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Analysts recently predicted that the price of $XRP , the native token of the XRP ledger, may soon see a significant increase, which should begin in the near future. Projects suggest that the cryptocurrency could trade at $3.82 by the end of the year, a gain of nearly 880%.

Anonymous cryptocurrency analyst Dark Defender made his prediction on Twitter, XRP activity seems to be quiet at the moment, which to him could be a harbinger of an imminent breakout.

The analysis includes a detailed examination of XRP’s weekly charts, with a particular focus on historical patterns. According to the explanation, the breakout could occur after a 13-week bar period, starting from the current date, which would land us in late August. However, analysts also acknowledged that the event could have occurred in any previous week.

The unlocking of Lido withdrawals may result in larger queues, moving forward.

As staker APR rises, overall activity on the protocol increases.

Lido [LDO] has dominated the DeFi market for quite some time. After the protocol took first place in TVL from MakerDAO [MKR], the former has been making more and more improvements to its network.

However, Lido's imminent exit could have a stressful effect on the agreement. According to Tom Wan, a research analyst at 21Shares, withdrawals on Lido will impact queues on the network.

The Lido queue refers to the number of users who have requested to withdraw their staked Ethereum from the Lido protocol. These users must wait in line until their withdrawal requests are processed. However, this may take some time depending on the number of requests and the amount withdrawn.

Meme-inspired cryptocurrency Dogecoin has recently seen a massive surge in network activity, with daily transaction volume reaching a new all-time high (ATH) of 650,000, surpassing Bitcoin and Litecoin.

This unexpected increase in activity is attributed to increased interest in minting DRC20 tokens, a new digital asset, on the Dogecoin network.

Dogecoin developer Patrick Lodder has previously hinted that network activity will increase significantly. While the surge at the time was noteworthy, it was far from the unprecedented levels seen today.

Many in the crypto community saw the surge as an opportunity to test Dogecoin’s scalability. One user suggested that the focus should be on the currency’s potential for daily transactions, adding that they planned to launch their nodes, which are part of the network that maintains a version of the blockchain.

1.Are memecoins safe and reliable enough to be used as currencies?

The security and reliability of Memecoins as a medium of exchange remains a topic of debate in the crypto community. Memecoins are said to be secure and decentralized, but some are concerned about their volatility and lack of oversight.

Proponents of Memecoins claim that because they are decentralized, users have greater control over their funds and are protected from fraud and theft. Additionally, memecoins utilize blockchain technology to ensure transactions are securely recorded on a decentralized ledger, making them resistant to hacking and manipulation.

Investing in Polkadot has become a viable option as DOT’s market capitalization has grown to $6.34 billion.

Sentiment on DOT changed as more bullish positions were established.

Recent price movements are largely a function of broader market trends. If you are considering investing in Polkadot, it is prudent to analyze the asset's inherent strengths and weaknesses in order to make an informed decision.

Polkadot [DOT], like the rest of the market, saw a major correction as crypto leader Bitcoin [BTC] fell to $26,000 levels. Last week, DOT’s value fell by more than 8%, while monthly losses surged to 16.55%.

Today marks 240 days since the event known as the “merge” in the Ethereum community. Its impact on the total supply of ETH is obvious.

The merger is arguably the most significant upgrade in its history, seeing the Ethereum network transition from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS)-based consensus mechanism. Now, eight months after the critical event, the long-term consequences of the merger are becoming increasingly clear.

ETH supply drops

According to Ethereum analytics dashboard ultrasound.money, nearly 650,000 ETH has been burned since the merger. During the same time span, nearly 424,000 new ETH were minted. The result is a net supply change of approximately -226,000 ETH.

Last month, the NFT market saw a spike in trading volume on April 5, followed by a massive 50% drop at the end of the month. The number of NFT sellers exceeds the number of buyers, basically indicating that the market may be oversupplied.

As these markets develop and grow, it is important for investors and traders to keep up with the latest developments and trends. By examining the key factors driving the cryptocurrency and NFT markets, we can better understand the opportunities and risks associated with these emerging trends.

Overview

Cryptocurrency markets have had their ups and downs in April, with Bitcoin rising to $30,506 and Ethereum topping $2,100 on positive economic data.

The Dubai Government’s official media office has recognized leading financial technology company Ripple as a leading provider of enterprise blockchain and cryptocurrency solutions. This recognition comes on the heels of Ripple’s recent expansion into the bustling city with brand new offices.

The Government Media Office reiterated Dubai's forward-looking stance on emerging technologies such as blockchain and cryptocurrencies, saying these proactive policies have attracted industry pioneers such as Ripple, making the city a global hub for technology innovation.

Ripple announced its entry into Dubai at the recent FinTech Summit, recently sharing in a press release that it has opened a new office in the Dubai International Financial Center (DIFC) as part of its strategy to increase its foothold in the Middle East and North Africa (MENA) ) area. As CryptoGlobe reported, Ripple CEO Brad Garlinghosue recently predicted a turning point in the company’s legal battle with the U.S. Securities and Exchange Commission (SEC).

Uniswap has reached new heights in daily active addresses and new wallets.

UNI's Chaikin Money Flow suggests now might be a good time to buy.

The number of daily active addresses on Uniswap [UNI] climbed to a two-year high amid the unprecedented rise in meme token values ​​over the past few weeks.​

According to the on-chain data provider, “Daily active addresses on Uniswap are surging to levels not seen since May 2021.”

As of May 9, the decentralized exchange (DEX) recorded 25,409 active addresses. Daily active addresses on Uniswap have been rising since the start of the year, helped by the overall market bullishness in the first quarter and the meme token frenzy of the past few weeks.

The number of ARB holders increased significantly.

The short- to medium-term outlook remains bearish.

Arbitrum [ARB] has shown various attempts to recover from its sharp decline over the past seven days, but has lost 16.58% of its value. While the coin is not alone, the decline shows that it is one of the worst performers among the top 50 coins by market capitalization.

trust system

Despite the lackluster performance, the number of ARB holders has continued to surge since March 25. Growth has been exponential, helping the number of holders exceed 640,000.

Furthermore, considering that the impact of increased accumulation may not be immediate, the indicator’s surge most of the time suggests that the coin has huge profit potential in the long run.

Web3 gaming underperformed in April as virtual lands plummeted and on-chain gaming activity dropped 10%. Although, given the recent obsession with meme coins, perhaps that’s not surprising.

Blockchain gaming has been performing relatively well so far, at least compared to 2022. However, according to DappRadar's latest Web3 gaming report, things may be better.

Web3 game flexibility

Blockchain analytics firm DappRadar tracked a 10% drop in on-chain gaming activity in April, with an average of 672,000 daily unique active wallets (UAW). However, gaming maintained its dominance, accounting for 38% of on-chain activity.

The buzz surrounding Bitcoin’s 4-year cycle has grown in recent years, becoming a widely discussed topic among crypto enthusiasts and market analysts. This cycle is marked by major events and trends in the cryptocurrency market, sparking curiosity and interest among experienced players and novices alike.

However, the causes and effects of Bitcoin’s 4-year cycle are often misunderstood or oversimplified. Investors may benefit from examining the factors that influence it, including the halving, macroeconomic impacts and human behavior.

Bitcoin Halving: Decisive Catalyst or Self-Fulfilling Prophecy?

Deep-pocketed cryptocurrency investors are snapping up huge amounts of Pepe ( PEPE ) after the memecoin’s price plummeted.

Blockchain tracker Lookonchain discovered that three crypto whales purchased over 2 trillion Pepe coins for over $4 million.

“After the price fell, three whales started buying PEPE.

0x50C1 withdrew PEPE 1.4 trillion ($2.76 million) from Binance at a price of $0.000002054.

0x2Baa used 223 ETH ($412,000) to purchase 212 billion PEPE ($429,000) for $0.000001942.

Analysts have revealed that they believe the price of the cryptocurrency may soon rise as it paves the way for exponential growth in value in the future.

Bitcoin may be on the threshold of setting the stage for a major surge, but noted that BTC could fall back to as low as $25,000 before the next stage of the rally.

The most substantial consolidation and gradual climb upwards "usually occur at the bottom of these explosive curves," and users "should not expect such consolidation to occur once we start climbing toward $30,000, $40,000, or $50,000."

As the memecoin craze subsides, Ethereum’s staking rate and gas fees begin to decline.

On the daily chart, selling pressure on ETH exceeds buying pressure.​

The hype surrounding the meme-based token on the Ethereum [ETH] network has begun to die down as focus turns to the BRC-20 token on the Bitcoin [BTC] network.

Ethereum’s collateralization rate, which climbed to a post-merger high of 8.6% on May 5 due to increased on-chain gas fees, has now begun to decline. At press time, it stood at 6.72%.

The meme coin craze on the Ethereum network was largely due to the unexpected launch of the meme token Pepe [PEPE] and its astronomical surge in trading activity and value in the following weeks.​

Democrats continue to secretly advance their war on the U.S. crypto industry. Ahead of yesterday’s House Financial Services Committee hearing on digital assets, titled “The Future of Digital Assets: Measuring Regulatory Gaps in Digital Asset Markets,” a memo was circulated to Democratic committee members revealing the agenda.

The memo was leaked by Fox Business's Eleanor Terrett. It contains "key messages" for Democratic committee members to follow. The party leadership's rules make it clear that US Democrats want to bring the industry under their total control, with SEC Chairman Gary Gensler at the forefront.

Grayscale Investments is looking to launch three new funds, regulatory filings show, as it awaits a court ruling related to its planned conversion of its flagship product to an ETF.​

The cryptocurrency-focused asset manager is looking to bring to market an index-tracking global Bitcoin composite ETF that would invest in exchange-traded products that hold or are backed by physical Bitcoin — and Bitcoin mining companies.​

Bloomberg Intelligence analyst Eric Balchunas called the proposed fund a “semi-spot Bitcoin ETF” in a tweet.​

Digital asset management firm CoinShares said institutional investors were negative on the market as cryptocurrencies suffered massive outflows for a third consecutive week.

In its latest weekly report on digital asset fund flows, CoinShares found that institutional investors sold $54 million in crypto assets last week, with most of the outflows coming from outside the United States.

“Digital asset investment products saw outflows totaling $54 million last week, marking the third consecutive week of negative sentiment for the asset class…

Regionally, the majority of outflows came from Germany and Canada, at $27 million and $20 million respectively. "

In a sign of high-risk speculation, three crypto whales have invested nearly $4 million in the meme-based cryptocurrency $PEPE coin despite the digital asset's declining value.

Blockchain activity tracking service Lookonchain reported on microblogging platform Twitter that this massive accumulation of PEPE began after the price of the cryptocurrency began to decline inspired by the popular meme.

The identities of the three investors are unclear, but one investor, known by his wallet address starting with 0x50C1, made a particularly bold move by withdrawing 1.4 trillion PEPE from Binance, the world's leading cryptocurrency exchange coins, with a total cost of more than $2.76 million.

Starting in late May 2023, Binance will support Bitcoin ordinal numbers on its NFT marketplace — similar to NFTs on Ethereum.

This means Binance users will no longer need a separate Bitcoin wallet that supports Ordinals, making transactions even easier.​

“Binance users can also buy and trade Bitcoin NFTs directly using their Binance accounts,” a statement from Binance said. “This integration provides Binance users with more seamless and efficient trading.”

The largest centralized cryptocurrency exchange also said it will provide “royalty support” and other ways to generate revenue for Bitcoin NFT creators.​