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NFT analyst, Mateen Soudgar, predicts most non-fungible token (NFT) projects will take a hit – and probably collapse – should the price of bitcoin and ether spike to $100,000 and $10,000. 



According to Soudagar, 60% to 75% of NFT projects in existence today are scams. In addition, because speculators are driving demand, many will start to “freak out” once the prices of BTC and ETH skyrocket, he says.



“NFT projects where people were mostly in it [to] flip will probably take a hit. And may possibly not recover,” Soudagar, who goes by the handle Matty on Twitter, told his 122,000 followers on the social media site.



“Currently, there’s a big speculator crowd around the NFT market. Many new investors will freak out when prices drop, which creates more selling,” he outlined in a long thread on October 22. 



Soudagar believes the NFT industry will evolve into more “polished games and virtual worlds,” but “low effort projects will wash out.”



To the moon



Bitcoin climbed to a record high of $67,000 on October 20 following the approval of the first U.S. bitcoin futures-based exchange-traded fund (ETF). The benchmark cryptocurrency has more than doubled in value since its $30,000 low in late July. 



As epitomized by Plan B’s stock-to-flow (S2F) prediction model, analysts expect institutional involvement to drive the price to $100,000 by year-end.



Similarly, ethereum, which also hit an all-time high above $4,000 in the last few days, is seen rising to $10,000 within this fourth quarter. 



Meanwhile, NFTs have soared in value recently, with the volume of trades topping $15.5 billion from just a few thousand in 2017, when the buying and selling of tokenized digital artwork started, according to DappRadar.



The sector is dominated by the Opensea marketplace, which has clocked $9.5 billion in total volume, followed by Axie Infinity at $2.7 billion. Both platforms operate on the Ethereum blockchain, as do the majority of marketplaces.



Staying power of the NFT



In his Twitter thread, Soudagar drew parallels between the behavior of altcoins – basically any other digital asset which is not bitcoin – with that of NFTs. 



He finds that many NFT projects have “followed the same sentiment” as altcoins – falling sharply whenever bitcoin is on a rally, as money moves away from the smaller coins into BTC.



“Just like alts take a hit when bitcoin or ether reach all-time highs, so will NFTs. The good alts should do well long-term. Just like non-fungible tokens,” he explains. But that’s just for the short term. Matty has worked out different scenarios for those who hodl for much longer periods.



He expects what he calls “good projects” to have the staying power in the event of a crash on non-fungible token prices. “NFT projects where community/team are strong, [and] continue to build can retain interest,” said Soudagar. Art, as well as “super rare/iconic NFTs have a high chance” of sustaining bearish waves to achieve growth, he added.



However, Soudagar doesn’t put all his bets on this happening. He also proposes the alternative, where NFT prices will rise should the anticipated crypto bull run last for a few months. 



It has happened before. At the beginning of this year, when NFT prices ran on nothing else but the euphoria and frenzied mainstream media coverage. 
  The post Most NFT Projects Will Collapse Once Bitcoin Hits $100,000, Says NFT Expert appeared first on BeInCrypto.


NFT analyst, Mateen Soudgar, predicts most non-fungible token (NFT) projects will take a hit - and probably collapse - should the price of bitcoin and ether spike to $100,000 and $10,000. 
The post Most NFT Projects Will Collapse Once Bitcoin Hits $100,000, Says NFT Expert appeared first on BeInC...

beincrypto.com

Most NFT Projects Will Collapse Once Bitcoin Hits $100,000, Says NFT Expert

The number of wallet addresses holding the SHIBA INU token has recently increased by over 9% in the last two weeks after breaching an earlier 738,000 address count. While in a sideways market range, retail demand for the SHIB token drew in over 60K of the new holder of the token, which accounts for a more than 9% increase.
On-chain analysis shows an address purchasing over 8 trillion SHIB tokens that are valued at roughly 239.4 million USD following an earlier liquidation of about 31 billion SHIB tokens showing that investors continue to maintain a solid bullish outlook towards the project. 
Investor confidence is believed to be on the increase because the SHIB token has grown from being a meme coin into a robust decentralized exchange [ShibaSwap] that now offers staking, swapping, farming, and NFTs.
Let’s move on to analyze the price charts of the SHIBUSDT.
Shiba Inu (SHIB) Weekly Chart Analysis

An overview from the weekly time frame shows the sudden price surge and exit of a bearish expanding channel formed by opposing bearish and bullish divergence setups and setting a new ATH [0.00003523] on the Poloniex crypto exchange.
The hidden inside-bar candlestick pattern on 11 October ’21 is a price indicator that implies that the bulls are not going anywhere any time soon and we should expect to see another impulse wave to the upside.
Shiba Inu (SHIB) Daily Chart Analysis

The above daily chart overview of the SHIBUSDT reveals the crypto-asset in an Elliot Impulse wave [1-2-3-4-5] chart structure, which is currently at the correction wave-4.
A price break 0.00003523 resistance is projected to send the SHIB price beyond the 0.000050 resistance, which also happens to be the ATH on the Binance exchange after launch.
The uptrend is the most possible scenario at the time of putting this post together, considering that the RSI continues to show readings above level-25 after every spike above level-75.
Shiba Inu (SHIB) 4HR Chart Analysis

After a price hike above 350%, the SHIB price entered a range-bound market structure upon triggering a regular bearish divergence on 07 October ’21 08. The SHIBUSDT price range has been prolonged a little over a week before signaling a wide range hidden bullish divergence on 15 October 12:00.
Attempts from the bears to drive the SHIB price lower after the bearish divergence on 18 October 16:00 do not appear to hold much steam.
We expect a price surge beyond the 0.00002952 resistance to kick-start an exit above the price channel into a new all-time high following the Elliot wave-5 narrative on the daily time frame.
Conversely, a price breach of the 0.00002058 support will signal bearish sentiment towards the SHIBUSDT.
 
Shiba Inu SHIB Intraday Levels

Spot rate: 0.00002876
Mid–Term Trend [H4]: Strong Bullish
Volatility: High
Support: $0.00002335 and $0.00002058
Resistance: $0.00002952, $0.000035 and $0.000050  

The post SHIB Price Analysis:  SHIBUSDT Set to Resume Wave-5, Is It A Good Time to Buy SHIB? appeared first on Coingape.


The number of wallet addresses holding the SHIBA INU token has recently increased by over 9% in the last two weeks after breaching an earlier 738,000 address count. While in a sideways market range, retail demand for the SHIB token drew in over 60K of the new holder of the token, which accounts f...

coingape.com

SHIB Price Analysis:  SHIBUSDT Set to Resume Wave-5, Is It A Good Time to Buy SHIB?

  
AscendEX is excited to announce the Idexo token (IDO) listing under the trading pair IDO/USDT on October 21 at 1 p.m. UTC. 



In celebration of the listing (under the pair IDO/USDT), AscendEX and the IDO team will launch several limited-time promotional events between 1:00 a.m. on October 22 and 12:00 a.m. UTC on October 29, 2021. By depositing and trading IDO, users will have a chance to share 40,000 USDT worth of IDO pooled rewards.



Idexo, a simplified technical and community development experience for projects that leverage blockchain features, provides developers with ways to build and grow industry-disrupting applications. 



Through a UX-first, blockchain-second ideology, Idexo’s suite of tools and products offer an easy-to-use interface for building application features through well-documented, shortcode snippets.



In efforts to enable application developers to build sustainable business models through their applications, Idexo also offers users a simple Compute Credit model for providing stable purchasing power. Idexo, always focused on making the process as simple as possible for developers and users, has also integrated NFTs and NFT marketplace methods into the product in order to benefit from the knowledge and capital in this burgeoning tech space. 



Through the foundational IDO token, serving as an incentive mechanism, Idexo is able to leverage the power of its community to continually improve how the platform operates. This strategic emphasis on community-driven development empowers creators, developers, and entrepreneurs to bring about positive change even beyond the Idexo platform. 



The IDO token operates in centralized, decentralized, and hybrid models and recently has opened its functionalities to explore the newly found world of staking. 



To earn rewards in the Idexo ecosystem, a user is able to stake IDO tokens on currently two different types of token staking contracts. In return for doing so, stakers will receive tokens, and in turn, be able to earn rewards on those tokens and benefit from the staking process. 



The first type of staking contract involves simply staking IDO tokens on the general direction of the project. A portion of all operating margin generated from the Compute Credits and sales of products that leverage the Compute Credits and transaction infrastructure will flow through to this pool, where it is shared on a monthly and quarterly basis. 



The pool is then distributed to staking participants based on their portion of the overall pool, and of course a seniority formula.



The second type of staking contract involves directional staking, where participants stake on a contract tied to a particular product or product roadmap decision. Participants then earn a higher percentage of rewards if those products or decisions prove successful, and vice versa if they prove unsuccessful. This mechanism not only guides the product roadmap and integrations but also incentivizes the community to aid the project in its growth trajectory.



Outside of staking, IDO tokens can also be used to incentivize various desirable community activities, calculated on a Network Value Added basis. These incentives are organized by the foundation and voters, who have utilized their staked tokens as voting mechanisms. 



Again with the community at its core, Idexo has rolled out a Community Development Kit to aid projects on its platform build and developing their own communities with ease. This process also generates additional yield in the Idexo general staking pool. 



The constant feedback loop of growth and success Idexo has built into its platform and IDO tokenonmics truly exemplifies the importance of community building and project success in the continually evolving cryptocurrency ecosystem.



About AscendEX



AscendEX is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 200 blockchain projects such as Bitcoin, Etheruem, and Ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions. 



AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum.



AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit the website.



AscendEX on social media: Twitter, Telegram, Medium.



About Idexo



Idexo is the easiest way to integrate blockchain features in any application. By focusing on developing a desirable UX  first and integrating the blockchain technology after, Idexo provides a simple interface for dropping in features through well-documented, shortcode snippets that do what they say and require minimal effort. 



At the same time, it offers a simple Compute Credit model for providing stable purchasing power, enabling application developers to build sustainable business models.



For more information and updates visit the Website, Twitter, or Telegram. 
  The post Idexo Lists on AscendEX appeared first on BeInCrypto.


AscendEX is excited to announce the Idexo token (IDO) listing under the trading pair IDO/USDT on October 21 at 1 p.m. UTC. 
The post Idexo Lists on AscendEX appeared first on BeInCrypto.


Idexo Lists on AscendEX

A recent surge in Ethereum transaction fees leads to an increase in layer-2 volumes for UNISWAP, the most famous and liquid decentralized crypto exchange. According to data sources from Nomics, a data analytics provider, UNISWAP V3 brought in 80 million USD in volume in Arbitrum compared to 14 million USD on Optimism.
L2beat, a Layer-2 data aggregator show records of Arbitrum representing 60% of the TVL-Total value locked across Layer-2 following its mainnet launch in September.
Let’s analyze the price charts of the UNIUSDT crypto pair, starting from a weekly chart overview.
UNISWAP (UNI) Weekly Chart Analysis

The UNIUSDT price chart had its fair share of the all-around crypto price slump revealed as a trigger from a bearish divergence pattern.
Following the 67% price slump, the UNIUSDT slowly attempts a price recovery while trading within a side-ways chart structure.
An earlier climb in the RSI value above level-75 on 09 August hints at the bullish recovery and a build-up of price trajectory above the upper bounds of the bearish divergence resistance.
UNISWAP (UNI) Daily Chart Analysis

Above is a daily chart overview of the UNIUSDT breaking above the upper trend line of an expanding and descending channel that’s formed by countering bearish and bullish divergence signals on 26 Sep and 02 October.
The recent breakout of inside-bar resistance marks a start of higher price targets for the UNI token as the price threatens to break a second bearish divergence resistance level at $27.99.
UNISWAP (UNI) 4HR Chart Analysis

The UNISWAP UNI token signals a regular bearish divergence on 16 October 12:00, sending the UNIUSDT into a correction wave of about [10%].
A long-range hidden bullish divergence on 18 October 12:00 confirms the price floor following a bear-trap candlestick pattern. 
The bullish divergence pattern formed with the RSI in the oversold area, also confirms a parabolic upward trajectory on the daily time frame as the daily RSI reading stays above level-25.
UNISWAP (UNI) Intraday Levels

Spot rate: 27.12
Mid–Term Trend [H4]: Strong Bullish
Volatility: High
Support: $24.85 and $22.30
Resistance:  $27.99  

The post UNI Token Price Analysis: A Long-range Bullish Divergence Confirms The Price Floor, Signaling An Uptrend for UNI Token appeared first on Coingape.


A recent surge in Ethereum transaction fees leads to an increase in layer-2 volumes for UNISWAP, the most famous and liquid decentralized crypto exchange. According to data sources from Nomics, a data analytics provider, UNISWAP V3 brought in 80 million USD in volume in Arbitrum compared to 14 mi...

UNI Token Price Analysis: A Long-range Bullish Divergence Confirms The Price Floor, Signaling An Uptrend for UNI Token

Binance Smart Chain announced its exclusive Binance Evolution Protocol, BEP-95, that will facilitate a real-time burning mechanism on the BSC network, which according to the firm will make BSC more decentralized by radically escalating the burning speed of BNB.
The BEP-95 real-time burning system will be limited to the activity on the BSC network, and it will continue to decrease the BNB supply, even after achieving the target supply of 100m BNB in circulation, which in turn will hike BNB value due to higher demand. However, the Press Release specified that the upgrade is still in the drafting stage.
“The BSC network can speed up the BNB burning process and improve its intrinsic value by burning a portion of gas fees. The BNB holders will decide how to dispatch the BSC gas reward. While implementing this BEP might decrease the total amount of BNB that validators and delegators receive from staking, the fiat-denominated value of their rewards may increase. This burning mechanism would further reduce BNB supply; thus, increasing demand would drive the BNB value higher.”
BEP-95 Validators’ burnRatio
The exchange platform noted that each block will burn a fixed ratio of the gas fee collected by the validators, and the burning ratio will also be adjustable through governance. The burning ratio governance parameters will be mentioned in the ValidatorSet Contract. This means that at the end of each block, the Validator will be required to sign a transaction to bring forth the deposit function of the contract to further transfer the gas fee. The initially proposed burn ratio is 10 percent.
Furthermore, Binance mentioned that the process to change the burnRatio will be determined through a democratic proposal and vote system by BSC Validators based on their voting power (staked BNB). Every community member will have the opportunity to propose a change in the parameters, and the implementation will occur post a minimum deposit of 2,000 BNB on the mainnet.
“This will allow the validators to vote on the proposal; all BNB is returned after the proposal has been voted on. The BSC validators can vote “for” or “against” based on their voting power.”
The post Binance latest BEP-95 upgrade introduces a real-time token burning mechanism appeared first on Coingape.


Binance Smart Chain announced its exclusive Binance Evolution Protocol, BEP-95, that will facilitate a real-time burning mechanism on the BSC network, which according to the firm will make BSC more decentralized by radically escalating the burning speed of BNB. The BEP-95 real-time burning system...

Escoin Token price	$2.84
Low - High 24H	$2.79 - $2.87
Market cap	$193.49M
Volume 24H	$333,730.00
All time high	$2.89 -2.24% October 20th 2021
All time low	$0.000646 436874.23% January 10th 2021
Genesis date	N/A

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