Cremation Coin Burns Millions of Tokens, PEPE Community Burns 16 Billion, BabyDoge Proposes 100 Quadrillion Burn to Improve Security and Reduce Fees
Cremation Coin has burned a significant number of PEPE and BabyDoge coins, as well as Terra Classic (LUNC) tokens this week. The burn feature of the Pepe Coin contract will reduce the circulating supply, which could potentially increase the PEPE price. The Baby Doge Coin team has proposed burning a large number of BabyDoge tokens to improve security and reduce transaction fees on Ethereum. According to crypto analyst Michael van de Poppe, the PEPE price must remain above $0.00000173 to reach $0.00000240. If you're interested in investing in promising crypto presale projects for 2023, check out our updated list, which includes CoinTerra and other options. Additionally, we've compiled a list of the top crypto Telegram channels to follow for the latest news and insights, so you can stay informed and ahead of the game with our comprehensive resources.
Cardano Price Predictions for 2023-2032 and Recent Developments in the Cardano Ecosystem
Cardano's price predictions for 2023-2032 show a gradual growth range of $0.55 to $16.95, despite recent market turmoil causing uncertainty among investors. Technical analysis suggests a potential rise to $0.3750, but a likely continuation of the downward trend in the mid-term. However, the Cardano network is showing signs of strength with increased usage of decentralized finance applications, indicating a promising future. Industry experts predict that the value of ADA could skyrocket to as much as $16.95 in 2032, but Wallet Investor's forecasting system predicts a significant decline in value over the next year. Despite this, investing in ADA now could potentially yield returns of up to 500% in the next five years.
Digital asset investment funds experience fourth consecutive week of net outflows, with $54 million exiting.
According to a report by CoinShares, digital asset investment funds experienced a net outflow of $54 million in the week ending May 14, marking the fourth consecutive week of outflows. The outflows were widespread across regions, indicating a negative sentiment among investors. Bitcoin-related products accounted for $38 million of the outflows, with bitcoin outflows over the past four weeks reaching $160 million. However, there were inflows across eight different altcoins, including Cardano, Tron, and Sandbox, suggesting that investors are becoming more selective and adventurous.
Cardano (ADA) Price at a Crossroad: What Comes Next?
The Cardano (ADA) price is currently at a critical point between a significant resistance and support level, indicating that a decisive move is imminent. While long-term readings suggest a continued decrease in price, the direction of the future trend will depend on whether the price breaks out or down from these short-term levels.
Cardano Founder Criticizes Democrat Committee Memo on Crypto Regulation, Urges Prioritization in Elections
Charles Hoskinson, the founder of Cardano blockchain, has criticized a memo from the Democrat Committee on digital asset regulation and urged US citizens to prioritize the issue in upcoming elections. The memo, which was circulated among Democrat Committee members, has sparked debates and drawn criticism from prominent figures in the crypto community.
Cardano Foundation Technical Director Advises Against Claiming L2 Hydra Can Process One Million Transactions Per Second
As the Cardano (ADA) community celebrates the launch of L2 Hydra on the main net, Technical Director of the Cardano Foundation Matthias Benkort has cautioned against spreading the narrative that Hydra can process one million transactions per second. While Hydra can potentially increase the network’s transaction throughput, it cannot yet process a million transactions per second (TPS). Marco Meerman, a Cardano community enthusiast, had suggested that Hydra’s performance statistics were impressive, but Benkort responded that people should only refer to the statistics published by Input Output Global, the Cardano Foundation, or the Hydra team. Despite differing opinions on Hydra’s potential, the Cardano community remains passionate and engaged in driving the platform forward.
Cardano Price Analysis: ADA/USD Faces Resistance at $0.3706 Mark
Cardano's price has been on an upward trend and is currently above its support level of $0.364. The coin is expected to break through its current resistance level if it can maintain its momentum. The support level is crucial for the bulls to further their gains. On the downside, a slight dip towards $0.3480 is possible in case of a price correction. The technical indicators show a recovery in the ADA/USD pair, with the MACD and RSI both changing direction in a positive direction. The coin still has to face multiple hurdles, such as the resistance at $0.3706, before it can make any significant progress.
Cardano's Hydra Head Goes Live on Mainnet, But Can't Yet Handle 1 Million Transactions Per Second
Cardano's Hydra Head, a scaling solution designed to increase the speed of blockchain transactions, has been launched on the mainnet. Despite claims from some in the Cardano community that it can process up to 1 million transactions per second, Cardano's Technical Director, Matthias Benkort, has refuted this and advised referring to official statistics from Input Output Global, Cardano Foundation, or the Hydra website. The launch of Hydra is highly anticipated and expected to provide powerful capabilities and interfaces while maintaining the security of the Cardano primary ledger. The text within the XML tag "258e98dbe2ee4d12a2260353bf104b57" relates to Cardano and its cryptocurrency ADA.
Cardano's Hydra Head Goes Live on Mainnet in Latest DeFi-Focused Upgrade
Cardano's scaling tool Hydra Head has been launched on the blockchain's mainnet, which is expected to speed up transactions significantly. The aim is to add specialized DeFi protocols on top of Cardano, giving the network utility comparable to that of Ethereum. Following the upgrade, Cardano's native token ADA has seen a slight uptick, currently ahead 1.45% in the last 24 hours.
Cardano Price Analysis: ADA Enters Consolidation Phase as Bulls Seek to Rally Out of Bearish Zone
Cardano is experiencing a slight increase in price as bulls attempt to rally out of the bearish zone. Despite a decrease in trading volume by over 15%, ADA is currently in a consolidation phase and trading above its 7-day low of $0.3512.
Hydra Node Launches on Cardano Mainnet to Improve Scalability and Reduce Fees
The first Hydra node that is compatible with the Cardano mainnet was launched on May 11th, according to developer Sebastian Nagel.
Cryptocurrency market cap sees net outflows of $30 billion in last 24 hours, Bitcoin and Ethereum lead losses among top 10 assets.
The cryptocurrency market cap experienced net outflows of around $30 billion in the last 24 hours, resulting in a current value of $1.10 trillion, which is down 2.75% from $1.13 trillion. Bitcoin and Ethereum's market cap fell 4.01% and 2.32%, respectively, while all top 10 crypto assets recorded losses except XRP, Cardano, and Dogecoin, which saw minimal gains. Tether's market cap grew to $82.77 billion, while USD Coin and Binance USD fell to $29.98 billion and $5.70 billion, respectively. Bitcoin and Ethereum led the outflows among the top 10 assets.
Ecoterra's Green Recycle-to-Earn (R2E) project gains traction as Cardano's price falls.
Cardano (ADA) has seen a 20% drop in price over the last month, currently trading at $0.36 and struggling to stay above a key support level of $0.35. The bearish outlook is at a critical point as the price action threatens to break lower trendline support. However, amidst this negative trend, the eco-friendly crypto project Ecoterra presents an attractive pre-sale opportunity with its innovative approach to integrating blockchain technology with sustainable practices. With a 30% return upon listing at $0.01, investors can benefit from Ecoterra's mission to promote sustainability through blockchain technology. While Cardano is experiencing a downward trend, it may be worth considering investing in Ecoterra, but it is important to remember that cryptocurrencies are volatile and risky investments, and individuals should conduct their own research before making any decisions.
Bitcoin and Ethereum See Negative Price Action Amid Wider Crypto Market Selloff
Bitcoin (BTC) has seen a 2.8% drop in the past 24 hours, with a high of $28,280 and a low of $27,058, settling at $27,368 at the time of writing. Over the past week, the top cryptocurrency by market cap has experienced a clear downtrend, losing 6% and wiping out $45 billion from its market cap.
Cardano Price Forecast: Hydra Scaling Solution Gains Attention Amid Ethereum Gas Fee Surge
Cardano's (ADA) current trading price is just above its 200-Day Moving Average at $0.3500, but there is growing sell pressure causing the cryptocurrency's price forecasts to become more pessimistic. It is currently trading around $0.3550, down almost 4.0% on the day. If ADA loses its grip on the 200DMA, it risks falling below an upwards trendline that has been in play since late December 2022.
Cardano Price Analysis: ADA Faces Bearish Sentiment and Low Buying Strength
Cardano's price has been declining over the past few days, leading to a strengthening of bearish sentiment and a dip of approximately 4.2% in the last 24 hours. The altcoin has depreciated by close to 10% over the past week, raising concerns about investors' interest in Cardano. The bears have gained strength, causing an important support level to be breached and subsequently transforming into a resistance level for the altcoin. Cardano is currently trapped within a range, lacking a clear price direction and gradually eroding buyer confidence. The altcoin's ability to reclaim the resistance level largely depends on the bulls' ability to defend the price above the immediate support level.
Litecoin Surges for Third Straight Day, Cardano Marginally Higher
Litecoin's price has risen above $80.00, marking a third consecutive day of gains despite recent market volatility. The surge follows a recent six-week low of $75.32, with bulls in the market targeting a ceiling of $85.00. Meanwhile, Cardano's price has also seen a marginal increase, trading close to a key support level of $0.3580. However, gains have eased due to the RSI colliding with a ceiling at the 41.00 mark, with bearish pressure significantly higher than earlier in the day.
Cardano Founder Charles Hoskinson Inquires About New Meme Coin Snek on Cardano Blockchain
Charles Hoskinson, the founder of Cardano, has shown interest in Snek (SNEK), a newly launched meme coin on the Cardano blockchain. Hoskinson took to Twitter to inquire about Snek, which has gained popularity in the Cardano community. However, some critics believe that Hoskinson's tweet is just a tactic to promote the meme coin. Snek has a total supply of 76.7 billion tokens, with 50% distributed during the presale and the rest allocated for DEX liquidity, special utility, project treasury, and airdrops. The presale gained massive traction on Twitter, with over 2,000 ADA tokens sent to the presale address within minutes. Snek launched on the leading Cardano-based decentralized exchange SundaeSwap with a market capitalization of $275K and is currently trading at $0.0001021.
Solana and Cardano Show Low Risk, High Reward Potential for Investors
Despite the recent struggles of the cryptocurrency industry, some assets such as Solana (SOL) and Cardano (ADA) have shown better risk-adjusted returns compared to others. According to data from crypto market analysis platform Kaiko, both Solana and Cardano have recorded the highest year-to-date risk-adjusted returns among the top altcoins by market cap, with a Sharpe ratio of above 2. On the other hand, meme-inspired digital assets like Shiba Inu (SHIB) and Dogecoin (DOGE) have shown poor risk-adjusted returns, with a Sharpe ratio below 1. However, it is important to note that all four assets, including Solana and Cardano, suffered losses in the past week.
Cardano DeFi Transactions Soar Despite Market Dip, Boosted by New Protocols and Meme Coins
Despite the recent market dip, Cardano's DeFi ecosystem has seen a significant surge in activity, with transactions on Cardano DeFi apps increasing by 56% to 250,000 per epoch. This increase in transaction volume has been attributed to the launch of new DeFi protocols on the network and the active community of developers and users driving innovation for the protocol. Additionally, the recent hype around meme coins like Snek and Pepeblue has also contributed to the transaction surge.
