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Online trading continues to attract many players and investors. However, the industry is still as technical as ever. To trade successfully, you need proper analysis and insights, whether it’s stocks, indices, futures, Forex, or Bitcoin. And that’s where a platform like TradingView comes in. More than 50 million traders and investors use TradingView. It’s a social platform with some of the world’s most powerful market analysis tools, giving traders the solution they need to make better decisions.

TradingView houses a stock screener that presents information about a vast number of tradable stocks. You get info on market cap, sector, earnings, dividends, and more. In addition, the platform provides real-time news on the happenings in various markets, sourcing happenings from Reuters, CNBC, Routers, and other top publishers. Of course, you can’t skip the watchlists, hotlists, charts, and indicators.

With all these, it’s understandable why more brokers choose to join the list of TradingViev supported brokers. However, behind the elegance of the stocks, charts, and indicators, is the platform crucial for trading analysis? That’s the discussion in this article. 

An Overview of TradingView Charts

Charts are among the most used features by TradingView brokers, and they function for trading analysis in many ways. First, TradingView  lets users annotate charts. You can do that using several drawing tools, including trend lines, pitchforks, and Fibonacci retracements. Even texts and shapes will work, and with this, you can easily highlight critical chart areas for your trading analysis.

Furthermore, it’s noteworthy that TradingView supports various chart types. You can view candlesticks, line graphs, and area charts, to name a few. Each one has its advantage when it comes to analysis. For instance, candlesticks make it easy to follow closing and opening prices, while line charts reveal trends.

Thanks to TradingView’s detailed charts, traders can easily identify trends, patterns, and signals for better predictions. Consider the line charts, for example. As a trader, you can spot trend directions to invest your money for better returns. In addition, you can read patterns from charts to know when a trend might change. Likewise, charts uncover signals based on different price actions like pullbacks, breakouts, and resistance levels. All these are valuable for trading analysis.

TradingView Analysis Tools

When talking about trading analysis tools, the discussion centers on indicators. TradingView supports an array of them, which you can apply to charts, including moving averages, volume, and oscillators. The best part is that there are hundreds of custom indicators you can use created by professional traders. If you can use the Pine Script, you can build your indicators from scratch.

Interestingly, TradingView lets you add up to 25 indicators on charts and graphs. Also, you can adjust how they show, especially in terms of colors and styles. The popular indicators you’ll find on TradingView include Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Bollinger Bands.

These indicators contribute greatly to trading analysis. In particular, they make understanding market conditions a lot easier. Consider the MACD indicator, which uncovers the strength and direction of trends. Then, you can employ RSI to analyze oversold and overbought conditions, and this gives you priceless info on market participation.

An important aspect of online trading is volatility. It’s crucial, especially when trading items like forex and cryptocurrency. As a result, it’s noteworthy that TradingView supports many volatility indicators. Bollinger Bands are a good example. Using them, you can spot low and high volatility periods, hence identifying potential contractions and breakouts. 

Generating Trading Ideas

Analysis without execution is time-wasting. So, that TradingView goes ahead to help traders put their findings into action is commendable. Particularly, this stems from the social aspect of the platform. It’s like any other social media platform where users can like, share, follow, and comment. Likewise, you can publish your content for others to engage.

With this feature, it’s easy to get ideas to help better your trading strategies. TradingView is home to many expert brokers and traders, who you can follow and learn from their market analyses. You can then customize it based on your trading plan and execute it. As you develop your trading ideas, also share them with others. You can improve your strategy from the feedback you receive and even learn about new concepts. 

Bottom Line

With the details so far, it’s evident that TradingView is, indeed, an elegant yet crucial helper when it comes to trading analysis. Powerful tools to create, customize, and share charts, indicators, and trading ideas are at your disposal as a user, and you get access to a large and active community of experts and trading enthusiasts.

Most people consider TradingView as simply a chatting platform, but that’s wrong. It’s more. It’s a social network for traders who want to improve their skills, knowledge, and performance. You can start using the platform at no cost by signing up for a free account!

EigenLayer is an innovative Ethereum based protocol enabling Ethereum validators and stakers to restake their staked ETH on emerging networks to provide security and earn rewards.

Users staking ETH natively or with a liquid staking token (LST) can opt-in to EigenLayer smart contracts to restake their ETH or LST. In so doing, they extend cryptoeconomic security to additional applications or other projects on the network and earn additional rewards.

EigenLayer has launched its long anticipateted Stage 1 mainnet, but doesn’t have its native token just yet. However, early users participating in testnet and mainnet may be eligible for a retroactive Airdrop in the future after the Token Generation Event (TGE).

Want to learn how to participate in EigenLayer’s potential airdrop to gain a head start on early adoption and acquire tokens before they hit the open market?

This guide explores the boundless potential of the EigenLayer groundbreaking platform and prepares you for the extraordinary benefits offered by its potential airdrop.

What Is EigenLayer?

EigenLayer, a groundbreaking middleware built on the Ethereum network, is revolutionizing blockchain technology by commoditizing decentralized trust. It allows Ethereum node operators and validators to restake on EigenLayer by depositing liquid staking tokens, including Lido stETH (stETH), Rocket Pool’s rETH, and Coinbase Wrapped Staked ETH (cbETH). The assets can be reused to validate and secure other networks, such as sidechains or non-EVM blockchains, which won’t need to bootstrap their own validator sets and native token economies. These projects can rely on restaked ETH for security and would pay EigenLayer for its services, resulting in additional yield for restakers.

Integrating Eigenlayer eliminates the need for separate trust networks and allows protocols to leverage Ethereum’s trust network, promoting permissionless innovation. It enables pooled security for multiple services reducing costs and enhancing trust guarantees.

The project has some serious backing by notable investors and announced $50 million in a Series A funding round in late March led by crypto venture firm Blockchain Capital, Coinbase Ventures, Polychain Capital, Electric Capital and Ethereal Ventures.

EigenLayer’s rollout is planned in three phases, and the project is currently in its testnet phase.

How to Qualify for the EigenLayer Airdrop?

Please note that the EigenLayer team hasn’t officially announced a token release, and the steps below intend to increase your chances of qualifying for the potential airdrop. However, it’s important to understand that these steps don’t guarantee the receipt of airdropped tokens.

Step 1: Set Up Your Wallet

If you don’t already have an EVM wallet, you must first download one. In this guide we’ll use the Metamask wallet as an example. Download MetaMask and set up an account.

Next, navigate to the Chainlist website. In the top right corner, click ‘Connect Wallet’ and select the wallet you want to link. Approve all the pop-ups and signature requests to connect your wallet. In the search bar, type ‘Goerli’ and click ‘Add Chain’ under the first result. Approve all the subsequent pop-ups to add this chain to your wallet. This step is necessary if your wallet isn’t already configured for the Goerli network.

Step 2: Request Some Test ETH Funds

• Visit the Goerli Faucet website. Copy your Ethereum address or ENS name from your wallet and paste it into the search bar.
• Click on ‘Start Mining’, approve the pop-ups from your wallet, and you’ll receive the funds. You can also use the Alchemy Faucet to request funds.

Step 3: Convert Goerli ETH to rETH

• Visit the RocketPool staking website. Enter the desired amount of ETH you wish to convert to rETH under the ‘Stake ETH’ option.
• Click ‘Stake’ and approve the pop-ups from your wallet to convert the funds.

Step 4: Convert Goerli ETH to stETH

• Open your wallet, click ‘Send’, and paste this address: 0x1643E812aE58766192Cf7D2Cf9567dF2C37e9B7F.
• On MetaMask, click ‘I Understand’, enter the desired amount, and confirm the transaction. Approve the pop-ups from your wallet to convert the funds.

Step 5: Restake on Testnet

• Visit the testnet restaking protocol EigenLayer Testnet, select “Rocket Pool ETH,” and stake a portion of rETH.
• Then select “LIDO Staked ETH” and stake a portion of stETH.

Step 6: Connect Wallet to the Mainnet Platform

You can repeat the above-mentioned steps on the EigenLayer Mainnet to increase your odds.

• Visit the EigenLayer platform, scroll down, and click ‘Restake now’.
• Click ‘ Connect Wallet ‘ in the top right corner to link your preferred wallet to the Mainnet.
• Choose either MetaMask or Wallet Connect, read all the terms and conditions, click ‘Approve’, authorize the pop-ups from your wallet, and switch the network.

Step 7: Restake rETH on Rocket Pool Ether Using EigenLayer

• On the EigenLayer platform, click ‘Restake now’, then ‘Rocket Pool Ether.’
• Select ‘Deposit,’ enter the amount you wish to restake, click ‘Next,’ and authorize all the pop-ups from your wallet.

Step 8: Restake stETH on Rocket Pool Ether Using EigenLayer

• On the EigenLayer platform, click ‘Restake now,’ then ‘Lido Staked Ether.’
• Select ‘Deposit,’ enter the amount you wish to restake, click ‘Next,’ and authorize all the pop-ups from your wallet.

Conclusion

EigenLayer is an innovative protocol designed to provide unparalleled benefits for developers and investors. By leveraging the testnet, you can increase your chances of securing an airdrop. EigenLayer’s robust structure holds the potential for substantial investment returns. With its focus on bolstering blockchain security, driving groundbreaking advancements, and attracting a thriving user base, EigenLayer is poised to revolutionize the ecosystem.

Disclaimer: All information provided in or through the CoinStats Website is for informational and educational purposes only. It does not constitute a recommendation to enter into a particular transaction or investment strategy and should not be relied upon in making an investment decision. Any investment decision made by you is entirely at your own risk. In no event shall CoinStats be liable for any incurred losses. See our Disclaimer and Editorial Guidelines to learn more.

XRP, the cryptocurrency that powers the XRP Ledger launched by U.S. fintech company Ripple, soars 75% after a U.S. judge ruled on Thursday that Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges.

As XRP appears to be poised for a significant resurgence, some experts suggest that this impressive momentum could propel XRP back to its all-time highs in the near future. Back in early 2018, XRP reached an astonishing price of $3.31, representing a remarkable 5.5 times increase from its current levels.

But the question remains: Can the XRP price soar to $100? This tantalizing prospect is an exciting proposition for cryptocurrency enthusiasts and investors alike. We should never say never as XRP continues to demonstrate its resilience and upward trajectory.

This article explores the lawsuit’s resolution as a significant factor in XRP price movements and looks into XRP’s recent performance and XRP price forecast to help you seize the enticing opportunity the token offers.

Whether you’re an experienced trader or a newcomer to the cryptocurrency market, XRP is a compelling asset to consider adding to your portfolio.

Understanding XRP and the Impact of Court Cases

Ripple is a blockchain-based digital payment network and protocol powered by the XRP token. Ripple Labs, the company behind the project, focuses on real-time payment settlements and currency exchange services for financial institutions such as banks and payment processors. 

The Securities and Exchange Commission (SEC) sued Ripple Labs back in 2020, alleging that the company sold unregistered securities worth $1.3 billion through the sale of XRP tokens. While Ripple argued the tokens didn’t meet that standard under the law.

This lawsuit has been a cloud hanging over Ripple XRP since its inception.

However, this Thursday, the ruling by the U.S. District Court for the Southern District of New York amounted to a partial win for both parties. The U.S. District Court Judge Torres ruled that XRP transactions made on public cryptocurrency exchanges didn’t qualify as securities offerings under the law. The court ruled that XRP sales conducted by Ripple’s executives, including CEO Brad Garlinghouse and former CEO Chris Larsen, as well as other distributions like employee compensation, also didn’t involve securities.

This court ruling marks a significant development in the ongoing debate over the regulatory status of cryptocurrencies. It challenges the SEC’s assertion that most crypto tokens should be classified as securities and subject to strict investor protection regulations. It also clarifies the specific circumstances under which a digital asset may be classified as a security.

Ripple’s victory, in this case, could potentially influence future regulatory decisions and reshape the legal landscape for the broader crypto market.

Ripple CEO Brad Garlinghouse tweeted: “Thankful to everyone who helped us get to today’s decision—one that is for all crypto innovation in the U.S. More to come.”

The SEC won a partial victory as Torres found the company’s $728.9 million of XRP sales to hedge funds and other sophisticated buyers amounted to unregistered sales of securities.

Factors Influencing Ripple XRP Price

XRP has shown resilience despite regulatory challenges faced by Ripple Labs and has been actively engaged in legal proceedings with the SEC since 2020. Here are the factors influencing XRP’s price:

• Regulatory Developments: Ongoing legal battles and regulatory actions impact the XRP coin price, with updates and resolutions potentially affecting market sentiment.
• Market Sentiment and Investor Confidence: Overall, market sentiment and investor confidence in cryptocurrencies can shape the price of XRP, influenced by factors like institutional adoption, regulatory clarity, and mainstream acceptance.
• Adoption and Use Cases: XRP’s adoption, partnerships, technological advancements, and utility for cross-border transactions can impact the Ripple price.
• Market Volatility and External Factors: The cryptocurrency market’s volatility and external factors, such as the global economy, regulations, and geopolitical events, can cause price fluctuations for XRP and other cryptocurrencies.
• Scarcity: XRP, like many other cryptocurrencies, operates on the principle of finite supply. Ripple has set a maximum quantity of 100 billion XRPs, ensuring that no additional tokens will ever be created. With each transaction conducted using XRP, a small amount is contributed by the sender and subsequently burned, reducing the total supply. This token-burning mechanism enhances the scarcity of XRP over time. As more individuals purchase XRP and engage with the Ripple platform, the scarcity of the token increases. This scarcity can potentially drive the price of XRP to significant heights as demand surpasses the limited supply. With a finite quantity and a token-burning mechanism in place, the prospects of price appreciation for XRP become promising.

After the ruling, XRP has been making waves in the market, with XRP now soaring to its highest levels in over a year and surpassing key resistance levels. Coinbase, the largest U.S. crypto exchange, said it would again allow trading of XRP on its platform. Coinbase chief legal officer Paul Grewal tweeted: “We’ve read Judge Torres’ thoughtful decision. We’ve carefully reviewed our analysis. It’s time to relist.”

The Lawsuit Effect: XRP Price Prediction After Lawsuit

The recent ruling has provided greater clarity and certainty regarding XRP’s regulatory status, making it a more attractive option for institutional investors. This newfound confidence is reflected in the significant price rally witnessed after the court’s decision.

Following the recent court ruling, XRP experienced a significant rally, surging over 80% and surpassing key resistance levels against the U.S. dollar. Ripple’s price reached a high of around $0.95 before undergoing a corrective phase.

XRP current price is over $0.5000, well above the 100-day simple moving average, indicating a positive market sentiment. Additionally, a major bearish trend line near $0.50 was broken, further supporting the bullish outlook for XRP on the daily chart of the XRP/USD pair.

Although a correction in the price is currently underway, there is potential for the bulls to remain active around the $0.70 mark. Despite the temporary pullback, this suggests ongoing support for XRP’s upward trajectory.

The $100 Question: Analyzing the Possibility of XRP Hitting the Mark

After having skyrocketed due to the federal court ruling saying that its sales on crypto exchanges complied with U.S. securities laws, XRP price retreated by about 10% to $0.76 on 14 July, but compared to its lowest price the previous day, it was still up around 65%.

According to Cointelegraph’s Ripple price prediction, XRP’s ongoing price pump may not be just a short-term reaction to the positive news for Ripple. XRP can test the key $1 level in the coming days, but its potential to continue its rally beyond looks weak. XRP’s weekly relative strength index (RSI) has turned overbought, raising its correction prospects. In case of a pullback, XRP price risks dropping toward its multi-year ascending trendline support near $0.45 by September, down around 55% from the current price level.

Cryptonews notes that with XRP currently reaching its highest levels in over a year and surpassing significant resistance at the previous yearly highs of around $0.58, there is strong potential for a rapid rally toward the next notable resistance level above $0.90. That could mean further short-term gains in the region of 50% for XRP holders.

Based on Cryptonews Ripple price prediction, XRP has the potential to reach all-time highs in the near future, with the cryptocurrency market showing signs of a new bull market due to increasing institutional adoption and improving macro conditions. Here is its answer to the question if XRP can reach $100: at the current circulating supply of 52.5 billion tokens, a $100 XRP price would imply a market capitalization of approximately $5.25 trillion. While Cryptonews doesn’t rule out this possibility, it acknowledges that it could take decades rather than years or months to reach a $100 price for XRP if it happens.

The XRP price prediction 2023 based on the Cryptopolitan suggests a minimum price of $0.55 and an average trading price of $0.57. Ripple cryptocurrency is expected to attain a maximum price of $0.61. Its XRP price prediction 2025 is for Ripple cryptocurrency to trade at a minimum price of $1.19 and an average price of $1.23. According to the Ripple price forecast for 2030, Ripple is predicted to hit a minimum price of $5.61 and an average price of $5.77 throughout 2030. The maximum forecasted Ripple price for 2030 is $6.79.

Conclusion

Given the inherent volatility of the cryptocurrency market, making a precise Ripple price forecast is challenging. However, based on current trends and factors influencing XRP and the favorable outcome for Ripple in the lawsuit, more investors will be willing to jump on the Ripple bandwagon, leading to a significant XRP price increase.

Remember, the crypto industry can be unpredictable, and Ripple price predictions should be considered with caution. It’s crucial to conduct thorough research, consider multiple Ripple price forecasts, its price history, technical and fundamental analysis, and assess the broader market trends before making any investment decisions.

Cardano (ADA) is a decentralized Proof-of-Stake blockchain aiming to become the “Internet of Blockchains” by facilitating seamless interoperability between different blockchain networks.

Referred to as an “Ethereum killer,” Cardano (ADA) was launched as a more sustainable and scalable blockchain than Bitcoin and Ethereum.

ADA is the token that powers the Cardano network and has become one of the fastest-growing blockchain assets in the cryptocurrency market. ADA was named after Augusta Ada King, Countess of Lovelace (1815-1852), the first computer programmer.

Cardano (ADA) experienced a significant drop in early June, triggered by the U.S. Securities and Exchange Commission (SEC), categorizing it as security during its legal actions against Binance and Coinbase.

However, ADA’s price has been witnessing a consistent 1.5% price growth over the past month, indicating the potential for a substantial surge in the near future. With its steady growth and recent consolidation, ADA has rekindled excitement among investors and enthusiasts alike. 

This guide takes a closer look at Cardano (ADA) and its underlying technology, along with the ADA token’s price prediction based on experts’ opinions and the expectations for a breakthrough in ADA’s value.

Read on to decide if ADA coins should be a valuable addition to your investment portfolio and make an informed investment decision that could shape your financial future!

What Is Cardano (ADA)?

Charles Hoskinson founded Cardano as a more scalable, interoperable, and sustainable blockchain than Bitcoin and Ethereum. IOHK, a blockchain R&D company founded by Charles Hoskinson and Jeremy Wood; the Cardano Foundation; and Emurgo, a venture capital firm based in Japan, are behind Cardano’s development.

Powered by ADA token, Cardano is an open-source blockchain enabling users to build smart contracts, create decentralized systems and applications, and send and receive funds instantly with minimal fees.

What makes Cardano unique is that its development is based on scholarly academic research and peer-reviewed scientific evidence.

Cardano uses the Ouroboros protocol to ensure the Cardano blockchain’s sustainable scalability without compromising security or energy efficiency. Its Proof-of-Stake algorithm makes it one of the most environmentally friendly blockchain systems in the market.

How Does Cardano (ADA) Work?

Cardano (ADA) was designed to address such limitations of existing blockchain networks as scalability, sustainability, and interoperability. 

Cardano’s Ouroboros protocol is a Proof-of-Stake (PoS) consensus algorithm ensuring high transaction speed, advanced features, and a scalable consensus mechanism. Cardano prioritizes sustainability by focusing on environmental friendliness and long-term viability. Its PoS consensus algorithm requires less energy than Proof-of-Work (PoW) algorithms used by networks like Bitcoin.

Cardano is a multi-layer blockchain with two layers developed as a solution to blockchain scalability, privacy, or interoperability issues. It separates the two layers to enhance security, ease updates, and facilitate compatibility with different programming languages.

• Cardano Settlement Layer (CSL) contains the ledger of validated transactions, accounts, and balances. It handles all transactions with minimal transaction fees using ADA.
• Cardano Computing Layer (CCL) executes the smart contracts, facilitates the development of DApps, and ensures security.

Cardano uses staking, a process where network participants stake crypto to participate in the blockchain’s operation. Users owning a 2% stake in the Cardano blockchain can choose to mine a block.

The decentralized governance mechanism incorporated by Cardano allows stakeholders to participate in the decision-making process. ADA holders can make proposals and vote on protocol upgrades and improvements.

Cardano (ADA) Milestones

Cardano (ADA) has achieved several significant milestones since its inception. Here are some notable milestones in the development and evolution of Cardano, named after influential historical figures:

1. Byron Phase: This phase marked the launch of the Cardano mainnet in September 2017, introducing the blockchain and the cryptocurrency ADA to the market. 
2. Shelley Phase: The Shelley phase, in July 2020, introduced the decentralization of the network by enabling staking and delegation of ADA, allowing users to participate in the PoS consensus and earn rewards.
3. Goguen Phase: The Goguen phase represents the integration of smart contract functionality into the Cardano blockchain. It allows developers to build and deploy decentralized applications (DApps) and execute smart contracts using Cardano’s native programming language, Plutus. 
4. Basho Phase: The Basho phase aims to enhance Cardano’s scalability and interoperability. It focuses on improving the network’s performance and throughput, enabling sidechains and off-chain scalability solutions. 
5. Voltaire Phase: The Voltaire phase is centered around the governance and sustainability of Cardano. It introduces a decentralized governance model, allowing ADA holders to participate in decision-making processes and propose and vote on protocol upgrades. The Voltaire phase aims to ensure the long-term evolution and self-sustainability of the Cardano ecosystem.

In March 2021, with the Mary hard fork, Cardano added native token support, allowing users to create custom tokens directly on the network.

In September 2021, the Alonzo hard fork introduced smart contract capabilities with Plutus, its own smart contract platform. The upgrade allowed developers to build DApps and NFTs and deploy smart contract applications onto the Cardano blockchain.

In September 2022, The Vasil hard fork increased Cardano’s scalability, speed, and DApp development capacity.

In May 2023, Cardano released the new Hydra protocol, functioning as a Layer 2 protocol. Hydra’s ability to scale horizontally enables handling a growing number of transactions and enhances the platform’s transaction throughput and efficiency while maintaining security and decentralization.

Cardano Price History

Cardano (ADA) has experienced a notable price history since its launch in 2017. Cardano’s lowest price was recorded on Oct 1, 2017, when it was trading at its all-time low of $ 0.017354. Shortly after listing, ADA was listed on several cryptocurrency exchanges, reaching around $1.33 in January 2018 during the peak of the cryptocurrency market bull run.

Following the market-wide correction in early 2018, ADA, like many other cryptocurrencies, experienced a significant price decline. The market entered a consolidation phase, and ADA’s price fluctuated between lower levels throughout 2018 and early 2019.

Cardano’s price started to regain momentum in 2020-2021, during the Bull Market when it was trading at its all-time high of $ 3.10 on Sep. 2, 2021. The announcement and subsequent launch of the Shelley phase, which brought about decentralization through staking, generated positive sentiment and increased interest in ADA. Cardano’s price experienced significant growth during this period, reaching new highs.

However, shortly after this peak, the overall cryptocurrency market experienced a significant correction triggered by various factors, such as regulatory concerns and market speculation. ADA’s price also dipped during this period, reflecting the broader market trend, and ended 2022 at two-year lows of $0.24.

Cardano’s Future Amidst SEC Lawsuit

Since the beginning of 2023, Cardano (ADA) had climbed by over 54%, with Cardano’s total value locked surpassing $170 million, a rise of almost 300% since January 1.

However, ADA suffered a sharp decline in value in the beginning of June when the United States Securities and Exchange Commission (SEC) regarded it as an unregistered security in its lawsuits against Binance and Coinbase. Cardano (ADA) was among the $115 billion worth of coins heavily hit by the SEC’s lawsuit, causing its value to drop over 20% soon after the SEC’s claim.

The lawsuit triggered a 42.5% drop in ADA’s price from $0.37 to a two-year low of $0.21 within a few days.

Aditionally, Cardano faced additional pressure due to delisting on popular trading platforms like Robinhood, eToro, and Revolut.

Despite the turmoil in the crypto market, high-profile analysts have agreed that the SEC’s labeling doesn’t automatically render Cardano a security, instead, the SEC would have to substantiate its claims through a lengthy legal process.  

IOG, the company behind Cardano’s development, has rebuffed the SEC’s accusations, and Hoskinson remains optimistic about Cardano’s future and the crypto industry at large.

If Cardano successfully challenges the delisting decision, it could set a precedent for similar regulatory hurdles concerning other cryptocurrencies.

While negative sentiment and recent challenges such as the SEC lawsuit and delistings from U.S.-based trading apps have negatively impacted the cryptocurrency, Cardano (ADA) is showing resilience and signs of progress. The crypto analytics platform Santiment notes that ADA has been flashing bullish signals, and mild trader capitulation can ignite bounces for ADA: 

“Top cap crypto assets are being traded at a loss after the high profit-taking last week, leading to the price drop we’ve seen. XRP and ADA are seeing a particularly high amount of sells at lower prices, making the chances of bounces increase.”

The token’s technical and on-chain analysis also reveal encouraging indicators for ADA’s positive recovery in the future if the network’s technical aspects continue to develop and are supported by on-chain growth.

Cardano (ADA) Price Predictions

Cardano (ADA) has been generating significant buzz as it approaches a crucial resistance level at $0.2942. The anticipation is palpable, as market participants eagerly analyze every move, hoping to predict ADA’s next trajectory. 

Will the price overcome the resistance and launch into a bullish rally, or will it succumb to the pressure, resulting in a temporary retreat?

The ADA price is mainly affected by the trader’s sentiments and whales in the short term. If buyers show an interest in the token, the price will be greatly affected positively.

In the long term, the ADA price is mainly affected by technological advancements and fundamental analysis. 

Cryptonews Cardano price prediction 2023 expects the token to trade at a maximum of $0.88, and a minimum of $0.36. Based on its Cardano prediction 2025, the token will trade in a range of $0.99 to $1.43, where the former is the potential lowest price, and the latter is the potential highest price for the entire year. By 2030, Cryptonews predicts the ADA price to have reached the maximum price of $4.94, while the minimum price may be around $3.43.

Changelly predicts the minimum value of Cardano to be around $0.5199, the maximum expected ADA price to be around $0.6099, and on average, the trading price might be $0.5399 in 2023. It expects ADA to have a minimum price of $0.67 and a maximum price of $0.85 in 2025. In 2030, ADA is expected to have a maximum value of $5.12 and a minimum value of $4.39.

Wallet Investor has a  bearish outlook and considers Cardano (ADA) a high-risk asset, predicting a significant decline in its value over the next year, potentially leading to a devaluation to 0.0172 USD.

Digital Coin Price expects the ADA price to reach a minimum level of $0.26, and a maximum of $0.62 in 2023. As per their forecast data analysis, the price of ADA will reach a minimum of $0.84., and a maximum of $0.89 in 2025. By 2030, Cardano is expected to reach a minimum of $2.81, and a maximum level of $2.86. 

Final Words

In conclusion, the future price of Cardano (ADA) will be influenced by a combination of market dynamics, technological advancements, and competition within the sector. While the recent price decline has raised concerns, Cardano price predictions remain largely positive. Looking ahead, there is a potential for a trend reversal in 2023, leading to significant growth in market capitalization and price.

It’s crucial to acknowledge the inherent volatility of cryptocurrency markets when considering ADA coin price predictions. The unpredictable nature of these markets makes it challenging to accurately forecast short or long-term price movements. Analysts and algorithm-based forecasters can make incorrect predictions due to the complex and rapidly changing nature of the crypto market.

Cloud mining refers to the method of generating cryptocurrencies by utilizing computing power obtained from a third-party provider specializing in cloud mining services. Each miner rents a specific quantity of “hash power” from a cloud mining service provider, a remote data center exclusively designed for cryptocurrency mining.

Cloud mining presents a convenient way for generating Bitcoin and other cryptocurrencies, particularly for individuals lacking the technical expertise to optimize their own mining operations. You don’t need to pay for mining equipment, energy consumption, or manage your own mining hardware, and there are no installation or setup costs. Everything is taken care of for you!

Are you fascinated by crypto mining and the potential financial rewards it holds? Imagine harnessing the power of cutting-edge technology to generate digital money effortlessly. If you’re intrigued, then cloud mining is the game-changer you’ve been waiting for!

But wait, is cloud mining safe?

We understand your concerns about the rise of fraudulent schemes in the industry. That’s why we’ve explored the risks and benefits of the cloud mining process and carefully curated a list of trustworthy and secure cloud mining sites prioritizing your peace of mind.

Whether you’re a seasoned Web 3 enthusiast or a curious beginner, our comprehensive guide has got you covered.

What Is Cloud Mining?

As the name suggests, cloud mining involves mining cryptocurrencies like Bitcoin through rented computing power from a trusted third-party service provider. Individuals can tap into mining pools, state-of-the-art data centers with shared processing power by purchasing a certain amount of “hash power” from the service provider. In return, they gain access to rewards directly proportional to their purchase of the hashing power. 

Cloud mining opens up possibilities for individuals interested in cryptocurrency mining but lacking the resources or technical expertise to set up their own mining rigs.

No more investing in expensive equipment or dealing with the complexities of hardware setup, software maintenance, or energy expenses. The only hardware they need is a tablet or smartphone to check their potential earnings from the operation.

Users seeking a hassle-free approach to crypto mining can purchase a mining contract of their desired type and duration from a cloud mining provider, managing the hardware and mining operations. Contract holders must make an initial payment using fiat or digital currencies, and the provider makes all the necessary arrangements to set up the mining operation. The mined cryptocurrency is then distributed to contract holders based on their share of the mining power.

Cloud Mining vs. Traditional Mining

Traditional mining methods may have served their purpose, but it’s time to embrace the future of mining with cloud mining. Say goodbye to cumbersome hardware setups, high energy bills, and constant maintenance. Cloud mining is here to revolutionize the way you generate cryptocurrencies!

So, how does cloud mining differ from traditional mining?

Traditional Mining

• Hardware: Individuals must purchase and maintain their own physical mining rigs.
• Electricity: Traditional mining consumes significant electricity that can eat into your profits.
• Heat and Noise: Home-based setups face the challenge of excessive heat and noise generated by mining rigs, which can disrupt your living environment.
• Technical Knowledge: It requires a deep understanding of the intricacies of setting up and optimizing mining rigs.

Cloud Mining

• Hardware: No need to purchase hardware. The cloud mining company owns and maintains all the mining rigs.
• Electricity: The electricity costs are included in the cloud mining contract, and you don’t have to worry about it.
• Heat and Noise: Since the mining equipment is not located at your place, there is no issue with heat or noise.
• Technical Knowledge: You only need basic knowledge as the cloud mining company handles the technical issues.

Cloud Mining Service Market Players

Several cloud mining companies offer various features and pricing models to cater to different customer needs. It’s essential to align yourself with the industry’s leading players to ensure a successful and rewarding mining experience. 
Users must assess their reputation, reliability, pricing structures, customer support, mining contracts, security measures, and the range of cryptocurrencies assets, among other factors, to determine if it’s the right cloud mining service for them.

Find some leading cloud mining companies below:

1. Genesis Mining

• About: Genesis Mining is one of the leading players in the cloud mining service market.
• Offerings: It has a user-friendly interface and offers customers access to small, medium, and large cloud mining contracts for various cryptocurrencies, including Bitcoin. The company uses multipool techniques to automatically convert altcoins to Bitcoin, which is transferred into customer wallets on a daily basis.

2. Nicehash

• About: Nicehash is a popular and reliable cloud mining platform enabling users to mine cryptocurrencies such as Bitcoin, Ethereum, and Zcash.
• Offerings: It offers advanced features, such as benchmarking and mining profitability calculator, and a marketplace for peer-to-peer hash rate trading. The company supports both CPU and GPU mining.

3. StormGain

• About: Srormgain is one of the world’s best cloud mining companies that provides a safe and secure platform. It’s a member of The Financial Commission’s Blockchain Association.
• Offerings: It offers an intuitive interface, a dedicated customer support team available 24/7, and low fees. The company offers a wide range of cloud mining contracts, with the mining rewards and speed depending on the options users choose.

4. ECOS

• About: ECOS Cloud mining is a cryptocurrency mining project with a data center in the Free Economic Zone in Hrazdan, Armenia.
• Offerings: ECOS offers Bitcoin, Ethereum, and Litecoin mining services. It provides a user-friendly interface, an in-app mining rewards calculator, and a demo account. The company is equipped with modern mining equipment, enabling users to make the highest profits. ECOS Cloud mining project accepts payments by credit cards and offers affordable contract prices allowing even newbie investors to start mining and getting revenue. It uses renewable energy sources for mining.

Is Bitcoin Cloud Mining Worth it?

Bitcoin mining involves costly mining operations, such as buying application-specific integrated circuit (ASIC) mining rigs, building out or renting a facility, purchasing additional equipment (cooling systems, cables, and racks), paying for setup and maintenance, and electricity costs. The miner receives the entire block reward and transaction fees if a block is successfully mined. However, because of the increased difficulty in mining cryptocurrencies like Bitcoin and high hash rates, the chances of a solo miner successfully mining a block have decreased substantially.

This is where Bitcoin cloud mining services act as a profitable alternative, enabling users to start mining Bitcoin without needing expensive equipment or technical knowledge.

Let’s delve into some factors to understand Bitcoin mining profitability.

Cloud Mining Costs

When participating in cloud mining, you are essentially leasing mining power from a company. The costs will likely include the following:

• Contract Fee: The upfront payment for the mining contract, which covers a specific period.
• Maintenance and Electricity Fees: Some companies charge a daily fee to cover maintenance and electricity costs.
• Withdrawal Fees: There may be fees associated with transferring your mined bitcoins to your wallet.

Potential Returns on Investment

To evaluate the potential returns, you must consider the expected revenue (mined bitcoins) and subtract the total costs. Several online calculators can help estimate potential profits based on the current difficulty, Bitcoin price, and contract details.

Cloud Mining vs. Other Investment Avenues

Before diving into cloud mining, it’s prudent to compare it with other investment options. For instance, you might want to consider directly purchasing bitcoins or investing in cryptocurrency ETFs or stocks of companies in the cryptocurrency space. The choice of investment avenues should be based on factors like risk tolerance, investment horizon, and market trends.

Factors Affecting Bitcoin Mining Profitability

Several factors can affect Bitcoin cloud mining profitability:

• Bitcoin Price Fluctuations: Bitcoin price is highly volatile. A substantial price increase could mean higher returns, while a decline could erode profits or even result in losses.
• Mining Difficulty: The Bitcoin network adjusts the mining difficulty approximately every two weeks. As more miners join the network, the problem increases, which can reduce the amount of Bitcoin you can mine.
• Operational Efficiencies: Cloud mining companies with access to cheap electricity and efficient hardware may charge lower fees, positively affecting your returns.

Is Cloud Mining Risky?

As you venture into Bitcoin cloud mining, it’s crucial to approach your investment with a prudent mindset and understand the risks involved. Like any investment opportunity, cloud mining carries its own set of risks requiring careful consideration and evaluation. By being aware of these risks, you can take steps to safeguard your investment and make informed decisions.

In this section, we’ll assess various risks associated with cloud mining, provide examples of scams, and offer strategies for mitigating these risks.

Cloud Mining Risk Assessment

• Market Volatility: The cryptocurrency market is highly volatile. Market conditions, regulatory changes, and investor sentiment can all contribute to sudden shifts in the value of cryptocurrencies. Fluctuations in the Bitcoin price can significantly affect the profitability of your cloud mining venture. Staying updated on market trends and adopting risk management strategies can help mitigate this risk.
• Operational Risks: The cloud mining company might face issues such as hardware failures, electricity problems, technical glitches, or regulatory hurdles, which can affect mining operations. While reputable providers take steps to mitigate such risks, they’re inherent in any mining operation. It’s vital to have a contingency plan and consider diversifying your mining activities across multiple providers to reduce the impact of any potential operational challenges.
• Contractual Risks: In some cases, providers may reserve the right to terminate the contract if mining becomes unprofitable. This means that if the cryptocurrency market experiences a downturn or mining difficulty increases significantly; the provider may choose to end the contract prematurely. Such termination clauses can result in potential financial losses for the user.To safeguard your interests, it’s crucial to thoroughly review and understand the contract terms before committing to a cloud mining service. Carefully assess the termination clauses and evaluate their impact on your investment strategy. Look for providers that offer more flexible and user-friendly terms, providing protection against abrupt termination due to market fluctuations.
• Fraud and Scams: Another factor to consider is the potential for scams and fraudulent cloud mining operations, including Ponzi schemes. Unfortunately, the rise in popularity of cloud mining has attracted unscrupulous entities seeking to take advantage of unsuspecting investors. Therefore, conducting thorough due diligence and research is crucial before choosing a cloud mining provider. Look for transparency, reputation, and positive user reviews to ensure you’re partnering with a trustworthy and legitimate company.

• Ponzi Schemes: Certain schemes, such as Ponzi schemes, have tarnished the reputation of some cloud mining services. These schemes involve using funds from new investors to pay returns to earlier investors rather than generating profits from legitimate mining operations. To safeguard your investment, it’s essential to exercise caution and be skeptical of unrealistic promises and guarantees of high returns with little risk.
• Fake Mining Farms: Another potential risk is the creation of fake mining farms by scammers. Fraudsters set up websites and claim to own and operate mining farms, enticing unsuspecting investors to deposit funds. However, they lack any mining equipment or infrastructure and vanish with investors’ money once they have accumulated a substantial sum. Protect yourself by thoroughly researching the background of any mining company you consider investing in. Request verifiable evidence of their mining hardware and farms, such as photographs or videos, to confirm their legitimacy.

Risk Mitigation Strategies

1. Diversification: Don’t put all your eggs in one basket. Spread your investments across multiple reputable providers or explore other investment avenues. Diversification helps minimize the impact of potential losses and reduces overall risk exposure.
2. Research and Due Diligence: Conduct extensive research and evaluate cloud mining companies before making any commitments. Read user reviews, investigate the team members’ backgrounds, and ensure transparency regarding mining operations and fees. Verify the authenticity of their mining farms and seek evidence to support their claims.
3. Practical Tips for Secure Investment:

   • Start small to test the waters.
   • Use a secure and reputable cryptocurrency wallet to store your mined coins.
   • Regularly monitor the performance of your mining contract and stay updated on market trends.
   • Be cautious of high-pressure sales tactics and promises of unrealistic returns.

Final Words

The future of crypto mining is intrinsically linked to cloud mining. With its myriad advantages and opportunities, cloud mining is poised to reshape the industry, offering the potential for financial success in the dynamic cryptocurrency market.

While cloud mining carries inherent risks, like any other investment endeavor, you can navigate these challenges and increase your chances of success by exercising caution, conducting thorough research, and implementing effective risk mitigation strategies.

Always remember the old adage: if something seems too good to be true, it likely is. Maintain a healthy skepticism and be cautious of extravagant promises or unrealistic returns. Instead, focus on making well-informed decisions based on thorough research and due diligence. Evaluate cloud mining providers based on their reputation, transparency, and user feedback. Seek verifiable evidence of their mining operations, and ensure they align with your investment goals and risk tolerance.

Stay informed about market trends, technological advancements, and regulatory developments that can impact the cloud mining landscape. Regularly monitor the performance of your mining contracts and stay connected with the broader cryptocurrency community to learn from shared experiences and insights.

With informed decision-making, you can seize the opportunities presented by cloud mining while minimizing potential risks.

Token burns is an approach developed in response to price volatility and intensified competition in the cryptocurrency market. It represents the speed at which tokens are permanently taken out of circulation.

Token burning, known as the Shiba Inu burn rate, is one of the pivotal aspects greatly influencing the financial dynamics of Shiba Inu. It’s a deliberate process wherein a specific number of tokens are ‘burned’ or permanently removed from circulation. This is accomplished by sending these tokens to a designated address from which they can never be retrieved. The “Shiba Inu burn rate” refers to the frequency and quantity of tokens burned over a specific period.

Understanding the ShIB burn rate is essential as it directly impacts the supply of SHIB tokens. When the supply decreases while the demand remains constant or increases, the value of the remaining tokens can potentially rise. This serves as a mechanism to counteract inflation or create scarcity for the token, potentially increasing its appeal as an investment opportunity.

The recent surge in Shiba Inu’s (SHIB) burn rate, which caused a remarkable 1600% spike, carries implications not just for Shiba Inu but also for the meme coin market.

This article delves into the Shiba Inu token burn and its impact on the cryptocurrency market.

What Is a Token Burn?

Token burning is a widely adopted practice in the cryptocurrency world aimed at decreasing the total supply of a specific cryptocurrency. In essence, token burning resembles the permanent removal of currency from circulation. This is accomplished by transferring a specified number of tokens to an irretrievable address, commonly called a “burn address,” which remains inaccessible to anyone. Once the tokens are sent to this address, they are effectively eliminated and rendered unusable in any future transactions. It’s essential to recognize that token burning doesn’t involve the literal destruction of tokens but instead renders them inaccessible, thereby eliminating them from the circulating supply.

Understanding the Shiba Inu Token Burning Strategy

Shiba Inu has adopted a token-burning strategy as part of its larger vision to establish a sustainable ecosystem and cultivate scarcity for SHIB tokens. The Shiba Inu project was launched with a massive supply of 1 quadrillion tokens. However, a significant portion of these tokens were subsequently sent to Vitalik Buterin, Ethereum co-founder. He later burned a large percentage of SHIB tokens, thereby removing them from circulation. Two dead wallets and three addresses are used for burning on the portal. One is the same address Vitalik used to burn his SHIB holdings; another is the same one used for ShibaSwap listings. The last is the Ethereum genesis address, dubbed the “black hole” address.

Token burning was integrated into Shiba Inu’s ecosystem for several reasons:

1. Scarcity: By reducing the supply of SHIB tokens, the project aims to create scarcity to drive up demand and potentially increase the token’s value.
2. Sustainable Ecosystem: Token burning is viewed as a mechanism to maintain a balanced and sustainable ecosystem where supply and demand dynamics are carefully controlled.
3. Community Engagement and Trust: Token burning is a way to show commitment to the project. It demonstrates developers actively working to ensure the token’s long-term viability.
4. User Rewards: ShibBurn, the burning portal for Shiba Inu tokens, rewards users with different tokens in exchange for burning SHIB.

Shiba Inu’s token-burning strategy seeks to establish a framework that fosters scarcity, sustainability, community trust, and user rewards, all contributing to the project’s overarching goals and long-term success.

The Shiba Inu Burning Mechanics

The “Shiba Inu burn rate” refers to the rate at which SHIB tokens are burned or removed from circulation. This rate can fluctuate depending on various factors, including market conditions, community engagement, and strategic decisions by the Shiba Inu development team.

Shiba Inu implements token burning through various mechanisms:

1. Manual Burns: The developers or SHIB community members can decide to burn tokens by sending them to the burn address. This can be a one-time event or happen periodically.
2. Transaction Fees: A certain percentage of transaction fees on ShibaSwap, Shiba Inu’s decentralized exchange, can be used to purchase SHIB tokens which are subsequently burned.
3. Community Initiatives: The Shiba Inu community frequently organizes events or campaigns where tokens are burned. For example, a portion of the proceeds from NFT sales may be used to buy SHIB tokens for burning. The SHIB community currently maintains a burn rate of slightly over 21 burns per day, equivalent to over a quarter million tokens being burned daily.

By understanding the mechanics underlying the “Shiba Inu burn rate” and its impact on the token’s supply, investors can make more informed investment decisions. In the following sections, we’ll explore the market implications of Shiba Inu’s token burning and how it can be strategically utilized in investment portfolios.

Shiba Inu’s Recent Burn Rate Milestones

Shiba Inu’s token burn has gained traction with the community and developers actively employing strategies to impact the token’s supply. Recently, Shiba Inu has achieved remarkable milestones in its burn rate, with a notable increase in the number of tokens burned compared to historical data. This trend highlights a growing effort to reduce the circulating supply of SHIB tokens.

Additionally, Shiba Inu has been making strides in developing Shibarium, its own Layer 2 blockchain. Shibarium aims to provide scalability and reduce transaction costs, which have been areas of concern for SHIB token users. Notably, the development milestones of Shibarium have correlated with spikes in the Shiba Inu burn rate. The anticipation of Shibarium has fueled community-driven burns and encouraged the team to push for more burns to increase the token’s value ahead of Shibarium’s full-scale rollout.

Understanding the Market Dynamics

Token burning plays a crucial role in shaping the market dynamics of Shiba Inu by directly impacting the supply of SHIB tokens. Here’s a breakdown of how it influences the market:

• Supply Reduction: When SHIB tokens are burned, they’re permanently removed from circulation, leading to a reduction in SHIB tokens’ total supply. 
• Demand Dynamics: The demand for SHIB tokens can either remain constant or change. A reduction in supply with a constant or increasing demand can lead to a price increase when fewer tokens are available for the same or growing number of buyers.
• Price Impact: In theory, as the supply decreases and demand remains the same or increases, the SHIB price should increase. However, market sentiment and external factors can also significantly influence price movements.

Understanding these dynamics is vital for investors as it helps them make more informed decisions based on supply and demand principles.

SHIB Token Burn Vs. Other Tokens

Shiba Inu is not the only cryptocurrency that employs token burning as a strategy to manipulate supply. Some tokens, such as algorithmic stablecoins, use this mechanism to rebase or adjust their circulating supply through coin burning. For example, stablecoins like USDT, USDC, or BUSD burn coins to redeem dollars for customers.

Here are some tokens using the burn techniques with varying scales and impact:

• Binance Coin (BNB): Binance conducts quarterly token burns based on trading volumes on its exchange. This has historically contributed to the appreciation of BNB’s value over time.
• Ripple (XRP): Ripple burns a small amount of XRP with each transaction. This is a slower burn compared to the large-scale burns conducted by Shiba Inu or Binance.

While these tokens might have more structured and predictable burn patterns, Shiba Inu’s burn strategy is community-driven, aiming to develop its ecosystem.

Additionally, influenced by Shiba Inu’s token-burning strategy, other meme coins may also adopt similar strategies to increase scarcity and drive up demand. 

In summary, the Shiba Inu burn rate and its impact on market dynamics are crucial factors for investors to monitor. The anticipated development of Shibarium and community involvement in token-burning campaigns play a significant role in Shiba Inu’s market movements. Comparing SHIB’s burn strategy with other tokens’ provides a broader perspective on the diverse approaches to token burning and supply manipulation in the cryptocurrency market.

The Future of Shiba Inu’s Burn Rate

As with any cryptocurrency, the future of Shiba Inu and its burn rate is laden with uncertainties and speculations. However, market experts have weighed in on the following possible scenarios:

1. Continued Community Engagement: Some analysts suggest that as long as the Shiba Inu community remains active and engaged, there will likely be continued efforts to burn tokens, positively impacting the token’s value.
2. Shibarium Impact: Experts predict that the anticipated launch of Shibarium, Shiba Inu’s Layer 2 blockchain, could be a significant milestone for SHIB. The success of Shibarium might lead to an increased burn rate as a measure to counter the inflationary pressures resulting from a growing user base. 
3. Mainstream Adoption: There is speculation regarding the potential for Shiba Inu to witness mainstream adoption as a payment method or through partnerships. This could impact the burn rate through direct burns from transaction fees.
4. Market Conditions: The overall conditions in the cryptocurrency market will also play a significant role in the future of Shiba Inu and its burn rate. Bullish market trends could encourage more burns, while bear markets might reduce the burn frequency.

How to Stay Informed?

For investors seeking to stay up to date with developments in Shiba Inu’s burn rate, here are some valuable tips

1. Follow Official Channels: Follow Shiba Inu’s official social media accounts and website for the latest announcements. 
2. Engage With the Community: Join forums, Reddi communities, or Telegram groups where the Shiba Inu community is active. Engaging in discussions with fellow enthusiasts can offer valuable insights and keep you informed about the latest happenings.
3. Monitor News Outlets: Keep an eye on reputable cryptocurrency news websites for any significant developments related to Shiba Inu. 
4. Use Alerts: Take advantage of cryptocurrency apps or platforms that offer customizable alerts. Set up alerts to receive notifications and updates on major price movements or events related to Shiba Inu.

FAQs

Is Shiba Inu burning coins daily?

Shiba Inu engages in the daily burning of tokens. With the current burn rate, SHIB holders collectively burn over 250,000 tokens daily. However, in terms of monetary value, this only amounts to a few thousand dollars.

How many SHIB tokens are they burning?

Currently, there isn’t an established strategy for a systematic Shiba Inu token burn. However, the goal is to achieve a price of 1 cent per SHIB token. Reaching this price level with a market capitalization equivalent to that of Bitcoin would require approximately 95% of the initial total supply of SHIB to be eliminated through token burning.

Can Shiba Inu reach 1 cent with coin burn?

Shiba Inu’s potential to reach 1 cent through token burning appears challenging, given the current burn rate. To achieve this target, SHIB holders must contribute larger quantities of tokens.
Reaching the 1-cent price level would require a substantial reduction in token supply or a significant increase in demand, or a combination of both. While token burning can help in supply reduction, it would require an extensive scale of burning to have a noteworthy impact capable of driving the price to 1 cent. Additionally, market conditions, investor sentiment, and external factors also hold crucial influence over the Shiba Inu price.

Decentralized Finance (DeFi) is one of the biggest trends in the blockchain industry and holds a value of over $80 billion, locked in the top 125 DeFi apps.

BitDAO is one of the largest decentralized autonomous organizations and supports the growth of the DeFi ecosystem by allocating funds for developing BitDAO DeFi products and supporting DeFi partners and projects. The project aims to build a decentralized tokenized economy and open finance.

BIT is the BitDAO ecosystem’s governance token that comes with proposal and voting power. Read on to learn everything you need to know about BitDAO, its history, use case, and all the relevant information to make an informed investment decision. Scroll down for our step-by-step guide on where and how to buy BitDAO (BIT) tokens.

So, let’s get right to it! 

What Is BitDAO

BitDAO is one of the world’s newest and largest decentralized autonomous organizations (DAOs) focused on DeFi and managed by BIT token holders. It aims to support such projects as DeFi, DAOs, NFTs, and gaming.

Let’s first try to understand BitDAO better and delve into how users can benefit from it.

What Is DAO

A DAO or Decentralized Autonomous Organization is a governance system with no central leadership that allows token holders to manage key actions on the protocol. BIT token holders own the platform and can vote on BitDAO’s development strategies, the use of BitDAO’s treasury resources, or changes to the project code.

DAOs are democratic in nature and are governed by smart contracts. They bring together like-minded individuals worldwide in a decentralized manner and the members of the DAO vote on every decision taken up for consideration. 

DAOs have their own in-built treasuries that are collectively owned and managed by the members of the DAO. The DAO treasury management solutions function based on proposals and voting to ensure all members have a say in decision-making. This becomes much more important in light of the recent Terra Luna crash and the opaque decision-making processes of the LFG.

The DAO’s rules are encoded in smart contracts and open to everyone. Those with a stake in a DAO get voting rights and decide on new governance proposals. A proposal will only pass once the majority of stakeholders approve it.

DAOs are fully autonomous and transparent. They are built on open-source blockchains that record all financial transactions, so anyone can view their code or audit their built-in treasuries.

BitDAO Explained

Now that we know more about DAO, let’s look into BitDAO’s main features. BitDAO is a decentralized autonomous organization that uses the power of DeFi to bring financial freedom to people. BitDAO aims to establish a decentralized token economy by giving more control to the regular people.

                                             Image Credit: BitDAO Homepage

The BitDAO platform aims to revolutionize the crypto industry by partnering with projects via token swaps and co-development efforts. The token swaps will allow the BitDAO treasury to accumulate some of the top crypto tokens and establish a sturdy and stable base. The BitDAO treasury aims to support an extensive range of crypto-related products such as DeFi, NFTs, gaming, etc. 

The BitDAO protocol is managed by the BitDAO (BIT) token holders, who vote on BitDAO network development, such as updates to BitDAO core protocols (including governance and treasury management functions), token swaps, treasury allocation, liquidity support, and grants.

What makes BitDAO so lucrative and trustworthy is that it’s backed by big names in the crypto industry such as Peter Thiel, Pantera, Dragonfly, Spartan, Bybit, etc. And yet, they don’t control it but only have participatory powers in the DAO, just like other token holders. Bybit, one of the largest cryptocurrency exchanges worldwide, was one of BitDAO’s earliest supporters and pledged recurring contributions to the BitDAO treasury, which at 2021 rates exceeds $1B per year.

So, how is the BitDAO Network Secured? The BitDAO Platform uses SSL encryption to protect users’ personal data on the platform. BitDAO has also partnered with Amber, which is invested in cyber and crypto security and has leading security infrastructure like Fireblocks and BitGo.

What Sets BitDAO Apart

Among the unique aspects of BitDAO is partnering with existing and new crypto projects through token swaps. Token swaps will enable the BitDAO treasury allocation to gather a collection of top crypto project tokens. The collection will then be used to provide grants to various teams in the crypto industry for research and building new products. All grants are given for the public good of the crypto world.

BitDAO (BIT) Tokenomics

The total supply of BIT tokens stands at 10,000,000,000. The BitDAO Treasury will retain 30% of all BIT tokens. Token holders essentially possess the Treasury tokens in accordance with their token holdings.

If you’re also asking, “When Will BitDAO Trading Begin?” you’d be glad to learn it started in August 2021.

To learn more about the BitDAO (BIT) token’s market statistics, current price, trading volumes, etc., go to the CoinStats BitDAO page. You can also see which markets BitDAO is trading on and select one to buy BitDAO. 

How to Buy BitDAO (BIT)

You can buy BIT crypto tokens at a large number of cryptocurrency exchanges such as Bybit, Coinbase, FTX, Gate.io, Kraken, UniSwap, etc. If you need an alternative platform to purchase BitDAO with credit cards, you just need to visit Changelly. This automatic cryptocurrency exchange allows you to exchange crypto fast and buy them using a credit card.

Follow our step-by-step guide on how to buy BitDAO (BIT) on Bybit and Coinbase. 

How to Buy BitDAO on Bybit

To purchase BitDAO tokens on Bybit, you need to create an account on the exchange. The process of creating an account is pretty straightforward. All you need to do is sign up on the exchange using a valid email ID and your basic information. Once your account is created, you are at the Basic Level, which gives you access to only a few functions. You can upgrade to Level 1 or Level 2 by uploading a photo, ID proof, and proof of address. Upgrading your level on the exchange will give you access to a large number of features and result in lower trading fees.

Once you’ve successfully created an account on ByBit, you need to deposit funds into your Bybit account to purchase BitDAO tokens. Bybit supports multiple deposit options, among them cryptocurrency from your wallet. Bybit doesn’t support direct transfers from your bank account; it uses third-party payment gateways such as Banxa, XanPool, MoonPay, Mercuryo, Paxful, and Simplex. You can use these methods to deposit fiat currency into your wallet to buy BTC, ETH, or USDT. 

Once you’ve successfully deposited fiat currency into your wallet, you need to choose a trading pair for BIT tokens. Suppose you wish to trade the BIT/USDT pair. You can then use your fiat currency to buy USDT for the amount you want to purchase BIT for. Once you’ve got the required amount of USDT in your wallet, simply go to the BIT/USDT trading pair and place an order for BIT tokens. The order will be fulfilled within seconds, and the tokens will reflect in your spot wallet. 

Congratulations, you’ve successfully managed to purchase BIT tokens on Bybit in a few simple steps.

Buying BitDAO (BIT) on Coinbase

Coinbase is one of the world’s largest and most popular cryptocurrency exchanges. Coinbase is easy to use and supports a large number of cryptocurrencies and direct transfers from a bank account.

To get started, follow these easy steps:

Create a Coinbase Account

The first thing you need to do is create an account on Coinbase. You need to provide a valid email address and your basic information. You’ll also be required to complete your KYC verification and the two-factor authentication process to keep your crypto assets safe. The verification process is quick and will be completed within a few minutes.

Deposit Funds

Once you’ve successfully created a Coinbase account, the next step is to deposit funds into your account. Coinbase supports different payment methods such as a transfer from your bank account, wire transfers, or a Debit/Credit Card, depending on your location. Using a credit card is the fastest way to fund your account; however, you’ll have a lower deposit limit. Also, check with your credit card company, as some companies charge high fees for purchasing cryptocurrency.

Coinbase charges no fees on bank transfers, but if you purchase BIT tokens using a bank transfer, you won’t be able to withdraw them for 5 days. In the case of wire transfers, you’ll be charged a small transaction fee, but your funds won’t be locked. 

Purchase BIT

After depositing funds into your Coinbase account, the next step is to click on “Withdraw” and enter the amount you wish to purchase BIT tokens for. Then, go to “Trade” and select the market. You can choose BIT-USD, enter the amount of BIT you wish to buy, and click on “Purchase.” The order is fulfilled within seconds, and the tokens will be reflected in your wallet.

Store Your BitDAO (BIT) Tokens

While Bybit and Coinbase have their own wallets, creating your own crypto wallet is highly recommended to store your crypto funds securely. Depending on your investment preferences, you can pick software or hardware wallets, with the latter being a more secure option.

• Software Wallet: These are also known as hot wallets as they are always connected to the internet. CoinStats Wallet is one of the best software wallets for managing all of your DeFi and crypto in one place – a single crypto wallet for buying, selling, swapping, tracking, and earning on your crypto!
• Hardware Wallet: These are also known as cold wallets and are the most secure solutions since they include secure offline storage and backup functionality. These are better suited for experienced users with a large number of tokens. Some of the most popular hardware wallets are  Ledger Nano X, Ledger Nano S, Trezor Model One, etc.

Conclusion

BitDAO’s vision is open finance and a decentralized tokenized economy. BitDAO aims to give more opportunities and control to regular people.

While the BIT token price has dropped from its all-time high, it’s still a good opportunity to buy some BitDAO tokens to make a profit in the future. Remember that nothing in this article is financial advice, and you should only invest after doing your research. 

To learn more about DeFi’s tectonic shift in the finance world and how decentralized finance empowers people, you can visit our CoinStats blog. You can read in-depth articles such as What Is DeFi, explore our in-depth buying guides on how to buy various cryptocurrencies, such as How to Buy SushiSwap, How to Buy Cryptocurrency, and learn more about wallets cryptocurrency exchanges, portfolio trackers, etc.

As the number of decentralized finance (DeFi) projects and NFTs on Ethereum have skyrocketed, transaction fees and handling times have also increased. In February 2021, the average ETH transaction fee reached an all-time high of $40. 

Many Layer-1 protocols, like Solana (SOL) and Avalanche (AVAX), attempt to solve these challenges by developing new and superior networks that compete directly with Ethereum. On the other hand, Layer-2 protocols are designed to address issues such as network congestion and high gas fees by developing scaling solutions on top of Ethereum.

Loopring (LRC) is an Ethereum Layer-2 scaling protocol operated by the Loopring team. It lets users create DeFi payment systems and decentralized exchanges (DEXs) that rival centralized exchanges in terms of performance on top of Ethereum. Loopring provides low-fee, high-speed decentralized finance (DeFi) services and allows users to sidestep the high costs and slow speeds associated with Ethereum’s decentralized network.

Read on to learn everything you need to know about Loopring (LRC) and how to buy Loopring in a few simple steps.

Let’s get started!

What Is Loopring

Loopring describes itself as “an open-sourced, audited, and non-custodial exchange and payment protocol.” It can handle up to 1,000 times more trades per second than Ethereum, with each one costing a mere fraction of a cent.

Leveraging zero-knowledge proofs (zkRollup), Loopring claims it allows for high-performance trading (high throughput, low settlement cost) without sacrificing Ethereum-level security guarantees. Users always maintain 100% control of their assets throughout the trade lifecycle. Loopring claims that “Nobody in the Loopring ecosystem needs to trust others. zkRollup assures assets are always under users’ own control; 100% Ethereum-level security guarantees.”

Loopring rewards Zero-Knowledge Rollup (zk-Rollup) operators and liquidity providers with its own LRC token.

Loopring provides DeFi services, such as creating protocols, infrastructure, and user-facing products via its L2 App. It claims to offer “a low-fee, high-speed platform for trading, swapping, liquidity providing, and payments.”

What Is the LRC Token

LRC, the ERC-20 token running on Ethereum, is the main token on the platform. In August 2017, Loopring raised $45 million in an initial coin offering (ICO). Over 20 million LRC have been burned since the launch of the Loopring protocol, and any LRC that has been locked up for operating exchanges is currently off the market.

All LRC holders can stake LRC to earn part of the protocol fees paid by all exchanges built on top of Loopring. 70% of the protocol fees are rewarded to stakers, 20% -to fund the Loopring DAO (the community of LRC holders), and the remaining 10% will be burned.

DAO votes on spending those funds for grants, impermanent loss protection, further liquidity incentives, and buying back LRC to burn.

In addition to the tokens sold at the ICO, the market was replenished with LRC received by miners for confirming the Proof of Work consensus during operations within the Loopring network. The project uses the LRC Burn Rate mechanism to burn tokens, thereby increasing the value of tokens on the market. The token is used to pay off the commission for Loopring transactions.

LRC has the following applications:

• Right to vote on development updates
• Reward structure for ring miners/relays
• Burning LRC tokens
• Staking by a DEX operator to reduce platform fees
• Lock-up times for running a DEX on Loopring

How Does Loopring Work

Loopring (LRC) achieves better performance than traditional decentralized exchanges by batch-processing thousands of requests off-chain, with verifiably correct execution via zkRollups. zkRollups are Layer-2 scaling solutions that allow a computer to claim data ownership without actually sharing it. The “zk” in zkRollup stands for “zero-knowledge” and refers to the type of proof Loopring must provide to verify that the off-chain transactions are accurate. zkRollups bundle multiple transactions into a single transaction, allowing fast and cheap trade execution outside the Ethereum blockchain to avoid Ethereum’s network congestion. These transactions are then located on the blockchain, where zero-knowledge proofs are used to verify that off-chain transactions are correct.

Loopring also uses an order ring to fill orders. Each order ring contains up to 16 orders and creates a loop where each order can exchange the desired tokens without an opposing order for its pair being necessary. 

Loopring also offers asset protection by choosing a trusted third party as a guardian. When utilizing Loopring Wallet, users pay only 1% of Ethereum Layer 1 fees.

Loopring is blockchain agnostic, meaning that any platform that uses smart contracts (e.g., NEO, Ethereum, Qtum) can integrate with Loopring.

How Is the Loopring Network Secured

Loopring is currently accessible on the Ethereum and Neo blockchains, with plans to add support for the Qtum blockchain in the future. Each of these networks has its own token: LRC and LRN for Ethereum and Neo, respectively, and the Qtum network token will be named LRQ when it launches.

The hash functions of the underlying blockchain platforms safeguard these tokens: LRC by Ethereum’s Ethash, LRN by Neo’s SHA256 and RIPEMD160, and LRQ by Qtum’s Proof-of-Stake PoSv3 algorithm.

Loopring LRC Tokenomics

According to the data on CoinStats, Loopring LRC has a total supply of 1,373,873,439. The current circulating supply stands at 1,245,991,469 tokens (~90% of the total token supply). You can also check the current LRC price, market cap, total supply, circulating supply, trading volume, price chart, and other metrics on CoinStats.

CoinStats updates its LRC to USD price in real-time.

Where to Buy Loopring

Below are the top 5 exchanges to buy Loopring (LRC) with a credit card, debit card, or Bitcoin (BTC).

Coinbase

Coinbase (listed on the Nasdaq under the name $COIN) is the most popular, fully regulated, and licensed centralized cryptocurrency exchange platform in the U.S. It’s also one of the largest and most well-known digital currency exchanges globally, with clientele from more than 100 countries, including Australia, Canada, Singapore, and the United Kingdom.

Over 70 million Coinbase users have exchanged over 460 billion USD in volume. Coinbase is committed to security, with 98% of client funds kept in secure offline storage. The platform is easy to use and supports trading in over 140 cryptocurrencies, including Loopring (LRC). Coinbase is available on PC, Android, and iOS.

Coinbase is fully licensed and regulated in the U.S., except for Hawaii.

Uphold

Uphold is a popular exchange in the United States and the United Kingdom. It’s an innovative trading platform that supports various cryptocurrencies, including Loopring (LRC). The platform stands out for its simplicity, unique features, and the company’s credibility.

Uphold provides a user-friendly desktop and mobile App. The trading view is customizable with your most-traded assets and has an easy-to-navigate, modern feel on both desktop and mobile.

Uphold is a popular option, especially for beginners.

KuCoin

KuCoin is one of the largest and most popular exchanges. The exchange supports over 300 cryptocurrencies, including Loopring (LRC). It offers bank-level asset security, a slick interface, beginner-friendly UX, and a wide range of crypto services: margin and futures trading, a built-in P2P exchange, the ability to buy crypto using fiat currency with a credit or debit card, instant-exchange services, ability to earn interest on digital assets by crypto lending or staking via its Pool-X, IEO launchpad for crypto crowdfunding, non-custodial trading, and much more. Moreover, KuCoin offers some of the lowest trading fees among exchanges.

Currently, the exchange accepts residents of the United States.

Binance

Binance is one of the world’s leading cryptocurrency exchanges by trading volume. It offers crypto-to-crypto trading in more than 500 cryptocurrencies, including Loopring (LRC). Although its trading options are limited in the US, it offers low trading fees and a broad selection of currencies globally. Binance enables you to instantly buy Bitcoins and 15 top cryptocurrencies with fiat currencies using credit cards, bank accounts, and other payment methods. Users can trade crypto derivatives with leveraged positions—(up to 20x leverage on futures and 10x on margin trading)—for maximum returns. Binance also supports staking, crypto loans, and other passive income sources from your crypto assets. Binance’s NFT marketplace and trading platform is the premier destination for NFTs and digital collectibles across mediums, from visual arts and gaming to music and sports. The advantages of buying Loopring (LRC) on this exchange include lower fees than other exchanges and improved liquidity, which allows you to purchase and sell rapidly to capitalize on market-moving news.

This exchange is ideal for investors from Australia, Canada, Singapore, the United Kingdom, and other countries. Most tokens are unavailable to residents of the United States.

Huobi Global

Huobi Global, founded in 2013, has evolved to become one of the world’s largest digital asset exchanges, with a total trading volume of US $1 trillion. Huobi serves more than 5 million users in over 130 countries, accounting for half of all digital asset transactions worldwide. Huobi Global is one of the leading exchanges that presently supports Loopring (LRC) trading. Currently, the exchange doesn’t welcome the United States or Canadian residents.

How to Buy Loopring

Now that you know how Loopring works and why it’s unique, you can follow our simple step-by-step guide below for buying Loopring right away!

Step #1: Choose a Crypto Exchange

You can buy and sell Loopring on various cryptocurrency exchanges. You must compare them to choose the best trading platform with the features you need, such as low trading fees, an easy-to-use interface, and 24-hour customer support. Also, remember to check if the cryptocurrency exchange supports your preferred payment method, such as a credit or debit card, another cryptocurrency, or a bank transfer for buying Loopring. Some exchanges provide sophisticated trading tools and services, like limit and market orders, crypto loans, and crypto staking.

You can choose between two kinds of cryptocurrency exchanges: centralized exchanges (CEXs) and decentralized exchanges (DEXs). Each has benefits and drawbacks that traders should consider before creating an account and starting to trade. The exchange’s degree of decentralization impacts how the platform executes transactions, offers new crypto assets, and interacts with clients.

Centralized and Decentralized Exchanges

A centralized crypto exchange, or CEX, is like a traditional exchange for trading in digital assets. CEXs like Coinbase, Binance, and eToro USA LLC are governed by a centralized system and charge specific fees for using their services. Most cryptocurrency trading takes place on centralized exchanges, which allow customers to easily convert their fiat currencies, such as euros or dollars, directly into cryptocurrency. Centralized exchanges require their users to comply with KYC (know your customer) and AML (anti-money laundering) rules by providing personal information and personal identification documents. However, a CEX holds your digital assets on its platform while trades go through – raising the risk of hackers stealing the assets.

On the other hand, a decentralized exchange (DEX) is not governed by any central authority; instead, it operates over blockchain and charges no fee except for the gas fee applicable on a particular blockchain, i.e., on the Ethereum blockchain. Decentralized exchanges use smart contracts to let people trade in crypto assets without the need for a regulatory authority. They deploy an automated market maker to remove any intermediaries and give complete control over the funds to users. Decentralized exchanges are less user-friendly from an interface standpoint and also in terms of currency conversion. For instance, they don’t always allow users to deposit fiat money in exchange for crypto; users have to either already own crypto or use a centralized exchange to get crypto. It also takes longer to find someone looking to trade with you as DEX engages in peer-to-peer trade, and if liquidity is low, you may have to accept concessions on price and quickly sell or buy low-volume crypto.

Step #2: Registration

After deciding on a trustworthy exchange, the next step is to open a trading account to buy or sell Loopring LRC. The criteria differ depending on the platform. Personal information such as your name, email address, contact number, social security number, home address, and a copy of your driver’s license, passport, or government-issued ID will be required for the majority of transactions. You must provide this information to be authenticated if you plan to deposit fiat currency from your bank account to purchase Loopring.

After submitting your application for account creation, check your email for the account verification code, enter the code to verify your account, and start trading. It’s advisable to enable two-factor authentication (2FA) to keep your funds safe once you’ve confirmed your identity.

Step #3: Fund Your Account

After verifying your account, you must deposit funds for buying Loopring LRC tokens and other cryptocurrencies. Simply select your desired payment option, such as a bank transfer, credit or debit card, MasterCard, Visa, e-wallets, etc. The payment method you use will be determined by the platform, your location, and preferences.

Remember to compare the fees for different deposit options since some have higher fees than others.

Step #4: Buy LRC

The next step is to buy LRC. The process of buying Loopring is similar across all exchanges. You should search for the Loopring token in the search box, check the LRC price, and click on the “Buy LRC” button.

The next step is to enter the quantity of LRC to be purchased or the fiat amount available for spending. Most exchanges will convert the amount immediately so that investors know how much they’ll pay and how much LRC they’ll receive. Double-check all the details before confirming to buy LRC to ensure there are no inaccuracies. Also, ensure that you’re buying Loopring (LRC) and not similar or lookalike tokens.

If you own an account on CoinStats, you can also buy Loopring from CoinStats.

How to Store LRC

After obtaining your LRC tokens, the next step is to store your tokens in digital wallets safely. We differentiate between a Software Wallet (Hot Wallet) and a Hardware Wallet  (Cold Wallet).

Software Wallets

If you wish to trade LRC on a regular basis, you should use a software or hot wallet provided by your preferred platform. Software wallets are simple and free to use. They maintain your keys online, making them less secure than hardware wallets, but their ease of use makes them ideal for beginners with a few tokens.

Examples of software wallets include CoinStats Wallet, Edge Wallet, Coinbase Wallet, MetaMask, Trust Wallet, etc.

Hardware Wallets

Hardware wallets, also known as cold wallets, are often regarded as the safest way to store your crypto since they allow offline storage, significantly reducing the likelihood of a breach. They are password-protected and will erase all data after a number of failed attempts, preventing physical theft. Hardware wallets also enable you to sign and confirm blockchain transactions, adding an extra layer of security against cyber threats. These are better suitable for experienced traders with a large number of tokens.

Examples of cold wallets are Ledger Nano X, KeepKey, Trezor Model T, CoolWallet Pro, SafePal S1, etc.

The Bottom Line

The Loopring protocol has a strong community of supporters and constantly evolves and adds new features. It executes the majority of operations, such as trade and transfer settlement, off the Ethereum blockchain to reduce the gas usage and overall transaction cost to a fraction of what it would be on-chain.

Loopring has promised exciting things for 2022, including Loopring Earn, NFT support, and other product improvements. See the recent Loopring quarterly report for more details.

You can also visit our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on buying various cryptocurrencies, such as How to Buy Metaverse Index, What Is DeFi, How to Buy Cryptocurrency, etc.

Investment Advice Disclaimer: 

The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice. Our information is based on independent research and may differ from what you see when you visit a financial institution or service provider.