Crypto trading aggregator Birdeye has unveiled a new feature to customize the data pool, while also addressing speculations surrounding a potential airdrop.
In an X post on Jan. 27, Birdeye unveiled a tool called “Terminal,” designed to empower users to tailor their data pool for a more personalized trading experience, adding that, as of now, there are no plans for an airdrop. The team behind Birdeye said the Terminal feature allows users to customize notifications related to market movements, token performance, trading events, and technical indicators.
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Birdeye joins other data aggregators, such as CoinMarketCap and CoinGecko, in adopting a cautious approach to token issuance, opting against introducing their tokens. However, there are still platforms, like Arkham Intelligence, that have chosen to incentivize user activity by launching tokens. Arkham, for instance, introduced its ARKM token, rewarding users for contributing valuable intelligence insights.
Birdeye’s statement regarding an airdrop coincides with a broader craze in the crypto community, where there has been a surge in excitement surrounding multiple token distributions in recent weeks. For example, the Jupiter decentralized exchange, based on the Solana network, is set to distribute 200 JUP tokens to its users starting on Jan. 31. Additionally, Solana’s WEN meme coin has garnered attention, experiencing an impressive 4,000% surge since its launch on Jan. 26, achieving a market capitalization exceeding $50 million within 12 hours of its debut.
CoinGecko’s most recent report details the failure rate of cryptocurrencies in the last 10 years. Exhibiting the increasing number of “dead” altcoins over the years as projects deactivate, rebrand, lose trading activity, or are revealed to be scams.
The first half of the ten-year period that CoinGecko studied showed 1,546 dead cryptocurrencies, 11.01%% of the total amount.
2014 saw the death of 37 cryptocurrencies, 2015 had a lower number with only 27, and 2016 closed this period with 32 dead coins. The 2014-2016 period saw the death of 96 cryptocurrencies in three years, accounting for less than 1% of the total of altcoins that have died over the last decade, as seen in the chart below.
The number of altcoins that failed since 2014. Source: CoinGecko
During the 2017-2018 Bull run, Almost 1,500 of the launched projects have since shut down, as CoinGecko explained:
In comparison, 1,450 projects launched during the 2017 – 2018 bull run have since shut down. This is on the back of over 3,000 cryptocurrencies listed, resulting in a similar failure rate of ~70%.
An Increase In Failed Projects Over The Last Five Years
The report shows that over 88% of the failed cryptocurrencies come from the second half of the period analyzed. Just 2019 increased 2018 year’s number by 50, reaching 1,150 failed cryptocurrencies and closely matching the total number of dead coins of the previous half.
However, most dead cryptocurrencies came from the 2020-2021 bull run. “Over 11,000 cryptocurrencies were listed on CoinGecko during the previous bull run, with ~70% having shut down since,” they detailed. 7,530 cryptocurrencies from launched projects during 2020-2021 have failed, accounting for 53,6% of all dead coins alone.
2021 is when cryptocurrencies suffered the most, with 5,724 dead coins—resulting in the worst year for projects launched, with over 70% of the cryptocurrencies listed having died as of January 2024.
The report attributes the high number of failures over 2020-2021 to the “ease of deploying tokens and the rise in popularity of meme coins.” They noted that many memecoin projects launch without a product, and most are “abandoned over a short period of time.”
In 2022, the number of failed projects declined from the previous year, with 3,520 dying. A 60% rate out of the total listed cryptocurrencies.
Ultimately, the number of failed projects declined further in 2023, as only 289 cryptocurrencies, out of the over 4,000 listed on CoinGecko, died. This represents a failure rate of <10%.
However, although the number of dead cryptocurrencies declined in the last two years, perhaps suggesting a more positive trend, the precise percentage of failed projects launched in 2023 stood at 289. It remains to be seen if the trend will be sustained over the coming months or if the rise of a new bull phase will push the nascent sector back into a spike in altcoin failures.
ETH is trading at $2,546.22 in the daily chart. Source: ETHUSDT on tradingview.com
Featured image from Unsplash.com, chart from TradingView.com
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Green Metaverse Token (GMT), the native crypto of the STEPN move-to-earn platform, is up by more than 40% this week, with a 24-hour trading volume of over $672 million.
That’s according to data available on CoinGecko, which shows that GMT displayed substantial momentum by surpassing several resistance levels. The token is currently trading at approximately $0.43, with a 24-hour trading volume amounting to $672,452,095.
The recent rise in GMT’s price can be attributed to the launch of the STEPN app, which encourages users to adopt an active lifestyle while earning crypto rewards.
Users can purchase NFT sneakers and use them to earn in-game tokens while jogging, walking, or running. As they move, they accumulate in-game tokens, primarily GST and GMT.
GMT tokens serve as governance tokens and offer additional earning potential. Users can use GMT to change sneakers’ names or level up to a high spot. Also, premium game content or high-level activities and profits can be accessed using GMT.
Pioneering ‘Move-to-Earn’ in GameFi
Green Metaverse Token (GMT) is the native asset of the blockchain-based fitness application called STEPN. The app encourages users to adopt an active lifestyle while earning crypto rewards.
In the GameFi sector, STEPN sets itself apart amidst growing competition by offering enhanced functionality.
Beyond traditional play-to-earn features, STEPN introduces a unique “move-to-earn” category, allowing users to earn tokens through participation in fitness activities.
Positioned as a Web3 lifestyle app, STEPN promotes a healthy lifestyle by seamlessly integrating gaming and fitness elements.
The platform’s key components are adaptable to individual preferences, effectively merging gaming and fitness. By incorporating both financial and social rewards, STEPN aims to maximize user engagement while minimizing carbon emissions. The gamification of fitness stands as STEPN’s primary competitive advantage over other crypto projects in this space.
The supply of GMT tokens is limited to 6 billion, and the token has a circulating supply of 1.4 billion.
Amid cryptocurrency ups and downs, Akash Network’s native token, AKT, has experienced a noteworthy surge of over 40% in the past week.
Akash Network (AKT) is trading at $3.20 representing almost 15% increase in the last 24 hours and an impressive leap of 41% over the past week, with a market cap of over $718 million, per data from CoinGecko.
In the space of one year, AKT displayed a phenomenal gain of more than 1,400%, demonstrating strength. As soon as AKT surged, its social dominance has also seen a significant level of growth since August 2023.
Akash Network is an open-source and decentralized cloud computing platform that runs on the Cosmos blockchain, which provides a distinctive solution to cloud services. This innovative network enables deployment of any cloud-native application thus increasing price–performance and scalability for decentralized applications and organizations.
Akash’s disruptive impact on the cloud computing market is palpable. By distributing underutilized cloud capacity, Akash provides more efficient and cost-effective cloud computing services than centralized alternatives. This commitment to open-source technology positions Akash as a more economical option compared to existing centralized cloud computing providers.
The AKT token is a vital tool for governing and securing the Akash Network. It is the primary means for storing and exchanging value across the network and rewarding community users. This token represents not just a financial asset but a cornerstone of the Akash Network’s functionality.
Crypto ETFs triggering mixed reactions
The surge in AKT comes as there seems to be a clash of opinions regarding the approval of spot Bitcoin ETFs. Better Markets CEO, Dennis M. Kelleher, recently urged the U.S. SEC to reject all ETF applications.
Kelleher’s primary concern revolves around potential fraud and manipulation, emphasizing that the SEC is responsible for preventing massive investor harm.
Kelleher’s stance comes amid a report by blockchain security firm Scam Sniffer, revealing that over 324,000 crypto users fell victim to fraud in 2023, resulting in a substantial loss of approximately $295 million.
The reactions to Kelleher’s warnings have been mixed within the crypto community. Bloomberg ETF analyst James Seyffart contends that dismissing the spot Bitcoin ETF applications would be a “criminal move.” He highlights the time and effort invested by issuers and SEC staff, emphasizing the potential influence of Kelleher’s close relationship with SEC Chairman Gary Gensler on the decision-making process.
Crypto analyst Matt Ahlborg counters Kelleher’s claims, asserting that crypto does serve a social purpose despite Better Markets’ position. Ahlborg also expresses concerns about potential challenges facing the Bitcoin ETF proposal following Better Markets’ intervention and underscores the organization’s ties with influential figures.
In a historic year marked by significant crypto market volatility, Bonk (BONK) emerged as 2023’s top gainer.
The meme coin skyrocketed by an astonishing 7,302.9% from $0.0000002 to $0.0000146.
Bonk’s remarkable surge was largely catalyzed by a strategic airdrop, according to CoinGecko, which captured the data in an end-year survey it shared on Dec. 29.
The airdrop drew widespread trader and investor attention, which also propelled Solana’s ecosystem back into the limelight.
Per CoinGecko’s data, Injective (INJ) followed closely, logging an impressive 2,976.4% increase, buoyed by the introduction of pre-launch token futures by its decentralized exchange, Helix.
Injective’s early-year establishment of a $150 million ecosystem fund aimed at accelerating the adoption of interoperable infrastructure and DeFi also played a crucial role in its success.
Meanwhile, CorgiAI (CORGIAI) emerged as the year’s third-largest crypto gainer, surging by 1,959.7%, driven primarily by its ascent as the main meme coin on the Cronos blockchain. The top 10 crypto gainers of 2023 all outperformed both Bitcoin (BTC) and Ethereum (ETH), often considered the industry’s gold standard.
Top crypto performers of 2023. Source: CoinGecko
Interestingly, these top performers were also strongly associated with the year’s most popular narratives, including meme coins, layer 1 protocols, artificial intelligence, and layer 2 solutions. According to analysts at CoinGecko, this indicates a correlation between market trends and their respective success.
Not all coins enjoyed such a bullish year, however. Eight out of the top 100 cryptocurrencies, including Tether (USDT), USD Coin (USDC), Dai (DAI), Binance USD (BUSD), TrueUSD (TUSD), Toncoin (TON), Chiliz (CHZ), and Sui (SUI), ended 2023 in the red.
Despite these laggards, Bitcoin still managed to outperform 65 tokens in the top 100, increasing by 162.5% from $16,540 to $43,418. Bitcoin’s growth was fueled by spot ETF applications from market giants like BlackRock and Fidelity, whose approval market observers believe could significantly boost its value in 2024.
PYTH, the native token of the decentralized finance oracle Pyth Network, is down 12% in the last 24 hours.
According to data from cryptocurrency price aggregator CoinGecko, PYTH is currently changing hands at $0.477896, which is 12% lower than its level from the previous day.
Additionally, the current price is nearly 13% lower than its all-time high of $0.548655 attained on Nov. 24 but more than 70% higher than its all-time low level from Nov. 21.
PYTH price chart | Source: CoinGecko
The token, barely a week old, started life following Nov. 20 airdrops by the Pyth Network and crypto exchange startup Backpack.
Backpack, which is backed by funds from FTX’s venture arm, distributed 250 million tokens, then valued at about $77 million to Pyth NFT holders and the Pyth Discord community administrators across 27 blockchains.
Following the airdrop, PYTH’s market capitalization soared to $765 million, with CoinMarketCap data showing the token was priced at $.053.
Soon after, the price dropped to $0.28 before settling at the $0.32 level, giving it a market valuation of $468 million. At that time, the daily trading volume of the token reached $107 million.
The token currently has a market capitalization of more than $719 million, with a 24-hour trading volume of $132.5 million. Of the total 10 billion tokens, about 1.5 billion are in circulation, with airdrop recipients expected to claim their tokens by Feb. 18, 2024.
Pyth Network ranks fourth in total value secured, while its token stands at #75 on CoinGecko’s market cap ranking.
56 companies have spent an estimated $20 million on crypto lobbying in the U.S., with America’s biggest digital asset exchange Coinbase leading the pack during 2023.
As of Nov. 21, crypto lobbying spending in 2023 had nearly rivaled numbers recorded during 2022 due to growing agitation from industry stakeholders and participants for clearer rules that protect U.S. investors without kneecapping domestic digital asset innovation.
Coinbase was the leading crypto advocate in Washington D.C., with over $2 million spent in 2023 so far, and more than $7 million directed towards lobbying policy makers since 2019 according to Coingecko data.
Other top spenders in that time, 2019 to 2023, include the Blockchain Association, XRP issuer Ripple, crypto.com and Binance with a combined total of over $10 million. Binance, Coinbase and Ripple have all faced enforcement actions from watchdogs like the Securities and Exchange Commission (SEC).
Crypto lobbying 2023 spends | Source: Coingecko
Also in 2023, the top-10 companies have contributed more than half of crypto’s total resources deployed towards supporting friendly regulatory policies. The number of lobbying entities increased from 19 to 56.
2023 was also on course to overshadow the previous year as the biggest year for crypto lobbying in terms of finances used, with 2022 reporting around $22 million from 57 organizations.
Coinbase has reportedly increased efforts to engage lawmakers on crypto regulations, coinciding with an exodus from the U.S. due to uncertainty around policies for the nascent digital asset industry.
The crypto exchange secured four national security experts for its Global Advisory Council to expand on the pitfalls caused by a lack of crypto regulations. Additionally, the ‘Stand With Crypto’ initiative backed by Coinbase raised $2 million to amplify crypto voices on Capitol Hill.
THORChain (RUNE) has shown robust performance in the last few days on its way to reaching its highest level of the previous 12 months.
According to crypto price aggregator CoinGecko, the price of THORChain’s native cryptocurrency, RUNE, is currently at a year-high $4.65. The price is 15.1% higher than it was 24 hours ago.
At that time, it began the day with a negative momentum before a bull takeover of the market pushed it to $4.00.
RUNE price chart | Source: CoinGecko
The token has been on the up since THORChain’s third-quarter (Q3) 2023 report affirmed significant progress with milestones for the blockchain.
During the period, THORChain achieved a 114.4% increase in total trading volume, hitting $2.38 billion, with liquidity fees collected reaching $3.38 million.
The release of the report stirred an immediate reaction in the market, triggering an 89% surge in the price of RUNE. An important factor to note is that the global crypto market also gained traction around this time, with a significant positive driver being the forthcoming Bitcoin (BTC) spot exchange-traded fund.
Since mid-October, RUNE has grown by more than 212%. In the last fortnight, its price registered an 85.4% uptick and 37.2% over seven days.
THORChain’s recent rally is also fueled by Thorswap’s remarkable trading volumes, securing its third-biggest DEX position. The network’s operations as a liquidity layer of last resort for centralized exchanges (CEXs) have also fueled its growth.
RUNE’s upside journey began on Oct. 21, as it experienced a two-month consolidation at a strong support zone, leading to a breakout above the 20 DMA. This support level has since upheld an impressive +162% rally in the past month.
Indicators signal a strong overbought condition for RUNE. Per Money Control, the RUNE RSI is hovering around 80, and the MACD shows a bullish level at 47.26, reflecting the current sentiment in the market.
