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Solana (SOL) and Enzyme (MLN) rally while the wider market remains flat

Significant price corrections like the one see in May inflict widespread pain for a majority of market participants and can be a death sentence for struggling projects as token holders capitulate and dump their holdings for any price offered. 

While these periods are useful to help shakeout the weak hands and weed out unnecessary projects, they also offer strong performers the opportunity to stand out from the crowd and attract the attention of eager investors looking for a safe haven during choppy markets.

Two projects that have been more resilient than crypto majors and are down less than 20% from their highs established prior to the May 18 market sell-off are Solana (SOL) and Enzyme (MLN).

Enzyme benefits from the Coinbase bump

Out of the top 200 coins, Enzyme has outperformed the field in terms of bouncing back following the sell-off as the MLN token surged 150% from a low of $75.50 on June 4 to a high at $185 on June 7, propelled by a record $45 million in 24-hour trade volume.

MLN/USDT 4-hour chart. Source: TradingView

Enzyme is a decentralized finance (DeFi) protocol designed for on-chain asset management and meant to empower investors to build, scale and monetize investment strategies that can be utilized by other members of the Enzyme community.

After a relatively quiet start to June, Enzyme began receiving more notice on Twitter beginning on June 6 with Messari analyst Jack Purdy pointing out that “even with prices down 40% from a few weeks ago Enzyme AUM are still close to all-time highs.”

While there was no major developments for the protocol as the price started to rise significantly beginning June 4, the June 8 revelation that MLN would be added to Coinbase Pro appears to be the driving force behind the tokens recent surging price demonstrating that the Coinbase bump still has the potential to move prices.

Solana rebounds from its May 19 low

The second token that quickly rebounded from the May crash is Solana (SOL), a layer-one proof-of-stake protocol capable of processing 65,500 transactions per second (TPS).

Related: Solana Labs raises $314M via private token sale as ecosystem support expands

Momentum for the project began picking up on June 2 following the announced launch of the Metaplex NFT platform which offers “a radically new approach to NFTs and NFT storefronts” on the Solana blockchain.

SOL/USDT 4-hour chart. Source: TradingView

This announcement was followed up by a series of other project launches on Solana including the algorithmic decentralized lending and borrowing platform Solend and the decentralized, capital-efficient derivatives exchange Moët Finance.

According to data from Cointelegraph Markets Pro, market conditions for Solana have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. SOL price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for SOL has been green for the most of May, with its score quickly recovering above 67 on May 24 to reach a high at 80 on June 4 as its price began to rally 30% over the next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Solana (SOL) and Enzyme (MLN) rally while the wider market remains flat

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Cardano Price Hits $1.88 As Recovery Quickens – Where to Buy ADA

Cardano price is going from strength to strength as it reclaims $1.80 with the next stop looking like the psychologically all-important $2.0 mark.

Cardano has suffered the least of the major altcoins in the wake of the May correction pain. The price nudged $1.88 today but has since given up some of those gains as the US session kicked into gear – maybe some crypto buyers prefer the excitement in meme stocks at this point?

Although a way off the $2.47 all-time high it recorded on 16 May, Cardano is looking in very good shape. But as far as that high goes, we should recall that it was somewhat fleeting – it was printed the day before the crash began, and so there was little time to establish selling interest at those levels, and that could translate into weaker resistance ahead.

Cardano price: Weak resistance ahead

The lack of resistance between the current price and the next challenges at $2.0 and $2.3 should encourage bulls to look for even more upside, so reclaiming the all-time high in short order may not be such a stretch.

ADA price chart

Cardano (ADA) breakthrough on interoperability

And standing behind the attractive technicals is the continued progress on the network fundamentals side.

Yesterday Cardano announced its first interoperability success, in a tie-up with the Nervos (CKB) blockchain. Describing it as a “bluetooth moment”, the two public blockchains plan to switch on the bridge in a few weeks.

Cardano’s route to fulfilling its vision of a scalable, secure proof of stake decentralised application platform has been somewhat tortuous for its followers over the past three years and more. But the milestones continue to be achieved as full smart contract functionality inches closer and adoption wins in Africa at the governmental level – with Ethiopia’s eduction system one of the most important adoptees.

Describing Cardano as an ‘Ethereum killer’ is probably not very useful because it suggests that the blockchain world is a zero sum game in which one chain’s win is another’s loss. There will likely be plenty of room for many chains – the key will be interoperability between them.

ADA pluses – peer reviewed and the Hoskinson effect

Also, as the only academically peer-reviewed crypto project, investors can be surer than with any other project that the code ‘just works’.

The man behind Cardano is co-inventor of Ethereum Charles Hoskinson. His evangelism for the project is one of Cardano’s strengths, as those who watch his regular appearances on various YouTube channels and other media outlets  can attest.

And with a ranking of number 5 on coinmarketcap, it now has the brand identity as well as the funds to lock in the development resource and the investors to be up and running next year.

The fact that it is priced at $1-plus in addition makes it an attractive lowly starting price that appeals to trader psychology – people prefer to be able to buy a whole unit of a lower price than a fraction of a unit at a higher price.

We rate Cardano’s ADA token a strong buy.

Where to buy Cardano (ADA)

Buy ADA on eToro

You can buy Cardano’s ADA native token on investment platform eToro. eToro currently lists 23 crypto assets that can all be traded in fiat pairs and as crosses with other crypto. There are no trading fees to pay. Instead, investors pay the spread between the buy and sell (bid and ask) price.

eToro has grown in popularity with traders around the world  because of its ease of use and unique features such as its Copy Trading functionality, where platform users can elect to copy the trades of successful fellow traders. In addition to crypto, eToro offers markets in stocks, commodities, forex and ETFs, so you could buy stocks with exposure to crypto such as Coinbase

Huobi Global

Huobi Global has a broad range of crypto asset listing, at the last count listing 310 coins, including all five coins selected here. It also lists 27 fiat Trading fees on the exchange 0.2%

Huobi is popular with Chinese investors who use it as their preferred offshore destination for trading crypto. Unlike eToro, deposits are limited to cryptocurrency only.

Onboarding at Huobi is straightforward with no anti-money laundering or know your customer process required before trading, although this may put off some users as it is an indication the exchange is lightly regulated.

Looking to buy or trade Cardano (ADA) now? Invest at eToro!

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Cardano Price Hits $1.88 As Recovery Quickens – Where to Buy ADA

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Dogecoin, CryptoCurrency Reddit communities surge as crypto euphoria heats up

With much of the market fixated on Bitcoin’s (BTC) sudden price correction over the weekend, retail interest in digital assets appears to be on the rise, according to the latest statistics from Reddit.

The r/dogecoin community added 145,859 weekly subscribers, according to Subreddit Stats. The gains are hardly surprising given DOGE’s dramatic rally over the past week. The meme-based cryptocurrency skyrocketed 400% during that period, bringing its yearly returns to an eye-watering 5,000%.

DOGE’s parabolic rally moderated over the weekend, with social media sentiment data from The TIE and Cointelegraph indicating more pain in the short term. That’s because price action is often correlated with social media engagement; a decline in the latter is sometimes a precursor to bearish price action in the near term. 

Meanwhile, the r/CryptoCurrency community, which is devoted to all things digital assets, added 86,838 new subscribers during the week. New community members were welcomed by platinum award recipient “mirza1h” on Sunday. In a subreddit post, miraza1h said:

“Past week has been insane in the crypto world, so naturally things here weren’t like they normally are. Your curious posts/comments may have been ignored a bit. In the weekend things are a bit more chill, so feel free to ask us anything you want.

The user also introduced new subreddit followers to Moon, the native token of the r/CryptoCurrency community.

Much like DOGE, the overall cryptocurrency market limped into Sunday’s session, having declined by a cumulative $386 billion, according to CoinMarketCap. The digital-asset market cap briefly fell below $1.9 trillion before recovering to around $2 trillion.

Massive shakeouts are nothing new for seasoned cryptocurrency investors. Even during bull markets, declines of 20% or more are fairly common, especially after major rallies. Speculation about an abrupt decline in Bitcoin’s hash power and the possibility of U.S. regulatory action against crypto-friendly banks may have contributed to the decline on Sunday.

Even with the latest decline, the cryptocurrency market is still double the size it was in January when it first crossed the $1 trillion milestone.

Dogecoin, CryptoCurrency Reddit communities surge as crypto euphoria heats up

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UAE minister of economy: Crypto & tokenization “key” to doubling GDP

At a panel for the World Economic Forum’s Global Technology Governance Summit today, United Arab Emirates minister of economy Abdulla Bin Touq Al Marri said that cryptocurrency and asset tokenization will be key to the country’s plans to double its economy — currently estimated to be the 34th largest in the world — in ten years. 

Al Marri was joined on the panel, titled the “Arrival of the token economy, from art to real estate,” by artist Harry Yeff and WEF executive Sheila Warren. While much of the conversation centered on the current NFT craze, Al Marri’s comments centered largely on forthcoming tokenization use cases and their regulation.

According to Al Marri, the country has ambitions to grow its GDP by 7% yearly, which would put it on track to double the size of its economy by 2030. Tokenization will be a key cog in this effort, as “tokenization compliments information-based economies.”

Perhaps most exciting from an adoption standpoint, the minister said that the country has several ambitious projects underway, including a study underway being conducted along with the WEF on funding small and medium sized enterprises with a government-run token platform, possibly as part of a “regional token exchange” which is “in our agenda,” Al Marri said.

When asked about how the government — which by nature is deeply embedded in a pre-token economy — will interact with these new models and the need to regulate them Al Marri said the goal is to protect investors as well as the larger financial system without stifling innovation.

“We’re a government, we’re good at regulation,” he joked.

He highlighted two pain points in particular: Lack of “harmonized regulation,” and lack of sufficient regulation. He noted that jurisdiction and regional regulations need to work together in order to prevent cloistered bubbles of innovation, and to ensure that new asset models, such as fractionalized ownership, benefit all.

“How can we bring fractionalization to a level where everyone can benefit?” He asked.

He also noted that fractionalized ownership can lead to real world-meets-blockchain bugaboos: if an apartment has fractionalized ownership, who pays the upkeep fees? If there’s a fractionalized painting, what happens when the painting gets stolen?

Ultimately, the country is eager to lead the world in facing these questions head-on.

“We understand the challenges as such, but we are experimenting, and allowing the UAE to be a site of experimentation.” 

UAE minister of economy: Crypto & tokenization “key” to doubling GDP

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Blockchain Technology as an Application to Combat Covid-19

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With the past year being a wave stirrer in the lives of one and all, the pandemic has certainly left us all hoping for better things to come. The advent of the coronavirus has largely impacted industries, businesses, communities, and countries as a whole. By affecting each and every path of life, the pandemic has made it difficult for individuals to attain a gasp of air.

codezeros.com

With the number of cases increasing day after day, the death toll had been skyrocketing on to time. As a result, the economy is hit by a hard blow with Sensex falling every other day. It resulted in most of the brands being shut down with big companies facing the loss of a few million.

This emerged the dire need for having a technological solution addressing the growing concern. With governments largely scrambling to address the underlying issues, a number of solutions based on Blockchain Technology in COVID-19 have emerged to address the worldwide health crisis.

Overview of blockchain technology as an application to combat the pandemic:

A blockchain is an important tool that establishes a transparent and efficient healthcare business model, completely based on a high level of accuracy and trust. This is because the technology is a tamper-proof one, and creates the first line of rapid protection, supported by a vast network of connected devices.

This is where the primary goal lies in staying alert about the outbreaks and hence the use of the platform is largely beneficial to address the situation and prevent pandemics. Blockchain Technology as an Application does so by facilitating the early detection technique and efficiently tracks drug trials while managing the impact of treatment and outbreaks.

Can blockchain aid to prevent pandemics?

The technological solution helps individuals and organizations to share any information, data, and transaction in a real team between the relevant parties. The information is shared as nodes in the chain, in a completely secured manner.

The onset of such a technology would have managed to combat the pandemic, had there been a blockchain that WHO and the healthy Ministry in each country and hospitals were connected through. This would have enabled them to share relevant information about any communicable disease such as covid 19. This would have helped to spread the word faster and stop the pandemic from spreading.

How does blockchain help to combat Covid 19?

Blockchain solutions during covid-19, as mentioned earlier, is helpful to track public health data surveillance, and especially with the outbreaks of diseases like this. With increased transparency, it helps to attain a more accurate and efficient response. This can help treatments to prosper swiftly as they would allow for rapid data processing. This enables early detection of symptoms prior to them spreading to being epidemic. This will also enable the agencies to keep track of the virus spread and combat new cases.

Tracking donations:

With trust being a major issue in this situation, blockchain has a cure here too. With its help, donors can view the places where there is a dire need to attain funds. This can help them to track the donations until and unless they are offered verification of the contributions being received. The technological solutions embrace transparency to regulate donations and their usage.

Manages crises:

Blockchain has the ability to alert the public instantly about the advent of the virus and by global institutes such as WHO. Apart from this, blockchain can also enable governments with recommendations of not contracting the virus. It helps to secure a platform for all concerned authorities including medical staff, governments, health organizations, media, and more to stay updated and update each other on the same.

Track medical supply chain:

The spread of Covid 19 witnessed a shortage in the supply of sanitizers and facial masks. As a result of the shortage, a few ill-deed individuals were taking advantage to generate fake products and earn more. Blockchain technology can fill the gap and offer smart contracts and accurate data for the technology to eliminate any occurrence of the breach between the needy and the supplies.

As the supply chain involves multiple parties, hence the entire process promises a tamper-proof procedure, enabling individuals to track the process. The technology is largely helpful in streamlining the medical supply chain and ensures that both doctors and patients have equal access to the tools whenever needed.

Conclusion:

Thus the usage of the blockchain to share the information would have saved the world from succumbing to the pain and how. With the world being completely naive to something as disastrous as Covid 19, it is extremely important to reassess decisions made and embrace new promising technologies. This is how both regulations and technology can bank on one another to safeguard the world from such pandemics ever in the future.

Blockchain Technology as an Application to Combat Covid-19

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