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AiDoge Meme Coin Raises $12 Million

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As the crypto market continues to exhibit high levels of volatility, the stagnant performance of Dogecoin ($DOGE) has left some investors wondering if the coin’s glory days are behind it.

The $DOGE price continues to be trapped below the $0.075 level – and hasn’t shown any significant bullish momentum since mid-April.

Meanwhile, new market entrants AiDoge ($AI) and Ecoterra ($ECOTERRA) are attracting substantial attention and funding – suggesting they could be the next captivating prospects for investors to monitor.

Dogecoin Continues to Trade Sideways – Is a Price Drop Imminent?

Despite retaining its status as the world’s largest meme coin, according to CoinMarketCap, Dogecoin hasn’t been immune to the bearish investor sentiment over the past month.

Following an impressive 18% price surge in mid-April, $DOGE has been on a sustained downtrend and now trades 23% lower than those highs.

At the time of writing, $DOGE is hovering around the $0.075 region, which acted as resistance over the past two weeks.

Adding to the concerns of Dogecoin holders is the current stagnant state of the token’s price.

The days of substantial bullish or bearish swings on the daily timeframe seem to be a thing of the past, as they are now replaced by minor fluctuations – an indication of diminished trading volume.

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This development might shock many in the crypto community, given that CoinGecko reports that 80% of users still “feel good” about Dogecoin’s prospects.

Despite this positive sentiment, it hasn’t translated into price gains – and it looks like the only way is down for $DOGE.

Looking at the price chart, a worrying sign is emerging for $DOGE bulls – a bear flag on the daily timeframe. This pattern usually forms immediately before a sharp drop, reminiscent of the situation in late April.

If $DOGE were to break to the downside, the likely target would be $0.065, a level that held as support on March 10. This would represent an 11.37% drop from today’s price.

Adding more confluence to the bear hypothesis is that $DOGE now trades comfortably below the 20-day and 50-day EMAs – suggesting that Dogecoin fans may be in for a challenging few weeks ahead.

AiDoge’s Presale Makes Waves with a Whopping $12 Million Raised

As the bearish signs around Dogecoin show no signs of abating, a fresh and innovative player is emerging on the horizon.

This player is AiDoge ($AI) – a new meme coin that fuses artificial intelligence with the viral appeal of meme culture.

In an impressive feat of early-stage success, AiDoge has raised a staggering $12 million during its presale phase – catching the attention of both investors and the wider crypto community.

This significant fundraising milestone speaks volumes about AiDoge’s potential and underscores the rapid growth of the project’s community – as evidenced by over 18,400 people joining the official Telegram channel.

Much of the buzz around AiDoge is driven by the project’s unique use cases, which dovetail effectively with its meme-style design.

As outlined in AiDoge’s whitepaper, the flagship use cases will be the trailblazing “meme generator,” built on the Ethereum blockchain. Using this generator, users can easily create hilarious memes using text-based prompts – mirroring the approach used by ChatGPT.

AiDoge’s meme generator will be trained on massive datasets and leverage advanced artificial intelligence algorithms to ensure all created images are viral-ready.

If that wasn’t enough, users can earn $AI, AiDoge’s native ERC-20 token, by uploading their created memes to the “public wall,” where other community members can upvote or downvote them.

At the time of writing, AiDoge is in Stage 17 of its 20-stage presale, meaning would-be investors only have a limited time remaining to purchase $AI tokens at a discount relative to the planned exchange listing price.

Ultimately, as AiDoge prepares to transition out of this presale phase, it appears that the project’s groundbreaking setup has caught the crypto community’s attention – making it an exciting time to be an $AI holder.

Visit AiDoge Presale

Investor Enthusiasm Surges for Green Crypto Ecoterra, Raising Over $4 Million

Another cryptocurrency that’s making waves while Dogecoin struggles is Ecoterra ($ECOTERRA).

Unlike Dogecoin and AiDoge, Ecoterra isn’t a meme coin. Instead, it’s an Ethereum-based ecosystem where users can earn rewards for taking decisive action in the fight against climate change.

Ecoterra’s presale phase has been a resounding success since it commenced and has just breached the $4 million milestone during Stage 7.

This presale is nearing its conclusion, with only two stages remaining before the $ECOTERRA token is listed on crypto exchanges for $0.01.

Ecoterra’s pioneering “Recycle2Earn” app is the key driver of token demand. According to the project’s whitepaper, this app will reward users with $ECOTERRA tokens whenever they recycle using a Reverse Vending Machine (RVM).

Naturally, this incentivizes users to recycle more and contribute to environmental sustainability.

Additionally, Ecoterra’s ecosystem will also feature a carbon offset marketplace, a recycled materials marketplace, and even an “Impact Profile.” The latter feature will allow individuals and businesses to publicly showcase their commitment to eco-friendly practices.

Due to Ecoterra’s holistic approach, the project is expected to play an important role in the global effort to counter climate change in the coming years.

This gives investors a unique opportunity to be involved at the ground level – making it a compelling investment proposition for those who want to add an eco-friendly twist to their crypto portfolios.

Visit Ecoterra Presale

Disclaimer: The above article is sponsored content. It does not represent the opinions or the views of CryptoPotato, and nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

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Bitcoin’s Recovery – the Downturn Is Over

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The market is currently in a news-driven environment where the prices of cryptocurrencies have been determined by news agenda rather than fundamentals.

Bitfinex analysts have warned crypto investors to be cautious as bitcoin’s (BTC) recovery over the weekend is not a sign that its correction is over; the asset could witness more bloodshed in the near term.

In the latest Bitfinex Alpha report, experts deemed the market’s reaction this week critical, especially as supply alleviated over the weekend could return when traditional markets open.

“No Man’s Land”

Since Saturday, bitcoin has risen almost 10% from $57,600 to $63,000, closing last week in the green. The asset has surged above the 125-day range low of $60,200, which it broke through earlier this month after news of the German government’s massive BTC selling hit the market.

Market sentiment began to improve after reports that wallets linked to the German government were almost empty. However, the positive sentiment may not be sustained for long as the BTC the German authorities moved to trading desks and exchanges are yet to be sold.

While the supply from Germany appears to have been factored into bitcoin’s market price, Bitfinex analysts believe the end of selling pressure depends on how the involved trading desks execute their trades in the coming days.

Although the shift in sentiment underscores the market’s capacity to integrate new information and adjust expectations quickly, analysts think the market’s reaction over the first two trading days of the week cannot be overlooked for two reasons.

First, the low support level in the $60,200 range has now become a potential resistance line. Second, trading patterns over the past three months suggest that weekends are usually favorable for markets, especially on Saturdays when supply pressure seems to subside.

“We are now in no man’s land until we get clear resolution above or below this level,” the analysts said.

A News-Driven Environment

Besides the potential resistance level and three-month weekend trading pattern, the market is currently in a news-driven environment, where the prices of cryptocurrencies have been determined by news agendas rather than fundamentals.

Since selling pressure concerns are not yet completely obsolete due to upcoming Mt Gox creditor distributions, Bitfinex analysts expect such headlines to continue to have some impact on price movements. As such, the analysts urged investors to exercise caution in their trading strategies.

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Bitcoin ETFs Saw $300M in Daily Net Inflows

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BlackRock’s IBIT led with $117.25 million in inflows on July 15, also being the most traded Bitcoin ETF.

The US spot Bitcoin ETFs recorded a daily net inflow of $301 million on July 15th. This extended their winning streak to seven consecutive days amidst a broader market recovery.

None of the ETFs recorded outflows for the day.

Bitcoin ETFs Rake in $16.11B in Net Inflows Since Jan

According to the data compiled by SoSoValue, BlackRock’s IBIT, the top spot Bitcoin ETF by net asset value, recorded the largest net inflows of the day at $117.25 million. IBIT was also the most actively traded Bitcoin ETF on Monday, with a volume of $1.24 billion. Ark Invest and 21Shares’ ARKB came in close behind with net inflows of $117.19 million.

Fidelity’s FBTC experienced net inflows of $36.15 million on Monday, while Bitwise’s BITB saw $15.24 million in inflows. VanEck’s HODL, Invesco and Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC funds also recorded net inflows. Meanwhile, Grayscale’s GBTC and other ETFs, such as Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI, registered no flows for the day.

A total of $2.26 billion was traded on Monday. The trading volume for these ETFs was less than in March when it exceeded $8 billion on some days. Meanwhile, these funds have collectively attracted $16.11 billion in net inflow since their January launch.

What’s Next For Bitcoin?

Earlier this month, bitcoin’s price decline was mainly due to fears of massive selling pressure from Mt. Gox and the German government’s BTC sales.

But the assassination attempt on pro-crypto former US President and presumptive Republican candidate Donald Trump at Saturday’s rally seemed to spark a recovery in the world’s largest digital asset, and experts are bullish on the asset’s price trajectory going forward. Bitcoin surged more than 9% over the past week and was currently trading slightly below $64,000.

Veteran trader Peter Brandt discussed bitcoin’s price outlook, suggesting a potential major rally. He referred to a pattern he terms “Hump->Slump->Bump->Dump->Pump” and highlighted that the July 5 double top attempt was a bear trap, confirmed by the July 13 close. He sees a likely continued upward trend but warned that a close below $56,000 would negate this bullish view.

“Bitcoin $BTC could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction. Jul 5 attempt at the double top was a bear trap, confirmed by Jul 13 close. Most likely scenario now is that bears are trapped. Close below $56k negates this interpretation”

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LI.FI DeFi Platform Exploited, Over $8M Lost

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PeckShield alert reveals LI.FI’s protocol vulnerability is similar to a March 2022 attack, with the same bug recurring.

The decentralized finance (DeFi) platform LI.FI protocol has suffered an exploit amounting to over $8 million.

Cyvers Alerts reported detecting suspicious transactions within the LI.FI cross-chain transaction aggregator.

LI.FI Issues Warning After $8 Million Exploit

LI.FI confirmed the breach in a statement on July 16 via X: “Please do not interact with any http://LI.FI powered applications for now! We’re investigating a potential exploit.” The team clarified that users who did not set infinite approval are not at risk, emphasizing that only those who manually set infinite approvals seem to be affected.

According to Cyvers Alerts, more than $8 million in user funds have been stolen, with the majority being stablecoins. According to on-chain data, the hacker’s wallet holds 1,715 Ether (ETH) valued at $5.8 million and USDC, USDT, and DAI stablecoins.

Cyvers Alerts advised users to revoke relevant authorizations immediately, noting that the attacker is actively converting USDC and USDT into ETH.

Crypto security firm Decurity provided insights into the exploit, stating that it involves the LI.FI bridge. “The root cause is a possibility of an arbitrary call with user-controlled data via depositToGasZipERC20() in GasZipFacet, which was deployed 5 days ago,” Decurity explained on X.

“In general, the risks behind routers, cross-chain swaps, etc. are about token approvals. Raw native assets like (unwrapped) ETH are safe from these kinds of hacks b/c they don’t have approvals as an option. Most users & wallets also no longer do “infinite approvals” which gives a smart contract total control on removing any amount of their tokens. It’s important to understand which tokens you’re approving to which contracts.

This dashboard looks for all transactions of a user that intersects Lifi. Not all of these transactions indicate risk- but you can see how, broadly, integrations & layers of tech (like how Metamask bridge uses Lifi on BSC) can complicate how users do or don’t put their assets at risk. Revoke Cash is the most well known approval manager app.

But it’s also good security practice to simply rotate your address. New addresses start with 0 approvals, so starting fresh by moving your tokens to a fresh address is another good security practice.” – commented Carlos Mercado, Data Scientist at Flipside Crypto.

Recent Exploit Mirrors March 2022 Attack

Further analysis by PeckShield alert revealed that the vulnerability is similar to a previous attack on LI.FI’s protocol that occurred on March 20, 2022. That incident saw a bad actor exploit LI.FI’s smart contract, specifically the swapping feature, before bridging.

The attacker manipulated the system to call token contracts directly within their contract’s context, making users who had given infinite approval vulnerable. This exploit resulted in the theft of approximately 205 ETH from 29 wallets, affecting tokens such as USDC, MATIC, RPL, GNO, USDT, MVI, AUDIO, AAVE, JRT, and DAI.

“The bug is basically the same. Are we learning anything from the past lesson(s)?” PeckShield Alert said in a July 16 X post.

Following the 2022 incident, LI.FI disabled all swap methods in its smart contract and worked on developing a fix to prevent future vulnerabilities. However, the recurrence of a similar exploit raises concerns about the platform’s security measures and whether adequate steps were taken to address the vulnerabilities identified in the previous breach.

LI.FI is a liquidity aggregation protocol that allows users to trade across various blockchains, venues, and bridges.

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