Top Crypto Gainers on September 14 – HBAR, RUNE, And MRK
The crypto market continues to consolidate on its gains today, September 14, with a slight increase in the total market cap value to $1.09 trillion. Several market events likely affect many asset prices, but not all.
For instance, Yahoo! Finance report on Wednesday, September 13, revealed that the Bureau of Labor Statistics released the Consumer Price Index (CPI) data and showed a 3.7% increase exceeding the 3.6% predicted.
Notably, the CPI rose by 0.6% due to high gasoline prices. However, BTC rallied after the announcement to trade slightly above the $26,000 price level. This means that the result didn't affect asset prices as many feared.
Also, defunct crypto exchange FTX has received approval from the U.S. Bankruptcy Court for the District of Delaware to sell $3.4 billion worth of assets to repay customers.In another development, Binance.US slashed its workforce by a third as regulatory pressure continues to mount on the exchange.
Also, the U.S. CEO of Binance, Brian Shroder, has cut ties with the company, as over 100 employees have been laid off. Despite all these events this week, the crypto market is still positive, with some altcoins on today's top gainers list.
Hedera (HBAR) - The Decentralized Open-Source Ledger
HBAR's price was $0.052 on September 14, at 8:06 am EST, with a 4.9% increase in the last 24 hours.Also, it is up by 5.6% in the last seven days, showing a gradual price increase as more buyers dominate the market.
The Stablecoin Studio launch on the Hedera network is likely driving the price gains for the asset in the last 24 hours.
Big kudos to @Hedera for launching their #Stablecoin studio along with an open-source issuance & management toolkit!
We're thrilled that it's leveraging HashPack's tech too.
It's a giant leap for the network and the future of #Web3!https://t.co/OSVOHTTUxj
(1/5)
- HashPack Wallet (@HashPackApp) September 13, 2023
On September 13, Hedera developers announced the launch of Stablecoin Studio, an open-source stablecoin toolkit for institutions and payment providers.
According to Shinhan Bank's Chief of Blockchain Division Kim Byung Hee, the launch of Stablecoin Studio on Hedera's network is exciting since they have utilized its toolkit and found it satisfactory.
Also, Standard Bank's Lead Blockchain Developer, Jared Lindolent, shared a similar view, stating that stablecoins can potentially transform the banking industry positively.He believes the technology provides security, liquidity, and accessibility, among other benefits.
This announcement likely triggered more investors to accumulate HBAR tokens before a potential price surge. Also, the HashportNetwork Axiom Oracle is live on Hedera and provides end-to-end settlement for Visa and Master Card customers using stablecoins and proof-of-reserve.
These additional functions will likely boost the value of Hedera's ecosystem and HBAR tokens' price. On the daily chart, HBAD records price gains as buyers exert dominance.
HBAR Enters Uptrend: Will it Sustain the Trend?
HBAR is in an uptrend on the daily chart as the bulls rally for a third consecutive day to form a green candle.It has found support at $0.049, and the upper wick of today's candle is approaching the $0.053 resistance level.
Also, the Bollinger Bands (BB) are expanding, indicating a continuation of the price increase. The candle approaching the upper band confirms the surge in buying activity.The Relative Strength Index (RSI) indicator, with a value of 48.99, is approaching the overbought region of 70.
If the buyers continue to open new long trades, the RSI will move above 50 in the next few days.Furthermore, the Moving Average Convergence/Divergence (MACD) confirms the bullish sentiment crossing above its signal line today.
Also, the MACD Histogram bars are changing to green, confirming the buyers' dominance. HBAR will likely continue its rally in the coming days if it overcomes the $0.053 resistance.
THORChain (RUNE) - A Top Decentralized Liquidity Protocol
RUNE's price on September 14 is $1.62, at 8:08 am EST. This amount indicates a 3.9% increase in the last 24 hours. Also, it is up by 2.9% in the last seven days, showing a gradual increase in buy trades.
THORChain developers have continued with their DeFi innovations, ranking it among the top crypto finance platforms.On September 12, THORChain developers announced the upcoming launch of the Memoless transactions on the platform.
Thanks for checking it out PlanB;
Memoless transactions (ie, send an amount to an address) are coming soon (within the month).
Memoless tx encode your intent inside the amount itself.
More info
https://t.co/wBtKSPGtdS
- THORChain (@THORChain) September 12, 2023
According to the developers, the Memoless Transactions will enable users to make swaps without connecting their wallets.Users need to specify what asset they want, the amount, and the receiving address for the sent tokens.
THORChain will provide a deposit address to send the funds to be swapped, and the swaps can be between BTC, ETH, USDT, and other cryptocurrencies.
Also, MetaMask launched Snaps for added functionality for users. ShapeShift built this multi-chain functionality for Bitcoin, Litecoin, Dogecoin, Cosmos, BCH and THORChain.
Today MetaMask launched Snaps. They are plugins that enable more functionality for users.
ShapeShift built the multi-chain functionality for :
- Bitcoin
- Litecoin
- Dogecoin
- Cosmos
- BCH
- ThorchainMore will be added
- TCB (@THORmaximalist) September 12, 2023
This function makes centralized exchanges obsolete and enables MetaMask users to execute swaps from ETH to BTC at a cheaper rate.A 0.05% transaction fee and slippage for a $1.5 million transaction is 20x cheaper than the normal exchange rate.
Users can now carry out multi-million dollar transactions in multi-chain swaps, which are permissionless, decentralized, and censorship-resistant.
However, MetaMask still needs to enable hardware wallet support. THORChain is the multi-chain liquidity engine, and the ShapeShift mechanism combines assets from other decentralized exchanges such as Uniswap.
How does it work under the hood ?@THORChain is the multichain liquidity engine and @ShapeShift aggregates long tail assets from other DEXes like @Uniswap.
The 5 BPS swaps are possible using a TWAPing feature called Streaming Swaps.
- TCB (@THORmaximalist) September 12, 2023
The ShapeShift DAO seamlessly integrates THORChain with MetaMask through the ShapeShift app.These additional functions are likely driving the price gains for the token, leading to an increase in the last 24 hours.
Also, RUNE's daily chart pattern shows a possible uptrend ahead for the asset as more buyers enter the market, leading to a price increase.
RUNE's 50-Day SMA Forms Golden Cross
RUNE is in an accumulation phase as the buyers seize control of its price, leading to the green candles formed in the last three days on the daily chart.It trades above its 50-day and 200-day Simple Moving Averages (SMA), confirming the prevalent bullish trend.
After the Golden Cross formed on September 8, RUNE's price declined briefly before recovering on September 12 to enter the uptrend.The RSI indicator is 59.04, rising out of the neutral zone and approaching the overbought region of 70.
It implies that the buyers are still working on accumulation, and the token's price will likely record a further increase in the coming days.RUNE has found support at the $1.45 price level, which had become a strong support zone, and pivot, sending it to test the $1.62 resistance level.
A break above this resistance level will translate to further price gains in the coming days if the buyers continue to accumulate more tokens.
Maker (MKR) - The Smart Contract Platform
MKR's price at 8:12 a.m. EST is $1,155, with a 1.3% increase in the last 24 hours and a 2.2% increase in the last seven days. Its positive price outlook reflects the general improvement in the crypto market.
However, an in-depth analysis of the daily price chart will help reveal its next possible moves. On September 12, Maker DAO posted updates from the SubDAO Genesis Event in Seoul, Korea.
Grateful to the Korean community for making the SubDAO Genesis Event in Seoul a success.
We unveiled the SubDAOs to the Korean community, showcasing how to engage and contribute to what lies ahead.
Event highlights, in this thread:
- Maker (@MakerDAO) September 12, 2023
Rune Kristensen, a co-founder of the Maker DAO, spoke on the importance of SubDAOs at the event, focusing on its organizational structure. The SakuraDAO was presented as a SubDAO for earning DeFi yields while building a community passionate about the true Japanese culture.
Also, Hexanaut from Phoenix Labs focused on the evolution of SparkDAO, the community to govern the Spark Protocol using the SPK token.
According to the developers, Spark is not just an ordinary lending platform but is a DAI-focused money market protocol that combines the liquidity from Maker with a top-notch user experience.
SPK holders will govern Spark Protocol under the Spark SubDAO decentralized governance.Furthermore, Viridian's Advisory's Rajiv Sainani spoke on Real-World Asset SubDAOs and the Quantitative SubDAO. These DAOs offer billions of dollars for public credit.
Shaun Musuka from Spring Nested Team also referred to the Qualitative SubDAO as a decentralized community aiming to bring public and private credit on-chain through tokenizing tangible assets like real estate.
Spark isn't just any lending platform. It's the DAI-centric money market protocol, combining the liquidity from Maker with a top-tier DeFi user experience.
SPK token holders will govern Spark Protocol under the Spark SubDAO decentralized governance. pic.twitter.com/Al6HN7Qb12
- Maker (@MakerDAO) September 12, 2023
However, Maker developers stated that SPK farming and SakuraDAO's DeFi yield are unavailable for U.S. or VPN users.These exciting developments in the MakerDAO ecosystem are likely driving the price of MKR tokens today.However, on the daily chart, MKR is facing resistance but will likely overcome it to continue its uptrend.
MKR Approaches $1191 Resistance Level
MKR has found support at the $1131 price level as it attempts to break above the $1191 resistance level. However, the Gravestone Doji formed today suggests that the sellers are attempting to force a decline.
MKR candlesticks are above the Parabolic SAR indicator, confirming the bullish trend and a possible entry into the overbought zone if the buyers overcome the $1191 resistance.
Also, the RSI indicator is in the neutral zone with a value of 54.74. Although the RSI is moving sideways, it will likely retrace to the upside in the coming days if the buyers continue to accumulate tokens.
Furthermore, the MACD is above its signal line, displaying a strong buy signal confirmed by the green Histogram bars.Although a short-term retracement is possible, MKR's price outlook for the coming days is bullish.
Wall Street Memes (WSM) - The Top Memecoin Community
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Wall Street Memes is the revolution of retail crypto traders against capitalism in the financial market relying on meme coins to earn rewards. Its utility cases, such as staking for passive income and the Wall St Bulls NFT project, give the WSM tokens more value than ordinary meme coins.
What's next Cramer? Long floppy disks? pic.twitter.com/CiMBSu4SNB
- Wall Street Memes (@wallstmemes) September 13, 2023
According to the exciting roadmap, the first phase is ongoing. In the second phase, WSM tokens will list on tier exchanges, likely resulting in a surge in the token's value.
Also, WSM plans to launch a merchandise store featuring branded merchandise, such as sweatshirts, caps, and T-shirts. The ultimate goal is to achieve a market cap of $1 billion after listing and driving global adoption in the crypto community.
WSM Presales in Advanced Stages as Listing Approaches
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The WSM presale is advancing rapidly, with just 12 days left before its eventual listing on Tier-1 crypto exchanges.The presale has been a massive success, with over $25 million raised as more investors acquire these tokens ahead of its listing.
The price of one WSM token is $0.0337 today. Investors can buy as many as they need with a crypto wallet using ETH, USDT, or BNB. Also, users' direct purchase with a bank card is available on the platform. WSM is ERC-20 compliant and operates on the Ethereum blockchain, benefiting from its security.
Wall St Bulls NFT Collection Prove Ecosystem Diversity
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Wall Street Memes also has an NFT collection for users who prefer non-fungible digital art.The Wall St Bulls NFT collection houses 10,000 unique NFTs on Ethereum, granting holders access to the Options Market; in this market, the bulls can appreciate and be sold for profit.
Also, Walls St. Bulls NFTs holders can access the other collections for free, such as the Wall Street Assets and Wall Street Interns. These NFTs will boost the long-term value of the ecosystem and likely attract more users globally, boosting WSM's price.
The Wall Street Bulls collection boasts over 3,500 owners and a total trading volume of 1,875 ETH on OpenSea, a top NFT marketplace.
Staking Mechanism Creating Passive Income Streams for WSM HoldersWSM uses an eco-friendly staking system to reward its users and preserve its long-term value. On September 14 at 11:34 am EST, over 324 million WSM tokens have been staked, and the APY is at 62%, providing massive returns for users.
These staking rewards are summed up based on the percentage of WSM tokens each user commits to the WSM staking pool.Also, Wall Street Memes believes in equity and transparency; therefore, there are no specially reserved tokens for the development team, giving all users equal opportunities.
ConclusionThe crypto market rebounded to the upside as the CPI inflation data had a negligible effect. Also, some altcoins recorded impressive gains due to exciting developments within their ecosystem.Investors seeking to take advantage of the present gains should note that the crypto market is volatile, and the prices of assets can fluctuate suddenly.
Therefore, a proper trading strategy, risk management techniques, and in-depth research are essential for successful traders.Alternatively, investors can use presale tokens to benefit from a potential price surge after listing.
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