Layer Zero Integration And Interoperability

The Layer Zero’s Omnichain Fungible Token (OFT) standard has now been integrated with ApeCoin through the latest update to its smart contract. This version greatly enhances ApeCoin’s capabilities, enabling it to be more than just a utility token and a governance token but also it is now the native gas token on its own blockchain, ApeChain. That way, it brings the integration of ApeCoin as a foundational part of the Yuga Labs ecosystem.

@apecoin goes omnichain!

APE, the native gas token of ApeChain and a core asset in the @yugalabs ecosystem, is used for transaction fees, voting in ApeCoin DAO, and as a payment method in Yuga Labs titles and IRL purchases. It is now an OFT that can be seamlessly transferred�pic.twitter.com/azgIlAUW3B

�LayerZero (@LayerZero_Core) October 17, 2024

Another major feature of this token is Layer Zero integration, which smoothes transfers of APE across multiple blockchains—ApeChain, Ethereum, and Arbitrum. This was a much-needed improvement in the token with regards to setting a new benchmark of token interoperability and increasing users’ appeal towards developers, while its excellent development process also smoothens asset transfer between networks.

Native Yield Mechanism And Market Response

A further aspect responsible for the recent increase in price of ApeCoin involves the implementation of a Native Yield mechanism co-developed with Decent.xyz. This means that the holders of ApeCoin receive a passive income on their holdings through this, without requiring any input from the user. The yields are credited to wallets at the end of each block with no hassle, thus leaving a highly rewarding proposition for the token holder.

The updates had received wide welcome in the market, as ApeCoin traded at over 6,400% and broke out to approximately $1.84 billion in its trading volume, as the market capitalization of ApeCoin has also broken into more than $1 billion, increasing by 100% in just one 24-hour cycle.

Today, the cross-chain bridges support APE, ETH, and stablecoins transfer between the chains. This has made the network sustain relatively high liquidity, attracted investor attention and developer involvement. It has made transfer operations within the network smoother and more efficient.

ApeChain is off to a strong start, with $25m volume traded in the first 12 hours

Over 148 pools have been created with 62,700 transactions. Memes launched on @ape_express_ are then traded on Camelot.

Be a Knight and start aping now //t.co/aRc3dH1Iry pic.twitter.com/QOCBvjeKzn

�Camelot (@CamelotDEX) October 20, 2024

Since the upgrade, ApeChain’s performance has been impressive, with over $25 million in trading volume generated in just 12 hours. The creation of 148 liquidity pools and more than 62,000 transactions highlights strong user activity and growing interest in the platform.

The core user incentive program of ApeCoin will be launched in the near future, so it will gain more value and increase demand in the market. Some details about the program are yet to be disclosed, however, the market is already on tenterhooks for it.

At the moment, ApeCoin is trading at $1.58 and, during the last 24 hours, it increased by about 109%. Despite the great momentum and rising utility, prospects for the growth of ApeCoin in the decentralized environment seem pretty good.

Featured image from Techopedia, chart from TradingView

The investing thesis is straightforward—just buy and hold Bitcoin and wait for the crypto to appreciate. According to Glassnode, an on-chain analytics firm, Bitcoin has more holders than ever. The firm adds that Bitcoin’s illiquid supply has gradually increased in recent months, suggesting that more users are holding BTC than selling or trading it in the market.

Metrics Suggest An Increasing Number Of BTC Holders

Market data and holding signals suggest a growing number of investors, suggesting a bullish sentiment on the cryptocurrency. According to Crypto Banter, BTC’s stored supply has gradually increased over the past months. The website adds that this trend gives a ‘HODLING vibes,�suggesting that a market rally is on the horizon.

Stored supply increasing for months = mega HODLing vibes pic.twitter.com/0Bl4WtP3Hy

�Crypto Banter (@crypto_banter) October 21, 2024

Glassnode data agrees, suggesting an increasing trend for stored supply and a declining trend for active supply. The firm’s stored supply metrics include long-term holder supply, BTC HODLed or missing coins, and the coin’s illiquid supply. On the other hand, exchange balances and short-term coin supply are considered active supply metrics.

Exchanges Report Declining Reserves

There has been a gradual but steady reduction in Bitcoin’s supply, confirming many analytics firms’ thesis. The decrease in highly liquid and liquid BTC supply started in 2024. According to Glassnode, the number of Bitcoin or lost BTCs has dipped compared to data at the start of the year.

CryptoQuant adds that centralized exchange BTC reserves are falling. At 2.64 million BTC, exchanges keep the coin around its all-time low, after a November 2023 decline. Exchange reserves typically indicate selling pressure, lowering prices. According to CryptoQuant and Glassnode, investors now prefer to buy and hold rather than trade.

Financial institutions and other big-time investors are growingly interested in the rising number of holders. A September River Financial research indicates that BTC use increased by 30% in one year and a stunning 587% since 2020. Based on the same analysis, institutional investors currently own about 8% of all Bitcoin available.

Many investors now see Bitcoin as a better hedge against inflation and a way to diversify assets. River Financial adds that US companies now boast over 49% in BTC holdings, valued at $19.7 billion. The increasing demand for ETFs also drives Bitcoin’s growing popularity. The current cumulative value of BTC assets stands at $66.11 billion.

Featured image from Milk Road, chart from TradingView

With investors apparently increasing their bets, this huge surge points to a growing faith in Ethereum’s future. The crypto world is rife with conjecture since many estimate this count will reach 20 million by year’s end.

Clearly, there is a significant optimism in Ethereum’s long-term potential despite market swings, which leaves many wondering what is behind this increase in confidence and what this could mean for the scene of cryptocurrencies going forward.

A number of factors are encouraging institutional and individual investors to increase their holdings. Notably, the US Securities and Exchange Commission’s (SEC) approval of spot Ethereum exchange-traded funds (ETFs) has allowed new players to enter the market.

Spot ETFs Push Demand

More interest from mainstream investors has come from Ethereum spot ETF approval in great part. This indicates that both individual investors and institutions are getting ready for Ethereum’s long-term future. One researcher of cryptocurrencies even thinks that by the end of 2024, the ETH in accumulating addresses will equal the market value of the biggest companies worldwide.

Furthermore, assuming Ethereum prices remain around $4,000, the analyst projects that if these patterns continue, the total value of ETH held in these addresses may reach $80 billion. At $2,737 right now, ETH has increased in value by over 3% over the last 24 hours and over 10% over the last week.

Staking Secures More Ethereum

The other main reason why less ETH is found in the market to trade is through the increase in Ethereum staking. According to Dune Analytics, staking contracts have locked up over 34.6 million ETH that equates to nearly 30% of the entire Ethereum supply, hence showing the statistics. This led to a lack of tokens for sale and therefore played a part in taming prices.

More price growth for ETH may be possible if the amount staked keeps increasing. The Ethereum market may experience less volatility and more long-term growth potential if there are less sell-side pressures.

The current price swings of Ethereum are primarily upward. ETH is currently trading above $2,700—a crucial support level—thanks to the support of its 50-day moving average. The 200-day moving average, which is $3,022, remains a barrier, though. If Ethereum is to experience consistent price growth, it will be imperative to break over that obstacle.

Ethereum’s long-term supporters are undoubtedly upbeat about the platform’s future, and the accumulating tendency along with staking and spot ETFs suggest that this confidence might not be unfounded. It will be interesting to see if Ethereum can overcome significant pricing obstacles, but one thing is certain: for the time being, the long-term picture looks promising.

Featured image from Pexels, chart from TradingView

According to crypto expert Egrag Crypto, XRP, which is currently trading at $0.53, has experienced impressive surges of 3,300% and 700% at different times, suggesting that significant price movements could happen as we approach March 1, 2025, or even sooner in the first quarter. Crucially, these forecasts are backed by technical analysis, chart patterns, and liquidity assessments, rather than mere optimism.

#XRP Bifrost Bridge ($6.4 & $27 Targets):

I know 95% of the #XRPArmy is feeling exhausted from the ongoing #SEC manipulation and the appeals process, which has been overwhelming due to misleading submissions and numerous delays.

But forget all of that noise! The real�pic.twitter.com/FQ6mOe83ET

�EGRAG CRYPTO (@egragcrypto) October 18, 2024

Technical Analysis And Market Sentiment

The forecast is mostly on-chain metrics about Bifrost Bridge moving up, almost in the same direction with big stocks as that of FANGMAN.

FANGMAN includes seven of the biggest tech companies or tech mega-caps of the world — Meta (Facebook), Amazon, Netflix, Alphabet (Google), Microsoft, Apple and Nvidia. FANGMAN stocks are high alpha counters, which usually depend on growth and future guidance.

This comparison says that even if it’s going through tough regulations and issues with the courts, XRP might be one of the biggest long-term benefits an investor could ever have by closing out the noise and just focusing on the data.

This move will have the pending case in the SEC cast as a huge boulder for the investors in XRP, with constant appeals and delays testing the patience of many investors. However, Egrag urges the XRP Army to keep moving forward with undivided attention.

Instead, it’s important to focus on these cycles and levels of liquidity since they are actually capable of providing various positive insights concerning long-term price trends. With this in mind, the wise investor would be able to determine the direction XRP’s price is headed.

A Resilient XRP Community

The litigation to be heard against the SEC will take time, but the battle will prove to be short-term when one weighs this against the long-term potential of the cryptocurrency.

What is different about the XRP community, which calls itself the XRP Army, from many other crypto communities, is its strength and resilience. Where the crypto communities often flinch before a challenge, the XRP Army holds the line in arguing for the utility value of XRP in real-world applications.

These analysts believe the community is flexible, emotionally supportive, and forward-looking, making them one of the most informed groups in the cryptocurrency landscape.

People are now calling for better cryptocurrency regulations that would push the XRP acceptance into the financial ecosystem, bring about higher community engagement, and prepare the cryptocurrency for practical adoption.

The optimism toward the long-term future of the cryptocurrency is barely dented by the legal battles and market volatility since the XRP community believes in the projections by Egrag Crypto through optimistic price targets, which are based on past data and current trends.

Featured image from Pexels, chart from TradingView

Last October 19th, 2024, at 5:45 am, Whale Alert shared that a dormant BTC address with 25 Bitcoins valued at $1,711,020 was activated after more than 10 years of inactivity. The wallet’s re-activation comes at an exciting time when Bitcoin’s price briefly hits $69k.

Dormant Bitcoin Address Boasts 25 BTC

According to Whale Alert, the BTC wallet held 25 BTC, which was valued at $1.71 million. This wallet has been inactive since 2013 when Bitcoin’s value hovered between $100 and $266. It was an exciting and tumultuous year for Bitcoin, as its price dropped to $50 before recovering to $100. With Bitcoin’s value at less than $1,000, the wallet’s owner holds a sizable stash after the coin’s meteoric rise in the last few years.

A dormant address containing 25 #BTC (1,711,020 USD) has just been activated after 10.8 years!//t.co/jb4vDe7CLO

�Whale Alert (@whale_alert) October 18, 2024

The whale’s reactivation of the wallet comes when Bitcoin’s price hit $69,000. This isn’t the first time that BTC flirted with this level. If we can remember, Bitcoin rallied to over $70,000 in July, setting up a crypto frenzy in the industry.

While Bitcoin failed to sustain its $69k price, it remains solid, staying within the $68k to $69k level in the last few days. Speculators and industry watchers also expect BTC to hit the $70k level soon, backed by the increasing demand for crypto. Bitcoin traded at the $70k level on June 12th.

BTC Pulls Back

This week, Bitcoin failed to sustain its momentum and has slightly dipped to $68,399 after hitting a high of $68,689. According to Bloomberg, BTC investors have added over $1.8 billion this week to spot Bitcoin ETFs.

The US Securities and Exchange Commission (SEC) gave the go-signal to BTC ETFs, which led to a frenzy of buying and inflows. Demand outpaced supply thanks to the SEC’s approval, boosting the coin’s price to over $73,797. Then, there was a pullback in early August, with the price falling by 30% before starting another rally.

The expanding crypto business relies on Bitcoin and crypto whales. They own a lot of crypto, and the media follows them. The behaviors of BTC whales, which Whale Alert tracks, often cause a stir.

Featured image from Pexels, chart from TradingView

Analyst Predicts 200% Surge For Shiba Inu

Crypto analyst MMBTtrader seems rather positive about the future prospects of Shiba Inu as he expects a 200% increase to $0.000038. As he says, the SHIB had already registered a 75% gain from the $0.000011 support level within the price chart. The altcoin had indeed rallied from the demand zone in the early periods of August and September, accelerated its pace, and settled at $0.000019.

For SHIB, MMBTtrader predicts that it will not just consolidate to $0.00003852. As a matter of fact, he expects the higher highs and higher lows pattern where the initial push to May’s highs at $0.000028 will then be corrected to September’s highs at $0.000021. In case those levels hold, the meme coin could pull to the targeted $0.00003852.

Conflicting Views: Bearish Outlook From SwallowPremium

MMBTtrader still remains bullish about Shiba Inu, but SwallowPremium, on the other hand, is a little more conservative. He says that the cryptocurrency would continue to go up until it hits $0.0000216, and then correct 35% down to $0.000014075. His analysis reads that the downtrend would be triggered by a correction down to $0.0000195, which may be a good time to open a short position.

However, Premium also cautions that if SHIB breaks over the price of $0.0000216, a bearish outlook could be invalidated, sending the price much higher than what it has already recorded.

Shiba Inu trades at $0.00001925, close to 11% below the level of $0.0000216 resistance. Various predictions made by market experts convey a divergence of sentiment on SHIB trajectory. MMBTtrader projection for a possible 100% increase is based on an underlying conviction for perpetuation of an upward trend. SwallowPremium sounds a note of caution with a ‘critic’ view of correcting it.

Shiba Inu’s future price action depends on breaking key resistance levels and maintaining momentum. As SHIB nears crucial price points, traders will watch for breakout signs. The coming weeks will be critical in determining whether it can rise further or face another rejection.

Featured image from Pexels, chart from TradingView

TRX’s price surge also extended to TRX/BTC pairing, which also notched a 25% increase. The token sits below XRP and Dogecoin in the list of top cryptos by market cap. It is powered primarily by USDT transactions and is launching on SunPump, the first ‘meme fair and online platform�

TRON Gets A Boost From SunPump

The TRON network saw a massive increase in transaction volume in the third quarter thanks to the launching of SunPump. According to reports, TRX transactions increased 29% this third quarter to $151 million. In August alone, over 270 million TRX valued at $42 million was burned on SunPump. It’s considered the largest single-day burn for TRON. As a deflationary token, TRX is burned every time it’s used in a transaction to prop up its value.

TRON Supply Dips In Q3

TRON sets a fixed supply of 100 billion coins to protect its value and prevent inflation. TRX’s market supply dipped from 87.20 billion in the third quarter to 86.62 billion. The network’s burning schedule, which outpaces the minting of new tokens, supports this. In short, TRX’s annualized inflation rate hit -2.7% compared to -2.4% from the previous quarter.

TRON strives to find a balance between burning and printing new tokens. The network aims to decrease the token’s circulating supply, which can benefit holders and investors. Also, the yield in staking TRX has increased 13% quarter-on-quarter, which attracts more users and investors.

TRON is now one of the biggest cryptos by market cap, now valued at $13.5 billion. Holders and users can expect sustained growth for the network, thanks to increasing revenue, partly driven by the launching of a new meme coin fair and platform. Also, the network’s token-burning policy currently outpaces minting, thus boosting the potential value of the token.

Finally, stats from Dune suggest that over 90,000 meme coins have been launched through TRON’s network using SunPump. August 20th was the most active day, with over 7,500 coins released, highlighting the meme coins�platform role in sustaining TRON.

Featured image from IQ.wiki, chart from TradingView

The buzz of a Bitcoin price upsurge is making headlines as two crypto experts raised the possibility of it hitting the six-figure mark per coin, intensifying the discussion on the coin’s future.

Bitcoin: On The Road To $100,000

Bitwise CIO Matt Hougan predicted that Bitcoin price will likely breach the six-figure level, saying that it is inevitable for the coin to reach that milestone.

Hougan said, in his X post, that the bullish sentiment on the digital asset put Bitcoin on a path towards trading above $100,000.

He explained that several favorable factors fuel the coin’s amplified growth, exciting traders and enthusiasts on what lies ahead for the virtual currency.

We’re heading to six-figure bitcoin.

* ETF flows reaccelerating * Election approaching * Infinite deficits (bipartisan agreement!) * Economic stimulus in China * Global rate cuts (Fed, ECB) * Halving supply shock starting to bite * Whales accumulating

�Matt Hougan (@Matt_Hougan) October 18, 2024

Keiser’s Projection

Meanwhile, Bitcoin maximalist Max Keiser shared the same sentiment about the future of BTC price, but his prediction is more than twice the price estimate given by Houghan.

Keiser, who is also an advisor to El Salvador’s president Nayib Bukele, made a bold statement that Bitcoin price would surge to $220,000, saying that the coin is on track to reach a new all-time record for its price.

The new ATH Gold price is predicting Bitcoin will trade over $220,000 very soon.

�Max Keiser (@maxkeiser) October 18, 2024

Houghan explained that a surge in BTC price is more likely due to several factors driving its price appreciation such as institutional interest, on-chain factors, and macroeconomics. All of these, he said, greatly contribute to the crypto’s price moving upward.

On the other hand, Keiser believed that the alpha coin’s price would skyrocket because of gold, saying it is another “safe haven asset.” Currently, gold reached a new record of $2,713.88 per ounce, the first time it has happened in the last four years.

Keiser suggested a correlation between gold and the crypto, arguing that once gold price hits an all-time high, Bitcoin will follow and reach a similar milestone.

He tweeted that for every $1 price hike in gold, Bitcoin moves up by $20. Hence, he is confident that Bitcoin can quickly reach the $220,000 level in the near future. Bitcoin And The US Election

The looming US presidential election in November is seen as another catalyst in Bitcoin’s price appreciation.

It has been observed that Bitcoin has been one of the key issues that US political candidates face in this year’s elections, wherein it has become necessary to stipulate their stance on cryptocurrencies.

However, some believe that BTC prices will continue to have a strong performance regardless of who wins the presidential race.

Featured image from IG, chart from TradingView

BONK: Recent Price Movements Signal A Shift

Recently, the price activity of BONK suggests a trend reversal. After hitting bottom at $0.000001567, the coin recently started gaining traction upward and grabbed the attention not only of the retail but also of the institutional market.

Of interesting note here, the last increase in price was 8.59%. Until the date of this rise, it hasn’t changed much from this percentage.

$BONK – This setup is now ready, cat season is over it’s time for the dogs. pic.twitter.com/Hbr9owNcoz

�Astekz (@astekz) October 16, 2024

Over the past week, BONK has surged almost 20% and traded from $0.000001917 to nearly $0.000002395. Technical Indicators suggest it forms a rising wedge and may follow through with the double bottom pattern formed on June 24 at the level of $0.000001984.

An upward-pointing MACD with a bullish crossover further complements its upward momentum.

Key Resistance Levels And Analyst Predictions

BONK has met strong resistance at the 38.2% Fibonacci retracement, which stands at $0.000002265, ignoring the recent rally. If it cannot break through this level, the coin will proceed into a consolidation rather than upwards.

The next resistance that BONK needs to break through is the 50% Fibonacci retracement standing at $0.0000025. According to estimations from the analysts, at this level, the price will advance to a high of either $0.0000035, $0.0000048, or $0.0000070.

However, BONK does not have an easy ride ahead. On one hand, the coin recently faced a minor 1.07% intraday drop in price accompanied by signs of price rejection, this may speak to or lead to possible short-term volatility, which can further detriment the growth of the meme coin.

Another retest of the broader falling channel pattern might thus lie ahead, which could precede yet another breakout attempt.

With meme coins back on the map in the crypto sphere, everything about BONK in October will be followed closely as the market waits to see if the coin continues upward, hitting new heights, or runs into new low points in the weeks to come.

Featured image from WIKIWIKI, chart from TradingView

Crypto influencer Davinci Jeremie noted that during the last bull cycle, Dogecoin (DOGE) reached a market cap of $88.8 billion, while SHIB peaked at $40 billion. The bull run will take the market cap of meme coins to a trillion dollars.

Last cycle we saw $DOGE coin hit $88.8 billion market cap & $SHIB hit $40 billion.

I think we’ll see memes as an asset class hit close to $1 trillion market cap this cycle

�Davinci Jeremie (@Davincij15) October 17, 2024

Currently, the market capitalization of meme coins has surged to $58 billion, although still behind other up-and-coming crypto sectors such as AI-based tokens and real-world asset cryptos, but still a solid amount nonetheless.

On the bullish side, investors would have a pretty good chance of significant profits upon its break from resistance levels into $0.000028, with the current momentum at their side, there is hope that the rest of the meme coins might also witness good performance, too.

The Current Status Of Meme Coins

It might have ended its global trend reversal and gone off a prior downtrend but do not count it out yet since during the late parts of September 2024, SHIB saw a huge spike as it recorded an all-time high at $0.00002135.

This peak successfully broke two strong resistance levels which can only mean good for the coin and other meme coins. From the technical analysis from PS Trade, there is a high resistance point that is at $0.00002052 where around 83.75 trillion tokens are kept at this price level.

$SHIB Although the price of #SHIBUSDT is still not rising very confidently on the 3-day timeframe, the global downward trend reversal structure is complete. Therefore, our target for this cryptocurrency is 100% growth. pic.twitter.com/DhOcxx3j1T

�PS trade (@PStrade2) October 16, 2024

PS Trade said the global downward trend reversal structure is complete even if the price of SHIBUSDT is still not increasing very strongly on the three-day period. For this coin, he said their aim is therefore 100% increase.

It was found that by the end of September, a double local top had been formed in two successive days above its high made in the middle of July. However, the strongest resistance band lies between $0.000018 and $0.000020 since 439.16 trillion tokens are dispersed across 45,620 wallets. If the bullish trend of SHIB continues, then it might test the next major hurdle at $0.000028.

Shiba Inu: Technical Indicators And Market Challenges

Large-position institutional investors pushed SHIB back below $0.000018. As the CMF is still negative at – 0.22, this presents selling pressure from the large holders. Meanwhile, the StochRSI has revealed that SHIB was already entering into an overbought position due to its values oscillating between 71 and 57.

That makes it important that the oscillators and charts begin to show signs of short-term volatility and further corrections if the selling pressure continues. However, given the strong bullish setup, a further rally is quite possible. Investors need to keep an eye on key resistance levels as well as technical indicators for further movements in SHIB.

Featured image from CNBC, chart from TradingView