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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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Crypto Exchange Bitwells Has Launched 100% Deposit Bonus|

Bitwells, a rising cryptocurrency derivatives exchange, has launched a 100% deposit bonus activity for every user. The exchange provides 100x leveraged contracts for difference (CFD) covering multiple trading pairs. Advertisement The bonus activity is launched to help traders increase profitability, especially given the bullish outlook of Bitcoin and altcoins. Bitwells’ CFDs service aims to enable global …

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Bitwells, a rising cryptocurrency derivatives exchange, has launched a 100% deposit bonus activity for every user. The exchange provides 100x leveraged contracts for difference (CFD) covering multiple trading pairs.

The bonus activity is launched to help traders increase profitability, especially given the bullish outlook of Bitcoin and altcoins. Bitwells’ CFDs service aims to enable global traders to invest in cryptocurrencies in both bull and bear markets, by longing and shorting crypto assets.

“Bitcoin is only steps away from being mainstream. Recently we recorded a new high of trading activities on Bitwells, which we believe could be a positive signal showing traders’ confidence and enthusiasm for cryptocurrency. With the supply crisis of Bitcoin, we are confident that Bitcoin could hit $100,000 in 2021.” commented Nick Johnson, senior analyst of Bitwells.

What Is a 100% Deposit Bonus?

When you deposit into Bitwells, the same amount of bitcoin will be accredited to your account (max. 10 BTC each deposit). If you deposit 1 BTC, you will get 2 BTC. The bonus is not withdrawable, but traders can use it as a margin to open bigger positions and take more profits. Profits made with the bonus are withdrawable.

Why Trade on Bitwells?

  • No KYC and high security: We highly respect your privacy and security. Your crypto assets are stored in cold wallets to avoid hacking.
  • High liquidity and super-fast execution: Our orders come from 15 market makers to ensure high liquidity. Bitwells executes 200K orders per second with minimum spreads.
  • Demo account: practice with the demo account to improve your skills.
  • 24/7 support: Our support team is always there to help you with any inquiries and provide market analysis and industry news

If you want to ride the crypto bull, don’t miss this opportunity to double your funds.

Register now to get the bonus!

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Source: https://coinpedia.org/press-release/bitwells-launched-deposit-bonus/

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Litecoin Poised to Follow Dogecoin Path to the Moon!

Litecoin on the other hand was also showing strong momentum and, according to a trader, it could follow DOGE’s Path to the moon.

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In only one week, the meme cryptocurrency has risen from $0.05 to more than $0.30 cent. Dogecoin’s demand is skyrocketing as cryptocurrency becomes increasingly common around the world. DOGE price increased by more than 181% in less than 24 hours, resulting in a surprising Dogecoin bull run.

Litecoin Price on the other hand was also showing strong momentum and, according to a trader, it could follow DOGE’s Path to the moon.

DOGE, Bitcoin, Ethereum Classic, Bitcoin Cash, Bitcoin SV, and Litecoin are among the six cryptocurrencies that Robinhood allows its users to exchange. DOGE’s current price behavior, according to trader and analyst “Pentoshi,” is due to this site.

Pentoshi also said that LTC’s price has benefited from PayPal’s crypto services. Pentoshi set support at 444,976 satoshis in the LTC/BTC trading pair, with a long-term goal of 996,579 satoshis. On the DOGE and LTC mining cycles, the trader added the following:

$DOGE and $LTC are mined together. Both have the same cycles shown here: They are cyclical and repeat their fractals. Litecoin is just starting! It’s all there when you zoom out. History simply repeats.

Litecoin (LTC) Price To Hit All-Time High!

LTC metrics like Net Network Growth, a metric to calculate Litcoin’s “real” network growth, Large Transactions, Concentration, and others are bullish, according to data from IntoTheBlock. Because of the rise in volume and open interest, the Futures Market Momentum is also bullish.

About $268 and $287, the metric In/Out of the Money Around Price suggests more appreciation and support for LTC. Near these numbers, over 100,000 LTC addresses purchased nearly 2 million LTC.

Crypto trader Kaleo backed up the bullish argument by claiming that LTC’s price would hit $1,000 “imminently” and even set a higher target of $2,000. Hence Litecoin investors seem to have enough reasons to remain bullish

Starting to not sound incredibly crazy anymore, huh?

— K A L E O (@CryptoKaleo) April 15, 2021 Pentoshi also said that LTC’s price has benefited from PayPal’s crypto services. Pentoshi set support at 444,976 satoshis in the LTC/BTC trading pair, with a long-term goal of 996,579 satoshis. On the DOGE and LTC mining cycles, the trader added the following:

Source: https://coinpedia.org/altcoin/two-hugely-undervalued-altcoins/

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XLM Price Analysis: Stellar Optimism Inspires Run for the 4th Day in a Row

Stellar (XLM) strives to consolidate gains and it’s reinforced by rising moving average (MA 50) that eased downside pressure and keeps in

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Stellar (XLM) upside run returns after hitting lows of $0.4535 on Apr. 7 as buyers embrace rebound and lifted price above earlier restrictions to $0.6562 yearly high.

*XLM/USD sustains upside run for the 4th day in a row
*Stellar (XLM) strives to consolidate latest gains after Apr. 7 plunge
*Stellar (XLM) exceptionally high funding rates worrisome

After having established a solid support base at $0.4535, the price has rallied back towards a yearly high at $0.6562. A bullish breakout past the yearly high could lead to a sharp spike as a result of triggering stop-losses and momentum buying. The pair stands beneath the recent yearly high in early Tuesday’s trading, but near-term action sustains an upside run for the 4th day in a row. After the pullback from the new one-year high at $0.6562, XLM found footstep at $0.4535 on Apr. 7, Stellar (XLM) strives to consolidate gains and it’s reinforced by rising moving average (MA 50) that eased downside pressure and keeps in play hopes of fresh advance while the price remains above this level.

Stellar Funding Rates Overextended

Long and short traders will pay funding rates regularly depending on the disparity between the perpetual contract market and the spot market. Long traders would compensate short traders if the funding rate is positive, and inversely. At 0.25 percent on Binance and as high as 0.29 percent on Huobi, the existing XLM funding rates are highly overextended. Funding rates of 0.1 percent or higher, according to some analysts, are important. According to Viewbase metrics, Stellar’s rates are higher than 0.1 percent on Binance, FTX, Huobi, and Okex.

XLM Daily Chart: Bullish XLM/USD Daily Chart

In the near term, the XLM/USD is expected to test the overhead resistance of the weekly high at $0.6562. The lift above the yearly high is needed to signal a higher low ($0.5766) and open way for further rise, while later continuing with extended sideways mode but with existing downside risk, which could be expected while towards the moving average (MA 50).

On the other side, XLM bearish scenario sees possibilities of a deeper correction of the four consecutive day’s run of $0.4817/$0.6562 rally on a firm break of $0.5469 support and a higher low of Apr. 7 at $0.4535. In the case of the price surging above the $0.6562 level, the pair could encounter resistance at the upper horizontal line at $0.7000 and the $0.7500 mark.

XLM/USD 4-Hour Chart: Ranging XLM/USD 4-Hour Chart

XLM/USD retreated to the immediate horizontal support line at $ 0.6050 after easing below formed resistance near $0.6562, which crossed with the upper wick of the yearly high candlestick. The rising moving average (MA 50) protects the positive pattern. Despite a slight pause in the falling trajectory of the uptrend, the rising sentiment of the XLM has not yet reflected any clear opposite shift towards positive price movement.

However, short-term oscillators convey mixed directional momentum signals and thus contribute to an unclear near-term outlook. The 4-hour moving average of 50 and 200 remains below the price and moves more and more towards the middle of the chart above the sell threshold, while the RSI tries to hold higher in bullish territory.

Key Levels
Resistance Levels: $0.7500, $0.7000, $0.6562
Support Levels: $0.6050, $0.5666, $0.5469

Image Credit: Tradingview

Note: coinpedia.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event.

Long and short traders will pay funding rates regularly depending on the disparity between the perpetual contract market and the spot market. Long traders would compensate short traders if the funding rate is positive, and inversely. At 0.25 percent on Binance and as high as 0.29 percent on Huobi, the existing XLM funding rates are highly overextended. Funding rates of 0.1 percent or higher, according to some analysts, are important. According to Viewbase metrics, Stellar’s rates are higher than 0.1 percent on Binance, FTX, Huobi, and Okex.

Source: https://coinpedia.org/price-analysis/xlm-price-analysis-stellar-optimism-inspires-run/

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