NFT world sees the rise of meme coins

    Technical Insight

    Bitcoin (BTC) fluctuated this week, indicating market participants’ skepticism. The majority of technical indications are neutral, although short-term buyers could remain active between $35,000 and $37,000, as they did earlier this year.

    Momentum indications are favorable on the weekly chart and negative on the monthly chart, according to the MACD (moving average convergence divergence) indicator. This means that a period of range-bound price movement could continue, but with a 20 percent average price swing. The 100-week moving average, now at $35,388, is a crucial indicator of trend support on the weekly chart. To maintain a rebound, buyers will need to keep BTC above that level.

    Meme coins are seeing a surge in the current crypto world. The 40-week moving average of $46,800 remains significant resistance. On March 28, a $50,966 upside objective was within striking reach, but the price dropped lower, as it had done in September.

    Hacks are causing a slowdown in NFTs

    Following hacks on its site, OpenSea, the leading NFT marketplace, has been sued multiple times. Jimmy McKimmy, an NFT owner from Texas, sued OpenSea for the loss of his stolen NFT, Bored Ape #3475, which he valued at over $1 million. Hacking has increased uncertainty in the NFT community, which could be the cause of recent demand slowdowns.

    McKimmy isn’t the only one who has suffered a significant setback. Users whose NFTs were stolen received about $1.8 million in refunds from OpenSea recently. However, OpenSea’s policy on such refunds is currently unknown. Users must link their accounts to a wallet on the platform, which allows others to see unlisted NFTs and make prospective offers for them.

    In the case of McKimmy, the hacker made an offer, hacked the code, accepted McKimmy’s offer, and then resold the NFT. The NFT Mutant Ape Yacht Club #8662 was stolen from a user after OpenSea’s Discord account was hacked and a phishing link disguised as a “stealth NFT mint” was uploaded. Similar events sparked outrage on Twitter and resulted in a general delay in NFT trades.

    Altcoin Roundup

    SHIB and DOGE are this week’s winners.

    • Meme coins with a dog theme are very popular. Over the last 30 days, SHIB and DOGE have risen by as much as 20%. The jump in prices was mostly a result of the broader crypto rebound, which was driven by alternative cryptos, reflecting traders’ increased willingness for risk. Elon Musk, the CEO of Tesla (TSLA), also stated earlier this month that he will not sell his crypto assets, which include DOGE.

    WAVES and LUNA are this week’s losers.

    • WAVES and LUNA both dropped 20% in price this week, reducing overall crypto market gains. Waves is a smart-contract layer 1 (or base) blockchain whose CEO recently accused short-sellers of the WAVES token sell-off, despite the project’s instability. Even though the Luna Foundation Guard has been busy amassing BTC for its reserves, Terra’s LUNA token has plummeted.

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