Wintermute Hacker deposits a large sum into the Curve protocol, however, sentiment continues to decline.- Curve’s market share in terms of volume falls, and interest from whales in CRV grows.On 20 September 2022, Wintermute, a market maker in the cryptocurrency sector based in the United Kingdom, fell prey to a malicious cyberattack.This resulted in a significant loss of approximately $160 million as a result of the exploit targeting the platform’s DeFi operations.Read Curve’s [CRV] Price Prediction 2023-2024 Presently, the perpetrator of the aforementioned cyberattack assumed the position of the primary liquidity provider for Curve Finance‘s trading pool.
The attacker deposited the illegally-obtained funds into the protocol.As a consequence of this action, the stolen funds now constitute 28% of the $409 million supporting Curve’s 3pool, a widely used decentralized trading pool.
However, it appeared that Curve Finance’s governance couldn’t do anything about the hacker depositing the funds into their protocol.The CEO of Curve, Michael Egorov was quoted saying that “All Curve pools are absolutely permissionless, so no one can stop anyone from depositing”.Another reason the governance of Curve was helpless was that Curve is immutable.This meant that its code cannot be changed once deployed on the Ethereum blockchain.And its creators have no control over who interacts with it or provides liquidity.Egorov also noted that a positive aspect of the scenario was the transparency inherent in blockchain transactions.This meant that the perpetrator will encounter difficulty in concealing the misappropriated funds, as their movements will always be traceable.
The current state of Curve Even though the governance’s hands are tied, the sentiment towards the protocol could be impacted.Santiment’s data indicated that the weighted sentiment for Curve was negative.
This implied that the crypto community had a negative outlook toward Curve at press time.Is your portfolio green? Check out the Curve Profit Calculator Curve’s volume share in the DEX market was also impacted during this period.According to Dune Analytics’ data, Curve’s market share fell from 34% to 9.4% in the last three months.The price of the Curve token CRV also fell during this period.Coupled with that, interest in CRV declined as indicated by the falling network growth.
Despite these factors, whales continued to invest in the CRV token.Leave a Reply [Cancel reply](/news/why-this-curveball-may-have-investors-turning-their-backs-on-crv/#respond) Leave a Reply – Development activity on the Cosmos network wasn’t impressive at the time of writing.- However, ATOM made it to the list of top gainers as per data from LunarCrush.Q1 of 2023 wasn’t particularly kind to Cosmos [ATOM] as data from CoinMarketCap showed that it was a downhill road.However, there could be a change in the direction of the crypto winds.This was because as per data from LunarCrush, ATOM combined social and market activity hit the #1 rank.Based on leading combined social + market activity, $ATOM has hit the #1 LunarCrush AltRank™.
24-hour activity Price +10.868% to $11.77 Social volume 3,752 Social engagements 15,563,962https://t.co/JMU3vbqEyx #cosmos @cosmos pic.twitter.com/UpidBxExy1 — LunarCrush (@LunarCrush) April 27, 2023 Furthermore, the altcoin exchanged hands at $11.63 at the time of writing.ATOM traded 7.67% higher than the last 24 hours and saw a surge of 1.79% over the last seven days as per CoinMarketCap.
Read Cosmos [ATOM] Price Prediction 2023-24 Can ATOM move on from its past? At the time of writing, data from Santiment showed that not much had been accomplished on the development end of the Cosmos blockchain.As can be seen below, development activity stood at 52.12, which indicated that fewer developments were taking place on the network.
Furthermore, the development activity also witnessed a sizeable drop since the beginning of April.Moving on to the development activity contributors count, that too stood at 11.This wasn’t a great sign for the Cosmos blockchain either.
A look at ATOM’s market cap dominance also painted a gloomy picture for the chain.
Although ATOM’s price witnessed a rise, its market cap dominance stayed at 0.263 which wasn’t exactly the best scenario for Cosmos.Furthermore, data from Staking Rewards also showed that the number of stakers also witnessed a significant drop in the last seven days.However, at press time, there was a slight improvement in the number.But this was definitely a negative sign for the altcoin.A ray of hope here Despite the disappointing front presented by Cosmos, ATOM investors could be in for a surprise.At the time of writing, ATOM’s Relative Strength Index (RSI) was moving toward the neutral zone.
This indicated that recovery could be on its way for the altcoin.Furthermore, the Moving Average Convergence Divergence (MACD) indicator showed that at press time, the signal line was above the MACD line.Although the two lines were below the zero line, the position of the MACD line seemed to be ready to move in the upward direction, which could be an indication of a bullish crossover.
Additionally, the Awesome Oscillator (AO) also managed to flash green at press time.Realistic or not, here’s ATOM’s market cap in BTC’s terms Additional data from LunarCrush also pointed out that as of 27 April, ATOM managed to make it to the list of LunarCrush Trade Top gainers.The altcoin ranked #4 and gained 9.1%.Today’s LunarCrush Trade Top Gainers: 🔹 $INJ @Injective_ 🔹 $BLUR @blur_io 🔹 $EGLD @MultiversX 🔹 $WOO @_WOO_X 🔹 $ATOM @cosmos 🔹 $BEL @BellaProtocol Trade them on https://t.co/oYP5IS4Ofa pic.twitter.com/4MDXkZoZYE — LunarCrush (@LunarCrush) April 27, 2023 Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – The formation of a range gave clear levels for traders to set their orders.- Despite the recent losses, there was a chance that a breakout toward $0.5 could occur.
Bitcoin saw a bounce in prices after a retest of the $27.8k mark as support, but the volatility witnessed in the past 24 hours meant both bulls and bears must be cautious.For XRP, the lower timeframe bias was bearish but this could change soon.Read XRP’s Price Prediction 2023-24 XRP formed a range on the lower timeframes that extended from $0.44 to $0.48.At press time the bulls fought to overcome the $0.46 resistance, but have not succeeded after 12 hours of trying.
A confluence of imbalance and golden pocket presented a reasonable target in the event of a breakout The 4-hour chart showed that the market structure was bearish after the strong drop in prices on 26 April.Since then XRP has seen buyers effect a bounce from $0.433 to $0.458 at press time, but the RSI remained beneath the neutral 50 mark.
The $0.45 level has served as support over the past week, and a retest would likely offer a buying opportunity.Invalidation would be a move beneath the range lows at $0.44.Bulls can target the range highs at $0.48 to take profit, but there was the possibility of a bullish breakout as well.The move beneath the former XRP range was used to plot a set of Fibonacci retracement levels (white).
Is your portfolio green? Check the XRP Profit Calculator These levels showed that the 61.8% and 78.6% retracement levels sat at $0.5 and $0.518.Moreover, the drop from $0.539 on 19 April was accompanied by the development of a fair value gap in the $0.5 area, highlighted by the white box.Hence, a move above $0.48 would likely climb to this area to fill the imbalance.
Thereafter, a rejection could occur to take XRP back toward $0.44 or lower.Sentiment remained bearish but rising demand showed a short-term rally was possible The 1-hour chart from Coinalyze showed that spot CVD has risen massively since 25 April, although it dropped over the past 24 hours to show some bullish exhaustion.
Overall the trend has been upward in the past three days, which showed significant buying pressure could push XRP prices higher once again.A continued descent on the CVD in the coming days could dishearten buyers and embolden sellers.In contrast, the Open Interest was mostly flat in the past ten days, with sudden drops on the chart when XRP experienced sudden price moves downward.
The falling OI indicated that sentiment was bearish and long positions were discouraged.If this changes, a breakout past $0.48 would become more likely.- The Solana Foundation announced a $1 million fund for AI and launched a ChatGPT plugin.- SOL’s development activity increased while its open interest registered a decline.
Solana [SOL] witnessed a decline in the number of active accounts in terms of fee payers over the past 90 days.A decline in the number of fee payers directly affects a network’s revenue.However, Solana made a few efforts recently to improve the blockchain, which can help change the current scenario.Read Solana’s [SOL] Price Prediction 2023-24 Solana enters the AI space In a 26 April tweet, the Solana Foundation announced a $1 million fund for small-scale grants exploring the intersection of the Solana blockchain and AI.Both new and ongoing projects are eligible for the funds, which range from $5,000 to $25,000.1/ Today, the Solana Foundation announces a $1m fund for small-scale grants exploring the intersection of the @Solana blockchain and AI.
The grants range from $5k to $25k, and both new and existing projects are eligible.Learn more 👇 — Solana Foundation (@SolanaFndn) April 25, 2023 The program will drive new innovations related to AI technology and, in turn, help increase the capabilities and offerings of the Solana blockchain.
To be eligible for a grant, the tool or app must be publicly available for others to use, open-sourced, and have source code available to the Foundation.Solana launches ChatGPT plugin As a part of the AI initiative, Solana Labs created an open-source reference implementation for a ChatGPT plugin.The newly developed plugin will provide a unique capability to the Solana blockchain, as users will now be able to search the blockchain using the AI chatbot.As per the official tweet, users will also be able to perform various tasks through the ChatGPT user interface, including checking wallet balances, transferring tokens and purchasing NFTs.
(1/2) Solana Labs has created an open-source reference implementation for a ChatGPT plugin that lets users interact with the @solana network directly from ChatGPT.Users will be able to check wallet balances, transfer tokens, and purchase NFTs once ChatGPT plugins are available.pic.twitter.com/08z1IX76zJ — Solana Labs (@solanalabs) April 25, 2023 Considering the hype around ChatGPT and AI in the blockchain industry, the possibility of a spike in interest in SOL following the launches can’t be ruled out.This can also help increase SOL’s TVL, which recently registered a decline.
The efforts show an impact Solana’s development activity increased over the last week, which can be attributed to the aforementioned efforts.SOL’s weighted sentiments also registered improvement.At the same time the network’s social volume remained consistent, reflecting its popularity in the crypto space.Is your portfolio green? Check the Solana Profit Calculator Open interest is declining! After a massive drop in SOL’s price on 27 April, the token recovered quickly as its 24-hour price chart was only down marginally.
At press time, SOL was trading at $21.91, with a market capitalization of more than $8.6 billion.However, Solana’s demand in the derivatives market fell lately, as evident from the decline in its Binance and DyDx funding rates.According to Coinglass, SOL’s open interest also fell sharply over the last few days.A decline in open interest means that the market is liquidating.This indicates that the on-going price trend is coming to an end, suggesting that SOL could register gains in the coming days.Top posts Blockchain gaming2 hours ago Assessing gaming dApps’ popularity amid broader market drawdown Alien Worlds, Farmers World and Splinterlands were the top blockchain games in terms of user activity.
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