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DeFi DEV Tokenized GME Surrounding the GameStop Stock Explosion

GME stock price rises nearly 100% in the past couple of hours after Melvin Capital, a hedge fund closeout of its GameStop position

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gme token surge How Did GME Stock Surge Massively?

Wall Street’s eyes were on stalks when the GME stock price rose like a giant within a very short span of time. According to some reports, Melvin Capital closed its GameStop short position after targeted by a Reddit board.

Post to the closing, the stock price rose mercilessly and hit the highs nearly 200%. Reports indicate that the tweet from Ellon Musk with the Reddit group discussions.

gme token

As per some reports, GameStop has more than 138% of its float shares sold short which is the single most shorted name in the US stock market.

Tokenised GME Appears Within No Time

In the middle of the GME stock explosion, a DeFi developer created a wrapped GameStop, an ERC-20 token with a total supply of 20 million tokens. Etherscan recorded as many as 300 transactions and Uniswap interface also recorded an accelerated GME trading.

As per the information mentioned, the GME is an ERC-20 token which means it exists on the Ethereum blockchain and backed by another asset. But according to Derek Barrera, CTO at Proof of Impact, the token will soon be rugged and hence asked to stay away.

This is literally just an ERC20, go read the contract. There’s nothing here wrapping $GME nor is it using an oracle for the price. If you buy this asset you are going to get rugged. Don’t be a silly head and stay away. https://t.co/RuDGU2ri1i

— Derek Barrera (@DerekBarrera) January 27, 2021

In the meantime, many more people just aped into it thinking probably that the asset is related to the GME stock price.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Source: https://coinpedia.org/news/gme-gamestop-stock-explosion/

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Cardano’s Big Partnerships Underway, Will It Fuel ADA Price to Hit $10?

Cardano’s accumulation phase remembers historical footprints manifesting Cardano price to hit $10 could be fueled by multiple partnerships

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cardano partnership

Cardano ecosystem is gaining much attention and adoption every new day. As per the research made by Outlier Ventures, lauded Cardano is the most developed ecosystem among 50 open-source networks. Moreover, Cardano is giving a tough time to Ethereum as a number of NFT platforms are switching over.

One day after the launch of the Alonzo upgrade, Ethermobs was the NFT platform to switch over to Cardano blockchain. And the main reason behind the switch is Ethereum’s high gas fees. However, such premium gas fees are prohibitive to new or more niche platforms.

Alright it’s decided.
EtherMobs with switch sides.#ETH >>>#ADA
Since the gas fee is pretty high EtherMobs will be based on a #Cardano blockchain.

— EtherMobsCNFT (@EtherMobs) September 13, 2021

Additionally, it takes very little time to switch to Cardano as IOHK has built an ERC-20 converter to easily bring over the projects. With Cardano’s Alonzo upgrade welcoming 100 smart contracts in the first 24 hours, speculations heat up on ADA partnerships.

The Crypto community is now awaiting the Cardano Summit that will kick off on September 25 and 26. Further speculations turned up with regards to deals that will impress the Cardano community base. Moreover, the community is expecting collaborations with reputed organisations, which could make a positive impact on the Cardano ecosystem.

Also Read: Cardano Price to blast Out of Consolidation! Big Gains await for ADA Price

Amid Raising Bullish Sentiments, Reports Say ADA Price Could Surpass $10!

Though, Cardano’s smart contracts didn’t affect the price. ADA’s social trends and the ongoing strong consolidation phase is manifesting Cardano price to hit new milestones anytime soon. Reports from Santiment, a crypto metric platform, indicated that Social trends and other rising topics provided above include strong buy calls following the latest dip.

The present Cardano price consolidation phase is somewhat looking similar to November 2020 and January 2020. After which ADA price had massive gains. At the press time, Cardano is trading at $2.48 as the altcoin failed to find support at $2.65. ADA price has the strong potential to surpass $5 if it breaks at a resistance level of $3.10.

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Photo of Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Source: https://coinpedia.org/news/cardano-big-partnership-underway-will-it-fuel-ada-price-to-hit-10/

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Cardano Price Prediction : Analyst Bullish on ADA Amidst Tech flaws Rumor!

Due to concerns that the Cardano blockchain might be unable to accommodate a significant number of smart contract transactions, the price of the ADA token

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Due to concerns that the Cardano blockchain might be unable to accommodate a significant number of smart contract transactions, the price of the ADA token has dropped by 8.5 percent to $ 2.58. The token’s market valuation has dropped to $ 86.4 billion.

Amidst bearish sentiment in the market analyst Jason Pizzano has made a bullish prediction for ADA in the present bull run.

The Elliott Wave theory, which projects future price movement by looking at crowd psychology that manifests in waves, is used by Pizzino to make the case for ADA’s next leg up.

Cardano, according to Pizzino, has finished waves one through four and is currently in the fifth and final wave.

He says he is looking forward to seeing how the waves play out. He points out that $0.10 to $2.47 was the largest wave. He goes on to say, When it comes to Elliott, the third wave is always the largest.

He notes,Wave one (from $0.01 to $0.17) and wave five (current leg) are roughly equal. This does not have to be the case, but it is what we can expect to see. We’re merely going to speculatively price some things to give us some numbers.

Further, wave two is the pullback from $0.15 to $0.08, wave four is the correction from $2.47 to $1.00.

Cardano Price : Wave 5 to top at $11

Pizzino uses the strength of ADA’s first wave, which rallied over 900 percent between April and July 2020, to compute the height of Cardano’s fifth wave.

“What do we get when we if we do an 800% or 900% from the low that was put in in June and July… That would bring us to around our $8 mark… Maybe we hit a 1,000% return from that point. That’s going to bring us up to $10 or $11.”

Pizzino’s highest aim of $11 is a 290 percent upside potential from Cardano’s current price of $2.80.

Cardano, according to Pizzino, has finished waves one through four and is currently in the fifth and final wave.

Source: https://coinpedia.org/price-analysis/cardano-price-prediction-analyst-bullish-on-ada-amidst-tech-flaws-rumor/

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AVAX Price & SafeMoon Price Display A Strong Tendency To Propel High

Avax price could rebound to hit highs at $60 and Safemoon price after a successful rebound could hit the target at $0.000003

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The crypto space currently is falling into a bearish trap as most of the cryptocurrencies is declining in their prices. Bitcoin price after smashing $50K quickly initiated shedding its gains and trades below $47,000 at the press time. Also, the top 10 cryptocurrencies are plunging on an average of 5% compared to that of the previous day’s trade.

Avalanche(AVAX) Price Drained Nearly 50%

Avalanche price remained within $5 since its inception until a major boost kicked off the rally to hit $59.94. Since then the price kept declining and traded below $10 marking the bottom of the rally. However, the AVAX price went parabolic, aiming to smash the current ATH, but yet again slipped before reaching the target.

avaxprice

AVAX price fell into a descending channel as it attempted to break the highs, yet appears to be self-assured of a substantial rebound. However, the price is very close to the immediate resistance levels and attaining these levels could possibly allow the price to form new higher highs.

Technical Specifications

  • Resistance levels are at $52.17
  • Support levels are at $40.66
  • Indicators point out towards a buy signal

Also Read: Ethereum Price Prediction, ETH Can Hit $15000 In 6 Months, Yet Buying Opportunity Underway

SafeMoon Price Primed For a Massive Upswing

Safemoon price had an impressive debut within the crypto space by hitting an all-time high within a few days of its inception. Yet, the downtrend was pretty strong which kept the ATH distinct from the current levels. The initial target of the asset is to kill a zero before propelling towards its highs.

safemoonprice

The price after multiple rejections at $0.000002400, the price broke through the resistance levels and smashed $0.000002700 with a massive 30% jump. However, the uptrend is expected to continue until it achieves its initial target at $0.00000300. The increased trading volume of about 76.54% also manifests the increased volatility that could provide a notable push for the Safemoon price.

Technical Specifications

  • Resistance levels are at $0.000002835
  • Support levels are at $0.000001515
  • Indicators point out towards a buy signal

Also Read: Cardano(ADA) Price Losing The Grip, A Clear Path Close To $2.3 Is Visible

  • Resistance levels are at $52.17
  • Support levels are at $40.66
  • Indicators point out towards a buy signal

Source: https://coinpedia.org/price-analysis/avax-safemoon-price-primed-for-a-30-upswing-soon/

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