Elon Musk again sparks 10% rise in Dogecoin. Does it have more steam left?

Elon Musk again sparks 10% rise in Dogecoin. Does it have more steam left?
Synopsis

Anndy Lian, Chairman, BigONE Exchange said, “Dogecoin continues to rally after Elon Musk’s tweet on meme coin. This has triggered retail investor buying. Together with this trend, the number of long term holders of dogecoin rises.”

New Delhi: After a brutal correction, Dogecoin was back in demand, zooming as much as 10 per cent during Monday’s trade. The largest and biggest meme coins market cap once again topped the $20 billion mark.

Volume on the counter remained strong, with Dogecoins worth over $1.5 billion having exchanged hands in the last 24 hours.

Analysts said that Elon Musk’s tweet again sparked the rally in Dogecoin. Musk, the owner of Tesla Inc, is also known as ‘Doge Father’ among crypto fanatics.

Musk on Sunday tweeted that he is giving “serious thought” to building a new social media platform, a day after he put out a poll on Twitter asking users if they believe the social media giant adhered to the principle of free speech.

When a follower suggested that Musk buy the company (Twitter) and change the logo from a bird to a Dogecoin, Tesla Inc CEO indicated that he likes the idea.

Anndy Lian, Chairman, BigONE Exchange said, “Dogecoin continues to rally after Elon Musk’s tweet on meme coin. This has triggered retail investor buying. Together with this trend, the number of long term holders of dogecoin rises.”

The various factors give a very bullish outlook for Dogecoin, with many analysts forecasting an ascent of around 50 per cent, Lian said.

Market experts said Dogecoin has been in momentum over the last few months, experiencing a roller-coaster ride in price movements.

In a period of little more than two weeks, Dogecoin has jumped as much as 50 per cent, scaling $0.15 on Monday. However, it is still about 80 per cent below its all-time peak of $0.6848.

The volatility in Dogecoin is fairly high and investors should remain cautious while investing in it, suggested Praveen Kumar, Founder & CEO, Belfrics Group, adding that going forward, the volatility would continue and investors should look at some level of profit booking in this upwards price movement.

Experts are swearing by the ever-growing popularity of Dogecoin among retailers on a global level. The rising volumes of the token is indicating the same.

Dogecoin has a tremendous future and will see better upside due to its massive retail involvement, enhanced acceptance, and backing of legendary Elon Musk, said Rahul Kumar, CEO of Lyca Nation, a metaverse based crypto island.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Crypto On Feb 3: Market Turns Red Once Again; Experts Say It’s Time For Careful Investments

Crypto On Feb 3: Market Turns Red Once Again; Experts Say It’s Time For Careful Investments

KEY POINTS

  • Bitcoin, Ether plunged
  • Meme cryptos slid
  • Market cap goes down

The cryptocurrency market turned red Thursday after two consecutive days of gains. The global crypto market cap was down 5.18% at $1.68 trillion as of 4.15 a.m. ET.

Bitcoin was down 3.64% at $37,045, CoinMarketCap data showed. Ethereum too plunged 3.44%.

Barring a slight uptick in the USD Coin, all of the top 10 tokens on the crypto chart were trading lower. Solana, Terra LUNA, Polkadot shed up to 10%.

Meme cryptos Shiba Inu and Dogecoin plunged too.

“The reason for the red and dips become more serious after the Fed meeting. The uncertainty outcome from that meeting is lingering in many heads. Adding on to the uncertainties is the recent 30 percent tax in India. This again added more stress to the market,” Anndy Lian, Chairman, BigONE Exchange told International Business Times.

“This kind of dips would remain there for some time. Crypto retail investors will be more careful in their investments in the next few months. Watch out for moves from institutions, that can be an indication for changes,” Lian added.

Adding to the uncertainties, the financial results of Meta came out Wednesday which has shown a significant slump in its virtual business vertical. Facebook’s parent company valuation dipped by almost $200 billion on Wednesday, which, according to experts, may have spooked the crypto market as well.

“We will have to wait and watch if Meta’s NFT and digital asset strategy takes off as expected,” Charles Tan, Head of Marketing at Coinstore told International Business Times.

In other news, hackers have stolen more than $320 million from one of the most popular bridges linking the Ethereum and Solana blockchains Wormhole.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.

 

 

Original Source: https://www.ibtimes.com/crypto-feb-3-market-turns-red-once-again-experts-say-its-time-careful-investments-3389484

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Kusama price prediction: Will it reach $600 again?

Kusama price prediction: Will it reach $600 again?

Kusama (KSM) is a scalable network of specialised blockchains built using Substrate. It’s referred to as Polkadot’s canary network because it serves as a near identical copy of the Polkadot blockchain.

As an experimental development environment, Kusama provides teams with the ability to test and fine-tune new features and early versions of projects in preparation for deployment on the Polkadot open-source blockchain platform. This is made possible because the network performs nearly the same functions as Polkadot.

More specifically, Kusama enables developers to build and deploy a parachain or try out Polkadot’s governance, staking, nomination and validation functionalities in a real environment before they are released on Polkadot.

The early, unaudited and unrefined release of Polkadot is not economically centralised and aims to cater to new, early-stage and high-risk functionality startups and projects.

The company, founded in 2019 by Gavin Wood, has stated that its goal is to spark innovation by placing the latest technology from Parity Technologies and the Web3 Foundation in the hands of developers even before those features make it to Polkadot.

Overall, Kusama’s open governance and sharded blockchains provide businesses, marketplaces and applications looking to move to Polkadot with a scalable infrastructure.

What is Kusama (KSM)?

Kusama is powered by KSM, its native token, which maintains the network. The main function of KSM is to enable users to validate, nominate validators, bond parachains, pay for cross-chain message passing and vote on governance referenda. It can also be used as a governance token for managing protocol updates.

The Kusama network relies on a Relay Chain that uses a nominated proof-of-stake (NPoS) model. Anyone who stakes KSM is eligible to perform any or all of the following roles:

  • a validator who is responsible for validating data in parachain blocks and participating in consensus and voting processes. Validators are elected based on a sequential Phragmén algorithm
  • a nominator who secures the Relay Chain by appointing his/her staked KSM tokens to validators in order to share in the rewards that are paid out

As it pertains to Kusama’s unique tricameral governance model, anyone who purchases KSM tokens can propose changes to the network and approve or reject changes proposed by others through a Referendum Chamber.

The chamber consists of stakeholders who are weighted according to both the amount of KSM held and the amount of time they are willing to hold these tokens. This legislative chamber is considered to have the broadest membership and is by far the most powerful chamber.

KSM holders can also elect members to an executive body known as the Council. A Technical Committee, composed of members voted in by the Council, also exists for the purpose of making urgent proposals in the event of an emergency. Overall, voting on proposals in the Referendum Chamber lasts 28 days and, if approved, it takes a further 30 days before any changes come into effect.

What’s more, validators can stake their KSM tokens in order to earn inflation rewards. Inflation is designed to be approximately 10% annually, with validator rewards being a function of the amount staked and the remainder going to the Treasury.

It’s worth noting that KSM is inflationary. There is no maximum supply. The network attempts to maintain an ideal staking rate of 50%, and KSM is inflated according to the system staking rate of the entire network.

The system staking rate would be the total amount of KSM staked over the total token supply, whereas the total amount staked amounts to the stake of all validators and nominators.

KSM price analysis: Technical view

The KSM coin was launched in December 2019. It reached an all-time high of $623.75 on 18 May 2021 when it climbed by 105% from its earlier price of $303.04 on 24 April 2021.

This surge could be attributed to KSM being listed on two major cryptocurrency exchanges. First, KSM was listed on the world’s largest crypto exchange, Binance on 2 September 2020.

On 17 September 2020, the token was listed on one of the world’s largest digital asset exchanges, Kraken. Then on 24 November 2020, Kraken added support for staking with a reward of 12% yearly.

However, this rally was short-lived. KSM lost over 50% of its value on 23 May 2021, falling to $262.97.

Last year, Kusama ran a total of six parachain auctions from 1 September until 13 October, with each auction lasting seven days. Shortly before this, KSM had been trading at $296.04 on 24 August 2021, but the price rose to $402.99 on 2 September, once the auctions had commenced. A further surge saw the price reach $509.62 on 7 November 2021.

KSM is currently (6 January) trading at around $265.51, and ranks 59th in the list of cryptocurrencies by market capitalisation at $2.2bn, according to CoinMarketCap.

Technical analysis provided by CoinCodex shows that short-term sentiment on KSM is bearish, with three indicators displaying bullish signals compared to 23 bearish signals.

The daily simple and exponential moving averages are giving sell signals, according to data from TradingView, while the relative strength index (RSI) is at 39, as of 6 January. An RSI reading of 30 or below indicates an oversold or undervalued condition.

Low barriers to entry for deploying parachains

What is distinctive and beneficial about Kusama is that it brings multiple blockchains together in one sharded network, freeing developers from the silos created by legacy blockchain networks.

Those using Kusama in order to facilitate testing can build a user base in a flexible development environment and fine-tune new features and early visions for projects in preparation for full deployment on Polkadot.

The diverse Kusama ecosystem allows developers to test innovations and still have almost the same experience as building on Polkadot, as both platforms possess the same codebase and multi-chain infrastructure.

Another benefit is that businesses, marketplaces and applications looking to transition to Polkadot can launch their own custom blockchain projects with low barriers to entry, making Kusama ideal for early-stage startups that are looking to move fast and iterate.

Developers can also build their own app-specific blockchain and connect it to Kusama using Substrate, the modular blockchain framework that Kusama is built on.

A risk for Kusama is that it is a wholly experimental network created to test scalability and interoperability and launched only in 2019, making it a relatively new project operating in a nascent industry.

“Kusama is the testing sandbox for Polkadot, the ‘blockchain of blockchains’ founded by the genius brain behind Ethereum’s smart contracts, Gavin Wood,” said Col Jung, a cryptocurrency expert and engineer working in analytics and mathematics modelling.

“As we continue to live in an increasingly multi-chain world, blockchain interoperability will become king. Kusama is a key tool for developers working towards that futuristic vision,” Jung told Capital.com.

Anndy Lian, chairman of BigONE Exchange and chief digital advisor for Mongolia’s national productivity agenda, said that Kusama can leverage Polkadot’s wide user base and global reach.

“Kusama’s most recent parachain slot auctions that ran throughout December 2021 prove my point,” Lian told Capital.com.

“For example, many major exchanges ran the auction and the large number of participants says it all. There has clearly been an influx of community members to their network. However, Kusama only exists as an unaudited version of Polkadot where new features are tested,” Liam added.

Kusama coin price prediction: Buy, sell or hold?

In terms of a Kusama crypto price prediction , algorithm-based forecasting service Wallet Investor gives a positive KSM/USD forecast. Based on historical data, Wallet Investor sees the price going up to $339.772 by February 2022, reaching $854.074 in January 2024 and hitting $1430.010 by January 2026.

Digital Coin Price supports the bullish KSM forecast, expecting the token to grow to $382.95 in February 2022, $628.94 in January 2025 and $1,004.72 in January 2028.

Note that predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

 

Original Source: https://capital.com/kusuma-ksm-price-prediction

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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