Coin360 Daily Dispatch (Apr 8, 2023): Crypto Market Updates & Higlights
Apr 8 2023
Crypto Market Update and Best Meme Coins 2023: Insights and Top Picks
Written by Van - Perfected by ChatGPT
BTC has shown bullishness by holding near $28,000 amid worsening macroeconomic conditions and regulatory pressure. It came as the Arkansas State House passed a bill called the Arkansas Data Centers Act of 2023 that seeks to clarify regulations of digital mining in the state, and has been sent to the governor.
Bitcoin mining operations must comply with state laws on tax and business guidelines to operate in the state, and miners will be free to mine Bitcoin in Arkansas as long as they don’t cause stress on the electrical grid. The bill recognizes that data centers have economic value as they create jobs and pay taxes, and guidelines are in place to prevent Bitcoin miners from discriminatory taxes and regulations. Several other US states are also trying to regulate mining activities in their jurisdiction.
Ethereum Briefly Loses $1,900 as Whale Investors Accumulate Ahead of Shappela Upgrade
Ethereum’s price briefly reclaimed \(1,900 for the first time since August 2022, with large investors accumulating ETH ahead of the Shappela network upgrade scheduled for April 12th, but then gave up the gains. Despite the price surge, social sentiment around Ethereum remains negative due to speculation that the price may crash after the ETH2.0 transition. Data from Santiment shows that Ethereum whale investors have been buying, adding 2.4 million ETH worth approximately \)4.4 billion to their balances between February 12 and April 7.
Source: Santiment
The price of ETH could potentially break above \(2,000, with minimal challenge at the \)2,030 resistance level. However, bears can still force the price below $1,780 if they breach strong support levels provided by 4.17 million addresses holding 9.16 million coins.
Source: IntoTheBlock
Best Meme Coins 2023: Coin360’s Top Picks to Keep an Eye On
Introducing Coin360’s Best Meme Coins 2023 & the Next Meme Coin Revolution
As the crypto market evolves, meme coins continue to pique the interest of investors and enthusiasts alike. Our team at Coin360 has put together a comprehensive list of the top meme coins for 2023, named “Coin360 Presents: Best Meme Coins 2023 & the Next Meme Coin Revolution.“
These contenders have been carefully selected based on their potential for growth, community engagement, and innovative use cases.
Our top meme coin picks for 2023 include:
A. Kiba Inu (KIBA)
B. Dejitaru Tsuka (TSUKA)
C. HODL (HODL)
D. Marvin Inu (MARVIN)
E. Pitbull (PIT)
F. Vita Inu (VINU)
G. DinoLFG (DINO)
Head over to our full report to learn more about these exciting meme coin projects and discover how they might transform the crypto landscape in the coming year.
Dogecoin Still Has Room For Growth Despite Recent Surge, Says Santiment
Analytics platform Santiment suggests that Dogecoin still has more upward potential despite its recent 30% surge. Its market value to realized value (MVRV) in the past 30 days is not in the “danger zone,” indicating room for prices to rise further. However, the director of marketing warns that the meme coin may have hit a local top following the rally, with spikes in three metrics. DOGE’s price action after the surge also does not inspire confidence. “Higher highs” are necessary for a bigger rally to commence soon.
Source: Santiment
Conflux Proposes Deployment of Uniswap v3 on Its Blockchain Network
Conflux, a China-based public blockchain, has proposed to deploy Uniswap v3 on its network, citing potential access to millions of new users in the Chinese and Asian markets. The proposal also noted that the regulatory crackdown in the US and Europe would benefit the crypto industry’s growth in Asia. Incentives for projects building on top of Uniswap v3 on the Conflux Network include the creation of liquidity pools for CFX token trading pairs and $1 million in liquidity incentives from the Conflux Foundation.
CFX recorded a 2.74% increase in the past 24 hours.
dYdX Halts Access to Canadians Due to Regulatory Constraints
Decentralized derivatives exchange, dYdX has announced that it will no longer be accessible to Canadian customers due to the country’s restrictive regulatory environment towards exchanges. New users will not be able to join the platform, with existing Canadian customers’ trading support ending on April 14th. The exchange hopes that the regulatory climate in Canada will change in the future to allow it to resume services.
In response, DYDX initially tanked 5% before recovering a bit to trade at a -1.26% loss.
LooksRare Upgrades To Version 2, Offers 75% Lower Trading Fees And Gas-Efficient Contracts
NFT marketplace LooksRare has upgraded to version 2 to reduce trading fees by 75% and offer new gas-efficient contracts. While version 1 charged 2% per trade, version 2 charges just 0.5%, and users can save up to 30% on gas fees compared to the previous version. The upgrade also allows for bulk buying and selling orders, and users can buy NFTs and send them to different wallets. The team behind the marketplace will also sunset version 1, with all current auctions being removed from the website on April 13. Although the new features were well received by most users, some were unconvinced that it would be enough to attract them from other platforms.
LOOKS price didn’t actively respond to the news. At the time of writing, it is marking a modest gain of 1.15% over the past 24 hours.
Summary of Market Events and Price Action
As a summary of today’s events and price action in the market, it is crucial to note the following key points:
- BTC holds $28,000 amid Arkansas bill to clarify regulations of digital mining
- ETH slides below $1,900 ahead of Shanghai upgrade but whales are still buying
- DOGE is set for further increases, said analysts
- CFX slightly rises following Uniswap v3 deployment proposal
- DYDX tanks after news of Canadian market exit
- LOOKS barely moves despite v2 update
- Discover the Top Meme Coins to Watch in 2023
Top Altcoin Gainers and Losers
Gainers:
Chiliz CHZ (+7.85%)
eCash XEC (+5.18%)
Filecoin FIL (+4.26%)
Losers:
Injective INJ (-4.90%)
Lido DAO Token LDO (-2.84%)
Trust Wallet Token TWT (-1.39%)
NFT Market Map
As a continuation of yesterday’s hype, Azuki posted a 335.67% surge in volume to rank as the biggest NFT collection by trading volume today.
Wrapped Cryptopunks, another dark horse, saw its volume soar by 1,632.37% throughout the day. The collection witnessed an increase of 20% in buyers and 10.6% in sellers over the week, while its number of holders rose by 18.6%, according to NFTGo data.
