The team at Meme Kong is excited to introduce a new cryptocurrency with a mission to become king of all meme coins. The coin has been created by an enthusiastic and skilled group of enthusiasts who aim to change the standard for meme coins.
Meme Kong places a strong focus on community, both in the digital sphere and in the “real world”. Operating with integrity, transparency, and respect, Meme Kong offers a hybrid experience that delivers the best of both community and practical benefits for its users. Community members benefit from utilities that recognize the notoriety and status of each individual on the blockchain, as well as from an investment in the longevity of the coin.
Whereas most meme coins are short-term products based on hype, Meme Kong and Founder Chris Thomann want the coin to have real staying power. Meme Kong has already achieved impressive branding within the music industry, metaverse P2E game, and its own super Car Rally.
The team at Meme Kong recognizes the importance of factors such as social media, community engagement, and influencer-created hype for meme coins, but also understands that these things can be improved upon.
Some of the ways that Meme Kong has differentiated itself from other meme coins include:
A fully-doxxed Founder and Project Managers right from the start;
24/7 voice chat through Telegram for greater levels of communication, community engagement, and accountability;
implementing real utility and collaborating with large projects; and
an incentivized social engagement app with rewards and the chance to earn by playing a game.
Utilities offered by Meme Kong include a VC Launchpad, Metaverse integration, and multiple Play to Earn games.
Meme Kong Founder Chris has an extensive background in business, finance, and crypto. At just 20 years old, he became a successful stockbroker and has built multiple businesses over the last 20+ years, achieving success and growing a significant network of contacts in both traditional business and crypto spaces. The doxxed Meme Kong team counts as its members multiple talented, experienced, and skilled individuals who are all passionate and driven about making Meme Kong a community and the king of all meme coins. Operating around the world and in multiple time zones, the team keeps Meme Kong running 24/7.
Meme Kong has launched on the Ethereum network, making it accessible on the most well-known, established, and secure blockchain. One of the aims of the team is to bridge Meme Kong to multiple other safe and secure blockchains in the future, fulfilling the mission to ensure every Ape eats.
Find out more about Meme Kong on their website Memekong.io.
On Tuesday, cryptocurrency exchange Binance said it completed the first stage of airdropping new Terra Luna (LUNA) tokens to holders of Terra Luna Classic (LUNC), TerraUSD (USTC), and AnchorUST (aUST).
The distribution was based on “pre-attack” and “post-attack” snapshots of token holders taken at LUNC block height 7,544,910 at 14:59:37 on May 7, 2022 UTC and block height 7,790,000 at 16:38:08 on May 26, 2022 UTC, respectively. As told by Binance, users received new LUNA tokens based on the compensation scheme outlined by Terra developers:
Pre-Attack 1 aUST = 0.01827712143 LUNA
Pre-Attack 1 LUNC = 1.034735071 LUNA
Post-Attack 1 USTC = 0.02354800084 LUNA
Post-Attack1 LUNC = 0.000015307927 LUNA
At the pre-attack time, one aUST had a value of $1.24 while one LUNC was worth approximately $75. At the post-attack time, one USTC and one LUNC were worth $0.0632 and $0.0001434, respectively. At the time of publication, each LUNA token is worth $9.25. Regardless of timestamp, approximately 30% of LUNA tokens were distributed on the spot, while the remaining 70% will be distributed monthly in a vesting schedule starting later this year, in accordance with Terra’s reformation plan.
Additionally, users who staked their USTC via Binance Staking pre-attack were also eligible for the airdrop. As it turns out, users’ USTC assets were staked on-chain, with aUST as the yield-bearing token. Binance launched USTC staking only a month prior and ended the program shortly after the implosion of the Terra Luna Classic ecosystem.
Despite the successful airdrop on Binance, it appears that the token distribution did not go as smoothly as expected for crypto enthusiasts holding Terra assets in self-custodial wallets. Terra developers said that some users received less LUNA from the airdrop than expected and are actively working on a solution. The same day, a LUNC pricing error appears to have caused another exploit that potentially drained Mirror protocol, which is built on Terra, of all its funds.
Pseudonymous Shiba Inu (SHIB) founder ‘Ryoshi’ has walked away from the community after deleting all of their Tweets and blog posts this week.
Much like Bitcoin (BTC) founder Satoshi Nakamoto, Ryoshi’s identity has remained unknown since the project launched in August 2020. Additionally, they have also held a hands-off approach to the memecoin much like Dogecoin (DOGE) founders Billy Markus and Jackson Palmer.
Lead developers such as ‘Shytoshi Kusama’ have stated that the project will carry on and continue to “actualize Ryoshi’s vision and plan for this grand experiment” of building a decentralized memecoin ecosystem.
Ryoshi has hinted on several occasions that they would eventually walk away, as they often played down their significance and role in Shiba Inu. In a since-deleted Medium post, the founder reportedly said:
“I have said from the beginning, I am a nobody, I am not important. The efforts to unmask my “identity” even if successful would be underwhelming. I am just some guy of no consequence tapping at a keyboard and I am replaceable. I am Ryoshi.”
As it stands, Ryoshi’s Twitter account is still up but with all activity wiped clean, while two blog posts bidding farewell to the ShibArmy are still up on Medium. However, some members have suggested that these posts may be from a scammer who created a new account under Ryoshi’s name.
The idea appears plausible, as previous reports linking to Ryoshi’s blog now bare the message “user deactivated or deleted their account,” despite another account being up using his same name and profile picture.
“I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens,” the first post reads, while the second one adds “Every Shibarmy is Ryoshi. It does not represent someone, but the glory of Shibarmy! END.”
Regardless of the potential tom-foolery on Medium, Shytoshi Kusama published a blog post on May 31, saying goodbye to Ryoshi and reiterating a commitment to the founder’s vision for the project moving forward:
“The ethos of Ryoshi to remain anonymous and have no input on the direction of Shib, makes our mythos even more mystic and impressive. We’ve built from nothing, never paid an exchange for a listing, and revolutionized “meme” tokens by growing exponentially.”
“Shib, Leash, Bone, Treat, ShibaSwap, Shi, Shibarium. Note also the concept of LOCAL Shib areas (meetups) such as we see in ShibaZone, and eventually Shibacon. To me, these latter two aspects are part of our growth, and all of our other projects support or utilize one or more of the above,” the post added.
Notably, the news hasn’t negatively impacted the price of SHIB, with the memecoin gaining 3.1% over the past 24 hours to sit at roughly $0.00001209.
While the asset is down a hefty 86% since its all-time high of $0.00008616 in late October 2021, somehow SHIB is still up 54% overall compared to 12 months ago, which is something that has not been replicated across many major assets.
Ripple (XRP) has announced a $100 million investment in the carbon trading segment, CEO Brad Garlinghouse told Cointelegraph’s Joseph Hall in an interview on the sidelines of the World Economic Forum (WEF) Annual Meeting, which concluded on Thursday.
Garlinghouse noted the rising profile of cryptocurrency at the international summit, comparing his experiences over the last several years. “As leaders across the world learn how these technologies can actually benefit their constituents, benefit their economies, they’re going to use them. […] I think we’re seeing that happen every day,” Garlinghouse said.
He went on to say that nonfungible tokens (NFTs) are “underhyped, in spite of the fact that there’s obviously a lot of hype in parts of the NFT market.” Specifically:
“The tokenization of various assets is underhyped.”
Garlinghouse cited carbon credit trading, which is often “challenged” by fraudulent activity, as a use case for tokenization due to its transparency and traceability. “It could really revolutionize carbon credit marketplaces, the efficacy of carbon credit marketplaces,” Garlinghouse said. Ripple is investing $100 million in the segment, he added.
Cryptocurrency will have some real use cases in 2022, Garlinghouse continued. Cross-border transactions are one such example that Ripple is working on. Currently, cross-border transactions are “usually quite slow, quite expensive and frankly very error-prone,” while the XRP chain has been “a very efficient, low-cost bridge,” he said.
“I don’t think we’re living in a single-chain world,” Garlinghouse said. “It’s a multi-chain world, there’re going to be a lot of different utility use cases.” Ripple will continue to focus on enterprise, but other cryptocurrency foundations are looking at consumers use cases as well, he explained.
The full conversation is on our YouTube channel. Be sure to subscribe!
The price of LUNA has tanked around 70% since the re-launch of the Terra ecosystem via Terra 2.0 on May 28.
Under the revival plan of Terraform Labs founder Do Kwon, new LUNA tokens (also referred to as LUNA 2) are being airdropped to investors that previously held Luna Classic (LUNC), TerraUSD Classic (USTC), and Anchor Protocol UST (aUST).
The only reason to buy $LUNA 2.0 is to qualify for the next airdrop of $LUNA 3.0 after it goes to zero like $LUNA 1.0
According to data from CoinGecko, LUNA has dropped roughly 69% since its opening of $18.87 on Saturday to sit at around $5.71 at the time of writing.
LUNA/USD chart: CoinGecko
At this stage, the sharp plummet seems to suggest a relative lack of faith in Do Kwon’s revamp moving forward, with many investors indicating on Twitter that they are instead looking to recover a small portion of their previously lost capital and wipe their hands clean of the project.
Sold my available LUNA 2.0 airdrop → ETH @ $1,790.
I don’t see any fundamental here & I see whatever I get as bonus since I already wrote everything off as a loss & $0.
If not that the others are vesting, I’ll sell ‘em all.
Binance is set to begin a multi-year distribution of LUNA to eligible users starting from May 31, along with listing the token for trading via its Innovation Zone, a dedicated trading zone for volatile and high-risk assets.
Some people in the community who have outlined plans to eventually purchase LUNA once the carnage is over such as “lurkaroundfind” have predicted further bloodshed once the Binance drop goes live.
They pointed out that Binance has “15.7MM liquid LUNA, which will be available to users on Tuesday” and suggested that investors who mainly used the Anchor Protocol will look to cash out as they have no real interest in the Terra ecosystem.
Crypto volatility is nerve-wracking, and it may not be over yet. The turmoil may make crypto investors and crypto-related businesses less enthusiastic than when prices seemed ever to be climbing. With the market falling off a cliff, there will be big losses to claim on your taxes, right? Not necessarily. As your United States dollars shake out in the digital world, it is worth asking whether there is any lemonade you can make by claiming losses on your taxes.
First, ask what happened from a tax viewpoint. If you’ve been trading and triggering big taxable gains, but then the floor drops out, first consider whether you can pay your taxes for the gains you have already triggered this year. Taxes are annual and generally based on a calendar year unless you have properly elected otherwise. Start with the proposition that each time you sell or exchange a cryptocurrency for cash, another cryptocurrency, or for goods or services, the transaction is considered a taxable event.
That is a result of the U.S. Internal Revenue Service’s shot heard ‘round the world in Notice 2014-21 when the IRS announced that crypto is property for tax purposes. Not currency, not securities, but property, so most any transaction means the IRS wants you to report gain or loss.
Before 2018, many crypto investors claimed that crypto-to-crypto exchanges were tax-free. But that argument was based on section 1031 of the tax code. It was a good argument, depending on the facts and the reporting. But that argument went away starting in 2018. Section 1031 of the tax code now says it applies to swaps of real estate only.
The IRS is auditing some pre-2018 crypto taxpayers and, so far, doesn’t appear to like the 1031 argument, even before 2018. The IRS even released one piece of guidance saying that tax-free crypto exchanges don’t work. We may need a court case to resolve it if the IRS pushes it that far. After all, it only applies to 2017 and prior years, so it’s of diminishing importance.
But regardless of whether you use crypto to pay someone, swap crypto, or outright sell it, do you have gains or losses? For most people, gains or losses would be subject to short-term or long-term capital gains/losses based on the basis (what you paid for the crypto), holding period, and the price at which the cryptocurrency was sold or exchanged. Yet some people may have ordinary gains or losses, and that topic is worth revisiting. Are you trading in crypto as a business?
Most investors want long-term capital gains rates on gains if they buy and hold for more than a year. However, ordinary income treatment could be helpful for some, at least for losses. Securities traders can make a section 475 mark-to-market election under the tax code, but does that work for crypto? It’s not clear. To qualify, one must argue that the crypto constitutes securities or commodities.
The U.S. Securities and Exchange Commission has argued that some cryptocurrencies are securities, and there may be arguments for commodity characterization, too. It’s at least worth considering in some cases. However, in addition to establishing a position that a digital currency is a security or commodity, you would need to qualify as a trader in order to make a mark-to-market election. Whether one’s activities constitute “trading” as opposed to “investing” is a key issue in determining whether one is eligible to make a mark-to-market election.
The IRS lists details about who is a trader, usually characterized by high volume and short-term holding, although sometimes investing and trading might look rather similar.
If crypto turns out to be eligible for mark-to-market and if you qualify and elect it, you could mark to market your securities or commodities on the last business day of the year. Any gain or loss would be ordinary income, and gains, too. A benefit would be that the cumbersome process of tracking the date and time that each crypto was acquired and identifying the crypto you sold would not be required.
For most people, this election, if available, likely won’t make any sense, but as with so much else in the crypto tax world, much is uncertain. In the past, some drops in crypto value have been called a “flash crash,” an event in electronic securities markets where the withdrawal of stock orders rapidly amplifies price declines, and then quickly recovers. In the case of stock, the SEC voted on June 10, 2010, to enact rules to automatically stop trading on any stock in the S&P 500 whose price changes by more than 10% in any five-minute period.
A stop-loss order directs a broker to sell at the best price available if the stock reaches a specified price. Some people use the same idea with crypto. Some even want to buy the crypto back after a sale, and with crypto, you can do that. In contrast, with stock, there are wash sale rules, which restrict selling (to trigger losses) and buying back stock within 30 days. There are no wash sale rules for crypto, so you can sell your crypto and buy it right back without a 30-day waiting period.
This article is for general information purposes and is not intended to be and should not be taken as legal advice.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Robert W. Wood is a tax lawyer representing clients worldwide from the office of Wood LLP in San Francisco, where he is a managing partner. He is the author of numerous tax books and frequently writes about taxes for Forbes, Tax Notes and other publications.
Behind the scenes, the whisper of regulation is getting louder. Did anyone notice that all the Know Your Customer (KYC) requirements have been laid on smaller centralized exchanges in exotic locations over the past two months? That was the canary in the coal mine. With the aforementioned designation and cooperation, DEXs will start to feel regulator heat soon.
Yes, regulations are coming, and the main reason why DEXs will hardly survive the coming storm is their proclaimed lack of ability to identify the users using and contributing to liquidity pools. In conventional financial circles, rendering services without proper KYC procedures is a big no-no. Not tracking identity allowed Russian oligarchs to use the Hawala payment service to anonymously move millions of dollars leading up to the war in Ukraine, so regulators are justifiably concerned about DEXs. For most DEX enthusiasts, KYC sounds like an insult, or at least, something that a DEX is fundamentally incapable of doing. Is that really the case, though?
Let’s start with the anatomy of a DEX, and we’ll find that they aren’t even as decentralized as one may think. Yes, DEXs run on smart contracts, but the team or person that uploads the code on-chain usually gets special admin-level privileges and permissions. Additionally, a known, centralized team usually takes care of the front end. For example, Uniswap Labs recently added the ability to scrub known hacker wallets, removing tokens from their menu. While DEXs claim to be pure code, in reality, there is still a more-or-less centralized developer team behind this ethereal entity. This team also takes in any profits to be made.
Furthermore, an in-depth look at the way users communicate with permissionless chains reveals more centralized choke points. For example, last month, MetaMask was unavailable in a few regions. Why? Because Infura, a centralized service provider that the on-chain wallet relies on for an Ethereum API, decided so. With a DEX, things can always play out in a similar way.
Some people say that DEXs are more decentralized by virtue of being open source, meaning any community is free to fork the code and build their own DEX. Sure, you can have as many DEXs as you want, but the question is about which ones manage to bring more liquidity to the table, and where users actually go to trade their tokens. That is, after all, what exchanges are for in the first place.
From a regulatory standpoint, an entity facilitating such trades can be seen as a “broker” or a “transfer agent” regardless of whether it is open source or not. That is where most regulations are heading. Once identified as such, DEXs will take major fire unless they can comply with a wide array of requirements. These would include getting a license, verifying user identities and reporting transactions, including suspicious ones. In the U.S., they would also have to comply with the Bank Secrecy Act and freeze accounts upon request from the authorities. Without all of that, DEXs are likely to go under.
The identity-and-KYC issue
Since DEXs claim they are decentralized, they also claim that they are technologically incapable of implementing any identity verification or KYC controls. But in truth, KYC and pseudonymity are not mutually exclusive from a technological standpoint. Such an attitude reveals, at best, laziness or an unhinged push for lower costs, and at worst, a desire to profit from dirty money being moved around.
Arguments that a DEX is unable to do KYC without creating a honeypot of personal information lack technical merit and imagination. Multiple teams are already building identity solutions based on zero-knowledge proofs, a cryptographic method that allows one party to prove it has certain data without revealing that information. For example, proof of identity can include a green checkmark that the person has passed the KYC, but does not reveal personally identifiable information. Users can share this ID with a DEX for verification purposes without the need for a centralized repository of information.
Since their users don’t have to pass a KYC, DEXs become part of the puzzle when it comes to ransomware: Hackers use them as a major hub for moving bounty. Due to the lack of ID verification, DEX teams are unable to explain the “source of funds,” meaning they can’t prove the money doesn’t come from a sanctioned territory or from money laundering. Without this proof, banks will never issue a bank account for DEXs. Banks require information on the origins of funds so they don’t get fined or have their own license revoked. When DeFi can easily be used for criminal activity, it makes a bad name for crypto and pushes it further away from mainstream adaptation.
DEXs also have a unique and single-purpose suite of software, Automated Market Making or AMM, which allows liquidity providers to match with buyers and sellers, and pull in or determine a price for a given asset. This is not general-purpose software that can be leveraged for multiple use cases, as is the case with BitTorrent’s P2P protocol, which moves bits quickly and efficiently for Twitter, Facebook, Microsoft and video pirates. An AMM has a single purpose and produces a profit for teams.
Verifying user identities and checking that money and tokens are not illegal helps ensure some level of protection from cybercrime. It makes DeFi safer for users and more feasible for regulators and policymakers. To survive, DEXs will have to eventually admit this and adopt a level of identity verification and prevention of money laundering.
By implementing some of these solutions, DEXs can still deliver on the promise of DeFi. They can remain open for users to contribute liquidity, earn fees, and avoid relying on banks or other centralized entities while remaining pseudonymous.
If DEXs choose to ignore the regulatory pressure, it can end in one of two ways. Either more legitimate platforms can continue to adapt to growing government scrutiny and rising demand in crypto from more mainstream investors, who require usability and security, thereby leaving stubborn DEXs to die, or alternatively, unadaptable DEXs will move into the gray market of far-flung jurisdictions, tax havens and unregulated cash-like economies.
We have every reason to believe the former is a much likelier scenario. It’s time for DEXs to grow up with the rest of us or risk being regulated to death along with the shadier ghosts of crypto’s past.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Bob Reid is the current CEO and co-founder of Everest, a fintech company that leverages blockchain technologies for a more secure and inclusive multi-currency account, digital/biometric identity, payment platform and eMoney platform. As a licensed and registered financial institution, Everest supplies end-to-end financial solutions, facilitating eKYC/AML, digital identity and regulatory compliance associated with money movement. He was an advisor to Kai Labs, the general manager of licensing at BitTorrent, and vice president of strategy and business development at Neulion and DivX.
Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded approach for rolling out CBDC “with little or no disruption” to the traditional financial system.
In February, while discussing the budget for 2022, Indian finance minister Nirmala Sitharaman spoke about the launch of a digital rupee to provide a “big boost” to the digital economy. In the annual report released Friday by India’s central bank, RBI revealed exploring the pros and cons of introducing a CBDC.
In the report, RBI stressed the need for India’s CBDC to conform to India’s objectives related to “monetary policy, financial stability and efficient operations of currency and payment systems.”
Based on this need, RBI is currently examining the various design elements of a CBDC that can co-exist within the existing fiat system without causing disruptions. The Indian Finance Bill 2022, which enforced the introduction of a 30% crypto tax on unrealized gains, also provides a legal framework for the launch of a digital rupee:
“The Reserve Bank proposes to adopt a graded approach to introduction of CBDC, going step by step through stages of Proof of Concept, pilots and the launch.”
Halfway through 2022, at the proof of concept stage, RBI is in the process of verifying the feasibility and functionality of launching a CBDC.
Earlier this month, on May 17, RBI officials reportedly warned against crypto adoption citing the risks of “dollarization” of the Indian economy.
As Cointelegraph reported based on the Economic Times’ findings, key RBI officials including governor Shaktikanta Das raised concerns regarding the U.S. dollar-dominated world of cryptocurrencies. An unnamed official stated:
“Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities, it may eventually lead to dollarization of a part of our economy which will be against the country’s sovereign interest.”
“It [crypto] will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” they added.
Equities markets in the United States rallied sharply on May 25 and May 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet.
On May 24, Miller Value Partners founder and chief investment officer Bill Miller backed Bitcoin investing and called it an “insurance policy against financial catastrophe.”
In a note to its clients on May 25, JPMorgan said that Bitcoin’s fall looks like capitulation and they anticipate Bitcoin and the crypto markets to rally. The bank’s analysts believe Bitcoin’s fair value is $38,000 which is about 30% higher than the current level.
Could Bitcoin follow the U.S. equities markets higher or will it decouple and continue to languish at lower levels? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin plunged below the strong support of $28,630 on May 26 but the bulls could not sustain the lower levels. The long tail on the day’s candlestick shows that the bulls aggressively purchased the dip.
BTC/USDT daily chart. Source: TradingView
The bulls are again trying to defend the support at $28,630, which is an important level to keep an eye on. If the price rises from the current level and breaks above the 20-day exponential moving average ($30,868), it will suggest that the BTC/USDT pair may have bottomed out. The pair could then rally to the 50-day simple moving average ($35,721).
Conversely, if the price turns down from the current level or the overhead resistance, it will suggest a lack of demand at higher levels. That may increase the possibility of a break below $28,630. If that happens, the pair could retest the crucial level at $26,700. A break and close below this level could intensify selling and the pair may plummet toward $20,000.
ETH/USDT
Ether (ETH) dipped and closed below the uptrend line on May 25 suggesting that bears were attempting to re-establish their supremacy. The selling picked up momentum on May 26 and the price plunged below the May 12 intraday low at $1,800.
ETH/USDT daily chart. Source: TradingView
The bears are trying to defend the crucial support at $1,700 but the rebound lacks momentum. This suggests that bulls are not aggressively buying at the support. That could embolden the bears who may attempt to sink and sustain the price below $1,700. If they succeed, the ETH/USDT pair could plummet to $1,300.
Conversely, if bulls successfully defend the support at $1,700, the pair could start an up-move toward $2,159. That could keep the pair range-bound between $2,159 and $1,700 for some more days.
BNB/USDT
The long wick on Binance Coin’s (BNB) May 25 candlestick shows that bears are selling on rallies nearing the critical overhead resistance at $350. The selling continued on May 26 and the price broke below the 20-day EMA ($320).
BNB/USDT daily chart. Source: TradingView
There is a minor support at $286 where the bulls will attempt to arrest the decline. If they succeed, it will suggest that the sentiment has changed from selling on rallies to buying on dips. The bulls will then again strive to push the price to $350.
Alternatively, if the price breaks below $286, it will suggest that the aggressive bulls who may have been trapped after buying the break above $320 may be exiting their positions. That could sink the BNB/USDT pair to $260.
XRP/USDT
Ripple (XRP) broke below the immediate support at $0.38 on May 26 but the long tail on the day’s candlestick suggests strong buying at lower levels. The buyers will try to push the price toward the downtrend line.
XRP/USDT daily chart. Source: TradingView
If the price turns down from the downtrend line, the bears will again attempt to sink the XRP/USDT pair below $0.38. If that happens, the pair could drop to the May 12 intraday low at $0.33 where the bulls are likely to mount a strong defense. The bears will have to pull the price below this support to indicate the resumption of the downtrend.
On the other hand, if bulls push the price above the downtrend line, the pair could rally to the 20-day EMA ($0.44). This level may again act as a stiff resistance but if bulls overcome this barrier the recovery could reach the psychological level at $0.50.
ADA/USDT
Cardano’s (ADA) tight-range trading between $0.49 and $0.56 resolved to the downside on May 26. The bulls are attempting to defend the minor support at $0.46 but if they fail, the drop could extend to $0.40.
ADA/USDT daily chart. Source: TradingView
The downsloping moving averages and the RSI near the oversold territory suggest that bears are in command. If bears sink and sustain the price below $0.40, the selling could pick up momentum and the ADA/USDT pair may plummet to $0.33.
Conversely, if the price rebounds from the current level or the support, it will suggest strong buying at lower levels. The bulls will then try to drive the price above the 20-day EMA ($0.56). If they succeed, the pair could rally to $0.61 and later to $0.74.
SOL/USDT
Solana (SOL) broke below the immediate support at $47 on May 26 suggesting that traders who may have bought at lower levels are closing their positions. This opens the doors for a possible drop to the crucial support at $37.37.
SOL/USDT daily chart. Source: TradingView
If the price rebounds off $37.37, the buyers will attempt to push the price to the 20-day EMA ($55). This is an important level for the bears to defend because a break and close above it will suggest that the SOL/USDT pair may have bottomed out. The pair could then attempt a rally to the overhead resistance at $75.
Alternatively, if bears sink the price below $37.37, it will suggest the resumption of the downtrend. The pair could then extend its decline to the next support at $32.
DOGE/USDT
Dogecoin’s (DOGE) tight-range trading resolved to the downside on May 26 and bears pulled the price below $0.08. This suggests that supply exceeds demand.
DOGE/USDT daily chart. Source: TradingView
If bears sustain the price below $0.08, the DOGE/USDT pair could drop to the vital support at $0.06. As this level had acted as a strong support on May 12, the bulls may again try to defend it. If the level holds, the pair could climb toward the 20-day EMA ($0.09).
Another possibility is that if bulls push the price back above $0.08, it will suggest demand at lower levels. The buyers will then try to propel the price toward the 20-day EMA. A break and close above this resistance will suggest that the bears may be losing their grip. The pair could then rally to the psychological level at $0.10.
Polkadot’s (DOT) failure to climb and sustain above the breakdown level at $10.37 attracted selling by traders. The bears pulled the price below the immediate support of $9.22 on May 26 but are struggling to sustain the lower levels.
DOT/USDT daily chart. Source: TradingView
The price rebounded off the immediate support at $8.56 and the bulls are attempting to clear the overhead hurdle at the 20-day EMA ($10.88). If they manage to do that, it will suggest that the downtrend may be weakening.
Contrary to this assumption, if the price once again turns down from the overhead resistance, the bears will try to pull the DOT/USDT pair below $8.56. If they do that, the next stop could be $7.30.
The bulls are likely to defend this level aggressively but if they fail in their endeavor, the pair could start the next leg of the downtrend.
AVAX/USDT
Avalanche (AVAX) continued lower and plunged below the important support of $23.51 on May 26. This indicates the resumption of the downtrend.
AVAX/USDT daily chart. Source: TradingView
Although the downsloping moving averages favor the bears, the RSI in the oversold territory suggests a relief rally or consolidation in the near term. If the price turns up and rises above $23.51, it may trap several aggressive bears, resulting in a short squeeze. That could push the AVAX/USDT pair to the 20-day EMA ($34).
Alternatively, if bears sustain the price below $23.51, the selling could pick up momentum and the pair may decline to the psychological support at $20.
SHIB/USDT
Shiba Inu (SHIB) continues to be under pressure. Although bulls are defending the support at $0.000010, the rebound lacks strength. This suggests weak demand at current levels.
SHIB/USDT daily chart. Source: TradingView
The bears will attempt to pull the price below $0.000010 and if they succeed, the SHIB/USDT pair could decline to the critical support at $0.000009. This is an important level to keep an eye on because a break and close below it could indicate the resumption of the downtrend. The pair could then decline toward $0.000007.
Alternatively, if the $0.000010 level holds, the pair could rise to the 20-day EMA ($0.000013). This level may again act as a resistance but if crossed, the upward move could reach $0.000017.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
In the next decade, we will see a shift from the internet to the metaverse – a virtual reality where people can create their own avatars and interact with each other, and Agoraverse has taken the next step to make that a reality.
The Agora is a shopping mall where businesses, NFT ventures, and influencers may promote and sell their items or services in true Web 3 style.
Agoraverse is a community-driven network for eCommerce where buyers and sellers can transact directly with each other free from fraud, misrepresentation or deception.
Agoraverse is built on top of blockchain technology which enables them to provide security, transparency, efficiency and speed when transacting between buyers.
The marketplace will be partially powered by the $AGORA token, which will also be used for staking rewards, creator rewards, cashback and more.
Tokenomics and its applications in their Metaverse
Agoraverse’s tokenomics model is designed to create value for all participants in the ecosystem: creators, curators, voters, sponsors and token holders.
The Agora marketplace will be a place where anyone can buy or sell NFTs from anywhere in the world. This means that you can sell your own digital assets like artwork, music, clothing designs and jewelry and much more.
Agora is not just another marketplace for buying and selling virtual assets; it is a fully-fledged shopping mall with rich features that allow users to interact with each other in new ways. You can connect with other users through our chatting features or create your own community within the Agora.
The AGORA Token will be able to be used to buy NFTs or material items within the Agora Metaverse.
The $AGORA token is the shopping currency of the Agora marketplace. It is a key component of the Agora ecosystem and will be used to purchase goods from partnered merchants who have listed their products on the Agoraverse platform.
$AGORA will also contribute to the development of this big endeavor. It will reward users, producers, and holders for many years to come.
Token Distribution
Total supply: 1 000 000 000
Initial supply : 460 000 000 (46%)
Release timeline: 4 years
In order to further fund their initiative, the Agoraverse team will also hold an Initial Coin Offering on the 3rd of June 2022. 16 percent of the tokens will be sold in order to provide long-term finance for the project. 40% of the total money raised will go into liquidity pools to maintain a stable and healthy token that can provide income to their holders.
By holding the Access Card NFT, project holders express their dedication to the initiative. The Agoraverse team wants to reward them for it. Therefore, customers will be able to stake them on their website to gain $AGORA.
Cutting-edge technology
We are living in the era of digital economies and virtual worlds. With the rise of blockchain technology, we are now able to create a richer and more immersive experience for users.
Agora’s mission is to bring fairness back to the retail industry by creating a marketplace where consumers have full control over their data, which can be used to build more personalized experiences with retailers.
They are building a revolutionary platform that will enable anyone to buy and sell real goods alongside digital ones. Their vision is to bring back the joy of shopping, but with a modern twist: it’s no longer about spending your energy at malls, but about living a completely new experience. And it’s not just about NFTs anymore – their platform is the bridge to the metaverse for traditional business ventures.
The Team Behind Agora
The Agora team has years of experience building real-life communities and businesses. They have been working together for several months on this project and are excited to share it with the world.
Their goal is to create an ecosystem that will allow everyone to participate in a new way of shopping — one that combines the best of both worlds — online and offline.
The Agora team is composed of professionals from diverse backgrounds with experience in the blockchain industry, retail industry, eCommerce industry, advertising industry, and more.
The world is moving towards a digital economy, and we are at the forefront of this change with our innovative technology and solutions. They have built a team of talented individuals who have an immense drive to create something truly special. Their team consists of designers, developers, marketers and product managers who are passionate about what they do.
Founders
Oscar Bellei
Co-Founder and Project Manager
Amaury Lentengre
Co-Founder and Strategy Manager
Claude Jehl
Co-Founder and Lead 3D Designer
Léo Biewer
Co-Founder and Creative Director
Transparent And Active Team, Focused On The Future
They are a team of experienced developers, designers and marketers who are focused on creating a unique experience for customers that can’t be found anywhere else. They will build the most advanced shopping platform based on blockchain technology, which will unite sellers and buyers from all over the world into one single ecosystem.
Their main strength lies in the fact that they are a transparent and active team which is able to respond quickly to the needs of its users. This approach will allow them to achieve their strategic goals in the shortest possible time frame and develop a strong brand that will be recognized by all people who are interested in cryptocurrency.
