This weeks Crypto Biz explores Arbitrums latest proposal, Ripples two-year battle with the SEC and a large corporations coalition to build blockchain solutions for institutional investors.

A recent report published on WIPOs global database for intellectual property disclosed LG Electronics application to acquire an NFT trading patent for its Smart TV. 

Notably, the WIPO guide states that a filing application can only be published after 18 months. As such, the South Korean tech company filed for the patent in November 2021. Now LG is awaiting the remaining steps to grant or deny the patent. 

LGs Technology Supports NFT Trading On Smart TV

The LG technology will enable users to connect their crypto wallet and an NFT market server for trading. 

After connecting to the NFT server, users will see an onscreen QR code to enable them to transact through their crypto wallet.

Before this patent application, LG launched an NFT platform, LG Art Lab marketplace, in September 2022.  

The platform launched on the Hedera network which allows all smart televisions running webOS 5.0 or the later versions to trade digital arts. 

Users can buy and sell high-quality digital artwork on the Smart TV home screen. Also, the platform features LG Art Lab Drops to profile artists and preview new works intending to launch. 

For now, the company hasnt said whether the Smart TV will accommodate other wallet apps besides LGs smartphone crypto wallet, Wallypto, which is also used on the Art Lab Marketplace. 

Big Tech Companies To Integrate Web3 Solutions On Smart Devices

Besides the recent technology to support NFT trading on Smart television, LG plans to integrate other solutions on its devices. 

The company partnered with cloud-based tech platforms, Oorbit and Pixelynx, to integrate Metaverse on big screens. Oorbit announced on Twitter, proclaiming its excitement about the partnership. 

According to the reports, the partnership aims to bring interoperable virtual worlds to LG TVs. The partners will simplify the way consumers interact in the metaverse, ensuring immersive gaming and experiences in the virtual world. 

Oorbit stated that scaling its technology for the millions of customers who use LG TVs is a great way to bring the metaverse closer to the people.

Before the partnership, LG had expanded its business development goals to include crypto and blockchain-based software development.

LG disclosed two plans base...

Bitcoin traders line up safe support levels, but order book data makes one observer uneasy about the future.

In a recent development, the digital asset firm Bakkt delisted 25 tokens used in decentralized finance transactions from its trading platform, Apex Crypto. Bakkt acquired the platform in 2022 with 36 tokens, now 11 after the overhaul exercise.

According to the firm, its reasons for delisting the tokens was to follow up-to-date regulatory guidance.

25 Tokens Failed Bakkt Coin Listing Review Process

Bakkt performed its normal coin listing reviews, after which it removed 25 tokens from the platform. 

A Bakkt representative said the company aims to protect its customers best interests. As such, the review process focuses on how to serve those interests based on the latest industry developments and up-to-date regulatory guidance. 

As of press time, the firm hasnt released more details on the action. But the tokens were major ones that facilitated DeFi transactions. 

These tokens include Aave (AAVE), Bancor Network Token (BNT), ApeCoin (APE), Basic Attention Token (BAT), Avalanche (AVAX), Cosmos (ATOM), Filecoin (FIL), Curve DAO (CRV), Chainlink (LINK). 

Also, Compound Token (COMP), Enjin Coin (ENJ), Chiliz (CHZ), Fantom (FTM), GALA (GALA), Loopring (LRC), The Graph (GRT), Maker DAO (MKR), and Internet Computer (ICP) were delisted.

Other ones include Sushiswap (SUSHI), Uniswap (UNI), Synthetix (SNX), Yearn Finance (YFI), and Texos (XTZ). 

This is not the first time Bakkt has made a major decision regarding its customer-oriented services. The firm shut down its retail app that supports crypto trading, gift cards, and loyalty rewards in February 2023. 

At that time, the firm disclosed plans to focus on B2B technology solutions stating that it would offer crypto and loyalty rewards to businesses via API and SaaS solutions. 

Apex Crypto Acquisition A Strategic Move To Expand Offerings

Apex Crypto was launched in 2019 as a turnkey platform for integrated crypto trading, allowing investors to transition from equity to crypto.

This is an opinion editorial by Robert Hall, a content creator and small business owner.

The race for the 2024 U.S. presidential election is starting to kick into gear, featuring some of the same cast of characters from the last few elections. On the Democratic side, you have Joe Biden, Robert F. Kennedy and Marianne Williamson suggesting they will run. Then, Former President Donald Trump, Nikki Haley, Ron DeSantis and Vivek Ramaswamy are on the other side of the aisle.

If you have been following the race so far, you might know that Trump seems to be walking away with the nomination before the process even starts next year. If he ends up being the nominee, we will likely get a re-run of 2020, where we have two men over 70 years old who both think that they know what is right for the country. Who else is tired of having baby boomers running the show? I am, to be honest.

Boomer Presidents Dont Understand Bitcoin

Baby boomers, youve had their time in the sun. Its time to leave the stage and let the younger generations of leaders have a chance to lead the country. We need leaders who understand the emerging challenges facing America as we speak.

We need leaders who thoroughly understand economic policy and the value of innovation in the financial space. For instance, the baby boomers at the top of the ticket dont have the depth or the capacity to understand the once-in-a-lifetime opportunity that Bitcoin presents to America and the American people.

Biden and Trump have been openly hostile...

PayPal share prices are plunging and currently down 80% from 2021 peaks; the largest draw down ever, market data on May 12 shows. PYPL closed the week at $61.69, down 3% from Thursday, March 11.

PayPal Shares Crumbling

Analysts observe that the decline in PayPals stock price has also resulted in a notable shift in its price-to-sales (P/S) ratio.

PayPal is now down 80% from its 2021 high, its largest drawdown to date.

Its price to sales ratio has moved from a record high of 17x to a record low of 2.5x.$PYPL pic.twitter.com/w9JjzPXmJb

Charlie Bilello (@charliebilello) May 12, 2023

Previously at a record high of 17x, the P/S ratio is now at a record low of 2.5x.

The P/S ratio is a financial metric, which evaluates a companys valuation, and compares its market capitalization to its total revenue over a specific period, typically a year.

The P/S ratio offers valuable insights into how the market perceives a companys revenue generation relative to its size. The ratio focuses on the rise and fall of the companys revenue.

This ratio also signifies the amount investors are willing to pay for every dollar of the companys revenue.

To put it into perspective, PayPals previous P/S ratio of 17 implies that investors are willing to pay $17 for every $1 of revenue generated by the company. Now, investors are only willing to pay $2.5 for every $1 revenue.

Paypal shares are still at a premium. A P/S ratio above 1 indicates that investors are still willing to pay a premium for the companys revenue.

While the exact reasons behind PayPals downturn are not explicitly stated, speculation suggests that the company is facing a combination of intense competition and outdated technology. PayPal is one of the oldest payment processors.

As the online payment landscape is constantly evolving, it has become increasingly challenging for PayPal to wade off competitors.

For instance, banks have incorporated new systems such as Zelle. Besides, the Federal Reserve is rolling out FedNOW. There are also other avenues for users to use cryptocurrencies or even networks such as XRPL by Ripple Labs.

Some users have even compared PayPals level of innovation to what it was in 1999 when Western Union was its primary competition.

Popular Bitcoin hard fork and one of the earliest cryptocurrencies, Litecoin (LTC), have recorded some interesting network activity in recent times. According to data from the on-chain analytics platform, Santiment, the number of daily active network addresses on Litecoin has increased by over 400,000 since the start of May. 

However, Litecoin has only experienced a slight increase in its transaction volume during the same period, which is unusual considering the significant rise in its daily active addresses. Analyzing this network activity, Santiment released a detailed report on the factors behind such development.

LTC-20 Standard Drives Rise In Litecoin Micro Addresses  

According to Santiment, the majority of new active addresses on Litecoin are the most miniature set of wallets on the network holding between 0-0.001 LTC. This explains the little increase in trading volume despite the rising number of daily addresses. 

Behind this gain in micro wallets, Santiment postulates the recent introduction of the LTC-20 token standard to be the primary driving force. This is based on chart data which shows that this exciting rise in the 0-0.001 LTC wallets began after the launch of the LTC-20 standard on May 2. 

According to its official Gitbook page, LTC-20 is referred to as an experimental standard for non-fungible tokens (NFTs). 

While providing an introduction to this blockchain product, the page author stated; 

this is an extremely dynamic experiment, and I strongly discourage any financial decisions to be made on the basis of its design. I do, however, encourage the Litecoin community to tinker with standard designs and optimizations until a general...

Track your expenses and savings goals using budgeting apps to build your emergency fund.

A former FTX regulatory officer, Daniel Friedberg, has come forward to back the lawsuit against FTX celebrity promoters, adding weight to the allegations leveled against the cryptocurrency exchange.

Due to his knowledge of the companys internal compliance practices, Friedbergs decision to support the legal action is a significant blow to FTX.

Notably, the lawsuit started mid-November last year, a few days after the exchange shut down.

FTX Lawsuit Gains Support From Former Executive

As revealed in the proposed amended complaint, Friedberg gave evidence that FTX promotional activity surfaced from Florida.

Daniel Friedberg was the compliance chief of the US arm of FTX and FTXs chief regulatory officer. 

So, his evidence could negate the defendants claims, stating that FTXs activity has no connection with Florida, including the Miami court. 

Friedberg also referred to the vice president of the US arm of FTX, Avinash Dabir, noting that he is based in Miami. He added that Dabir performed operations in the city from an FTX office in 2021.

He said that Dabir was responsible for overseeing FTX brand ambassadors, of which the court defendants are no exception.

The brand ambassadors noted were comedian Larry David, Shaquille ONeal, a former basketball player, retired NFL player Tom Brady, and FTX founder Sam Bankman-Fried.

Other celebrity promoters include entrepreneur Kevin OLeary, Steph Curry, a basketball star, with his team, the Golden State Warriors, and Bradys ex-wife, model Gisele Bundchen.

Meanwhile, the class action lawyers saw that Friedbergs statements countered the defendants claims.

They claimed its unlikely for such a conspiracy to erupt from Florida because the exchange did not intend to expand to Miami until September last year. It was after the move to Miami that they enacted the promotional agreements.

In the meantime, the lawsuit class action lawyers are assessing the new evidence from the defendants to amend the case. 

Celebrities Face Lawsuits For Misleading Crypto Endorsements

Several crypto endorsements for celebrities have often landed in lawsuits. This happens when misleading statements regarding a cryptocurrencys potential returns, security, or legitimacy make investors suffer financial losses.

Additionally, endorsing or promoting unregistered securities without complying with securities laws...

Market analysts are watching Ripples XRP for a potential price surge against the worlds leading digital currency, Bitcoin.

XRP, known for its lightning-fast transaction speed and secure blockchain technology, has recently experienced a rollercoaster ride due to its lawsuit with the US Securities and Exchange Commission.

However, an XRP and BTC chartist, Cryptoes, predicts a trend reversal for XRP based on current indicators on the chart. 

Analysts See A Pump In XRP Price Against Bitcoin

The performance of XRP since the beginning of April has been very low compared to that of Bitcoin. This led to a notable decline in the XRP/BTC pair over the last five weeks.

Its poor performance does not affect how certain analysts picture the token. The positive view of XRPs price can be attributed to a key support level at its current position.

Cryptoes called crypto enthusiasts attention to this occurrence in a tweet, revealing that the weekly chart of the XRP/BTC pair projects a major support level. The chart revealed that XRPs price had slowed against Bitcoins since April 3.

However, the support level could prevent further decline of XRP tokens as it might be the bottom point. He added that the token might consolidate for weeks before initiating a rally.

Another popular crypto analyst, Egrag, has a different view from Cryptoes. According to him, the market currently projects a bearish trend.

His reason is hinged on the movements of two Simple Moving Averages (SMA), the 20 and 100 moving averages on the same chart.

According to Egrag, the 20 Simple Moving Averages (SMA) place sell pressure on the coins price. As such, the 100-moving average is a strong resistance against the current price of XRP. It could be difficult for the token to break out from such resistance.

He believes that the presence of these indicators signals market weakness, and XRP could yield to them. But time will tell if XRP will pump to close above the falling wage.

XRPs Recent Price Performance

There is no significant difference between XRPs price at the beginning of May and its current price of $0.4286. On May 1, the coin was trading around the $0.47 price mark, which eventually declined to $0.465 at the close of the day.

OKX Wallet has announced the launch of its new platform, Cryptopedia, and its partnership with protocols, Radiant and Marinade. This announcement would come following wide discussions about the waning influence of Binance, the worlds largest cryptocurrency exchange.

OKX Launches Cryptopedia; Partners With Radiant And Marinade 

In a GlobeNewswire press release dated May 13th, 2023, OKX Wallet disclosed the launch of Cryptopedia, a Web3 learn-to-earn and airdrop platform. This new platform aims to help users easily identify and access Web3 projects and dApps. Cryptopedia will also enable users to unlock additional airdrops and gain extra rewards. 

The first Cryptopedia issue, which is focused on the zkSync theme, provides users with the opportunity to receive zkSync airdrops and other related airdrops. Users will also have the chance to collect non-fungible tokens jointly created by OKX Wallet and zkSync.

zkSync is a Layer-2 scaling solution designed to enhance transaction speed and reduce cost on the Ethereum network. As the name suggests, this protocol is based on the zero-knowledge (zk) concept.

In the press release, OKX Wallet also announced its partnership with two protocols, namely Radiant and Marinade. Its collaboration with Radiant, a decentralized lending protocol native to Arbitrum and BNB Chain, will allow users to access Radiants lending service via the OKX Wallet plug-in and Discover platform.

With Radiant, users are able to borrow a variety of digital assets across multiple chains against their own assets on one chain.

Marinade, on the other hand, is a non-custodial liquid staking derivatives (LSD) protocol on the Solana network. Similar to Radiant, this partnership will facilitate users access to Marinades liquidity staking service via the OKX Wallet plug-in and Discover platform.

OKB Shows No Significant Price Action

The OKB coin is the utility token of the OKX ecosystem. From trading fee discounts to passive income, there are a few benefits that holders of this token get to enjoy. And it appears that the growth of the OKX ecosystem has some links to OKB price.

That said, it is somewhat too early to tell what the impact of these partnerships will be on the price of OKB. Moreover, there has been no significant price movement in the OKB market since the announcement was made.

A broader look at price action reveals that the OKB market has been moving sideways in the last few weeks. According to data from Co...

Despite the prevailing bearish trend in the crypto market, venture capital firms consummated several deals worth billions in the first quarter of 2023.

Data from PitchBooks Crypto Report for Q1 2023 disclosed that crypto firms generated $2.6 billion through 353 investment rounds. 

Though the level of deals from the companies indicated the viability of the crypto space, theres still evidence of its weakness.

Report Highlights Declines In The Number And Value Of Investment Deals

According to the report, the first quarter of 2023 had the lowest amount of capital invested in the crypto space since 2020.

The total deals declined by 12.2% from the last quarter, while the quarter-on-quarter deal value dropped by 11%.

The report highlighted that Q1 2023 marks the fourth consecutive quarter of dipping investment activity for VCs. 

Notably, the number and value of VCs deals decreased by 64.4% and 78.0%, respectively, from the same quarter in 2022.

Further, the report indicated a mix in the valuation trends. Seed and late-stage rounds grew by 33.3% and 209.2%, respectively, compared with the full year of 2022. But early-stage rounds plummeted by 16.7% during the same period.

Also, the report noted that the crypto bearish trend could continue. But the space still has some positive outlooks currently. 

For instance, layer 2 scaling solutions have been doing great, maintaining their growth from last year.

The data highlighted a blockchain-based firm, Blockstream, that raised $125 million for funding a Bitcoin mining infrastructure. 

Also, another company committed to developing zero-knowledge Ethereum Virtual Machine scaling solutions, Scroll, has done well. The firm raised $50 million in a late-stage VC round.

Overall Decline In The Crypto Market

The crypto market has continued to show red charts as prices of most assets witness more losses. Subsequently, the cumulative crypto market cap declined over the past 24 hours. Also, the total crypto market volume plummeted 8.10% within the past 24 hours to $42.75 billion.

The primary crypto asset Bitcoin has been struggling within the past few days. According to data from CoinMarketCap, Bitcoins price has continuously declined for the past week.

The token dropped from the $29,000 region to the $26,000 level. The seven-day price action shows that BTC plummeted by over 9%.

At the time of writing, Bitcoin is trading at $26,759 after losing minor gains over the past 24 hours. Its market cap now sits at $511 billion, with a market dominance of 46.30%.

Since the beginning of this year, Polkadot has been on a roller coaster ride as the general cryptocurrency market has fluctuated over the past months.

Recently, the price of Polkadot (DOT) has experienced negative sentiment, causing a slight decline in the coins value.

The coins price slightly decreased from $5.51 to $5.12 on May 9, 2023. However, it started to gain further positive momentum the same day and recovered to $5.3 today.

Strong Bearish Momentum

The price of DOT has been trading sideways within the last 24 hours, indicating a bearish trend. As a confirmation of the bearish momentum in the Polkadot market, the 24-hour trading volume is down by 18%.

The decline indicates a decrease in demand for DOT in the market and might lead to greater volatility as traders adjust their position based on the market sentiment.

Polkadots current market cap is estimated at $6.1 billion, with a market dominance of 0.56%. But the increase in selling pressure has impacted the price of Polkadot significantly.

Polkadot is in the phase where investors and traders are afraid to buy or hold the coin. As investors take advantage of the current dip in price to acquire more DOT, anticipate a modest recovery in the coming week.

Polkadot (DOT) Technical Analysis

DOT trades below its 200-day and 50-day Simple Moving Averages (SMA). This indicates that DOT has a bearish momentum in both long-term and short-term trends. 

The Relative Strength Index (RSI) indicator shows that DOT currently reads 32.92. This indicates that the coin is slightly in the oversold region. It also suggests that DOT is experiencing some downward pressure. However, the asset may rebound from its oversold condition and return to a normal trading range.

The MACD indicator also confirms the bearish trend as its trading below the signal line. This indicates that the bears have more pressure than the bulls.

Meanwhile, the number one gaming blockchain platform, Mythical Games, is departing from the Ethereum network to launch its new Mythos ecosystem on Polkadot. 

The recent development will allow Mythos gaming partners to build the biggest and most connected gaming ecosystem in the Web3 industry.

The development will result in a new scalable platform, accessible to all Mythos partners and compliant with Web2 gaming platforms, including the Epic Games Store.

Quadriga Fintech Solutions CEO and founder Gerald William Cotten (Quadriga CX)

The creditors will receive a monetary equivalent of the value of their lost crypto assets as of April 15, 2019.

1.00 AUD = 0.00002 BTC
0.00010 BTC = 4.00 AUD
Converter

0.00010 BTC = 2.68 USD
1.00 USD = 0.00004 BTC
Converter

NFT game MechaFightClub is shutting down due to regulatory uncertainty in the U.S., while Yuga Labs new CEO has snapped up a BAYC NFT for well over the floor price.

The delisting included major tokens used in DeFi, with the company saying it was following up-to-date regulatory guidance.

Court Lawsuit Judge Legal (Shutterstock)

Bakkt leadership (Bakkt)

The legislation appeared to be another attempt at the Accountability for Cryptocurrency in El Salvador Act, originally introduced after the countrys Bitcoin Law was enacted.

A group of United States senators have introduced a bill requiring reports on the adoption of bitcoin as legal tender in El Salvador. 

The "Accountability for Cryptocurrency in El Salvador Act," introduced by Senator James Risch, Senator Bob Menendez, and Senator Bill Cassidy, requires the Secretary of State, in coordination with other relevant Federal departments and agencies, to submit a report on the adoption of bitcoin as legal tender in El Salvador. The report must include an assessment of the regulatory framework in El Salvador and the potential impact of Bitcoin adoption on macroeconomic stability, democratic governance, and the flow of remittances from the United States to El Salvador.

The bill also calls for a plan to mitigate any potential risks to the United States financial system posed by the adoption of a cryptocurrency as legal tender in El Salvador and any other country that uses the U.S. dollar as legal tender. According to the bill, the plan should be submitted to the appropriate committees of Congress no later than 90 days after the report required by subsection (a).

The Bitcoin Law, passed by the Salvadoran government in June 2021, gives Bitcoin legal tender status in the country. The move was criticized by some experts, who argued that it could lead to instability in the country's economy. Others, however, saw the move as a potential catalyst for broader adoption of bitcoin in the region. Despite the controversy surrounding the move, El Salvador has remained committed to its Bitcoin adoption plans.

(Nathan Lau/Getty Images)

(Sebastiaan Stam/Unsplash)

(Kaleb Tapp/Unsplash)

Binance is the latest in a string of departures from CEO Changpeng Zhaos home country, but it promises to keep working with regulators.

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(CSA Images/GettyImages)

Marco Santori

(Unsplash)

The information was published on WIPOs global database for intellectual property on May 11, 18 months after LG filed its application.

U.S. Capitol (Jesse Hamilton/CoinDesk)

Former Senator Patrick Toomey, former Representative Tim Ryan, former Representative Sean Patrick Maloney, and others will advise Coinbase on crypto policies.

(Unsplash)

(Pexels/Pixabay)

Debate has ensued over the proliferation of BRC-20 tokens on the Bitcoin blockchain. ( / Getty Images)

The EU is set to agree new crypto tax laws (Ralph/Pixabay)

Milady 8835 last sold for 0.35 ETH (about $1,000) on OpenSea. (Art by Remilia, modified by CoinDesk.)

Elon Musk (Daniel Oberhaus/Flickr)

Rune Christensen (Original image by Trevor Jones)

Cointelegraph analyst and writer Marcel Pechman explains how lowering the interest rates in the U.S. will ultimately benefit Bitcoin and the cryptocurrency market.

USDC brings stability to cryptocurrency. It would behoove the financial system if policymakers took measures to foster its adoption.

DAI stablecoin proprietor MakerDAO offered up an AI-heavy roadmap for the future with plans for a new blockchain.

After community approval, BIT holders will undergo a treasury management will remain unchanged.

U.S. Rep. George Santos (R-NY)(Alex Wong/Getty Images)

Leadership at the Fed will likely have an impact on how the U.S. government handles the potential issuance of a central bank digital currency.

(Rachel Sun/CoinDesk)

Bitcoin and most major altcoins are slumping, but the charts suggest that a recovery could be around the corner.

The new law, signed by Governor Ron DeSantis, also urges other states to take action against the potential introduction of CBDCs through their commercial codes.

U.S. Congressman Brad Sherman has sent a letter to Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), regarding the situation of Grayscale Bitcoin Trust (GBTC).

According to Sherman, as many as 850,000 retail investors, including some who used individual retirement account funds, are currently trapped in their GBTC investments due to the actions of GBTC and its parent company, Digital Currency Group (DCG). Sherman estimates that these investors' retirement security and in some cases, their life savings, may be at risk and that if the situation is not remedied, they could lose tens of billions of dollars of their savings.

Sherman's concerns regarding GBTC stem from the fact that GBTC shares currently trade at a ~42% discount to the bitcoins in the trust, and Grayscale has refused to redeem GBTC shares, citing Regulation M's prohibition on simultaneous sales and redemptions of the same security. Grayscale's Head of Investor Relations, Rayhanch Sharif-Askary, admitted that the company's flooding of the market with GBTC by continuously issuing new shares between 2018 and 2021 drove the discount to its net asset value.

Sherman alleges that Grayscale's actions are motivated by a desire to increase assets under management, regardless of the impact on GBTC's retail investors. Grayscale charges users an annual 2% fee based on the actual value of bitcoin, not the value of the GBTC that investors own. By charging more than four times what their competitors charge, Grayscale was able to bring in $615 million in fees alone in 2021, according to the letter.

Sherman has posed several questions to the SEC related to this matter, including whether Regulation M is a barrier to allowing shareholder redemptions today, whether the SEC is aware of other specific rules and regulations that are a barrier to allowing shareholder redemptions today, and whether it is a matter of concern that Grayscale does not have a single independent director on either its board of directors or audit committee.

In conclusion, Congressman Brad Sherman's letter to the SEC Chair, Gary Gensler, is raising concerns over the situation of Grayscale Bitcoin Trust (GBTC). Sherman is worried that as many as 850,000 retail investors could lose their re...

Milady NFT (Screenshot via Twitter, modified by CoinDesk)

Bitmain Antminer S19 Hydro mining rigs, the company's latest technology, installed at a Merkle Standard facility in Washington state. (Eliza Gkritsi/CoinDesk)

Elon Musk announced his departure as Twitter CEO on May 11, suggesting his replacement would be a woman who would take over within roughly six weeks.

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Terraform Labs CEO Do Kwon on CoinDesk TV in December. (CoinDesk)

(Eva Blue/Unsplash)

Hive Blockchain's ethereum mining facility in Boden, Sweden. (Sandali Handagama/CoinDesk)

Bitcoin's price (CoinDesk Indices)

Heres what the different on-chain indicators from Santiment have to say about whether Pepe Coin could see another pump soon or not.

The Memecoins On-Chain Metrics Have Been Down Since The Top

PEPE has been one of the hottest topics around the cryptocurrency market recently, thanks to the explosive growth that the meme coin has enjoyed. Between the end of last month and the 5th of May, the coin saw its price rise by an extraordinary 1,200%.

The uptrend, however, ended there and the cryptocurrency has been sharply plunging since then. According to Santiment, the on-chain analytics firms social dominance indicator signaled this top in advance.

Social dominance tells us what percentage of the discussions happening on social media related to the top 100 cryptocurrencies by market cap are talking about a given coin.

As the below chart shows, Pepes social dominance rose to very high values just before the top took form earlier in the month.

Whenever social dominance hits high levels, its a sign of euphoria among investors, which is something that has historically led to top formations for cryptocurrencies.

Santiment notes that the indicator still has a value of about 5%, meaning that 5% of all discussions related to the top 100 assets involve the meme coin currently.

Seeing it get down to the 1-2% range would be a good sign that traders are beginning to stray away and look for pumps from other altcoins, the firm explains.

The active addresses metric, which measures the total number of unique addresses taking part in some transaction activity on the blockchain, also saw a spike just before the top.

When this indicator has a high value, it means a large number of investors are making trades right now. The price generally becomes more likely to get volatile when the metric shows such a trend.

From the chart, its visi...

Changpeng Zhao, CEO of Binance, at Consensus Singapore 2018 (CoinDesk)

BTC price falls below the 55-day support level at $27,000, but futures market resilience sparks hope for a recovery toward $28,000.

Crypto natives and newbies alike came together to build community and share alpha on the latest in music technology and decentralization.

If you buy something like Bitcoin or some cryptocurrency, you dont have anything that is producing anything. Youre just hoping the next guy pays more....

Bitcoin Pilled: New Design + Cryptocurrency Quotes

Strategies like using strong passwords, enabling 2FA, avoiding phishing, using VPNs, keeping software up-to-date and using reputable antivirus may help one against online fraud.