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"Play-to-earn" cryptocurrency is where people buy tokens to use in online games and can earn more tokens which can later be exchanged for other cryptocurrencies or national currencies.
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A look at funding rates across exchanges hints at excessive optimism, with traders going long on BTC en masse — a classic indicator of a correction.
The global crypto market cap jumped about 4 per cent to $2.85 trillion. However, the total crypto market volume was almost flat to $97.46 billion.
By late 2010, the first of what would eventually be dozens of similar cryptocurrencies — including popular alternatives like Litecoin — began appearing. The first public Bitcoin exchanges appeared around this time as well.
All the signs, however, were there. Like previous bubbles, people were basing their belief in the cryptocurrency on their emotions, not any intrinsic value. Then there was the FOMO element, which only compounded things. Essentially, bitcoin became an international fever. Random companies were “pivoting to blockchain” for no apparent reason other than that it seemed like a way to create buzz. But when the bubble bursts, FOMO turns into fear of losing, which makes for an especially rapid plunge.
"My advice to mainstream investors is to wait for the Certik audit (Q4 of 2021) and improvements in the liquidity pool before proceeding."
Decentraland uses “MANA,” which is an ERC20 token – meaning it’s based on Ethereum’s blockchain.
Binance and Coinbase listings remain a coveted goal for new cryptocurrencies such as SafeMoon. However, it can take some time to achieve this. For example, Coinbase only listed Shiba Inu Coin in mid-June.
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The overall market cap of cryptocurrencies hit $3.3 trillion on Monday, according to CoinGecko pricing.
Contrary to this assumption, if the pair rebounds off the current level and rises above the downtrend line, it could reach $0.000065. The flattish 20-day EMA and the RSI near the midpoint suggest a range-bound action in the near term.
Find out more about how we can help your cryptocurrency trading, allowing you to take advantage without needing to own a wallet.
It is the latest cryptocurrency to have seen a spike in interest since the turn of the year, following on from the success of Dogecoin, Bitcoin and Ripple XRP in recent weeks.
Founded by an alias of “9ZEROES”, DogeZilla models itself as a community-based project.