Ethereum price is struggling to clear the $2,550 resistance. ETH could start a downside correction if there is a move below the $2,475 support.

Ethereum is consolidating gains below the $2,550 resistance zone.
The price is trading above $2,480 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $2,515 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it stays above the $2,475 support zone.

Ethereum Price Remains Supported

Ethereum price saw a steady increase after it broke the $2,420 resistance. ETH climbed above $2,450 and $2,500, but it underperformed Bitcoin. Finally, the bears appeared near the $2,550 zone.

A high was formed near $2,536 and the price is now consolidating gains. There was a minor decline below the $2,500 level. There was also a break below a connecting bullish trend line with support at $2,515 on the hourly chart of ETH/USD.

Ethereum is still trading above the 23.6% Fib retracement level of the recent increase from the $2,282 swing low to the $2,536 high. It is also trading above $2,480 and the 100-hourly Simple Moving Average.

If there is a fresh increase, the price could surge above the $2,520 level. On the upside, the first major resistance is near the $2,550 level. The next major resistance is near $2,620, above which the price might rise and test the $2,680 resistance.

Source: ETHUSD on TradingView.com

If the bulls remain in action, they could even push the price above the $2,750 resistance. In the stated case, the price could rise toward the $2,800 level.

Are Dips Supported In ETH?

If Ethereum fails to clear the $2,550 resistance, it could start a downside correction. Initial support on the downside is near the $2,475 level and the 100 hourly SMA.

The next key support could be the $2,460 zone. A clear move below the $2,460 support might send the price toward $2,400 or the 50% Fib retracement level of the recent increase from the $2,282 swing low to the $2,536 high. The main support could be $2,380. Any more losses might send the price toward the $2,280 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,475

Major Resistance Level – $2,550

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Bitcoin Cash price rallied over 15% and broke the $275 resistance. BCH is now facing strong resistance near the $282 zone.

Bitcoin cash price started a fresh surge above the $250 resistance.
The price is trading above $265 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $258 on the 4-hour chart of the BCH/USD pair (data feed from Kraken).
The pair could continue to move up if it clears the $282 resistance zone.

Bitcoin Cash Price Rallies Above $270

After forming a base above the $232 level, Bitcoin Cash price started a steady increase. It broke the $245 resistance to enter a positive zone, like Bitcoin and Ethereum.

There was a strong increase above the $250 and $265 resistance levels. The price gained over 15% and tested the $282 resistance. A high was formed near $283 and the price is now correcting gains. There was a move below the $275 level.

The price tested the 23.6% Fib retracement level of the upward move from the $233 swing low to the $283 high. BCH is now showing positive signs above $260 and the 100 simple moving average (4 hours).

Source: BCH/USD on TradingView.com

There is also a key bullish trend line forming with support at $258 on the 4-hour chart of the BCH/USD pair. If there is another increase, the price might face resistance near $275. To continue higher, the price must settle above $282. The next major resistance is near $292, above which the price might accelerate higher toward the $300 level. Any further gains could lead the price toward the $320 resistance zone.

Fresh Drop in BCH?

If Bitcoin Cash price fails to clear the $275 resistance, it could start a fresh decline. Initial support on the downside is near the $265 level.

The next major support is near the $258 level or the trend line. It is close to the 50% Fib retracement level of the upward move from the $233 swing low to the $283 high, where the bulls are likely to appear. If the price fails to stay above the $258 support, the price could test the $245 support. Any further losses could lead the price toward the $232 zone in the near term.

Technical indicators

4-hour MACD – The MACD for BCH/USD is losing pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI is currently in the overbought zone.

Key Support Levels – $265 and $258.

Key Resistance Levels – $275 and $282.

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Bitcoin price climbed higher above the $48,000 resistance. BTC tested $48,800 and is currently showing signs of a downside correction.

Bitcoin price climbed higher above the $46,500 and $48,000 resistance levels.
The price is trading above $47,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $48,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move up unless there is a close below the $48,000 support.

Bitcoin Price Turns Green

Bitcoin price started a major increase above the $45,500 resistance zone. BTC cleared a few hurdles near the $46,000 and $47,200 levels to move further into a positive zone.

The bulls gained strength and were able to pump the price above the $48,000 resistance. It tested the $48,800 zone. A new multi-week high was formed near $48,775 and the price is now consolidating gains. There was a minor decline below the $48,500 level.

The price dipped below the 23.6% Fib retracement level of the recent wave from the $46,602 swing low to the $48,775 high. Bitcoin price is now trading above $47,500 and the 100 hourly Simple moving average.

There is also a key bullish trend line forming with support at $48,000 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $48,500 level. The next key resistance could be $48,800, above which the price could start another decent increase.

Source: BTCUSD on TradingView.com

The next stop for the bulls may perhaps be $49,250. A clear move above the $49,250 resistance could send the price toward the $49,800 resistance. The next resistance could be near the $50,000 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $48,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $48,000 level or the trend line.

The first major support is $47,650 and the 50% Fib retracement level of the recent wave from the $46,602 swing low to the $48,775 high. If there is a close below $47,650, the price could gain bearish momentum. In the stated case, the price could dive toward the $46,500 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $48,000, followed by $47,650.

Major Resistance Levels – $48,500, $48,800, and $50,000.

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Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is wagging its tail with anticipation as it approaches a critical juncture. The meme coin, known for its massive community and playful branding, is on the cusp of breaking through a key resistance level, potentially unleashing a new wave of bullish momentum.

Shiba Inu Hovering Around Profitability Cluster

Currently, SHIB is hovering around the $0.00001 mark, a price point that represents more than just a number. It serves as a crucial “profitability cluster,” where a staggering 1.3 trillion SHIB tokens reside – tokens bought by early investors. This cluster has long been a battleground, with sellers looking to cash out and buyers aiming to push the price higher.

But the tide seems to be turning. Analysts are pointing to a gradual decline in the number of tokens within the profitability cluster, indicating that selling pressure is easing. This, coupled with the shrinking size of the cluster itself, is creating a more fertile ground for SHIB to flourish.

The potential breakout above $0.00001 is not just technical, it’s psychological. Overcoming this hurdle would signal to the market that SHIB has the strength to move beyond its meme coin status and establish itself as a serious player.

And the numbers seem to agree. Data from IntoTheBlock reveals a remarkable surge in large-holder inflow, with whales accumulating a staggering 2.31 trillion SHIB in just two days. This signifies heightened interest and involvement from major players, potentially fueling the rally.

SHIB seven-day price action. Source: Coingecko

SHIB Whale Influx: Bullish Momentum Builds

The sudden influx of large-holder buying is a strong bullish indicator, and suggests that whales see value in SHIB and are positioning themselves for potential gains.

But is this all hype, or is there substance behind the wag? While SHIB’s future remains uncertain, several factors are bolstering its case:

Community Strength: SHIB boasts a passionate and vocal community, often credited with driving its price rallies through sheer enthusiasm and social media presence.
Exchange Listings: The meme coin has secured listings on major exchanges like Kraken and Coinbase, increasing its accessibility and mainstream appeal.
ShibaSwap Ecosystem: The SHIB team is actively developing its own decentralized exchange (ShibaSwap) and other projects, potentially adding utility and long-term value.

The targeted breakthrough of the 1.3 trillion SHIB barrier has become the focal point of attention, symbolizing a pivotal moment for this meme coin. With the recent surge in large-holder inflow and the potential technical breakout above key resistance levels, Shiba Inu appears poised for a significant leap forward.

Featured image from Adobe Stock, chart from TradingView

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In the realm of digital riches, XRP wallets stand tall as a secure haven and a gateway to empowerment. These wallets not only offer a safe space for storing, sending, and receiving XRP, but they also grant you the keys to the kingdom. With robust security measures like password protection, encryption, and multi-factor authentication, your holdings are shielded from the clutches of cyber villains. No longer do you need to rely on third-party custodians, as these wallets put you in full control of your investments.

XRP wallets come in various types, each catering to different needs and preferences. Software wallets like XAMAN and TRUST wallet can be installed on your computer or mobile device, providing a convenient way to manage your XRP. Hardware wallets such as Ledger Nano X offer enhanced security by storing your tokens offline. On the other hand, online wallets like Uphold and GateHub allow you to access your XRP through a web browser.

However, convenience doesn’t take a backseat with XRP wallets. Integrated address books and QR code support make sending and receiving XRP a breeze, eliminating the need for laborious manual entry. Transactions can be completed with a simple swipe, ensuring seamless and effortless interactions with your XRP holdings. 

In this article, whether you’re an experienced crypto connoisseur or a curious explorer, we will highlight the top 5 XRP wallets that provide a compelling mix of security, control, and convenience, making them an essential tool in your digital asset arsenal.

Essential Factors To Keep In Mind When Picking XRP Wallets

Compatibility

When selecting an XRP wallet, it’s crucial to consider its compatibility with your devices and preferred operating systems. Ensure that the wallet you choose seamlessly integrates with your desktop, mobile, or web-based platforms. By opting for a wallet that aligns with your preferred platforms, you can enjoy a smooth user experience and easily manage your XRP holdings from the devices you use most frequently.

Security

Ensure that the wallet you choose offers robust security measures, such as encryption, password protection, and two-factor authentication. These features help safeguard your holdings from unauthorized access and potential cyber threats.

Private Key Control

It is absolutely imperative to carefully choose wallets that provide you with unwavering and unconditional control over your private keys. Such wallets empower you to retain absolute ownership and sovereignty over your XRP holdings, significantly decreasing your dependency on third-party custodians.

Backup and Recovery

It is essential to verify that the wallet offers reliable backup and storage options for your private keys or recovery phrases. This step is critical to prepare for potential device loss, damage, or unforeseen events. By having a secure and easily accessible backup, you can always recover your funds with peace of mind.

Reputation and Community Support

Conduct thorough research on the wallet’s standing and take into account feedback from the XRP community. Prioritize wallets with a proven track record, favorable reviews, and vibrant development and support communities.

Top 5 XRP Wallets To Use

Ledger Nano For XRP (Hardware Wallet)

The Ledger Nano X is an advanced hardware wallet that offers robust security and offline storage for XRP and other cryptocurrencies. With its user-friendly interface, companion app, and multi-currency support, it provides a convenient and secure solution for managing your XRP funds. The Nano X is designed to be portable and durable, and offers enhanced connectivity options. It is important to obtain the Nano X from authorized sources and prioritize following recommended security practices to safeguard your assets effectively.

Setting Up Nano Ledger:

You connect the Nano X to your computer or use Bluetooth with the Ledger Live app on your smartphone or desktop.

During setup, you’ll create a PIN and a 24-word recovery phrase. This phrase is crucial for backing up and recovering your wallet if needed, so write it down and store it securely offline.

You can then initialize the device and install the app for XRP (or other currencies you want to store). See the image of the Ledger Live App below:

XAMAN Wallet – Formerly XUMM Wallet 

XAMAN is a mobile app and wallet created exclusively for the XRP Ledger. It provides a user-friendly interface and a wide range of capabilities for token management and XRP Ledger interaction. With XAMAN, you can securely store, send, and receive XRP, as well as sign transactions, and manage your account. 

The app also supports decentralized finance (DeFi) integration and enables the development of personalized XRP-based applications. Security is a top priority for XAMAN, ensuring users have complete control over their private keys. You can download XUMM on iOS and Android devices.

How To Set Up XAMAN XRP Wallets:

To set up the XAMAN wallet, first, download the XAMAN app from the Google Play Store or App Store. Once installed, open the app and select “Create new account” on the welcome screen to begin the setup process. See images from the App Store below:

The app will prompt you to select a secure PIN code to protect your wallet. Make sure the PIN code is unique and not easily guessable. 

Next, backup your account by saving a 24-number recovery phrase. It’s important to write down the numbers in the exact order and store them in a safe place. This recovery phrase will be crucial for restoring your wallet if you lose your device or need to recover your funds. Verify the recovery phrase by entering specific numbers from it to ensure accuracy.

Once your XAMAN wallet setup is complete, deposit funds to activate your account, and you can start using it to send, receive, and manage supported assets like XRP.

GateHub Wallet 

GateHub is a platform that utilizes the capabilities of the XRP Ledger protocol, providing users with a diverse set of features pertaining to the Internet of Value. With GateHub, users can securely send and receive a variety of assets, such as XRP and other supported cryptocurrencies. Additionally, the platform allows for the tokenization and management of different types of assets.

An essential aspect of GateHub is its seamless integration with the XRP Ledger, which is a decentralized blockchain technology explicitly designed for efficient and rapid asset transfers. Through this integration, GateHub empowers users to execute transactions with minimal fees and nearly instantaneous settlement times.

How To Set Up GateHub:

To set up a GateHub account, begin by accessing the GateHub website. Initiate the registration process by selecting the “Sign Up” button.

Provide the required information, including your email address, username, and password. Ensure that your password is robust and secure.

Validate your email address by clicking on the verification link sent to your registered email. This step is crucial to confirm your account. Upon successful email verification, log in to your GateHub account using the credentials provided during the registration process.

After setting up 2FA, you can create a GateHub wallet by accessing the “Wallet” or “Add Wallet” option in your account dashboard. Choose the desired wallet type, like XRP or other supported cryptocurrencies, and follow the provided instructions to create the wallet.

(See illustrations below)

Click on the wallet drop-down menu in the upper-left corner of your screen:

Then, click on the “Create Wallet” option.

Once your wallet is created, you will be provided with a wallet address. This address can be used to receive XRP into your wallet.

Trust Wallet

Trust Wallet is a well-known mobile wallet that offers support for various cryptocurrencies, including XRP. It provides users with a secure platform to store, transfer, receive, and manage their XRP tokens. 

The Trust Wallet interface is designed to be user-friendly, allowing you to easily monitor your balance, track transaction history, and access other pertinent information. When sending XRP to others, simply input their XRP wallet address and indicate the desired amount for a smooth transaction experience.

How To Set Up Trust Wallet

First, download and install the Trust Wallet app from the official app store (available for both iOS and Android).

To begin, launch the Trust Wallet app and initiate the process of creating a new wallet by choosing the option “Create a new wallet”. Alternatively, if you possess an existing wallet, you can opt to import it.

It is of utmost importance to take adequate measures to protect your wallet. Safely backup your wallet’s recovery phrase, as it serves as a crucial means to restore your wallet in the event of loss or device replacement. Take the time to write down the recovery phrase and store it securely in a location that guarantees its preservation.

Once your wallet is created, you will be taken to the main interface. Use the “Search” option to add XRP by enabling it, as seen in the image below:

This will make XRP appear in your wallet, displaying its balance. Now, all you have to do is fund your wallet with as minimum as 10 XRP to activate your account, and your tokens will be ready to use.

To receive XRP, simply share your XRP wallet address with the sender. They can use this address to send XRP tokens to your Trust Wallet.

Uphold Wallet

The Uphold Wallet is an extensive digital wallet and exchange platform that caters to multiple cryptocurrencies, including XRP. It delivers a smooth and user-friendly experience, ensuring a secure and convenient solution for managing your XRP funds. 

Uphold enables effortless storage, sending, and receiving of XRP, along with seamless currency conversion options. With its swift transactions and intuitive interface, Uphold Wallet stands out as a favored choice among individuals seeking a flexible and trustworthy wallet.

How To Set Up Your Uphold XRP Wallet:

To set up an Uphold Wallet, visit their website and sign up for an account. Verify your email, complete the registration process, and enable two-factor authentication for added security. 

Deposit funds into your account and set up your wallet. Once done, you can start using your Uphold Wallet to store, send, receive, and convert XRP within the platform.

Uphold offers a seamless and user-friendly experience, enabling you to effortlessly engage in buying, selling, sending, and receiving XRP, regardless of the transaction size. 

You can also diversify your portfolio with a variety of cryptocurrencies and fiat currencies and even link your bank account for convenient and smooth transactions.

Conclusion On XRP Wallets

In conclusion, there is a wide range of options available for managing XRP tokens, each with its own unique strengths and considerations. When choosing an XRP wallet, it is crucial to prioritize factors such as security, user experience, and compatibility with different platforms.

However, when choosing an XRP wallet, prioritize security by downloading wallets from official sources and safeguarding private keys and recovery phrases. A user-friendly interface and intuitive features enhance the XRP management experience. Compatibility with different platforms ensures convenient access, and considering additional features like portfolio diversification and staking can be beneficial.

By carefully evaluating these factors and taking individual preferences into account, one can find the ideal XRP wallet that meets their specific needs. This enables a secure and seamless experience in storing, sending, receiving, and managing XRP tokens, ensuring confidence and peace of mind in the cryptocurrency journey.

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The cryptocurrency market has been abuzz with excitement as a mysterious Chainlink (LINK) whale embarks on a remarkable shopping spree, accumulating an astonishing volume of LINK tokens. Recent data from Lookonchain reveals that this enigmatic whale wallet has acquired more than 4.5 million LINK tokens over the course of just three days. Based on the current LINK price, this accumulation is valued at a staggering $84 million.

Chainlink Whales Surge, Holders Optimistic

This relentless accumulation activity by the Chainlink whale has captured the attention of analysts and investors, generating anticipation for a potential future surge in the LINK price. The market is rife with speculation as traders eagerly await the outcome of this significant accumulation.

This mysterious whale continues to accumulate $LINK!

And has accumulated a total of 4,556,684 $LINK ($83.6M) from #Binance via 55 fresh wallets in the past 5 days.https://t.co/cYgH52rHzxhttps://t.co/B32QIBNNu2 pic.twitter.com/cP7piTmNaT

— Lookonchain (@lookonchain) February 10, 2024

But it’s not just the whale that is showing interest in Chainlink. Santiment’s data indicates a noteworthy increase in the total number of Chainlink holders. Over the past few months, the count of LINK holders has grown by approximately 9,000, reaching a substantial total of 717,000 holders. This surge in holders further fuels the growing optimism surrounding Chainlink’s future prospects.

Adding to the intrigue, Chainlink holders are actively withdrawing their LINK holdings from exchanges. A closer look at the supply on exchanges reveals a recent trend where holders are moving their LINK away from these platforms. Currently, the supply on exchanges represents only about 21.5% of the total supply, indicating a strong belief among holders that a potential future price rally is on the horizon.

Despite experiencing some fluctuations in recent days, the overall price trend for Chainlink remains robust. On the daily timeframe, the LINK price has been oscillating within the $18 price range for several days following a surge into this range on February 1st.

Chainlink Price: Bullish Momentum

As of now, the price sits at around $20.40, reflecting a 12% and 16% increase in the last 24 hours and seven days, with a Relative Strength Index (RSI) remaining above 60, indicating a resilient bullish trend.

These developments within the Chainlink ecosystem have created an atmosphere of eager anticipation among investors and enthusiasts. The whale’s accumulation, the growth in LINK holders, and the withdrawal of LINK from exchanges all contribute to the mounting excitement surrounding a potential future surge in price.

Meanwhile, LINK’s positive funding rate signals a prevailing bullish sentiment, indicating a higher demand for long positions among traders. The simultaneous increase in LINK’s Open Interest further suggests that market participants are leveraging their positions to go long.

This confluence of factors reflects a collective confidence in LINK’s upward potential, with traders expressing optimism through both funding decisions and larger leveraged positions, potentially fueling continued bullish momentum in the market.

Featured image from Adobe Stock, chart from TradingView

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Bitcoin is edging closer to the $50,000 mark after a week of extreme bullish price action, a level not seen since December 2021. Amidst this price surge, the number of Bitcoin addresses in profit has now crossed over 90%.

According to data from IntoTheBlock, 91% of Bitcoin addresses are currently profitable. This means the vast majority of holders and investors have an incentive to continue holding, particularly as the next halving for Bitcoin miners approaches.

91% Of Bitcoin Addresses Now In Profit As Price Nears $50,000

Bitcoin has had an eventful week in terms of price action. The world’s largest crypto recently grew by 14.4% to reach $48,500 on February 11, its highest point in 26 months. This price spike, although highly welcome, seemed to have taken most investors by surprise considering it was coming off four weeks of unimpressive action after the debut of spot Bitcoin ETFs in the US.

Notably, IntoTheBlock’s “Global In/Out of the Money” profitability metric shows that the total number of addresses in profit is now at 46.87 million addresses, representing 90.53% of the total addresses. At the same time, 3.44 million addresses representing 6.64% are still posting losses, while 1.46 million addresses representing 2.83% of the total addresses are at the money or break-even point.

Similarly, IntoTheBlock’s “In/Out of the Money Around Price” metric which follows addresses that bought between $40,919.92 and $55,413.77, shows that a majority (83.17%) of addresses are in profit. This is a hugely bullish signal and shows that the majority of Bitcoin holders are well in the money. As the price continues climbing as the crypto approaches the $50,000 mark, more and more addresses are likely to move into profit.

Bitcoin Set To Keep Shining

With over 90% of Bitcoin addresses now in profit and the price nearing $50,000, it’s clear this bull run still has room to run. The bullish action last week saw BTC closing over $44,000 on the weekly timeframe for the first time in the current market cycle. 

BitMEX Research recently reported that spot Bitcoin ETFs now have over $10 billion worth of BTC under management. There is a high probability that the price of the top coin continue to surge if the activity surrounding these exchange-traded funds (ETFs) continues at this pace.

Bitcoin ETF Flow – 9th Feb

All data out. Strong day at $541.5m of net inflow

Invesco had an outflow, the first non-GBTC product to have an outflow day pic.twitter.com/UCFDVAaKD3

— BitMEX Research (@BitMEXResearch) February 10, 2024

Another catalyst for a sustained price increase is the upcoming halving. Historically, Bitcoin bull runs leading up to each halving have always trended up and gone parabolic after the halving event. A similar trend could see the crypto asset reaching $60,000 before the next halving in April and $100,000 before the end of the year.

Featured image from Adobe Stock, chart from TradingView

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What Is SUI?

Sui (pronounced “Swee”) is a decentralized Layer 1 proof of stake blockchain, meaning it serves as the foundational infrastructure for verifying and processing transactions, similar to Bitcoin and Ethereum. Layer 1 blockchains are the backbone that supports a specific token or a network of different tokens. 

Sui was developed by Mysten Labs, a group of former Meta employees. It is designed to limit how long it takes to execute smart contracts and support scalability for decentralized applications (dApps). The network believes it has cracked the code on smart contract execution in terms of speed, high security, and low gas fees. This is possible because of the programming language it was designed with called “Move”. Move is a Rust-based programming language that prioritizes fast and secure transaction executions.

According to the whitepaper, the network is named after the element water in Japanese philosophy, a reference to its fluidity and flexibility that developers can use to shape the development of Web3. The network is focused on low latency and super scalability. This has seen it termed by supporters as “the Solana Killer.”

The Sui project was announced by Mysten Labs in September 2021, and in December 2021, Mysten Labs invested $36 million into the project. This was followed by a $300 million series B announcement led by a $140 million commitment by FTX in 2022, valuing the startup at $2 billion.

Reasons Why Sui Network Was Created

In the words of Sui Co-Founder and CEO, Evan Cheng, the current Web3 infrastructure is slow, expensive, and notoriously unreliable. Given this, Cheng said the network was created to change the Web3 game with some 5G level upgrades that would allow developers to create blockchain-powered applications with scalability that you can only associate with centralized technology hubs that dominated Web 2.0. 

In other words, the Sui network was created to solve Web3 problems by simplifying and improving the creation of various applications and functions in the Web3 ecosystem, solving the most common problems in the Web3 industry: speed, security, and stability.

How Does The Blockchain Work?

Sui operates as a Layer 1 blockchain focused on optimizing fast blockchain transfers. It places a high level of importance on immediate transaction finalization, making Sui an ideal platform for on-chain applications such as decentralized finance (DeFi), gaming, and other real-time use cases. 

Unlike the existing Layer 1 blockchains where transactions are added one after the other, which makes it slow as more transactions are being added to the blockchain, Sui does not make every transaction go through all the computers in the network. Instead, it picks the relevant part of the data it needs to check, which eliminates the problem of congestion on the blockchain and drastically reduces gas fees to carry out transactions.

The Sui network uses a permissionless set of validators to reduce latency and a protocol called the Delegate Proof of Stake system. It has epochs (each consisting of 24 hours), during which Sui holders select a set of validators with whom they store their staked tokens. The validators are then in charge of transaction selection and approval.

Who Are The Brains Behind The Sui Network?

Co-Founder and CEO Evan Cheng: Cheng previously worked at Apple for 10 years, and he was also the former Head of Research and Development at Novi and Technical Director of Meta. 

The Chief Scientist George Danezis: Former researcher at Novi, Meta, and previously worked at Chainspace, Microsoft.

Adeniyi Abiodun, CPO: Former Head of Product Development at Novi, Meta. Previously worked at VMware, Oracle, PeerNova, HSBC, and JP Morgan.

Kostas Chalkias: Former leading cryptographer at Novi. He previously worked at R3, Erybo, Safemarket, and NewCrypt.

Sam Blackshear, CTO: Former Chief Engineer at Novi, specializing in the Move programming language.

Investors and Institutions Backing The Network

Sui was valued at $2 billion after FTX Ventures committed $140 million to the project. However, Sui also has other credible investors who also committed, like Binance Labs, the largest centralized crypto exchange by daily trading volume, and Coinbase Ventures, the largest crypto exchange in the United States.

Other investors included  Franklin Templeton, a global leader in asset management with more than seven decades of experience, and Jump Crypto, an experienced team of builders, developers, and traders. Apollo, Lightspeed Venture, Circle Ventures,  Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O’Leary Ventures also invested in the blockchain.

Uses of Sui Coin

SUI coin plays a crucial role within the ecosystem and serves various functions:

Governance: Sui coin holders can participate in governance decision-making, which includes parameter adjustments, protocol upgrades, and other key network changes. This means SUI holders have a say in the direction and development of the Sui Network. 
Transaction Fees: SUI coin is used to pay for transaction fees within the network. The coin acts as the medium of exchange to cover all associated fees, whether you are interacting with smart contracts, transferring assets, or participating in any Sui on-chain activity. 
Utility: The native coin will be used in various decentralized applications (dApps), gaming applications, and other projects built on the network. It will be used to purchase in-game accessories and NFTs. 
Staking: Staking SUI coin helps network security and consensus. SUI coin holders who stake their coins are being rewarded and given incentives for participation and engagement. 
Investment: Investors can buy and hold or trade SUI coins as an investment on centralized exchanges, just like Bitcoin, Ethereum, Solana, Cardano, BNB, and all other blockchains with good use cases.

Sui Network Plans To Improve The Web3 Ecosystem 

Transaction Speeds

Sui Network aims to solve the slow transaction problems on Web3. The network was built on a Rust-based programming language called Move, which prioritizes fast and secure transaction executions. Transactions on the Sui network are validated in epochs of 24 hours, each epoch can be validated independently rather than in blocks like it’s done on traditional blockchains. 

The parallel execution of transactions increases Sui network transaction speed to 297,000 transactions per second and 400 milliseconds time of finality compared to Ethereum’s 20 transactions per second and 6 minutes time of finality or Solana’s 10,000 transactions per second and 2.5 seconds time of finality.

Focus On Web3 And Asset Ownership

The Sui network is focused on improving Web3 and Web3 experience by catering to the needs of millions of users, which includes speed and security. Sui allows users to create, upgrade, and deploy decentralized applications and non-fungible tokens (NFTs)

Scalability

Sui Network aims to make Web3 more scalable through parallel processing or execution. This means that the Sui network identifies independent transactions and processes them simultaneously. The implication is that transaction times are reduced, and it accommodates larger transactions loaded per time. It is made possible because of the Sui implementation of the Move programming language and the Narwhal-Bullshark-Tusk Consensus algorithm, which focuses on the details of a transaction rather than the entire chain of transactions.

The Tokenomics Of SUI coin

Sui’s native token is called SUI, which has several use cases. According to Coingecko, the max and total supply of SUI is capped at 10 billion coins with a current circulating supply of 1.2 billion, and it is ranked number 48 based on market cap value. 

A share of the total supply of SUI was made liquid at the launch of its mainnet on May 3, 2023. Sui’s all-time high was on the day it was launched at $2.16. However, it is currently trading at $1.51, which is a 320% pump from its all-time low of $0.364 last year on October 19.

The tokenomics included 6% going to its Community Access Program and App Testers, 10% of the supply went to the Mysten Labs Treasury, 14% went to its Investors, and 20% went to Early Contributors. The vast majority of the supply, 50%, is kept in its Community Reserve. The purpose and distribution of the Community Reserve include a Delegation Program, Grant Programs, Research & Development, and Validator Subsidies, as shown in the illustration below:

Only about 5% of SUI coins were already in use when the Sui Mainnet launched, while the rest will be gradually released according to their planned schedule, as shown below:

Conclusion

Sui Network aims to improve Web3 by giving every Web3 user a much better Web3 experience without the struggles of slow transaction speeds. The network uses parallel execution for transactions to ensure lightning-fast speed, high security, and low gas fees.

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The Sei (SEI) Network is a Cosmos-based layer-1 blockchain that aims to change the world of digital asset trading, especially in the decentralized exchange (DEX) ecosystem. It was specifically designed for the world of trading, featuring various sectors of the cryptocurrency space spanning GameFi, NFTs, and, most especially, decentralized finance (DeFi). Sei is positioned as the “Decentralized NASDAQ,” as it offers a seamless blend of centralized finance (CeFi) trading experiences with decentralized finance tools.

Since its inception, it has established itself as a major player in the cryptocurrency space by providing cutting-edge features and advantages over rivals. With its innovative technology stats and passionate community, it has become one of the fastest-growing Layer 1 blockchains for trading and other purposes.

At its core, the SEI token is designed to optimize and streamline business operations and interactions. It is expected to be not just a cryptocurrency but a comprehensive solution that addresses several challenges in the contemporary blockchain ecosystem. 

Who Are The Founders Of Sei Network?

Sei (SEI) network founders and brains behind the SEI are Jayendra Jog, Dan Edlebeck, and Jeffrey Feng. Jayendra Jog was the former lead software engineer at Robinhood, a popular centralized crypto exchange. 

Dan Edlebeck is the co-founder and CEO of Exidio, a decentralized VPN application in the Cosmos ecosystem. Lastly, Jeffrey Feng brought his investment experience from his role at Goldman Sachs.

Investors And Institutions Backing the SEI Token

The Sei network has a lot of credible investors and institutions backing it, such as Coinbase, which is one of the largest centralized exchanges (CEX) in the world; Jump, Muitcoincapital, Layer Zero, GSR, and many more, as shown in the screenshot from the website below.

What Sei Network Aims To Achieve In The Crypto Space And Beyond 

Sei aims to foster smart, efficient, and sustainable enterprises, and it does so by leveraging the power of blockchain technology to automate processes, reduce costs, and eliminate intermediaries. This makes Sei tokens a frontrunner in the race toward a decentralized future.

Sei token is unique in its approach and functionality as it goes beyond the standard features of cryptocurrencies and offers a sophisticated governance model encouraging active community participation. It takes the decentralization aspect a notch higher by ensuring fair and transparent decision-making.

The token is designed for compatibility and scalability, allowing seamless integration with new and existing business systems. This means whether you are a large corporation like Blackrock, which manages $10 trillion in assets, or a small business startup, the Sei token is designed to fit right into your operations, providing you with the benefits of blockchain without the hassle of overhauling your business system.

How Does Sei (SEI) Work?

One of the major problems with decentralized exchange (DEXs) is that orders are either not processed on-chain or are processed on-chain on a fast blockchain at the expense of decentralization and security. 

Given this bottleneck, the Sei network has implemented several innovative features to resolve the challenges faced by decentralized exchanges (DEXs) by combining off-chain speed with on-chain security. It aggregates orders at the end of the block and executes them all at once rather than executing them one at a time, and in this way, it prevents the persistent problem of front-running in decentralized trading.

The Sei network also makes use of native price oracles that minimize external dependencies while offering trustworthy data feeds. It handles the placement and execution order of a single transaction as opposed to doing so in two (2).

What Makes The Network Unique?

The Sei network stands out from the rest due to its self-executing smart contracts with the terms of the agreement directly written into code lines. The code and the agreement contained therein then exist across a distributed blockchain network.

This means that the transactions are irreversible and trackable, and they do not require a third-party intermediary. This automation process drastically reduces costs and increases efficiency, making transactions smooth and very easy.

Sei tokens also utilize a decentralized infrastructure, which means any single central entity or authority does not control it. Instead, control is spread out amongst many different nodes or computers that participate in the network to ensure that even if one node goes down, the entire network continues running smoothly.

The decentralized nature of the SEI token fosters a sense of community and mutual trust among its users. It boasts a democratic system that encourages active participation and promotes transparency and fairness.

Notable Features Of The Sei (SEI) Network

Twin-Turbo Consensus Mechanism: The Sei network leverages the Cosmos SDK and Tendermint Core to provide decentralized trading apps with speed, security, capital efficiency, and decentralization.

Parallelization: The Sei blockchain divides work into smaller chunks, processing and executing them simultaneously to prevent front-running.

Native Order Matching: The Native Order Matching feature ensures that decentralized exchanges (DEXes) are able to have their own central limit order book (CLOB).

Order Bundling: Sei offers order bundling at the client and chain level to enhance user experience and efficiency.

Price Oracles: It’s integrated into a native system for trustworthy assets with real-time oracles provided by validators, meaning that Sei provides users with an Oracle module that functions as a token price reference.

Lightning Speed Transactions: Sei claims to offer 600 milliseconds in transaction finality, making it highly scalable compared to other crypto projects like Bitcoin, Ethereum, and even Solana.

Fee Structure: At launch, SEI tokens have no chain-level trading fees; however, decentralized exchanges (DEX) may introduce their transaction fees through smart contracts.

Potential Applications Across Various Industries 

Banking and Financial Industry: The Sei blockchain technology is designed to streamline operations, eliminating the need for intermediaries and reducing transaction costs. This will bring a new level of transparency to the banking and financial industry, with every transaction recorded and traceable on the blockchain.

Medical and Healthcare Industry: The Sei network offers an efficient way to manage and share patient data securely. This can help eradicate fraudulent activities, improve patient care, and enhance data interoperability.

Supply Chain (Import and Export) Industry: The Sei blockchain network token can ensure the authenticity and traceability of products, from the raw materials to the end consumers. Every step can be recorded on the blockchain, providing full visibility and reducing the emergence of counterfeit goods and products.

Impact on the Environment: Sei’s eco-friendly consensus mechanism significantly reduces energy consumption compared to traditional cryptocurrency. Its smart contracts can automate carbon credit trading, supporting businesses in their sustainability efforts.

Digital Identities: The Sei network can be employed to develop a secure decentralized solution for managing digital identities and protecting individuals’ privacy and digital data.

The Tokenomics Of SEI Coin

Sei’s native cryptocurrency, SEI, does not have a maximum supply of tokens to be mined. However, it has a total supply of 10 billion coins. This means all of the tokens in circulation have been free-mined on the blockchain, including those that are locked or reserved. The token has a circulating supply of 2.4 billion at the time of publication. 

According to its website, 48% of the supply is in an Ecosystem Reserve, with Private Sale Investors and the Team receiving 20% of the supply, respectively. 9% of the supply went to the Sei Foundation and the Launchpool received 3% of the supply.

Sei token is up 619% since its all-time low of $0.09536 on October 19, 2023, and its latest all-time high of $0.8778 was recorded on January 3, 2024. With a market cap of $1.5 billion, it is currently the 48th-largest cryptocurrency in the industry.

Conclusion

The Sei network aims to solve issues not only in the crypto industry but also in other industries. This includes the likes of the banking and financial industry, where it aims to reduce the costs of transactions by eliminating the use of intermediaries and providing top-notch security measures to protect user privacy and identities.

The blockchain is energy-efficient compared to the likes of Bitcoin as it doesn’t consume as much energy. Its super-fast 600-millisecond transaction finality makes it highly scalable on a scale comparable to Kaspa, whose full confirmation transactions are at an average of 10 seconds.

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The PEPE meme coin has somewhat struggled in the past few months, failing to capitalize on the current bull run. However, the token seems to be experiencing some form of recovery lately, with its value seeing a significant increase over the past week.

While PEPE has obviously grabbed the attention of some investors, it also seems to be a cryptocurrency of interest amongst the experts. For instance, a popular crypto pundit on the X platform has sounded a buy alarm for the meme coin.

PEPE’s Price To Reach $0.0000017?

In a recent post on X, prominent crypto analyst Ali Martinez put forward a bullish prognosis for the price of PEPE. According to the analyst, the cryptocurrency’s current setup suggests that it is primed for a bullish run to the upside.

This bullish forecast revolves around the formation of an inverse head-and-shoulders chart pattern on the three-day timeframe. Typically, the head and shoulders price pattern depicts a bullish-to-bearish trend reversal and suggests that an upward trend is coming to an end.

An inverse head and shoulders pattern, on the other hand, is a bullish chart formation that indicates a potential reversal of a downward trend. According to Martinez, PEPE’s price is currently forming a right shoulder of the inverse head and shoulders pattern, meaning that upward price movement is on the horizon.

Furthermore, the crypto analyst mentioned that the TD (Tom Demark) Sequential indicator has gone off, sounding a buy alarm for the PEPE meme coin. With this positive signal and the bullish chart formation, Ali Martinez anticipates a bullish trajectory for the cryptocurrency in the long term.

It would be logical to wait for a break and sustained close above the neckline before confirming the bullish thesis. In this case, investors could see the price of PEPE reach as high as $0.0000017, representing a potential 65% rise from the current price point.

PEPE Price

As of this writing, PEPE’s price stands at about $0.000001015, reflecting an almost 1% decline in the past 24 hours. However, the meme coin has managed to retain most of its profit on the weekly timeframe.

According to data from CoinGecko, the PEPE token has witnessed a 10% increase in the last seven days. From a broader perspective, though, the cryptocurrency has struggled to hit the heights it once occupied.

Since the turn of the year, PEPE’s value has slumped by more than 22%. Nevertheless, the meme coin boasts a market capitalization of roughly $428 million.

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