• The Solana community has been buoyed by the formation of BonkDAO, a memecoin project built on the Solana blockchain.
• The formation of BonkDAO saw a jump in Solana’s price, with it trading at its highest price in over two months.
• The memecoin project, BONK, has also seen an increase in user numbers, with over 100,000 BONK wallets recorded at press time.

The Solana community has been celebrating recently with the formation of BonkDAO, a memecoin project built on the Solana blockchain. This project has already had a major impact on Solana’s performance, with the price of SOL soaring by 40% at press time to trade at $23.48. This is the highest price the token has had in over two months, and is a sharp contrast to its downward spiral after the FTX debacle, during which it dropped below $10.

The team behind BONK announced the formation of BonkDAO on 14 January, with the aim of shifting the focus away from ‚toxic Alameda tokenomics‘ which had been plaguing Solana for the latter half of 2022. The project has already seen a lot of success, with the market capitalization of BONK reaching over $60 million at press time. Additionally, the number of users has exploded since the beginning of the year, with more than 100,000 cumulative BONK wallets recorded at press time.

The formation of BonkDAO has been a huge boon for the Solana community, and BONK has been the driving force behind the bullish rally. The memecoin project has caught the attention of enthusiasts and has provided the Solana community with more reasons to celebrate. As the project continues to grow and evolve, it’s likely that it will continue to have a positive impact on Solana’s performance.

• Fantom, an open-source smart contract platform, announced that its governance proposal to set up gas monetization for decentralized applications (dApps) had passed, with 55.9% of its community voting in favor of the implementation.
• The implementation would act both as a revenue source and an incentive to attract and retain high-performing dApps on the Fantom network.
• The news comes after the project’s once-exiled co-founder Andre Cronje revealed the project’s plans for 2023, with the proposal being seen as a complement to the next growth phase.

Fantom, an open-source smart contract platform, recently announced that its governance proposal to set up a gas monetization system for decentralized applications (dApps) had passed. The news was met with enthusiasm by the Fantom community, as 55.9% of them voted in favor of the implementation.

This gas monetization system is meant to serve two purposes. The first is to act as a revenue source for Fantom. By allowing developers to monetize their dApps with gas fees, Fantom will be able to generate more revenue from its platform. The second purpose is to incentivize developers to build on the Fantom network. The gas monetization system works similar to affiliate incentives, allowing developers to earn rewards for successful dApps.

The news comes after Fantom’s once-exiled co-founder Andre Cronje revealed the project’s plans for 2023. The passing of the gas monetization proposal is seen as a complement to the project’s next growth phase.

The implementation of this gas monetization system is seen as a major step forward for Fantom, as it positions the platform to be a major player in the blockchain space. The project is expected to continue to make progress in 2023, as the team works to actualize their roadmap. If successful, the project could see a revival in its metrics and help to grow its revenue.

1. Metaplex recently announced a new upgrade that will enable the enforcement of royalties for Solana NFTs.
2. This upgrade will allow NFT creators to earn a share of the profits every time an NFT created finds a new buyer.
3. Solana’s NFT trade volumes have been affected by the bearish market conditions, however this new upgrade may encourage more creators to adopt the Solana blockchain and lead to an increase in NFT trade volumes.

As Solana [SOL] continues to rise in popularity, its NFT platform Metaplex recently announced a major upgrade. This upgrade will enable the enforcement of royalties for Solana NFTs, allowing creators to earn a share of the profits every time one of their NFTs finds a new buyer. This is a major step forward for the Solana blockchain, as it could potentially encourage more creators to adopt the platform and lead to an increase in NFT trade volumes.

The Metaplex upgrade is set to launch on 6 January, allowing creators to implement royalties and even set their own optional rule sets. This is big news for the Solana blockchain, as it could prove to be a major advantage over other projects. The ability to earn royalties from their NFTs could be a major incentive for creators, who may be more likely to switch to Solana if they can make more money from their creations.

The news could also be good news for Solana investors. If the platform sees an influx of new creators, then it could lead to an increase in NFT trade volumes. This could have a positive effect on the price of SOL, as more demand for the token would drive up its value. However, investors should keep a close eye on the market and be aware of any potential selling opportunities that may arise.

Ultimately, the new Metaplex upgrade has the potential to make Solana more attractive to NFT creators and increase demand for SOL tokens. This could be a huge boost for the project, and it will be interesting to see how things develop in the coming months. If all goes well, we might see a much more vibrant NFT landscape in 2023.

• Bitcoin [BTC] opened the year trading at a two-year low.
• On-chain data suggests further price downsides in 2023.
• CryptoQuant analyst Wenry concluded that BTC holders should brace for a further decline in value in 2023.

Bitcoin [BTC], the world’s largest cryptocurrency by market capitalization, started off the new year trading at a two-year low. According to data from CoinMarketCap, BTC exchanged hands at $16,547.08 as of this writing. This suggests that there may be further price downsides on the horizon, as suggested by on-chain data.

To assess Bitcoin’s [BTC] investment trends of 2022, CryptoQuant analyst Wenry looked at a few on-chain metrics. These included BTC’s Realized Price, its MVRV Ratio, and a comparison of its spot trading volume vis-a-vis its derivative trading volume. Wenry found that BTC closed 2022 with a Realized Price of $19,809, a far cry from the Realized Price of $21,107 in early November, right before FTX’s collapse. The Realized Price is a metric that reflects the average price at which BTC has been acquired over a given period of time. This metric offers insight into the overall market sentiment and demand for BTC. If it is increasing over time, it indicates that more people are buying BTC at higher prices, which is a bullish sign. Conversely, if BTC’s Realized Price is decreasing, it could indicate that fewer people are willing to buy BTC at higher prices, which could be seen as a bearish sign.

Wenry also looked at BTC’s MVRV ratio and found that since Terra-Luna collapsed, BTC has been trading in a sideways range, with no clear trend. He noted that this could indicate that the market is still consolidating and that BTC has yet to bottom out. Based on these findings, Wenry concluded that BTC holders should brace for a further decline in value in 2023.

Given the current market conditions, it is important for investors to think before diving into the BTC pool. On-chain data suggests that there could be further downside risks in 2023, and investors should be prepared for this possibility. It is also important to monitor the Realized Price and MVRV Ratio to get an indication of the overall market sentiment and demand for BTC. With this information, investors can make more informed decisions about their investments and plan accordingly.

• Shiba Inu [SHIB] was one of the top performers of 2021, but its price has dropped over 90% since its all-time high.
• Recent WhaleStats analysis shows that Shiba Inu has been added to the list of top 10 most traded tokens among the 100 biggest ETH whales.
• The current price range of SHIB is close to a critical support level and could act as a bounce-off range in the near future.

The crypto world has been abuzz with the recent performance of Shiba Inu [SHIB], which was one of the top performers of 2021. After achieving robust growth, it reached its all-time high of over $0.70 in mid-December but since then, its price has dropped over 90%. This week, it continued to slip further down, bringing it closer to an important support level.

Recent WhaleStats analysis shows that Shiba Inu has been added to the list of top 10 most traded tokens among the 100 biggest ETH whales. This is confirmation that there is still demand for SHIB, especially at its current support range. It is possible that this same level might act as another bounce-off range and this outcome has a high probability for SHIB in the next few days.

The last time that the price of SHIB was within this range was at the bottom of the June crash. Since then, whales have been accumulating SHIB, but retail participation is low. Investors are not in a celebratory mood yet due to the current bearish market conditions.

An evaluation of SHIB’s supply distribution reveals that most of the large address categories have been accumulating SHIB. This could be an indication that whales are expecting a rebound in the near future, though it is not certain when that will happen.

At the same time, it is important to note that SHIB is still very volatile and its price could continue to drop. Therefore, it is important to monitor SHIB’s price action and make smart decisions when investing in it. Overall, the current price range of SHIB is close to a critical support level and could act as a bounce-off range in the near future. This could be an opportunity to buy SHIB at a discounted price before it rebounds.

• Polkadot (DOT) is currently the 12th largest cryptocurrency, with an overall valuation of a little over $5 billion.
• DOT showed a comparatively low tendency to cause price inconsistency, and investors are advised to forgo buying DOT coins in the short-term.
• Polkadot has been consistently providing infrastructure to other chains over its multi-chain network, Kusama. This year has been no different, with integrations with node services, NFTs, and dAPP staking mechanisms.

Polkadot (DOT) is today the 12th largest cryptocurrency with an overall valuation of a little above $5 billion, down by more than 90% of its all-time high of $55 (November 2021). The crypto bloom summer has seen DOT’s price hover around the $6 region, and it has been consistently providing infrastructure to other chains over its multi-chain network, Kusama.

Despite the bearish market, DOT showed a comparatively low tendency to cause price inconsistency. In fact, investors are advised to forgo buying DOT coins in the short-term due to its unsatisfactory performance. This year, the crypto has seen integrations with node services, NFTs, and dAPP staking mechanisms, and Polkadot has also provided updates on their Roadmap Roundup.

The blog post described the Asynchronous Backing which aims to reduce the duration of parachain blocks to six seconds, increase the amount of block space available to each block by a factor of 5-10, and allow parachain blocks to be reused when they don’t make it onto the relay chain on the first try. With this update, the transactions per second (TPS) capacity of the network is also expected to increase in aggregate to 100,000-1,000,000.

Prior to its launch, the Polkadot project had raised over $144.3 million through the Web3 Foundation in an ICO itself in October 2017. The price of DOT then kept oscillating between $4 and $5 throughout the rest of 2020, and it has seen a consistent decline ever since. The project has made progress towards its development, with the Asynchronous Backing update expected to bring major improvements to the platform.

Given the current bearish market, investors are advised to forgo buying DOT coins in the short-term, and instead, wait for a better entry point. However, given that Polkadot is a long-term project, investors are recommended to be patient and wait for the price to stabilize to maximize their returns.

• Hedera [HBAR] saw significant developments in 2022, including a partnership with LG Art Lab for NFT distribution.
• Despite unfavorable external market conditions, Hedera has had volatile movements as projects build on top of the network.
• The partnership with LG Art Lab may facilitate faster mass adoption of NFTs in the long-term.

In the past year, Hedera [HBAR] has made a significant impact in the cryptocurrency space. After seeing a price pivot in early 2022, HBAR was shy of oversold conditions despite the downside. This allowed the project to garner attention and set the stage for its rise to prominence.

The year saw some major developments that may lay the foundation for strong growth in the NFT market. One of the biggest developments was the network’s collaboration with LG Art Lab. The partnership was announced in December and aimed to facilitate NFT distribution. In a tweet on 27 December, LG Art Lab reiterated its commitment towards building on the Hedera network despite the challenges the market faced in 2022.

The partnership is a major milestone for Hedera as it allows the project to get closer to mass adoption of NFTs. LG Art Lab has already started building over 150 projects on the Hedera network, which will contribute to healthy network adoption despite unfavorable external conditions.

Though the year started off with healthy NFT trade volumes, the demand tapered off as the market faced external economic pressures. This could be attributed to the collapse of FTX and other market forces that caused volatility. Despite this, Hedera has continued to innovate and build on its NFT capabilities.

As we move into 2023, it is expected that the partnership with LG Art Lab will lead to faster adoption of NFTs. This is due to the fact that LG Art Lab will be able to utilize Hedera’s technology to facilitate NFT distribution. Additionally, Hedera has already issued grants to projects that are building on the network. These grants will help to further bolster the development of the network and help to drive mass adoption of NFTs.

All in all, it is clear that Hedera [HBAR] has had a significant impact in the NFT space over the last year. With the developments and partnerships in place, it is likely that Hedera will continue to be an NFT powerhouse in the years to come. As the market continues to evolve, it is expected that HBAR will be well positioned to capitalize on the potential of the NFT space.

• Monero faced heavy resistance at $147 and the Value Area High and Low lay at $167 and $126 respectively as per the Volume Profile Visible Range tool.
• The RSI stayed above neutral 50 despite the pullback from $151 over the past two weeks and the OBV formed a series of higher lows since November.
• A safe entry for buyers could be the $134-$140 region, targeting the Value Area High at $167 to take profit at.

Cryptocurrency traders have been closely following the price movements of Monero (XMR) over the past few weeks. After a brief surge to $160 in early November, Monero’s price has been volatile, fluctuating between $134 – $160. However, the $147 level has been identified as a key area of resistance.

The Volume Profile Visible Range tool measured the Point of Control to lie at $147, with the Value Area High and Low being $167 and $126 respectively. This area is expected to be a high-volume node and hence likely to pose a strong resistance against further price movements. A close below the $139.4 level will indicate a shift in favor of the sellers. However, the $135 level can serve as support yet again and stop the bears from taking control.

In spite of the pullback from $151 over the past two weeks, the Relative Strength Index (RSI) stayed above the neutral 50 level. This is a positive sign as it indicates that the bears do not have full control of the market yet. The On-Balance Volume (OBV) has also formed a series of higher lows since November, which demonstrates that there is steady demand behind the coin.

Taking these indicators into consideration, a safe entry for buyers could be the $134 – $140 region. This can be used to target the Value Area High at $167 for taking profit. The local top from November at $160 can also be used as a target for profit.

1. Dogecoin’s [DOGE] recent price correction led to about 9% of value shedding, dropping from $0.07749 to $0.06930.
2. If the recent support of $0.06930 remains sturdy, bulls could inflict a price recovery with a potential of over 9% gain targeting $0.07749.
3. The Money Flow Index (MFI) and Relative Strength Index (RSI) suggest that a slight buying pressure had built up, indicating that a price reversal is likely underway.

Dogecoin (DOGE) recently underwent a price correction, in which it shed about 9% of its value, dropping from $0.07749 to $0.06930. If the recent support of $0.06930 holds firm, DOGE bulls are likely to launch a price recovery with a potential of over 9% gain targeting $0.07749. Technical indicators such as the Money Flow Index (MFI) and the Relative Strength Index (RSI) suggest that a slight buying pressure has built up, indicating that a price reversal is likely underway.

The support of $0.07100 has been tested thrice in the past few months, and if it holds, it could signal a price reversal. The MFI, which measures the money flow in and out of the market, has shown an uptick after a recent slump, indicating that accumulation has occurred and that the bulls have taken a position. Additionally, the RSI has been rejected twice whenever it hits the 30-level, which could also serve as a signal that the price reversal is underway.

If the support of $0.07100 holds and the technical indicators point to a price reversal, then DOGE bulls could launch a move forward and retest or break above the resistance level at $0.07749. However, if the support of $0.06930 fails and the resistance level of $0.07100 is broken, then the price could drop further and invalidate the above-mentioned forecast. Therefore, investors should carefully evaluate the market before making entry positions for long trades.