the time between transactions is short. In other cases, Kraken sent the deposited funds to another of its wallets, making it no longer obvious what the user did with the funds. Deposits sent to Coinbase and Gate.io are always sent to other wallets and pooled with other users’ tokens. So, with transactions involving these exchanges, the team could not determine what happened as easily.However, they analyzed all outgoing transactions made by each exchange within an hour of the fundraising wallet depositing to it. They found that many outgoing transactions were for the exact same amount as the deposits. For example, the fundraising wallet would deposit $220,000 worth of Tether (USDT) to Gate.io. Then, 40 minutes later, the exchange would send exactly $220,000 in USDT out to a different wallet. Ultimately, much of these funds ended up in the Target Wallet, providing what Xerberus sees as solid evidence that the same user made the outgoing transactions.Peters and Detwiler cautioned that this process does not prove with certainty that the transactions were made by Motovu or a member of the Ardana team. “This is not a UTXO [unspent transaction output] trail or a ledger trail. This is not a blockchain exact trail. […] However, the time frames and amounts do correlate with each other,” Detwiler stated. According to them, a total of $4 million was sent to the Target Wallet through these methods, bringing the total amount of funds sent into it to $7.2 million.Some funds remain, while some were spent on developmentResearch conducted by the Xerberus team shows that approximately $1.82 million worth of Ardana’s funds were spent on development costs associated with the project, including team member’s salaries. They contacted a person they referred to as “the main contractor for the project,” who gave Xerberus their wallet address. This address showed payments totaling $1.82 million, which is approximately 20% of the funds raised.In addition, they claim that approximately $1.4 million worth of USDC has not been lost and still remains in the possession of the project in a wallet they refer to as the “Treasure Chest” account. This account’s first transaction was an incoming transfer of 0.3 ETH, worth $562.29 at the time, which was sent to it from the Target Wallet.Related: Multichain victims search for answers in $1.5B exploit as new evidence emergesNearly $4 million lost in bad tradesAccording to Xerberus’ Sept. 6 report on Ardana, nearly $4 million of the Target Wallet’s token balance was lost through bad trades. The wallet owner transferred most of the funds to two Safe (formerly Gnosis Safe) multisignature accounts. These funds were used to make trades on DEXs PancakeSwap, Uniswap, SushiSwap and GMX, resulting in near-total losses. The Target Wallet also made its own losing trades.Blockchain data shows that the Target Wallet made over 1,000 transactions, most of which were interactions with DEX contracts.Transactions of the account identified as “target wallet” by Xerberus. Source: Etherscan.Ardana’s liquidation and closureXerberus claims that the on-chain behavior of the Ardana team began to change in March 2022, when the team’s wallets began “dumping” their assets onto DEXs. They continued to sell all remaining assets until November 2022, at which point the project officially announced it was closing. The funds obtained from these sales still remain in the treasury wallet.The firm says it created an early warning system that can help alert investors when a project is engaging in risky behavior that may lead to a closure. Xerberus calls this “Blockchain Native Risk Ratings based on verifiable mathematics,” and it says investigations like the Ardana one are used to “fine-tune” its risk model, which it expects to “transform crypto markets, making them the safe alternative to traditional financial markets.”Cointelegraph attempted to contact Ardana’s Motovu through LinkedIn, hoping to receive his side of the story. A reply was not received within the two weeks leading up to publication.Many Ardana investors were firm believers in the Cardano ecosystem. They expected Ardana to be the project that would finally get Cardano the attention they felt it deserved. Instead, over $10 million in capital was sucked out of the Cardano community, with virtually nothing left to show for it in the end.The Ardana story is a sober reminder of the risks of investing in new Web3 startups with no functioning product. Although these projects can lead to outsized gains, they can also lead to catastrophic losses. Investors may want to take a close look at a project’s on-chain behavior when considering whether to invest in these types of projects.Cointelegraph editor Zhiyuan Sun contributed to this story. Related: Binance’s indecision to freeze wallets drew controversy in this $11M rug pull

On September 25, 5,000 ETH was stolen from one of the HTX hot wallets, which was approximately $8 million at the time. Shortly after the hack occurred, the firm contacted the hacker and claimed to know their identity. HTX ultimately offered to pay a 5% bounty worth about $400,000 and not take any legal action if the hackers returned 95% of the funds by October 2. Will Quant Price Leave the Declining Pattern? Ethereum Protocol Revenue Drops by 52% in 2 WeeksGeneral Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.What is Play-to-Earn Gaming? What’s so Special About it? Identity verification

Bitcoin price peak predictions and subsequent halving / Source: X Legal experts weigh in on the situation, highlighting the need for Bankman-Fried's defense team to use their cross-examination time effectively. Trezor Hardware Wallet (Official) | Bitcoin & Crypto SecurityBut if the Ethereum price can scale that resistance sell-wall, it could edge closer to $2,000. All of this is not to say that the death cross does not provide at least some valuable tell, though it’s an important reminder that this year’s death cross, as in 2022, should be measured against macroeconomic fundamentals and market sentiment.

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