Memecoins boost crypto jobs

August 07, 2024

Reading time: 5 minutes

Bitcoin volatility explodes as traders brace for further losses

Key points:

  • Traders increase put option purchases, anticipating further decline.

  • Bitcoin options trading volume decreases, indicating uncertainty.

News - Bitcoin’s price dipped below the crucial $50,000 mark, sending shockwaves through the market and triggering a surge in volatility.

The Bitcoin Volmex Implied Volatility Index, a key measure of expected price swings, reached its highest level in 20 months, indicating heightened uncertainty among investors.  

As fear gripped the market, traders rushed to protect their positions by buying put options, financial contracts that profit from a decline in asset price. This surge in put demand has pushed the put-to-call ratio above 1, suggesting a bearish sentiment among options traders.

However, the overall options trading volume has contracted, indicating indecision about Bitcoin’s future direction.

While some market participants anticipate further downside, potentially reaching as low as $45,000, others believe the price may consolidate before resuming an upward trajectory.

The contrasting views among traders highlight the challenging conditions in the Bitcoin market. As the dust settles, investors will be closely watching for clues about the cryptocurrency’s next move.

Rust developer demand surges amid Solana memecoin frenzy

Key points:

  • Overall crypto job market sees significant growth in July.

  • Demand for sales roles increases alongside developer positions.

News - The burgeoning popularity of Solana memecoins has ignited a surge in demand for Rust engineers, according to industry experts.

CryptoJobsList, a dedicated cryptocurrency job board, reported a significant increase in Rust-related job postings, surpassing those for Solidity, the language used to develop Ethereum smart contracts.

The broader adoption of Rust across the blockchain industry, driven by its performance and security advantages, has further fueled demand for skilled professionals.

The growing job market in the cryptocurrency sector is reflected in the overall increase in job postings on CryptoJobsList, with July witnessing a record-breaking 564 positions.

However, while developer roles remain in high demand, there has been a slight uptick in sales-related positions, indicating a shift in hiring priorities among some companies. Despite market volatility, the cryptocurrency industry continues to attract top talent, with average salaries reaching $88,000 and top earners commanding six-figure packages.

Notcoin's price recovers strongly, fueled by rising market interest

Key points:

  • Notcoin price surges 24.93% in 24 hours.

  • Long/Short ratio increases, indicating bullish sentiment.

News - Notcoin (NOT), the native token of the popular tap-to-earn game, has experienced a significant price surge, climbing 24.93% in the past 24 hours. This uptick follows a two-month low of $0.0082 reached on 5 August.

Market sentiment towards Notcoin appears to be improving, as evidenced by the increasing Long/Short ratio.

This indicates a growing number of traders are betting on the token's price to rise. Additionally, the rise in Open Interest, a measure of overall market activity, suggests increased investor participation.

Historical data reveals a strong correlation between Notcoin's price and Open Interest. Previous surges in the token's value were preceded by increases in Open Interest, indicating a potential for further price appreciation.

However, it's essential to approach such analysis with caution. While the current indicators suggest a bullish outlook, market conditions can change rapidly.

Venture capital firms pour over $1 Billion into crypto in July

Key points:

  • Crypto venture capital funding surged in July.

  • Blockchain infrastructure sector leading in investment.

News - The cryptocurrency industry witnessed a resurgence in venture capital investment during July, with a notable increase in both deal volume and funding amount.

According to RootData, 113 publicly disclosed crypto VC deals were recorded, surpassing June's tally by 12%. Moreover, the total investment sum exceeded $1 billion, marking a significant jump from the previous month's $735 million.

This surge in funding underscores the growing confidence of investors in the crypto market, despite broader economic uncertainties.

The industry's resilience is further evident in the diversified investment landscape, with blockchain infrastructure leading the pack, followed by DeFi and CeFi.

While July represents the third-highest month for crypto funding rounds in 2024, behind March and May, the consistent upward trend indicates a positive outlook for the industry.

Interesting facts

  • Solana’s monthly DEX volume climbed to an all-time high of $60 billion in March. This represented a 172% uptick from the $22 billion recorded in DEX volume in February. The surge in trading volume across DEXes on Solana in March was due to the significant interest in meme coins during that period.

  • Over 15,000 companies worldwide accept Bitcoin as a payment method. Out of these 15,000, over 2000 of these companies are based in the United States.

  • To mine one Bitcoin, you would need 9–13 years of household electricity. This is because the process of creating BTCs to spend or trade consumes around 91 terawatt-hours of electricity annually.

Top 3 coins of the day

Helium (HNT)

Key points:

  • HNT was one of the few coins which noted a 7-D positive change.

  • It was up by 2.32% in the past week and 11% over the last day.

What you should know - HNT (Helium) is currently experiencing a recovery after a prolonged downtrend. The press time price was at $4.964, having bounced back from a recent low of $4.00. The immediate resistance was marked around the $6.00 level. The price is attempting to move above the short-term moving averages (such as the 50-day EMA), which is a positive sign. However, it is still below the longer-term moving averages, indicating that the overall trend is still bearish. Further, at press time, RSI was around 56.95 - A neutral zone but it was trending upwards. This indicates that there is room for further upward movement. Only a successful breakout above $6 resistance with strong volume could pave the way for a further upward move.

Pepe (PEPE)

Key points:

  • At press time, PEPE was trending on social media platforms.

  • PEPE's OI-Weighted Funding Rate increased on 6 August.

What you should know - PEPE has experienced a significant decline, dropping 40.43% from its recent high. At press time, it was trading at $0.00000807. The price was near the lower Bollinger Band, suggesting that it is in the oversold territory and could be due for a bounce or consolidation. The MACD was also in negative territory, indicating bearish momentum. Moreover, there has been an increase in selling volume, which confirms the recent downward move. The previous support level around $0.00001074 is now acting as resistance. The price would need to break above this level to signal a potential trend reversal.

Shiba Inu (SHIB)

Key points:

  • SHIB was down 17.16% over the past week.

  • Its derivatives market has seen a sudden rise in activity.

What you should know - The price has been consistently making lower highs and lower lows, confirming a bearish trend. There is a strong support level around $0.00001010. This level has previously acted as a critical support and could potentially provide a floor for the price. The CMF indicator is at 0.06, which is slightly positive. This suggests that there is some buying pressure, but it is not strong enough to reverse the downtrend yet. The trading volume has been relatively stable, with occasional spikes. A significant increase in volume would be needed to confirm any potential reversal.

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