London, United Kingdom, June 12th, 2024, Chainwire
Base Dawgz (DAWGZ), a new multi-chain meme coin project, has passed the $1 million milestone during its presale phase.
This presale allows users to purchase DAWGZ tokens before they are listed on decentralized exchanges (DEXs) for public trading.
Base Dawgz Presale Raises $1 Million in First Eight Days
The Base Dawgz presale began on June 4.
Within hours of the presale going live, it had raised over $200,000, and three days later, the project had secured $750,000 in total.
As of now, the presale has raised over $1 million – although the developers have not announced a specific hard cap.
Base Dawgz’s presale is structured in stages.
The DAWGZ token price increases by 5% in every stage to incentivize early investment.
Initially, users could purchase DAWGZ tokens for $0.000479, but that price has since risen to $0.00502.
Investors can swap ETH, USDT, BNB, AVAX, or SOL tokens to make their purchase.
Base Dawgz’s whitepaper outlines that 20% of the total token supply is allocated for presale investors.
A further 20% will be used to provide DEX liquidity once DAWGZ is launched on the open market.
The development team hasn’t yet announced the specific DEXs where DAWGZ will be listed.
However, users can keep up to date on the latest project announcements through Base Dawgz’s Telegram channel.
DAWGZ Uses Multi-Chain Design for Broad Blockchain Interoperability
Base Dawgz’s main feature is its multi-chain design.
This design allows it to operate across several blockchain networks.
While its primary blockchain will be Base, Coinbase’s Layer-2 chain, DAWGZ is also interoperable with Ethereum, Solana, Binance Smart Chain, Avalanche, and Polygon.
This interoperability is facilitated by bridging protocols like Wormhole and Portal Bridge.
Base Dawgz’s multi-chain properties were highlighted in a video by the YouTube personality Crypto Wire.
In this video, Crypto Wire noted multiple potential benefits of cross-chain flexibility, including increased accessibility for retail investors and reduced risk from overreliance on a single network.
He also referenced the DAWGZ staking protocol, which will initially be available only on Ethereum but could expand to other supported blockchains in the future.
About Base Dawgz
Base Dawgz (DAWGZ) is a meme coin project launched on the Base network. The coin offers multi-chain capabilities, staking rewards, and a Share-to-Earn system.
Prospective investors can visit the Base Dawgz presale here.
Base Dawgz is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Contact
Base Dawgz
maverick@basedawgz.com
London, United Kingdom, June 12th, 2024, Chainwire
GBM Auctions has announced the completion of the first charity Bid-to-Earn auction for the Polkadot ecosystem. The event, which was hosted on the Moonbeam Network, raised over $92,000 for charity and showcased the GBM’s novel bidding mechanism.
On May 16, GBM Auctions commenced the week-long auctions that saw three unique Polkadot-related items offered to the public: physical copies of the Ethereum Yellow Paper, the Polkadot White Paper, and the JAM Gray Paper, each signed and annotated by Dr. Gavin Wood.
Bidders used the native Moonbeam token GLMR for bidding, with funds from the event going to the Ukraine Humanitarian Appeal charity. The auction utilized Moonbeam’s scalable architecture, which supports fast bidding and low gas fees. In the process, it demonstrated the versatility of the unique auction format pioneered by GBM Auctions.
With a Bid-to-Earn auction, every bidder earns an incentive in the event of being outbid. This provides incentives for greater bidding volume, helping to raise more funds for the project in question. In the process, it ensures that all participants make something from the sale, including the bidders who are eventually outbid.
Hugo McDonaugh, co-founder of GBM Auctions, shared his thoughts on the success of the auctions:“We are delighted with the outcome of the auctions and they surpassed all our expectations. The auction results prove just how powerful our GBM Bid-To-Earn system is.”
The Ethereum Yellow Paper ultimately sold for a top bid of 193,600 GLMR, the Polkadot White Paper for 116,160 GLMR, and the JAM Gray Paper for 60,000 GLMR. In addition to raising $92,000 for charity, the Moonbeam-hosted auction saw the bidders who were outbid collect $12,000 in rewards. The formula has the potential to support a wide range of use cases within the Polkadot ecosystem and the wider blockchain space.
Dr. Gavin Wood, the co-founder of Ethereum and creator of Polkadot, shared his thoughts on the auctions: ”I’m proud to have helped raise money for such a humanitarian charity and it’s great to see it happen on Polkadot’s Moonbeam network.”
GBM’s Bid-to-Earn design makes use of smart contracts to provide a transparent and provably fair bidding system. It incentivizes participation while making it easier for the public to bid for items whose fair value may be hard to determine in advance. Through allowing participants to start low and enter increasingly higher bids, the system ensures that a fair value is eventually reached while fairly distributing revenue to underbidders.
Since developing its Bid-to-Earn system in 2018, GBM Auctions has hosted over 70,000 auctions, earning bidders more than $6M in the process. The auction model has been used by leading crypto figures such as Vitalik Buterin and Dr. Gavin Wood to raise money for charity. It has also been harnessed by web3 projects such as Aavegotchi and Unstoppable Domains to distribute NFTs to their communities.
As well as hosting Bid-to-Earn auctions via a dApp, GBM’s system can also be used on secondary marketplaces which enables web3 projects to sell digital assets in a fair manner that eliminates unscrupulous bidding practices while allowing the whole community to participate in a rewarding and engaging experience.
About GBM Auctions
GBM Auctions is the developer of the world’s first Bid-to-Earn auction system. Using web3 technology including smart contracts, it ensures that bidders can make money even when they are outbid. With lifetime volume of over $200M and over $6M earned by bidders, GBM Auctions provides a fair and transparent bidding system for blockchain communities.
Users can learn more: https://www.gbm.auction/
Contact
Head of Marketing
Jake Scott
GBM Auctions
jake@gbm.auction
Singapore City, Singapore, June 11th, 2024, Chainwire
Web3 infrastructure provider SubQuery Network has announced the launch of two new RPCs for the Polkadot ecosystem. Available for Polkadot and Kusama, they are the first decentralized RPCs to be made available on the Substrate-based networks.
SubQuery provides web3 infrastructure for almost 200 networks. The SubQuery Network is a globally distributed network of decentralized indexers and RPC providers. These allow dapps to access fast and reliable blockchain data on demand without introducing centralized points of control. Teams building on Polkadot and Kusama can now utilize SubQuery’s decentralized RPC (Remote Procedure Call) nodes following their deployment.
SubQuery COO James Bayly said: “We are thrilled to be the first to provide decentralized RPCs for Polkadot on the SubQuery Network. Our node operators are already running RPCs and other nodes in multiple ecosystems, and, having emerged from the Polkadot ecosystem, we’re ideally placed to support Polkadot developers with their infrastructure.”
The Polkadot RPCs that have been deployed for the Polkadot relay chain and Kusama are operated by more than 30 independent Node Operators. The provision of decentralized RPCs is integral to enabling blockchain projects to operate efficiently and draw data from multiple sources.
RPCs are pivotal for communication between blockchain nodes and external entities, facilitating data retrieval, smart contract interactions, and transaction submissions. The availability of decentralized RPCs frees dapps from reliance on centralized middleware with the risks this entails. SubQuery Network’s decentralized RPCs facilitate secure and efficient web3 communication. This capability underpins the robust and transparent operations that are essential for the success of DePINs.
SubQuery started out within the Polkadot ecosystem, releasing an indexer capable of connecting to its unique multi-chain architecture. It’s since expanded to incorporate hundreds of networks, making it a leading indexer of web3 data based on chain support.
About SubQuery
SubQuery has pioneered fast, flexible, and scalable infrastructure to power web3. SubQuery Network provides indexed data to the global community in an incentivized and verifiable way. Its infrastructure plays a critical part in helping web3 transition to an open, efficient and user-centric future.
Learn more: Official Website | Twitter
Contact
Head of Business Development
Marta Adamczyk
start@SubQuery.Network
George Town, Grand Cayman, June 11th, 2024, Chainwire
Binance Labs, the venture capital and incubation arm of Binance, has invested in Zircuit, a zero-knowledge rollup with AI-enabled sequencer-level security.
Zircuit is a new Layer 2 (L2) network that introduces a novel approach to on-chain security. The network safeguards users with sequencer-level security and built-in, automated AI mechanisms that guard against smart contract exploits and malicious actors. The network’s hybrid architecture, which combines battle-tested rollup infrastructure with zero-knowledge proofs, results in a fast, low-cost, and fully EVM-compatible ZK rollup to provide unparalleled security for users without sacrificing speed or compatibility. More specifically, Zircuit’s performance comes from decomposing circuits into specialized parts and aggregating proofs, which achieves greater efficiency and lower operating costs.
Yi He, Co-Founder of Binance and Head of Binance Labs said: “At Binance Labs, we support projects that are innovating in Web3 and accelerating the blockchain industry. Through its integration of sequencer level security, Zircuit is providing a more secure L2 solution and we look forward to watching it grow and develop further.”
As Zircuit prepares to debut its mainnet this summer, its ecosystem is already demonstrating impressive growth. The network presently hosts over $3.5 billion in staked assets and its “Build to Earn” program has drawn more than 1,100 applications. Ethena, Renzo, Ether.fi, KelpDAO, Elixir, Ambient, Pendle, LayerZero, and others are among its launch partners.
“Zircuit was born out of cutting-edge scaling and security research. We’re innovating on top of a deep technical foundation, and making Ethereum safer for the next billion users. We’re thrilled to have Binance Labs join us in this journey”, said Dr. Martin Derka, Co-Founder of Zircuit.
About Zircuit
Zircuit is a ZK rollup with AI-enabled sequencer-level security and parallelized circuits. Built by a team of web3 security veterans and PhDs in computer science, algorithms, and cryptography, Zircuit’s unique architecture combines the best of both worlds of performance and security. To learn more visit zircuit.com or follow us on Twitter/X @ZircuitL2
About Binance Labs
As the venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over $10 billion. Its portfolio covers 250 projects from over 25 countries across six continents and has a return on investment rate of over 14X. Fifty of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on X.
Contact
Jessica Graber
Zircuit
jessica@zircuit.com
Pepe (PEPE) has recently experienced a significant 32.6% drop in price, retracing to $0.00001131 after reaching its all-time high of $0.00001724.
The retracement brought PEPE back to a confluence point at the $0.00001131 support level, which also aligns with an ascending trendline support that has been retested multiple times in the past two months.
This pullback could present a potential buying opportunity for traders looking to capitalize on the dip and position themselves for the next surge.
At the time of writing, PEPE was valued at $0.00001264 on CoinMarketCap, showing a 3.17% increase in the last 24 hours but a 16.74% decrease over the past week.
The market capitalization stood at $5.3 billion, reflecting a 3.17% rise in the last 24 hours, while market volume decreased by 35.8% to $860 million during the same period.
AMBCrypto analyzed Santiment’s Active Addresses and circulation data, noting a surge in daily active addresses and transaction volumes over the past few weeks.
This data suggests a potential bullish rally, with active addresses experiencing several spikes, some surpassing 200,000 in a 24-hour period.
Further analysis of Santiment’s ratio of daily on-chain transaction volume in profit to loss showed the data skewed heavily towards profit, indicating increased user activity and potential accumulation.
Additionally, the daily PEPE/USD chart revealed that the recent pullback has found support along an ascending trendline, indicating that the uptrend may soon resume.
The Stochastic RSI was oversold at the time of analysis, potentially signaling a price reversal. Moreover, the MACD histogram had crossed above the signal line, suggesting a potential bullish crossover.
Considering the dip, PEPE’s current situation might present a potential buying opportunity.
The surge in active addresses and transaction volumes provides a major bullish signal.
The strong support along the ascending trendline and oversold conditions on the Stochastic RSI further affirm this bullish sentiment, suggesting more investors are considering buying the dip.
However, if the support fails to hold, PEPE could see further declines in its price.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In a notable achievement for the cryptocurrency industry, global Spot Bitcoin ETFs have now amassed over $70 billion in total holdings, representing about 5% of the entire Bitcoin (BTC) supply.
This milestone underscores the rising institutional interest and investment in Bitcoin as a credible asset class.
Spot Bitcoin ETFs have become a formidable presence in the cryptocurrency market, with their holdings exceeding $70 billion, equivalent to 5% of Bitcoin’s total supply.
As of March 2024, these ETFs collectively held around 776,464 BTC.
This remarkable growth in Spot Bitcoin ETFs is primarily fueled by major asset management firms like BlackRock and Grayscale, indicating increased institutional adoption and trust in Bitcoin.
The rapid expansion of Spot Bitcoin ETFs has also influenced Bitcoin’s price, pushing it to an all-time high of over $73,000 earlier in March 2024.
This price surge mirrors the rising demand for Bitcoin among institutional investors, further establishing its legitimacy as an investment option.
READ MORE: Bitcoin’s Rebound Could Trigger $1 Billion Short Position Liquidation Amid Market Uncertainty
Despite the substantial inflows into Spot Bitcoin ETFs, the cryptocurrency market has experienced a phase of consolidation, with Bitcoin trading sideways and occasionally dipping.
Nonetheless, recent data reveals a renewed surge in investor interest, with digital asset investment products seeing inflows totaling $2 billion in the past week alone.
Bitcoin dominated these inflows, attracting a remarkable $1.97 billion in investments.
Currently, Bitcoin is priced at $69,414.92, with a 24-hour trading volume of $15.4 billion.
While it has seen a slight decline of -0.10% in the last 24 hours, Bitcoin has posted a modest increase of 0.47% over the past 7 days.
With a circulating supply of 20 million BTC, Bitcoin now has a market capitalization of $1.3 trillion, solidifying its position as the leading cryptocurrency by market value.
Despite short-term market fluctuations, Bitcoin’s overall trajectory remains positive, driven by growing institutional adoption and increasing investor confidence in its long-term prospects.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Despite a notable short interest, MicroStrategy, led by Michael Saylor, continues to witness significant attention from investors, holding $6.9 billion in major short positions as reported by institutions.
As per data from investment research firm Fintel, as of June 6, MicroStrategy features prominently with 18 short positions on Fintel’s “The Big Shorts” list, a compilation of substantial short positions disclosed to the U.S. Securities and Exchange Commission.
The largest of these short positions against MicroStrategy stands at about $2.4 billion, ranking as the 27th-largest net short position among institutions.
This figure is notably less than Amazon’s highest net short position of $3.59 billion, while the largest net short position in the U.S. targets the SPDR S&P 500 Trust ETF, valued at a staggering $114.06 billion.
Despite this backdrop of aggressive short-selling, the sentiment among short-sellers seems to be changing.
The short-interest ratio for MicroStrategy’s stock has halved over the past six months, plummeting from 3.1 days to 1.5 days, indicating a decrease in short-seller interest and reduced risk of a short squeeze.
This ratio measures the average number of days required for short sellers to cover their positions, with a lower figure suggesting waning interest.
Amid these dynamics, MicroStrategy’s stock performance has been robust.
READ MORE: Meta Faces 11 Complaints Over AI Data Use Without Consent, Potential EU Privacy Violations
According to Google Finance, since December 2023, the stock price has surged from $570 to $1,656, effectively tripling in value.
This rally coincides with developments in the cryptocurrency sector, where the launch of spot Bitcoin ETFs in 2024 led investment firm Kerrisdale Capital to speculate on the decreasing necessity of trading MicroStrategy shares as a proxy for Bitcoin exposure.
Kerrisdale Capital highlighted this shift in a March 28 analyst note, stating, “The days when MicroStrategy shares represented a rare, unique way to gain access to Bitcoin are long over.”
This sentiment reflects a broader market adjustment to new financial products that offer direct exposure to Bitcoin, potentially diminishing MicroStrategy’s appeal as an indirect investment option.
Adding to the narrative of success, a recent report by Cointelegraph highlighted that MicroStrategy has substantially outperformed Bitcoin itself over the past year.
The stock has risen by approximately 469%, compared to a 168% increase in Bitcoin’s value, underscoring a period of significant financial growth for the firm amidst a challenging and evolving investment landscape.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
If Bitcoin rebounds swiftly from its recent dip to $71,000 on June 6, over a billion dollars worth of short positions will be liquidated.
On June 7, Bitcoin fell by 3.33% to $68,507 before slightly recovering above the crucial $69,000 level.
This decline occurred amid broader macroeconomic uncertainty following the United States Employment Situation Summary Report, which revealed higher-than-expected job growth in May.
In addition to Bitcoin’s drop, Ether also fell by 3.58% over 24 hours, while several altcoins like Solana, Dogecoin, and Pepe experienced significant declines of 5.61%, 8.70%, and 9.99%, respectively, according to CoinMarketCap data.
This market plunge resulted in a $409.51 million liquidation of both short and long positions across the board, based on CoinGlass data, with $56.71 million being long positions in Bitcoin.
However, just two days before this price decline, on June 5 and 6, Bitcoin was trading between $70,000 and $71,662.
Many traders were optimistic that it might inch closer to its all-time high of $73,679.
Currently, traders are betting that Bitcoin’s price may not rebound quickly.
If Bitcoin returns to $71,000, $1.38 billion in long positions will be wiped out, indicating that futures traders expect further price declines.
This comes as investors question why Bitcoin’s price hasn’t surpassed its March all-time highs, despite a 19-day streak of positive inflows into Bitcoin exchange-traded funds (ETFs).
On June 7, Cointelegraph reported that analysts highlighted the impact of multiple factors on Bitcoin’s price, noting that ETFs alone do not have enough influence.
“ETF flows are fantastic, but they are not strong enough to exceed the entire ecosystem selling (yet),” Capriole Investments founder Charles Edwards told Cointelegraph.
Crypto trader Christopher Inks also emphasized that “the market is made up of spot, futures, ETFs, and options.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin’s price has fallen by approximately 3.25% in the last 24 hours, settling at $3,690 on June 8.
Despite this decline, the BTC/USD pair is performing better than the broader crypto market, which has seen a 3.75% drop in the same period.
Two main factors are driving Bitcoin’s lower prices today: better-than-expected job data in the United States and a slight reduction in the BTC supply held by its wealthiest investors.
The primary reason for Bitcoin’s price drop today is the robust U.S. employment report for May.
Nonfarm payrolls surged by 272,000, surpassing all 77 estimates in Bloomberg’s economist survey.
This positive data led to a surge in Treasury yields, with both two-year and 10-year yields rising by about 12 basis points.
As a result, stocks declined, with the benchmark S&P 500 Index down around 0.3%, while the dollar strengthened.
Higher yields typically indicate increased borrowing costs, leading to a reduced appetite for risk.
Consequently, investors tend to move away from riskier assets like stocks and cryptocurrencies in favor of safer investments.
Another factor contributing to Bitcoin’s price decline is a slight dip in the BTC supply held by its wealthiest holders.
Notably, the Bitcoin supply held by “whales” with at least 100,000 BTC has decreased by 0.2% in the last 48 hours.
This suggests that these investors are either redistributing their holdings into smaller addresses or cashing out altogether.
However, other Bitcoin supply cohorts, such as those holding 10,000-100,000 BTC and 1,000-10,000 BTC, have been accumulating in recent months
From a technical perspective, Bitcoin’s decline today started after testing its interim resistance level at around $70,000.
Since mid-March, Bitcoin has been unable to close decisively above this level.
This resistance level appears to be the neckline of Bitcoin’s prevailing inverse-head-and-shoulders (IH&S) pattern.
This classic bullish reversal setup resolves when the price breaks above the neckline and rises by the maximum distance between the pattern’s lowest point and the neckline.
If the IH&S pattern plays out as intended, Bitcoin’s primary upside target for July is over $90,000.
Conversely, a pullback from the neckline could send BTC price toward its 50-day exponential moving average (50-day EMA) at around $66,740.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin hovered around $69,000 on June 8 as traders recovered from a sudden sell-off.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price stabilized as the weekend approached.
The largest cryptocurrency experienced abrupt volatility at the start of the Wall Street session, driven by what was termed “schizophrenic” U.S. employment data.
This was exacerbated by a decline in altcoins, following market reactions to a livestream by pseudonymous investor Roaring Kitty.
BTC/USD hit local lows of $68,450 on Bitstamp, while Ether, the largest altcoin, briefly dipped below $3,600.
Reflecting on the past 24 hours, trading firm QCP Capital described the U.S. session as “doubly strange.”
“It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed,” QCP wrote in a Telegram channel update.
They referred to the upcoming macroeconomic data releases, including the Consumer Price Index (CPI) and the Federal Reserve’s meeting to decide on interest rate policy.
QCP continued, “Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed.
“It was probably not a coincidence that Alts and Memecoins started collapsing as well with over $40 billion wiped in market cap.”
READ MORE: Sky Mavis Recovers $5.7 Million from Ronin Bridge Hack with Aid of Norwegian Authorities
Despite the turmoil, QCP viewed the local lows on BTC and ETH as a buying opportunity, anticipating future Federal Reserve actions might favor risk assets.
Analyzing key levels, the crypto market focused on the monthly open around $67,500 as a critical support level if weakness persisted.
“Lots of coins are at do or die levels IMO, these are the types of trades I like,” popular trader Crypto Chase noted on X.
“If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. BTC holding 64-65K would be the last hope before destruction.”
A potential positive aspect was the leverage flush in Bitcoin and Ether.
“Bitcoin lost approximately $1.3B in Open Interest on this flush.
$ETH also lost about $800M for a total of well over $2B for just BTC & ETH combined,” observed fellow trader Daan Crypto Trades.
Previously, Cointelegraph had reported on global liquidity trends already supporting a potential BTC price breakout to all-time highs.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.