Our financial market analyst Chung Yee says: The crypto market is in an accumulation phase. It is key to spot the right narratives for the next bull cycle.
Finding the Next Narrative
Bitcoin ($BTC) dipped below $19,000, as bearish sentiments continue to dominate the equities and crypto markets. Investors prefer to adopt a wait-and-see approach while the global economy is still reeling from post-pandemic inflation.
Generally, bear markets are the time for accumulation. Since the crypto market is narrative-driven, finding the next narrative can be an enriching pursuit. In the summer of 2020, the market experienced a Decentralized Finance (DeFi) boom. This was subsequently followed by a crypto bull market that saw Non-Fungible Tokens (NFTs) and the Metaverse themes taking center stage.
The Merge has been successful and Ethereum ($ETH) will likely be a preferred asset for institutional investors because of the deflationary pressure and the utilities it packs. However, in terms of raw performance, Ethereum is still unable to match the likes of other layer-one solutions such as Solana ($SOL), Cosmos ($ATOM), or Avalanche ($AVAX).
This predicament will not be resolved anytime soon. This may lead to a layer-two war in the Ethereum ecosystem. Three layer-2 platforms that offer scaling solutions to the Ethereum ecosystem are Optimism ($OP), Arbitrum and zkSync. Ethereum is the most dominant smart contract platform and has $31.4 billion in Total Value Locked (TVL), more than all other chains combined. Layer-two scaling solutions will have a lot of upside to offer.
Facebook’s rebranding to Meta has brought much attention to metaverse projects. The pandemic has accelerated the pace of development in the virtual space. The Metaverse theme is likely to become a mainstay as most interactions, whether social or economic in nature, can be done virtually.
Weekly Recap
- CZ calls on Paris to be the crypto financial hub for Europe.
- Binance Pay makes inroads into Europe and Latin America.
- Liquid Marketplace brings fractional ownership to rare and high-value assets.
- The Philippines hosts Axie Infinity’s kick-off party.
- BurgerCities to launch mystery box on Binance NFT.
- Binance turns to the Philippines to obtain VASP and EMI licenses.
- PinkSale introduces KYC Doxx Badge.
- CZ lauds the U.S.’s crypto policy announcement.
- Binance unveils a new look to its options platform.
- PancakeSwap plans multichain expansion.
- Binance expands payment services in Bahrain.
- Binance announces a new Romanian office.
- Stader Labs’ TVL continues to climb after the August BNB Chain launch.
- Binance assembles an elite team to advise on global expansion.
- Binance launches Simple Earn, combining savings and staking.
- Cronos rallies in the wake of increased social activities.
Market Sentiment
Crypto market sentiment has again fallen to “extreme fear” as $BTC failed to stay above the crucial $20K mark. Liquidity is thin because the costs of borrowing are high. The interest rate hikes will likely slow down; if not, the U.S. economy will be brought to a grinding halt. This will inevitably lead to a recession.
$BTC might not be suitable as a medium of exchange but it can certainly play a crucial role as a hedge against other traditional assets. The crypto winter is expected to last until inflation stabilizes. Costs of raw materials, availability of food supplies, and the energy crisis are all capable of tanking the global economy. Investors’ confidence can only be restored if these looming problems are resolved.
Coins to Watch
- Gala ($GALA) - Gala games is a play-to-earn gaming platform that allows players to take ownership of items earned during gameplay.
- Gala was launched on the Ethereum blockchain but has since bridged to the Polygon network and BNB Chain.
- Gala tokens have value because it is a medium of exchange within the Gala Games ecosystem.
- The Gala token is also used to incentivize active participants by their milestone achievements.
- $GALA is now trading at -95% from its all-time high price of $0.82.
- PancakeSwap ($CAKE) - PancakeSwap is the most dominant Decentralized Exchange (DEX) on the BNB Chain.
- Apart from functioning as a decentralized exchange, the platform also packs a suite of products and services.
- PancakeSwap has a lively community and an active team that constantly engages with its community and implements changes to its platform.
- This project has been plagued by high emissions causing inflation to its token.
- This has been countered by introducing more deflationary mechanisms into its tokenomics and limiting its total token supply.
- Reserve Rights ($RSR) - $RSR recently had a stellar run ahead of its mainnet launch.
- The Reserve protocol has a mobile app that functions like Venmo or CashApp but with crypto.
- The app now has 700,000 users and $120 million a month in transaction volume.
- Countries that suffer from hyperinflation can transact in U.S. dollars. By using the app, users do not need to understand crypto and the intricacies tied to it. The experience is seamless and it meets a need perfectly.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News
A New Solana Memecoin With $19 Million: What is Milady Wif Hat?
Named after the renowned Solana meme coin Dogwifhat (WIF), Milady Wif Hat swiftly reached its maximum funding cap of 88,888 Solana (SOL) within hours of its launch.
Introduction: Milady Wif Hat
Milady Wif Hat, a new meme coin on the Solana network, has made waves by swiftly gathering $19 million in funding during its presale in just two hours. Named after the well-known Solana meme coin Dogwifhat (WIF), Milady Wif Hat garnered a maximum funding of 88,888 Solana (SOL).
🎩 Milady Wif Hat presale is now live! 🚀
— Milady (@miladymemecoin) March 18, 2024
Presale is live for the ever-fashionable SOL-loving Milady wif hat. Sending some love to the SOL community now 💗
Wallet address : 4K9tmyjpdu9ogw95JRTZkPkNppw8v1gnuGHBaYir96tt pic.twitter.com/1VdUjilB1E
With Milady Wif Hat, investors could participate with a minimum investment of 1 SOL, capped at 88,888 SOL. The presale, set for a 24-hour duration, saw an overwhelming response, becoming oversubscribed within hours of its launch.
📢 Closure of Milady wif hat presales! 🚀
— Milady (@miladymemecoin) March 18, 2024
Milady Wif Hat presale has soared to its limit of 88,888 SOL and is now closed. 🎉
Any additional Solana raised will have 100% of their funds returned.
Thank you all for the incredible support! 🙌 💖 pic.twitter.com/zEzDGEVlQy
Following the closure of the presale, additional contributions were reportedly returned.
Milady Origins
Milady memecoin's journey began as a decentralized meme token ($LADYS) on the Binance Smart Chain, debuting in 2022. Inspired by the internet meme culture surrounding "Milady" images, which exude grace and elegance, the project aims to infuse humor and lightheartedness into finance.
With a fixed total supply of 1 billion tokens, LADYS employs a deflationary mechanism, burning 10% of the initial supply to enhance scarcity. Furthermore, the tokenomics incorporate a 10% tax on transactions, with 5% redistributed to holders as rewards and the remaining 5% allocated to the liquidity pool, incentivizing long-term holding strategies.
Milady Wif Hat memecoin is the newest addition to the Milady ecosystem.
Challenges Along the Way
Despite its promising trajectory, Milady has faced challenges on its rise. Charlotte Fang, the founder of NFT projects Milady and Remilia, recently confirmed a security breach of treasury addresses, resulting in significant financial losses.
The transfer of ownership of the treasury to the drainer occurred before the suspicious transactions, according to PeckShield experts. Prior to this, in September 2023, Fang reported that the Milady NFT ecosystem developers had stolen about $1 million and hacked its social media accounts.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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