Crypto Daily Alpha - September 11, 2024 "MetalCore Public Launch and AI Tokens Defi Market Drop: Today's Key Crypto Insights"

Project Updates

MetalCore Opens to Public on September 12
After three successful Closed Beta phases, MetalCore is gearing up for its public launch on September 12. The new season, titled "METALPUNKS Rhapsody," promises players intense mech battles, leaderboard competition, and the opportunity to win rewards, including up to 80 million $MCG tokens. This sci-fi-inspired combat game has generated substantial interest during its Closed Beta, and the public launch is expected to further boost its popularity among gaming and blockchain enthusiasts.

AutoLayer to Launch IDO on September 12
AutoLayer is set to launch its Initial DEX Offering (IDO) for the $LAY3R token on September 12 across platforms such as Ape Terminal, ChainGPT Pad, Magic Launchpad, and Poolz. The $LAY3R token will be offered at $0.65 with an initial market cap of $550,028. This IDO marks a significant step for AutoLayer as part of the broader LRTfi hub, offering decentralized finance (DeFi) services with backing from investors like Morningstar Ventures.

MetaPlanet Shares Soar as Bitcoin Purchase Reaches 400 BTC

According to CoinTelegraph, shares of MetaPlanet, a leading technology company, spiked after it was revealed that the company’s Bitcoin holdings have reached nearly 400 BTC. This purchase aligns with MetaPlanet's strategy to diversify its assets with cryptocurrencies, particularly Bitcoin, as a hedge against inflation. The news has excited investors, further boosting the company's market valuation. MetaPlanet's increasing involvement in the crypto space indicates growing institutional interest in Bitcoin as a reserve asset.

Crypto Market Dynamics

As reported by CoinDesk, AI-focused tokens such as Internet Computer Protocol (ICP) and Fetch.AI (FET) managed to buck the general market downturn following the announcement of Apple’s interest in artificial intelligence. While the broader crypto market saw a decline, these tokens gained momentum as investors speculated that Apple’s move could boost the AI sector. The news triggered optimism around AI-related projects in the crypto space, as investors believe that AI’s integration into mainstream technology could unlock new value for these tokens.

News: Regulation Updates

Singapore Investigates Worldcoin Over Unauthorised Services
According to CoinDesk, Singaporean authorities have launched an investigation into seven individuals connected to Worldcoin for allegedly providing the project’s services without proper authorisation. Worldcoin, a controversial crypto project co-founded by Sam Altman, has been under scrutiny for its biometric data collection methods. The investigation is ongoing, with authorities aiming to determine whether these activities violate Singapore’s regulatory framework for financial services and data protection. The case adds to the growing number of legal challenges facing Worldcoin globally.

Political and Crypto Convergence

Trump-Harris Presidential Debate Fails to Address Crypto Issues
CoinTelegraph reports that during the highly anticipated Trump-Harris presidential debate, cryptocurrency was notably absent from the discussion, despite growing interest in the space. With crypto becoming a more significant issue in U.S. economic policy, especially around regulation and taxation, the lack of dialogue on the topic disappointed many in the industry. Analysts speculate that future debates may still cover crypto, given its increasing relevance in both economic and political conversations.

Security and Scams

Indodax Crypto Exchange Hacked, $22 Million Stolen
According to an article in CoinTelegraph, the Indonesian crypto exchange Indodax has suffered a major security breach, leading to a loss of $22 million. The hack targeted the exchange's hot wallets, with hackers quickly transferring the stolen assets into various unidentified accounts. Indodax is cooperating with local authorities and cybersecurity firms to trace the funds and identify the perpetrators. Despite the large sum stolen, the exchange has assured its users that all affected customers will be reimbursed, and their funds remain safe. This incident highlights the ongoing risks faced by even the largest crypto exchanges in securing user assets.

Airdrop Opportunities and Community Engagement

Cosmos Ecosystem Airdrops
The Cosmos ecosystem continues to roll out airdrops for projects like $SYN, $TIA, and $BERA, incentivising user engagement through staking and testnet participation. Celestia's TIA remains at the forefront, offering multiple airdrops tied to projects like Dymension and MilkyWay. Active participation in staking and testnets within the Cosmos ecosystem offers opportunities for token rewards.

$NONJA Gains Momentum: Community Rallies Behind AI Sniper Bot on Solana and Injective

Recent discussions on X show a surge in popularity for $NONJA, a cryptocurrency associated with an innovative AI sniper bot. This bot, designed for the Solana and Injective networks, is gaining traction due to its potential in automating trades with speed and precision. The growing excitement around $NONJA stems not only from its functionality but also from the strong backing of the crypto community on X. The community's engagement suggests widespread belief in the token’s future impact within the crypto trading ecosystem, driving adoption and enhancing its market value.

In my opinion, it's a strange memecoin to be trending on X, to say the very least, but the community has been a lot weirder in the past, and nothing surprises me.

Token Unlocks

Token Unlocks
Here are some of today's token unlocks, which may lead to price fluctuations due to the increased supply and potential selling pressure:

• IO ($IO): $4.57M worth of tokens unlocking today, representing 3.02% of the market cap. Expect moderate price volatility.
• Fetch.AI ($FET): $1.35M worth of tokens unlocking, representing 0.04% of the market cap. Likely minimal price impact.
• Ocean Protocol ($OCEAN): $326.26K worth of tokens unlocking, representing 0.17% of the market cap. Monitor potential price movements.
• Gods Unchained ($GODS): $1.03M worth of tokens unlocking, representing 1.98% of the market cap. Expect moderate price fluctuations.
• WeWay ($WWY): $353.68K worth of tokens unlocking today, representing 2.89% of the market cap. Watch for slight volatility.
• Reality Metaverse ($RMV): $213.02K worth of tokens unlocking, representing 6.28% of the market cap. Significant price impact likely.
• Kine Protocol ($KINE): $86.16K worth of tokens unlocking today, representing 4.04% of the market cap. Possible price fluctuations.
• Magic Square ($SQR): $1.25M worth of tokens unlocking today, representing 26% of the market cap. Expect significant price volatility.
• Goldfinch ($GFI): $2.82M worth of tokens unlocking, representing 1.51% of the market cap. Moderate price movements expected.
• SuiPad ($SUIP): $27.44K worth of tokens unlocking today, representing 1.44% of the market cap. Likely minimal price impact.
• Engines of Fury ($FURY): $15.67K worth of tokens unlocking today, representing 1.07% of the market cap. Slight price changes expected.
• Ordibank ($ORBK): $158.56K worth of tokens unlocking, representing 9.20% of the market cap. Significant price volatility expected.
• ivendPay ($IVPAY): $349.68K worth of tokens unlocking, representing 13.2% of the market cap. Expect notable price movements.
• GAIMIN ($GMRX): $41.72K worth of tokens unlocking, representing 3.88% of the market cap. Monitor potential price fluctuations.
• Masa ($MASA): $475.77K worth of tokens unlocking today, representing 9.21% of the market cap. Significant volatility likely.
• BlockGames ($BLOCK): $768.14K worth of tokens unlocking, representing 11.3% of the market cap. Moderate price impact expected.
• Litlab ($LITT): $135.89K worth of tokens unlocking, representing 7.75% of the market cap. Price fluctuations are possible.
• Wisdomise AI ($WSDM): $40.12K worth of tokens unlocking, representing 2.33% of the market cap. Expect slight price changes.
• LandRocker ($LRT): $17.83K worth of tokens unlocking, representing 1.38% of the market cap. Monitor for minor price impact.
• IntentX ($INTX): $20.24K worth of tokens unlocking, representing 1.26% of the market cap. Minimal price movements expected.
• Skillful AI ($SKAI): $83.96K worth of tokens unlocking, representing 1.72% of the market cap. Expect slight volatility.
• BloodLoop ($BLS): $51.09K worth of tokens unlocking, representing 1.24% of the market cap. Possible price movements ahead.
• CryptoSamurai ($CST): $22.95K worth of tokens unlocking, representing 1.20% of the market cap. Monitor potential price changes.
• Moca ($MOCA): $16.57M worth of tokens unlocking today, representing 15.7% of the market cap. Expect significant price volatility.
• Worldcoin ($WLD): $7.08M worth of tokens unlocking today, representing 1.17% of the market cap. Watch for possible price impact.
• Cogito Finance ($CGV): $40.70K worth of tokens unlocking, representing 1.10% of the market cap. Potential price changes expected.
• NeurochainAI ($NCN): $75.60K worth of tokens unlocking, representing 1.20% of the market cap. Monitor for price fluctuations.
• Delysium ($AGI): $8.19M worth of tokens unlocking, representing 6.16% of the market cap. Significant price impact likely.
• SpaceN ($SN): $341.57K worth of tokens unlocking, representing 2.55% of the market cap. Expect potential price movements.
• 3space Art ($PACE): $469.68K worth of tokens unlocking, representing 4.96% of the market cap. Price volatility likely.

• Fracton Protocol ($FT): $603.70K worth of tokens unlocking, representing 6.51% of the market cap. Monitor for significant price fluctuations.

   

Bitcoin and Crypto Market Update

U.S. Spot Bitcoin ETFs See $116 Million in Net Inflows
According to The Block, U.S. spot Bitcoin ETFs have recorded $116 million in net inflows this week, signalling renewed institutional interest in Bitcoin. This turnaround comes after weeks of outflows, driven by improving market sentiment and expectations of regulatory clarity around crypto ETFs. Institutional participation plays a crucial role in the long-term stability of Bitcoin’s price, and these inflows suggest growing confidence in the asset.

Bitcoin Shows Signs of Strength
According to Oz, Bitcoin ($BTC) is showing some positive momentum with a recent price pump. However, he emphasizes that the first major sign of strength will come if Bitcoin can successfully reclaim the weekly level at $58.2K. Beyond that, the more critical resistance level is between $59K and $60K, which represents the monthly resistance zone. If Bitcoin can break above these levels, it would signal further bullish action. Oz's chart highlights these key levels, showing the importance of these resistance zones in Bitcoin's short-term price action.

On-Chain Analysis: Bitcoin and Ethereum

Bitcoin On-Chain Metrics
Bitcoin’s on-chain activity remains steady, with $2.94 billion in daily transaction volume and nearly 989,000 active addresses. Miner revenues are increasing slightly with recent price rises, though rising energy costs and hash rates continue to present challenges. Overall, Bitcoin's network participation remains strong, suggesting robust activity despite market fluctuations.

Ethereum On-Chain Metrics
Ethereum is showing consistent strength with $2.6 billion in daily transaction volume, although high gas fees are impacting network congestion. Active addresses stand at 525,000 daily, driven by Ethereum’s dominance in DeFi and NFTs. Despite Layer 2 solutions, rising fees highlight the ongoing challenge of scaling Ethereum’s network.

Market Sentiment

Bitcoin Fear and Greed Index Rises to 37 (Fear)
The Fear and Greed Index has moved up to 37 (Fear) from 33 yesterday, reflecting a slight improvement in market sentiment. While still in the "Fear" range, the increase suggests that traders are cautiously optimistic about Bitcoin’s short-term recovery. The recent inflows into Bitcoin ETFs and AI-related token gains indicate a growing appetite for risk, but macroeconomic uncertainties continue to hold back sentiment from turning bullish.

That’s it for today’s edition of Crypto Daily Alpha. Stay tuned for tomorrow's updates. Always do your own research and invest wisely!

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