It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- Reddit Discontinues Collectible Expressions
- Yuga Labs x Pixel Vault
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- Mantle ($MNT): +18.6%
- dogwifhat ($WIF): +6.6%
- Bittensor ($TAO): +2.7%
Top Losers
- XRP ($XRP): -9.9%
- Shiba Inu ($SHIB): -8.7%
- GaLA ($GALA): -8.6%
Trending Crypto Sectors/Categories
- Decentralized Exchange (DEX)
- Parody Meme
- Frog-Themed
Total Crypto Market Cap – 2.457 Trillion
Fear and Greed Index – 60
Top NFT Sale
- Fidenza by Tyler Hobbs #230 Sold for 33.6 ETH
Highlights of the Day
Reddit Discontinues Collectible Expressions
Reddit has announced the discontinuation of its Collectible Expressions feature, which was part of its Collectible Avatars NFT initiative. This shift marks a notable change in Reddit’s approach to digital collectibles.
Looking Ahead
Moving forward, Reddit will repurpose the r/CollectibleAvatars community as an official announcement channel. This new direction aims to keep users updated on upcoming events, partnerships, and other developments related to Reddit Avatars, signaling a fresh phase for the platform’s NFT efforts.
Yuga Labs x Pixel Vault
In a strategic move, Yuga Labs has announced that it is joining forces with Pixel Vault to introduce the next event in its Otherside metaverse. This Otherside odyssey, meant to feature GameFi and GamebleFi elements, has already sparked excitement within the community.
Partnership Details
This collaboration will incorporate skill-based wagering through the Reboot protocol, a blockchain toolkit designed to support a stable growth economy in skill-based games. Overall, the partnership aims to enhance the Otherside experience, offering innovative gameplay and rewarding players based on their abilities.
Project of the Day
Myria
Myria ($MYRIA) is making waves as an Ethereum Layer 2 scaling solution, designed to enhance NFTs, blockchain gaming, and more. Developed in collaboration with StarkWare, Myria delivers instant trade confirmations and zero gas fees for minting and trading NFTs while maintaining robust security.
In terms of price movements, $MYRIA is currently sitting at a market cap of about $65 million and is hovering around a price of around $0.003. Looking at the chart at a long-term time frame of the last 12 months, the price has gained a significant 150%. However, this does not account for the local high of $0.014, which it reached in December last year and March this year when the market was booming. So, as the market returns to gaining traction, and GamiFi is one of the hottest narratives this time around, the long-term outlook for $MYRIA remains bullish.
Crazy Day in Crypto
- Shiba Inu ($SHIB) dropped more than 10% following a major security breach at the crypto exchange WazirX, which involved $100 million in Shiba Inu tokens.
Market Sentiment & Predictions
- Despite new protocols like Runes causing temporary spikes, Bitcoin has maintained a majority of transaction volume, highlighting its strong and enduring position in the digital currency landscape.
- According to Glassnode, Bitcoin miners have minimal impact on the market during downturns, with centralized exchanges and U.S. spot Bitcoin ETFs now driving price fluctuations.
Business Talks & Political Insights
- Next week, Donald Trump is anticipated to unveil a Bitcoin Strategic Reserve Policy, outlining his approach to managing Bitcoin reserves and its broader financial implications.
Tyler and Cameron Winklevoss each contributed $500,000 in Bitcoin to the campaign of John Deaton, a Republican candidate challenging Senator Elizabeth Warren for the U.S. Senate seat in Massachusetts.
