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Astar Network Lags Before 350M Tokens Consumption: What About ASTR?

TokenTalk Staff

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Astar Network Lags Before 350M Tokens Consumption: What About ASTR?
  • The Astar community concluded the vote on the token burn proposal on June 2nd.
  • Prior to the price turmoil of mid-June, ASTR had last traded below $0.070 in late November.

A star [ASTR] At press time, it was down 6.63%, in line with the broader cryptocurrency market, on fears of a worse-than-expected US inflation forecast.

The latest price action comes just a day after the Astar community voted to burn 350 million ASTR tokens, equivalent to 5% of its total supply in Genesis.

ASTR Token Burn Execution History

The Astar Foundation had set aside tokens for Polkadot parachain auctions, a mechanism for projects to secure parachain slots on Polka dot [DOT] relay chain.

Blockchain projects essentially submit bids in the native DOT token to the relay chain as part of the candlestick auction process to determine which ones get linked to a parachain slot for a given lease period.

Polkadot, however, announced in November 2023 that it would phase out the parachain auction system and replace it with Agile Coretime or Bulk Coretime.

In light of the updated mechanism, the Astar Foundation proposed removing the allocation from circulation as part of a strategy to improve ASTR’s tokenomics.

The 74 million ASTR rewards generated from this initial token allocation will be retained and held by the community treasury to fund further initiatives.

Astar Foundation head Maarten Henskens confirmed The proposal passed the voting stage, adding that the execution phase of the token burn will begin by the end of this week.

ASTR/USDT Technical Analysis

News of the conclusion of the vote quickly sent the price of ASTR soaring to a daily high of $0.0791.

CoinMarketCap data shows that ASTR’s 24-hour trading volume surpassed $78 million on Tuesday, up from $20 million on Monday.

In some exchanges, including Binance [BNB]ASTR traded as high as $0.80 before reversing course and resuming losses.

ASTR has since retreated and is one of the worst performing tokens on the day, down nearly 7% to $0.0705 at press time. The ASTR/USDT chart has highlighted the price struggles over the past two weeks.

Source: TradingView

ASTR/USDT dropped below $0.069 over the weekend, highlighting its two-week-long upside struggles since the token lost ground above $0.075 on June 17.

Source: TradingView

The ASTR/USDT 4-hours chart showed that ASTR price found support near $0.063 in an attempt to break out of consolidation at the current lows.

Source: TradingView

ASTR price settled below the 23.6% minor Fibonacci retracement level ($0.0732) in the hourly time frame.

Bullish speculators may try to secure major support at the most significant Fibonacci level of 0.382 to $0.0745 on the way to the critical Fibonacci level of 0.618 to $0.0767, where a price reversal is likely.

A potential upside above this target is expected to be tested heavily near Fibonacci 0.786, at $0.0782.

Earlier this week, ASTR showed overbought signs on the hourly chart, with the RSI above 70 on July 1st.

Source: TradingView

However, the RSI has been trending below 50, currently at 34.98, following the cryptocurrency market pullback over the past 24 hours. A reading below 30 would present ideal entry opportunities for short-term positions.

Ecosystem growth

Astar Network has continued to advance its ecosystem, recently launching Astar zkEVM.

The L2 scaling solution, which uses Polygon’s zero-knowledge technology, has become the first blockchain to integrate Polygon’s cutting-edge AggLayer technology.

Fuente

We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Donald Trump-Related Crypto Tokens Surge as Former President Survives Assassination Attempt

TokenTalk Staff

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Donald Trump-Related Crypto Tokens Surge as Former President Survives Assassination Attempt

In short

Several cryptocurrency tokens associated with the former US president who was shot earlier today have soared in value as he survived the assassination attempt.

According to more recent sources, the man has reportedly been released from a local hospital and is returning to New Jersey.

The cryptocurrency industry has its controversial moments, and the constant creation of tokens tied to global events is one of them.

The ongoing battle for absolute power in the United States between Republican candidate and former President Donald Trump and the current 46th President, Joe Biden, has allowed developers to create several tokens related to both, whose value is often influenced by the events surrounding them.

Crypto-potato reported before the notable price fluctuations of the largest-cap cryptocurrencies that followed the shooting, which led to impressive gains for BTC, SOL, and others.

However, Trump-related tokens have seen even more significant increases. This is perhaps due to the failed assassination attempt and Trump’s reaction immediately afterward, when he stood up and raised his hands in a rather spectacular manner.

As a result, MAGA (TRUMP) skyrocketed over 30% after the news broke. Despite a slight retracement since then, the token is still up 26%, its market cap has risen to $370 million, and it is currently the 167th largest crypto asset.

Another coin, (Donald Trump – TRUMP2024), created primarily for the ongoing presidential battle, has surged 40% in the same time frame. DONALD TRUMP (DONALD) is another example of developers trying to capitalize on the current craze. So far, it seems to be working, as it has surged 35% on the day.

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Top 3 Undervalued Tokens Growing 10x This Year!

TokenTalk Staff

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Top 3 Undervalued Tokens Growing 10x This Year!

The cryptocurrency market has shown increased price volatility this week, highlighting increased buying and selling pressure in the cryptocurrency space. Additionally, major tokens have successfully retested their important support levels, indicating a potential bullish price action in the near future.

On the other hand, mid-cap and small-cap altcoins have seen the highest gains, indicating growing investor interest in these crypto tokens. Are you considering investing in undervalued small-cap altcoins for the next bull rally?

Read on because in this article we have covered the top 3 altcoins that are currently trading at significant discounts to their all-time highs, but have solid long-term fundamentals.

Serial Number (MDX):

Built on the HECO chain and launched in January 2021, the Mdex project is an Automated Market Making (AMM) exchange protocol. It is decentralized and works on the concept of pooled funds. Specifically, it uses a dual chain and can also operate on the Ethereum network.

TradingView: MDX/USDT

Notably, MDX price has increased by 129.91% in a day and 132.05% in the past week. This highlights a growing bullish sentiment for the altcoin. Furthermore, with a market cap of $75.215 million, it has secured the 410th position.

The technical indicators SMA and RSI have seen a sharp increase, indicating increased buying-selling pressure in the cryptocurrency sector.

Furthermore, Mdex price is currently discounted by over 99% from the previous all-time high of $10.06 and with strong fundamentals, this altcoin could see a price surge in the near future.

Renzo (REZ):

Renzo is a Liquid Staking token and strategy manager on EigenLayer and is based on the Ethereum chain. Offering a higher yield than ETH staking, it is the interface to the EigenLayer ecosystem and AVS protection.

TradingView: REZ/USDT

With a trading price of $0.0658, a circulating supply of 1.15 billion, and a total supply of 10 billion, Renzo price has secured the 409th position with a market cap of $76,430 million.

The SMA indicator is showing a bullish convergence in the 1D time frame, indicating a strong bullish outlook in the cryptocurrency market. The MACD has been steadily rising in the green histogram with its averages showing a positive crossover. This indicates a positive outlook for the REZ price.

Horizon (ZEN):

A zero-knowledge network-enabled blockchain powered by the largest node infrastructure in the industry, the Horizen project is truly unique. Its interoperability is enabled by the Zendoo protocol. Horizon’s native token “ZEN” is a mineable PoW coin and is listed on all major exchanges.

TradingView: ZEN/USDT

ZEN price continues to trade under bullish price action adding 14.91% to its portfolio in the last day and 23.15% in the last week. Furthermore, it is up 53.62% in the last 30 days and has recorded a Year-to-Date (YTD) return of 31.52%.

With a trading price of $11.35, a circulating supply of 15,204,481 tokens, and a maximum supply of 21 million tokens, it has successfully secured the 237th position in the global cryptocurrency ranking with a market capitalization of $179.56 million.

If the market continues to trade with a bullish sentiment, Horizen price will prepare to head towards its all-time high (ATH) in the coming months. However, a bearish price action could push ZEN coin price towards its low of $7.85.

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TokenTalk Staff

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NFTs – Decrypt

Italian: https://news.google.com/./articles/CBMiVGh0dHBzOi8vZGVjcnlwdC5jby8yMzk2OTIvYml0Y29pbi1wcmljZS1jbGltYnMtdHJ1bXAtbWVtZS1jb2lucy1zdXJnZS10cnVtcC1hdHRhY2tlZ NIBWmh0dHBzOi8vZGVjcnlwdC5jby8yMzk2OTIvYml0Y29pbi1wcmljZS1jbGltYnMtdHJ1bXAtbWVtZS1jb2lucy1zdXJnZS10cnVtcC1hdHRhY2tlZD9hbXA9MQ?hl=it-IT&gl=IT&ceid=IT%3Ait

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Crypto: Bitcoin ETFs Herald a Less Febrile Token in the Long Term, Traders Say

TokenTalk Staff

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Crypto: Bitcoin ETFs Herald a Less Febrile Token in the Long Term, Traders Say

Bitcoin began the week with a slump that fueled fears of outflows from dedicated U.S. exchange-traded funds. Instead, dip buyers poured money in, a pattern that some say points to a less volatile token in the long run.

A net $737.5 million was added to the 11 ETFs in the four days through Thursday, stabilizing Bitcoin near $58,000 after a dip to $53,602 on July 5, driven by sell-offs of seized tokens and fears of divestments by creditors of the failed Mt. Gox exchange.

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