Cardano Breaks the Bearish Trend: On-Chain Activity Soars Amid Crypto Slump

The DJT token, thematically linked to Donald Trump and his son Barron, plunged 90% on August 6, 2024, due to a massive $2 million

Cardano price has shown bullish signs this week, breaking out of a bearish trend that has plagued the cryptocurrency for the past few months. Despite the overall downturn in the crypto market, on-chain activity for Cardano has soared.

Get best and latest bitcoin news today with sCrypt

Keep up to date with the latest news in cryptocurrency. Access the recent headlines and a summary of the entire cryptocurrency market throughout the day, every day.

Bitcoin price today, August 6: BTC finally breaches $50k, up 3.4% in 24 hours

Bitcoin’s recent drop since the April 2024 halving is sparking comparisons to the post-halving correction in 2016, just before the 2017 bull run. Following the third Bitcoin halving in April 2024, BTC price reached a high of $62,000 before dropping to around $46,000. This drop of about $16,000 occurred over roughly 20 days.

Bitcoin’s recent performance is strikingly similar to this post-halving correction in 2016. After reaching a low of $46,000 in mid-May 2024, BTC price began to rally again. Now, after dropping to around $46,000 again in early August 2024, Bitcoin is once more showing signs of recovery.

Bitcoin’s recent drop below $50,000 is prompting strong reactions from the crypto community, especially considering that BTC price had been holding above this level for almost seven months. Now that Bitcoin is trading below $50,000, some are questioning the sustainability of Bitcoin’s role as a store of value.

Kathleen Breitman, co-founder of Tezos, recently took to Twitter to voice her concerns about Bitcoin’s status as a reliable store of value. Breitman called out BTC for being “internet pretend money” and questioned how anyone could trust it to reliably store wealth, especially given its 90% drop from all-time highs.

As covered by sCrypt earlier this week, the XRP price dropped to $0.43 on August 5, following a 6.64% decrease in the past 24 hours and a 16.5% decline over the past week. However, XRP showed some recovery on August 6, rising to $0.49, reflecting a 6.64% gain to reach $0.5088.

Some analysts are predicting a bullish future for XRP, anticipating a potential rally that could lead to gains of up to 12%. Others are closely watching XRP’s technical outlook, observing a ‘bearish pennant’ formation that might influence future price movements.

The DJT token, thematically linked to Donald Trump and his son Barron, saw a massive sell-off on August 6, 2024, leading to a steep 90% crash in its value. According to on-chain data, a large sell order of around 30,000 DJT tokens was executed on a decentralized exchange,瞬间触发大量抛售，导致代币价格暴跌。

This sell-off, amounting to roughly $2 million, caused widespread panic among traders holding the DJT token. As the token price plummeted, many traders rushed to sell their holdings, further exacerbating the sell pressure.

Interestingly, former hedge fund manager and self-proclaimed “Pharma Bro” Martin Shkreli, who is known for his involvement in the creation of the DJT token, blamed Barron Trump for the token’s crashing value. In a series of cryptic tweets, Shkreli claimed that Barron had “hacked” the token and was “dumping” it.

PancakeSwap, the leading decentralized exchange on BNB Chain, has launched the beta version of its Quest platform, designed to simplify interaction with quests in the decentralized finance (DeFi) ecosystem.

According to the August 5 announcement by PancakeSwap, Quest unifies the management of quests from various decentralized applications (Dapps) and noncustodial wallets in one place. It also provides clear instructions and enables users to complete quests efficiently.

Via a user interface that resembles a role-playing game, PancakeSwap’s Quest platform will display quests from different Dapps and wallets. Users can then select and complete the quests that align with their strategies.

A recent breach of the Ethereum sidechain Ronin has resulted in the theft of approximately $9.8 million in Ether (ETH). This bridge is crucial for transferring assets in the popular play-to-earn NFT game Axie Infinity.

According to a statement on August 6 by blockchain security firm PeckShield, malicious actors managed to steal 3,124.03 ETH, valued at around $4.4 million, and 165,2

The above is the detailed content of Cardano Breaks the Bearish Trend: On-Chain Activity Soars Amid Crypto Slump. For more information, please follow other related articles on the PHP Chinese website!