Ethereum (ETH) recently witnessed a notable surge in network activity, primarily fueled by a rising interest in "Inscriptions." Briefly, Inscriptions accounted for 77% of all Ethereum transactions, concurrently leading to an uptick in gas usage on the network.
The influx of addresses drawn to the network through Inscriptions is seen as a potential positive for Ethereum. This increased engagement has the potential to enhance overall activity, contributing positively to the cryptocurrency.
However, amidst this positive development, Ethereum faces a challenge in the form of substantial staked ETH redemptions. In January, the network experienced the largest staked ETH redemption since the Shanghai Upgrade, with a significant withdrawal of 656,200 ETH. This withdrawal, linked to the actions of bankrupt crypto lender Celsius and staking service provider Figment, could impact Ethereum's staking ecosystem and influence market dynamics.
On the development front, Ethereum is gearing up for the Dencun upgrade. The deployment on the Goerli testnet introduces "protodanksharding" or blobs, aiming to reduce Layer 2 transaction fees. This move is anticipated to enhance Ethereum's scalability and cost-effectiveness.
Despite these advancements, Ethereum's market performance has seen a price decline, currently trading at $2,529.86. Over the last 24 hours, ETH experienced a decrease of 0.28%. However, the MVRV ratio suggests that a significant number of addresses still hold profitable positions.
While the decline in price might prompt some addresses to sell their ETH, potentially impacting the price negatively, the Long/Short difference offers a contrasting perspective. The growing Long/Short difference indicates a higher number of long-term holders compared to short-term holders. Long-term holders, known for their reluctance to sell, can contribute to price stability and resilience amid short-term market fluctuations.
Source: Santiment
Ethereum's recent surge in network activity driven by Inscriptions presents positive prospects, but challenges arise with significant staked ETH redemptions. The upcoming Dencun upgrade aims to address scalability issues, though market dynamics indicate a price decline despite profitable positions held by a substantial number of addresses. The Long/Short difference suggests potential stability and resilience against short-term market fluctuations.
Notcoin has launched a new story-driven Telegram game called “Lost Dogs” that will last for 6 weeks. Players vote daily on decisions that shape the story, earn both NOT tokens and the in-game currency, WOOF. So what is your choice?
KikyoCircle’s EURC stablecoin is now live on Base, an Ethereum Layer 2 network, offering faster and cheaper euro transactions. With support from major industry players and a proven track record of USDC’s success on Base, EURC is set to enhance liquidity and global financial accessibility.
AnaisBlockless, an infrastructure platform for launching, integrating, and securing nnApps, is in phase 2 of its incentivised testnet — The Orchestrator. However, with it missing, you will have to manage everything yourself. How do you win in this phase of the testnet?
CatherineDotcoin, initially launched on the TON blockchain, is migrating to Venom to benefit from its advanced scalability and infrastructure. The move, which includes launching the $DTC token on Venom, aims to support Dotcoin's growth but faces challenges with community backlash and technical issues. Will this transition ultimately strengthen Dotcoin's position or lead to further complications?
AnaisNeiro transferred 17.1 billion $Neiro to Vitalik's address to boost its credibility. However, the plan backfired when Vitalik sold his holdings for 44.5 ETH, causing the price to plummet 60% and triggering panic among investors. Is this karma or coincidence?
KikyoFutu has expanded its trading services to Hong Kong and Singapore, becoming the first online brokerage in both regions to offer direct cryptocurrency trading to retail investors. This expansion enhances Futu’s competitive position and reflects a broader trend of integrating digital currencies into traditional financial platforms.
WeatherlyBlocklords, a medieval MMO Web3 strategy game, has launched its $LRDS token after six months of airdrop campaigns. Players can stake $LRDS to gain influence and participate in community voting. Craft your unique adventure and shape the game's future. What path will you choose?
CatherineTrillioner’s recent price spike to $91.34 is notable but raises concerns due to its low trading volume and unverified partnerships. The project's potential for market manipulation and questionable social media engagement suggest that its long-term stability may be uncertain.
AnaisElon Musk has sued OpenAI's co-founders, Sam Altman and Greg Brockman, for prioritising commercial interests over their mission of public good. Ironically, this comes as Musk expands his own for-profit AI startup, xAI. Is this a case of the pot calling the kettle black?
KikyoThe Australian Federal Police (AFP) has partnered with Chainalysis in a global campaign called "Operation Spincaster" to tackle cryptocurrency fraud. This operation has revealed over 2,000 compromised Australian crypto wallets and uncovered $162 million in losses.
Weatherly