Bitcoin

Terra’s LFG Sells $750M of Bitcoin, UST Depegs by 7% (Luna Price Update)

Terra’s native stablecoin TerraUSD (UST), which has been the talk of the town for the last few weeks now, is at its worst at the moment.

Stemming from UST liquidations and the broader market crash, UST is currently trading at a discount of 7%, while Terra’s native token LUNA is down by 37.6 on the week%.

Terra’s Stablecoin Loses Peg

The last 24 hours have been terribly uneventful for Terra ecosystem investors as TerraUSD, known to be the biggest decentralized stablecoin, lost its peg. The depegging was initiated due to a bunch of withdrawals from the biggest Dapp on Terra chain, Anchor Protocol.

The lending platform noted the total value locked on it declined. Most of the investors on the platform pulled their investments resulting in the total deposits on Anchor falling by $5 billion.

Currently, down from $14 billion, the deposits on the protocol only amount to $9.3 billion.

Following this, UST began being pulled out of liquidity pools on Curve, and Terra also joined in by liquidating $150 million in UST. Although it redeposited $100 million, the panic had already ensued.

It did not take too long for the UST peg to destabilize, and by the end of yesterday, UST was trading at a discount of 1.2%. However, at the time of writing, the broader market crash and Luna Foundation Guard’s (LFG) latest move has left the stablecoin broken.

LFG Sells $750 Million in Bitcoin

In a series of tweets, the LFG announced that owing to the bearish market condition, the organization will be selling about $750 million worth of Bitcoin.

However, they disguised this selling by calling it a loan to OTC trading firms and said that the same amount of Bitcoin would be repurchased as soon as the market conditions improved.

This left the LFG reserve balance at just $2.7 billion when it was at $3.9 billion a week ago. As reported by CoinCentral, the LFG had recently purchased $1.5 billion worth of Bitcoin for the reserve to inch closer to its $10 billion target.

However, this dumping left investors infuriated, and more people withdrew their Anchor deposits, leaving LUNA and UST in a bind.

At the time of this report, the stablecoin UST was trading at a 7.4% discount at $0.926, the lowest it has ever been at, and it seems like the LFG reserve has not been able to fix it actively.

Consequentially, with the broader market crashing and the Terra ecosystem noting backlashes from the community, the DeFi chain’s native token LUNA also plunged by 35.59%, leaving it trading at $43.86.

This crash added to the already bearish week where the altcoin lost over 20%, bringing the weekly decline to 45.57%.

Although, as per Terra founder Do Kwon about $1.5 billion in capital has already been deployed to stabilize the UST peg, it will be a while before it shows its effect.

7/ This will be an important opportunity for the terra and wider crypto community to gather empirical data on how LFG operates & fits into the Terra ecosystem.

Observe over the next few days not on whether LFG chose to deploy reserves, but on how.

— Do Kwon 🌕 (@stablekwon) May 9, 2022

Bitcoin

Shiba Inu’s stability in question; is NuggetRush the gateway to significant gains?

Shiba Inu’s (SHIB) community is excited over a recent partnership with K9 Finance. NuggetRush (NUGX) continues to gain more attention as the official launch of its mining game approaches. NUGX’s value is also up by 100% ahead of its official listing. Shiba Inu’s (SHIB) rising burn rate coincides with excitement over growing DeFi activity on…

Shiba Inu’s (SHIB) community is excited over a recent partnership with K9 Finance.
NuggetRush (NUGX) continues to gain more attention as the official launch of its mining game approaches.
NUGX’s value is also up by 100% ahead of its official listing.

Shiba Inu’s (SHIB) rising burn rate coincides with excitement over growing DeFi activity on its network. Yet, analysts debate over SHIB’s growth prospects in Q2 2024.

NuggetRush is a mining game that has just completed a stellar presale, selling over 270 million coins. Yet, many analysts expect more growth due to excitement around its gold rewards. Can NUGX outclass other gaming tokens in 2024? Let’s find out what investors think.

Shiba Inu’s burn rate soars amid upcoming liquid staking services

Shiba Inu (SHIB) is gaining more investor attention in the second week of April following its increased token burn rate. Bitcoin’s return to $69,000 increased demand for top meme coins like Shiba Inu. This coincided with a sharp rise in token burns in Shiba Inu’s (SHIB) ecosystem in 2024.

SHIB traded at $0.00003282 on March 10. It dropped by 17.1% to $0.00002718 on March 23. SHIB jumped by 13.13% to $0.00003075 on March 28. It then fell by 8.29% to $0.0000282 on April 7.

Shiba Inu’s (SHIB) ecosystem will soon get liquid staking services due to a collaboration with K9 Finance DAO. The partnership will help Shiba Inu actualize its goal of increased real-world utility and adoption.

Furthermore, analysts say increased DeFi activity on Shiba Inu could push SHIB’s value up by 19.92% to $0.00003382. This could make SHIB one of the most bullish altcoins in the meme sector.

NuggetRush challenges The Sandbox with 100% token value surge

NuggetRush (NUGX) has joined the gaming industry with a bang after a mega presale that raised over $3.75 million. The project’s mining adventures have surprised blockchain gamers as NuggetRush (NUGX) promises gold and NFT assets. Gamers will complete challenges that involve building and running mega-mining operations.

You will start with land and basic machinery. As you complete challenges and earn rewards, you can invest in expanding your operations by purchasing more equipment and land. With a larger mining operation, you enjoy access to more gaming rewards, which include NFTs, funds, and rare gems.

Furthermore, you get mining efficiency increases, which boost your reward eligibility. NuggetRush (NUGX) will have gamers recruiting workers and purchasing new equipment. These assets are also part of the valuable collectibles in the mining game. You can upgrade NFT characters and machinery to boost their in-game effectiveness.

NuggetRush (NUGX) offers many ways to realize financial value from the mining game. These ways include trading NFT assets among peers on the platform’s marketplace. Trading upgraded assets offers higher returns to gamers.

Players can also stake NFT assets and earn financial value that goes as high as 20% APY. One of the benefits of NuggetRush’s NFT staking is that it allows players to earn money from holding on to their assets instead of selling.

NuggetRush’s (NUGX) blockchain ICO just ended, selling 271 million presale tokens. The total revenue generated rose to $3.75 million. NUGX’s value also soared by 100%, reaching $0.020 by the end of its presale. Some analysts expect NuggetRush (NUGX) to become one of the most popular NFT games by the end of the year.

Fore more updates on NuggetRush, visit the NuggetRush Website.

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Bitcoin

Bitget Wallet Unveils $200,000 Meme Coin Fiesta Following Its Meme Coin Launch

Victoria, Seychelles, April 11th, 2024, Chainwire Bitget Wallet, at the forefront of the Web3 wallet landscape, has recently unveiled a meme coin-themed event, showcasing a substantial prize pool of $200,000. This move comes on the heels of the successful launch of its meme coin, MOEW, on the Base mainnet. This experimental token launch marked a…

Victoria, Seychelles, April 11th, 2024, Chainwire

Bitget Wallet, at the forefront of the Web3 wallet landscape, has recently unveiled a meme coin-themed event, showcasing a substantial prize pool of $200,000. This move comes on the heels of the successful launch of its meme coin, MOEW, on the Base mainnet. This experimental token launch marked a bold step in Bitget Wallet’s journey towards innovation in the meme coin space.

The debut of MOEW last week achieved a surge of over 22,000% within just an hour after its launch. At present, MOEW is held by nearly 100,000 wallet addresses, and its total transaction volume has soared past $120 million. This strong performance not only places MOEW as a notable asset on the Base chain but also highlights Bitget Wallet’s capability to stimulate noticeable activity and interest throughout the network.

In a bid to build on this momentum, Bitget Wallet has rolled out the ‘Game of MEME’ event, aimed at deepening market engagement with meme coins. The event introduces a massive airdrop prize pool of $200,000, inviting participants to dive into a variety of activities, from trading meme coins on-chain and engaging on social media platform X to creating meme-themed content. The initiative seeks to harness financial incentives to boost participation and engagement, spotlighting the fun and community-centric essence of meme coins.

The narrative within the cryptocurrency industry has evolved towards a more community-focused model, with meme coins at the heart of this shift. Emerging as one of the most lucrative areas in the cryptocurrency market, the popularity of meme coins has spread across various networks. Despite the mixed views on the value and logic behind the rapid ascent of meme coins, the sector seems to continue to be a hotbed for creating significant wealth.

Alvin Kan, COO of Bitget Wallet, shared his insights on the company’s meme coin strategy, saying, “Bitget Wallet is deeply invested in meme coins, viewing them as not just an exciting asset class but also a cultural phenomenon that encapsulates the financialization of attention and community culture. We’re keen on journeying with our meme coin enthusiasts, fostering a deeper connection with the community spirit and culture that meme coins embody.”

Given that the majority of meme coins originate within community forums and decentralized trading platforms, the significance of Web3 wallets in the decentralized ecosystem has never been more apparent. Bitget Wallet is proactively enhancing its support for meme coin transactions by swiftly integrating with major blockchains, adding new meme coins, and offering comprehensive swap transaction support. Through the issuance of meme coins, launching meme-themed events, and developing specialized product features for meme coin transactions, Bitget Wallet is aiming to cement its position as a leader in the realm of meme coin trading.

About Bitget Wallet

Bitget Wallet is Asia’s largest and a leading global Web3 wallet with over 20 million users worldwide. It offers a comprehensive range of features, including asset management, intelligent market data, swap trading, launchpad, inscribing, and DApp browsing. Currently, it supports more than 100 major blockchains, hundreds of EVM-compatible chains, and over 250,000 cryptocurrencies. Bitget Wallet enhances liquidity by aggregating it across hundreds of top DEXs and cross-chain bridges, facilitating seamless trading on nearly 50 blockchains.

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Bitcoin

Bitcoin Technical Analysis: Bulls Push Forward, Breaking Upper Resistance Levels

As of May 20, 2024, bitcoin is trading at $67,224, reflecting a strong market performance. The cryptocurrency has experienced a 24-hour range between $66,000 and $67,431, with a market capitalization of $1.32 trillion and a trading volume of $21.18 billion. Bitcoin The daily chart indicates that bitcoin (BTC) is in a prolonged uptrend…
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