Monat: Januar 2023

• The on-chain platform Santiment reported that Litecoin [LTC] whale transactions in the $1 million region hit a high of 2023 on 25 January.
• According to Glassnode, the Litecoin reserve risk was 0.00069, indicating a high level of confidence in holding the cryptocurrency.
• After hitting highs earlier in January, Litecoin [LTC] whales have once again stamped their authority in the market with large transactions hitting peak levels.

The past few weeks have been an interesting one for Litecoin [LTC], with the digital currency reaching new highs and whales exhibiting a high level of confidence in the coin. According to on-chain platform Santiment, whale transactions around the $1 million region hit 2023 highest on 25 January. This marks the third time that transactions at this scale have occurred, with the previous two occasions leading to notable increases in the LTC price.

Meanwhile, Glassnode reported that the Litecoin reserve risk was 0.00069— a considerably low value. The reserves risk measures the belief that holders of an asset have in it, and with the LTC price incredibly down from its all-time high (ATH), it matches the viewpoint of unwavering trust in holding the cryptocurrency.

The whales‘ actions were in contrast to what they were involved in a few days back as most sold off part of their holdings. However, the resurgence in large transactions has made it clear that the whales are still very much in the Litecoin market.

It is difficult to state with certainty what the direction of Litecoin will be in the future, but with whales seemingly increasing their stake in the digital currency, it could be an indication of a potential uptrend. Only time will tell what the future holds for the popular cryptocurrency, but one thing is certain— Litecoin has a strong base of supporters who are willing to back and invest in it, regardless of the current market conditions.

• PancakeSwap (CAKE) remained popular among the whales and recently revealed that it burned CAKE worth over $27 million.
• WhaleStats pointed out that CAKE was on the list of the tokens that the top 100 BSC whales were holding.
• CoinMarketCap’s data revealed that CAKE’s price increased by over 7% in the last 24 hours, and at the time of writing, it was trading at $4.15 with a market capitalization of more than $683 million.

PancakeSwap (CAKE) has been gaining traction among cryptocurrency whales and investors despite the ambiguous market indicators. Recently, the network revealed that it burned CAKE worth over $27 million. This deflationary characteristic of the token kept its market capitalization steady. Moreover, WhaleStats pointed out that CAKE was among the tokens that the top 100 BSC whales were holding. This gave an extra boost to the investors’ confidence.

The price of CAKE has also seen a steady increase. According to CoinMarketCap’s data, the token’s price increased by over 7% in the last 24 hours. At the time of writing, CAKE was trading at $4.15 with a market capitalization of more than $683 million. CryptoQuant’s data showed that the token’s realized capitalization was increasing steadily, which was another indicator of the token’s potential.

PancakeSwap’s continuous efforts to make the platform better, as well as the support from whales, have been the primary drivers of the token’s success. The platform recently introduced NFT-based products, which have also been well-received by the investors. With more people showing interest in the token, it is expected that the CAKE’s price will continue to increase in the near future.

• Cardano [ADA] experienced a network outage which was quickly brought back to life with no network restart being required.
• Cardano lost its position as the top project per GitHub’s daily development activity, being overtaken by Polkadot [DOT].
• On-chain development activity showed that Cardano had slightly improved from 22 January, with its value at 85.67.

Cardano [ADA], a decentralized Proof-of-Stake (PoS) blockchain, experienced a brief network outage, details from its developers‘ telegram channel showed. According to a tweet by Rick McCracken, the blackout was a brief one, and most nodes impacted had gracefully recovered without requiring a network restart. Despite this, Cardano lost its position as the top project per GitHub’s daily development activity, being overtaken by Polkadot [DOT].

At the time of writing, Polkadot [DOT] had surpassed Cardano, while the latter stayed second with its value at 91. Source: ProofOfGitHub. This is believed to be due to the interruption that Cardano experienced, although there is no certain way to prove this. Nonetheless, the Cardano engineer noted that the outage impacted the nodes but did not take down the entire Cardano network. The nodes are known to ensure seamless transactions on the blockchain.

Tom Stokes, Cardano’s stake pool operator, noted that more than half of its nodes were affected during the period. Regarding its velocity, Santiment data showed that ADA was down to 2.08. The metric reveals the average number of times a certain asset moves from one address to another within a given period.

On-chain development activity showed that Cardano had slightly improved from 22 January, with its value at 85.67. This metric measures a project’s devotion to upgrading its network, and Cardano has not been silent about continually polishing its ecosystem. Hence, the development activity value aligned with its constant proclamation.

The interruption experienced by Cardano did not cause any major damage to the network, as it was quickly brought back to life. However, it did cause Cardano to lose its top spot on the development activity rankings, showing that there is always room for improvement and that projects should always strive to stay ahead of their competition.

• The latest edition of Polkadot’s weekly digest was released, highlighting notable developments in the ecosystem
• XCM version 3 was merged and Polkadot 0.9.37 was released with medium upgrade priority
• DOT registered over 5% weekly gains, with an on-chain volume that remained consistently up

Polkadot has been making strides in its development over the last week, with several notable developments that have been detailed in its latest weekly digest. The digest highlighted the approval and implementation of Referendum 96, which resulted in the Polkadot runtime being updated to version 9340. This update allowed for the maximum number of nominators receiving rewards per validator to increase from 256 to 512.

The third version of Polkadot’s XCM has also been merged after 15 months of work. XCM 3.0 will enable bridges, cross-chain locking, exchanges, NFTs, conditionals, context-tracking, and more. Polkadot 0.9.37 was also released during the last week with medium upgrade priority, and DOT remains the second largest network in terms of developer count.

In terms of market performance, DOT was able to remain consistently in favor. CoinMarletCap’s data revealed that DOT registered over 5% weekly gains, and at the time of writing, it was trading at $6.31 with a market capitalization of more than $7.3 billion. DOT’s on-chain metrics were also supportive of the network over the last seven days. For example, except for a short decline, DOT’s volume remained consistently up.

Moreover, Polkadot’s Profit Calculator allowed users to check their portfolio performance and make sure it is green. This has been an invaluable tool for DOT investors to track their investments and make sure that their portfolios are performing well.

Overall, Polkadot has made considerable progress over the last week, with the network showing signs of consistent growth and stability. With the continued development of the network, Polkadot is sure to become a powerhouse in the blockchain ecosystem.