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- These tokens increased by 667%
These tokens increased by 667%
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Toncoin outperforms BTC and ETH within the 24-hours timeframe
Key points:
Toncoin's price partially recovered after a blockchain outage.
The broader cryptocurrency market experienced a significant decline.
News - Toncoin (TON), the native token of the Telegram Open Network, experienced a partial recovery following a five-hour blockchain outage.
The downtime, partly attributed to the popularity of the DOGS airdrop, a fundraising initiative for the unjust arrest of Pavel Durov, did not significantly impact TON's price.
While the token saw a slight decline, it outperformed the broader cryptocurrency market, which suffered a significant downturn.
The broader crypto market, led by Bitcoin, experienced a sharp decline, resulting in over $300 million in liquidations. In the last 24-hours, Bitcoin dropped by 6%, and other major tokens like Ethereum, Solana, Cardano, and Dogecoin followed suit. However, TON increased by 1%, underscoring the return of buyers to the market.
The sudden liquidations contributed to a long squeeze, where traders betting on rising prices are forced to sell to cut their losses, further exacerbating the market decline. This led to a decrease in open interest on Bitcoin futures, indicating waning sentiment among traders.
Crypto scams surge in Australia, government sounds alarm
Key points:
Crypto scams have caused significant financial losses in Australia.
The majority of victims are under the age of 50.
News - Australians have lost a significant amount of money to cryptocurrency scams in the past year, with the majority of victims being under the age of 50.
According to a new report by the Australian Federal Police (AFP), a total of $122 million was lost to crypto-related scams in the last 12 months.
The AFP revealed that investment scams, including those involving cryptocurrencies, accounted for approximately 47% of all scams reported in the past year. The total losses from investment scams reached a staggering $382 million.
A key finding from the AFP's investigation was the age of the victims. Contrary to the general perception that older Australians are more susceptible to scams, the report found that around 60% of victims were under the age of 50.
The scammers employed sophisticated tactics, such as pig butchering and deepfakes, to deceive their victims. These methods involved building personal relationships with victims online and then enticing them to invest in fraudulent schemes.
PolitiFi tokens yield huge returns, beating Dogecoin and Shiba Inu
Key points:
Political memecoins have significantly outperformed the broader memecoin market.
The market capitalization of PolitiFi tokens has increased by over 667% in 2024.
News - Political memecoins, also known as PolitiFi tokens, have experienced a remarkable surge in 2024, far outperforming the broader memecoin sector.
Despite making up a small fraction of the total market, these tokens, including MAGA and ConstitutionDAO, have seen their market capitalization increase by a staggering 667%.
Interesting data sets - As of 27 August, the PolitiFi sector boasts a market cap of $592.4 million, a significant jump from its value at the beginning of the year. This growth is particularly impressive when compared to the broader memecoin category, which includes Dogecoin and Shiba Inu, and has only seen a 73% increase during the same period.
The majority of the top-performing political memecoins are related to former US President Donald Trump. MAGA, MAGA HAT, Super Trump, and Doland Tremp have all made it into the top five PolitiFi tokens by market capitalization.
However, ConstitutionDAO, a decentralized autonomous organization formed to purchase a copy of the United States Constitution, currently holds the largest market cap within the sector.
Tokenized assets could reach $1.3 Trillion by 2030: Analyst
Key points:
Crypto analyst Jamie Coutts is skeptical of the $30 trillion prediction for tokenized RWAs.
Coutts predicts a more realistic estimate of $1.3 trillion by 2030.
News - A prominent crypto analyst has expressed skepticism regarding a bullish prediction that tokenized real-world assets (RWAs) could reach a staggering $30 trillion by 2030.
Jamie Coutts, chief crypto analyst at Real Vision, suggests that a more realistic estimate would be around $1.3 trillion.
What’s more? Coutts acknowledges that the value accrual on Ethereum, the preferred platform for early TradFi asset issuers, may be difficult to calculate due to the potential dominance of layer-2 networks.
While Coutts' estimate is significantly lower than the $30 trillion prediction made by Standard Chartered Bank and Synpulse, it aligns with other industry forecasts. McKinsey & Company, for example, estimates the market size of tokenized financial assets to reach $2 trillion by 2030.
However, McKinsey also emphasizes the need for tokenization to offer a clear benefit over traditional finance systems. The tokenization of bonds is one example of a use case that has gained traction in recent years.
More stories from the crypto ecosystem
Did you know?
The term "HODL" originated from a misspelling of "hold" in a Bitcoin forum post during a market downturn in 2013, and it has since become a popular term in the crypto community.
The smallest unit of Bitcoin is called a satoshi, named after Satoshi Nakamoto, and is equivalent to one hundred millionth of a Bitcoin (0.00000001 BTC).
The concept of a decentralized autonomous organization (DAO) was first proposed by Ethereum co-founder Vitalik Buterin in 2013.
Top 3 coins of the day
Render (RENDER)
Key points:
At press time, RENDER was trading at $5.73.
It was up by 26.43% over the past week.
What you should know - Render (RNDR) is currently trading at $5.731 after a recent recovery from the support level around $4.25. The price has rebounded by approximately 50.98%, reaching a peak near the resistance zone around $6.80 before facing selling pressure. The chart indicates a strong downtrend, with the resistance zone posing a significant barrier for further upward movement. The Chaikin Money Flow (CMF) is neutral at 0.00, suggesting indecision among market participants and limited momentum. If RNDR fails to break above the resistance zone, a pullback towards the $4.25 support level could occur. Conversely, a successful breakout above $6.80 could potentially signal a bullish reversal, targeting higher levels around $8.00.
FLOKI
Key points:
FLOKI’s short-term market structure was dominated by bulls.
It was up by 27.41% in the last seven days.
What you should know - FLOKI is currently trading at $0.00015508, showing a recovery from its near-term support level around $0.00011000. The price has recently crossed above the middle Bollinger Band, indicating potential bullish momentum. The Relative Strength Index (RSI) stands at 60.84, suggesting that FLOKI is approaching overbought territory but still has room for further upside. The price movement appears to be supported by increased volume, which could drive it towards the next resistance level around $0.00020000. If the bullish momentum continues, FLOKI could challenge this resistance. However, if selling pressure emerges, a retest of the near-term support level is possible.
Akash Network (AKT)
Key points:
AKT was one of the top-performing DePIN coins, at press time.
Buyers dominated its market structure in the short-term.
What you should know - Akash Network is currently trading at $2.700, showing a retracement after a 73.25% rally from the recent low of $2.00. The price action is currently testing the 50-day Exponential Moving Average (EMA) at $2.89, which may act as a dynamic resistance. The 20-day EMA is trending upward, suggesting short-term bullish momentum, but the price remains below the 100-day and 200-day EMAs, indicating a longer-term bearish trend. The MACD histogram is slightly positive, but the MACD line is close to a bearish crossover, signaling potential weakening momentum. If AKT breaks above the 100-day EMA near $3.27, it could signal further gains toward the $4.00 resistance.
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