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$NEAR upgrades to Nightshade 2.0 ⬆️
Persona Insights 23 August 2024
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Note: A glossary is available at the bottom of the report that explains any technical terms used.
💰 Trending Coins 💰
Excluding Bitcoin & Ethereum
Trending coins based on social media discussions and user sentiment.
Why it is trending: APU has recently had substantial price movements following its partnership with MatchroomBoxing, aiming to increase its audience in larger markets.
Summary and backing: APU is a cryptocurrency project that has recently partnered with MatchroomBoxing to expand its reach. Partnerships with well-known entities often drive price increases and spotlight in the crypto community.
Why it is trending: NEAR Protocol is trending due to its recent major upgrade called 'Nightshade 2.0,' which introduces 'stateless validation' to enhance scalability and usability. This upgrade has been widely discussed in online communities.
Summary and backing: NEAR Protocol is a decentralized application (dApp) platform designed to make apps similarly usable to those on today's web. The platform allows developers to create more scalable and user-friendly dApps. The protocol was co-founded by Illia Polosukhin, a former top engineer at Google, and Alexander Skidanov, a former director of engineering at MemSQL.
Why it is trending: Avalanche is trending due to recent positive developments, including the announcement of the new Grayscale Avalanche Trust, which has been widely discussed on social media. This move reflects increased institutional interest and investment in AVAX.
Summary and backing: Avalanche is a blockchain platform that aims to offer a highly scalable ecosystem for decentralized applications and enterprise blockchain deployments. It was developed by Ava Labs, founded by Cornell University professor Emin Gün Sirer. The platform is known for its high performance, low latency, and energy efficiency. Notable backers include Andreessen Horowitz, Polychain, and Initialized Capital.
Potential Coins Showing Promise
Based on social media discussions over the past day, we try to identify any cryptocurrencies not extensively covered by mainstream news but are being discussed in niche areas.
Why it shows promise: Hege Coin (HEGE) has shown significant traction in niche communities with multiple mentions across platforms. The discussions highlight its strong community, strategic marketing, and notable backing from influential figures in the finance industry.
Summary and backing: Hege Coin has a team that includes a former member of Bridgewater Associates, a leading hedge fund. The project has seen a rapid recovery in market cap, scheduled marketing campaigns, and potential VC interest. It also features a community-driven approach with significant engagement and planned NFTs releases.
👀 Top Active Posts 👀
Summaries of the Most Active Posts
4 in 5 Spend Most Time on X, Telegram & YouTube for Crypto: A discussion on which platforms crypto enthusiasts spend the most time on. The post generated substantial engagement as users shared their opinions about X, Telegram & YouTube, criticizing them for scam risk, and comments about Reddit's role in crypto discussions.
+42% overnight, I told you so, and this is just the beginning of the comeback...: The post highlights the rapid price increase of the Cute CTHULHU token and its charity-driven goals, generating a large number of comments from users discussing its potential, team credibility, and marketing strategy.
A 21% Rally in Chainlink Price Could Push $1.35B Investors Into Profit: A post discussing a potential rally in Chainlink's price, which spurred numerous comments as users expressed high hopes and excitement, contributing to its high engagement.
Base Network Outpaces Arbitrum and Optimism with 40% More Active Addresses: A post discussing the competitive edge of Base Network over Arbitrum and Optimism, gathering many comments as users debated the future dominance of these networks.
PayPal joins forces with Anchorage Digital for PYUSD rewards: A post about PayPal's partnership with Anchorage Digital to offer PYUSD rewards. Comments varied from excitement about PayPal's continued relevance to discussions about broader acceptance of crypto.
📈 Market Sentiment 📉
How the Market is Feeling
Overall Crypto Market Sentiment
The overall sentiment in the cryptocurrency market appears to be mixed but slightly leaning towards anticipation of positive movements. The mention of potential rate cuts by the Federal Reserve in September has stirred both optimistic and cautious discussions, with some expecting a rally and others preparing for more volatility. Many users are hoping for market improvements, but concerns remain about trading volumes and liquidity indicating a cautious optimism.
Bitcoin Sentiment
Sentiment towards Bitcoin is cautiously optimistic. Many discussions highlighted Bitcoin's potential for a substantial rally if the Federal Reserve cuts rates, as suggested by their recent minutes. Some conversations indicate anticipation of a positive Q4 performance, while others remain wary of significant volatility and potential market dips to lower levels. Overall, there's a sense of watchfulness and readiness for both positive and negative eventualities.
Ethereum Sentiment
Sentiment surrounding Ethereum is quite polarized. On one hand, there's optimism about its strong fundamentals and support from upcoming institutional products like spot ETFs. However, concerns about reduced trading volumes and significant outflows from Ethereum investment products like the Grayscale Ethereum Trust suggest caution. The community seems hopeful yet wary, with discussions about overcoming key resistance levels and potential further consolidations.
📚 Glossary 📚
Learn Key Terms Used Above
Decentralized Application (dApp): A decentralized application (dApp) is a software application that runs on a blockchain or peer-to-peer network of computers instead of a single computer, and it is outside the purview and control of a single authority.
Ponzi Scheme: A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads the victims to believe that profits are coming from legitimate business activities, but the perpetrators are actually using the investments of new participants to pay the earlier returns.
Scalability: Scalability refers to a blockchain's ability to handle a growing amount of work and its potential to be enlarged to accommodate that growth. This includes the number of transactions it can process per second.
Stateless Validation: Stateless validation is a feature within blockchain protocols where validators do not need to keep the state of the entire blockchain in their memory to validate transactions. This makes the system more efficient and scalable.
Smart Contract: A smart contract is a self-executing contract with the terms of the agreement directly written into lines of code. They automatically enforce and execute the terms of the contract when the agreed conditions are met.
Crypto Exchange: A cryptocurrency exchange is a platform that allows users to trade cryptocurrencies for other assets, such as conventional fiat money or other digital currencies.
Initial Coin Offering (ICO): An Initial Coin Offering (ICO) is a fundraising method used by new projects to sell their underlying crypto tokens in exchange for capital. It is somewhat similar to an Initial Public Offering (IPO) in the traditional stock market.
Liquidity: Liquidity in the cryptocurrency market refers to how quickly and easily an asset can be bought or sold without affecting its price. High liquidity means there are many buy and sell orders in the market.
Market Cap: Market cap (market capitalization) is the total market value of a cryptocurrency's circulating supply. It is calculated by multiplying the current price of the cryptocurrency by its total number of circulating coins.
Volatility: Volatility refers to the frequency and intensity of price movements in a cryptocurrency. A highly volatile asset experiences significant price fluctuations in short periods.
Spot ETF: A spot ETF (Exchange-Traded Fund) is a financial instrument that allows investors to buy shares that track the price of a commodity, currency, or other asset, in real-time (spot prices) as it trades on a stock exchange.
Resistance Level: A resistance level is a price point on a chart where the price of an asset has a tough time rising above. It is often seen as a barrier that prevents the price from rising further.
Trading Volume: Trading volume refers to the number of units of a cryptocurrency traded during a given time period. High trading volumes typically indicate high interest and activity in that cryptocurrency.