Cardano price is undergoing a torrid patch as market sentiment turns negative for the tenth-largest cryptocurrency by market capitalization. ADA has fallen by 3% on the 24-hour chart, but weekly charts reveal an even steeper drop for the asset. The recent ETF delay by the SEC and the broader market decline are contributing to Cardano’s underwhelming price performance. Cardano Price Falls By 3% Over The Last Day According to data from CoinMarketCap, the Cardano price has taken a major hit over the weekend to trade at $0.69. The data from the crypto market aggregator indicates that ADA has fallen by 3% in the last 24 hours, accentuating a negative market sentiment. Amid the price decline, daily transaction volumes have tumbled by 17.33% to settle at $841 million. A closer look at the charts reveals an even steeper drop of over 8% in the last seven days for the asset. The… Read More at Coingape.com
The meme coin market is witnessing the emergence of automated token launches with the help of Clanker. These meme coins are attracting the same interest from investors as traditional meme coins, so much so that even major CEXs like Coinbase are set to list one of them.
BeInCrypto has analyzed three clanker-based meme coins for investors to watch as these tokens’ market cap increased by 25% today.
tokenbot (CLANKER)
Launch Date – November 2024
Total Circulating Supply – 1 Million CLANKER
Maximum Supply – 1 Million CLANKER
Fully Diluted Valuation (FDV) – $53.59 Million
CLANKER has experienced a significant surge of 18% in the last 24 hours, following a 58% increase over the past five days. Currently trading at $53, the altcoin shows strong momentum and is likely to continue its upward trend as market sentiment remains positive.
The anticipated listing of CLANKER on Coinbase on April 23 is driving excitement. As the first major exchange listing for this meme coin, this event is expected to bring increased visibility and trading volume, potentially attracting more investors. The listing could serve as a key catalyst for further price growth.
With the Coinbase listing expected to generate attention, CLANKER’s price could rise toward the next resistance level of $67. However, if the listing fails to attract the expected hype, the meme coin could see a reversal, dropping to $42 or lower, especially if the $53 resistance is not breached.
BankrCoin (BNKR)
Launch Date – December 2024
Total Circulating Supply – 99.99 Billion BNKR
Maximum Supply – 100 Billion BNKR
Fully Diluted Valuation (FDV) – $18.54 Million
BNKR has surged by 36% in the last 24 hours, making it one of the top-performing tokens in the Clanker ecosystem. Trading at $0.0001913, it is holding just above the support level of $0.0001842, showing strong momentum in the short term. The altcoin remains on an upward trajectory.
To maintain its growth, BNKR must breach the resistance at $0.0002085. With continued support from the broader market, the meme coin could push towards $0.0002477, which would mark a new high. This could attract more investors and solidify its position in the Clanker ecosystem.
However, if BNKR fails to break the $0.0002085 resistance, it risks falling back through its current support of $0.0001842. This drop could bring the price down to $0.0001207, invalidating the bullish outlook and erasing recent gains for investors.
Small Cap Corner – Native (NATIVE)
Launch Date – December 2024
Total Circulating Supply – 98.99 Billion NATIVE
Maximum Supply – 100 Billion NATIVE
Fully Diluted Valuation (FDV) – $2.84 Million
NATIVE price has surged by 39% in the last 24 hours, reaching $0.00002846. The token is just below the resistance level of $0.00002849, showing strong short-term bullish momentum. If this trend continues, NATIVE could aim for higher targets, supported by ongoing market optimism and investor interest.
If the bullish momentum holds, NATIVE could break past the $0.00002849 resistance and climb towards $0.00003338. A successful rise beyond this level could fuel further price growth, providing the meme coin investors with significant returns.
However, if selling pressure increases and NATIVE fails to breach the $0.00002849 resistance, the price could drop back down to $0.00001695. This would invalidate the bullish outlook and erase recent gains, leaving the token vulnerable to further losses in the market.
MicroStrategy 2.0:- Bitcoin’s significance as a strategic asset has grown significantly. Today only it surpassed Google’s market cap to become the fifth-largest asset with $1.862 trillion in market value.
As it continues to rally and push further, major investment firms are continuing to scale their Bitcoin Acquisition strategy.
Michael Saylor’s MicroStrategy, now rebranded as Michael Saylor, has been accumulating Bitcoin since 2020. As of April 2024, the company holds 214,400 Bitcoins. It has now become the world’s largest corporate holders of Bitcoin, its primary treasury reserve asset.
In a move attempting to create its alternative,US Commerce Secretary Howard Lutnick’s son has also jumped into it. His son, Brandon Lutnick, has partnered with Tether, Bitfinex and SoftBank to form a MicroStrategy rival – 21 Capital.
Lutnick’s New Crypto Venture with SoftBank and Tether
The influential wall street figure, Brandon Lutnick, currently serves as the Chairman of Cantor Fitzgeral, LP. As per the Financial Times report, Lutnick’s new SPAC venture, 21 Capital, will be sponsored by Cantor only.
Cantor, the investment banking firm, has created a black check company, Cantor Equity Partners, to drive the operations of this new crypto venture.
It had reportedly raised $200 million in January and plans to recieve $3 bn in Bitcoin from its partners. The trio consortium of its partner includes Tether and Bitfinex, SoftBank. Each will contribute:
1. 1.5 bn of BTC – Tether
2. $900 mn of BTC – SoftBank
3. $600mn of BTC – Bitfinex
On Tuesday, Bitcoin Price surpassed $91,000 – for the first time since March 2. Going by its current price, number of Bitcoins 21 Capital will see in contributions will be roughly around;
1. Tether: $1.5 billion / $91,000 – 16,484 BTC
2. SoftBank: $900 million / $91,000 – 9,890 BTC
3. Bitfinex: $600 million / $91,000 – 6,593 BTC
BTC Price Today | Source: Coingecko
Once merged, 21 Capital will convert its bitcoin holdings into publicly traded shares priced at $10 each. In the share-issuance calculation, it will value Bitcoin at $85,000 per coin for public investors.
According to 21 Capital, this will lower the barrier to large-scale bitcoin exposure without direct crypto custody unlike MicoStrategy. Its share-pricing formula does highlights the vehicle’s bullish long-term outlook on bitcoin’s price trajectory.
Can it Become MicroStrategy 2.0
Lutnick’s investment vehicle, 21 Capital, has been dubbed as “MicroStrategy 2.0”. This is because of its aim to replicate MicroStrategy’s treasury-bitcoin accumulation strategy at institutional scale.
MicroStrategy pioneered the corporate-treasury-bitcoin model in 2020. It raised capital via debt and equity to amass over 528,000 bitcoins at an average cost of $66,385 each.
21 Capital seeks to replicate and scale this playbook. It aims to use convertible bonds and private-placement equity alongside its SPAC proceeds. As per the information available, it is expecting to raise $350 million in convertible bonds and a separate $200 million private equity for its BTC purchase. placement
However, this is mirroring MicroStrategy’s own “21/21 Plan”. It targets $42 billion in combined equity and fixed-income raises over three years. On the surface, ‘Strategy’ of both the firms may appear the same, but in the long term, it is the execution that will determine its fate.
21 Capital’s Mammoth Task – Market Volatility
Executing bitcoin acquisition strategy on a large-scale comes with certain financial risks. Despite booming Bitcoin gains, MicoStrategy has reported four consecutive quarterly net losses, including a $1.17 billion loss in fiscal 2024,
Though its bold strategy has earned the firm NASDAQ-100 inclusion, success of such firms is subject to market volatility.
There’s a growing spree in the development of such firms. Recently, Kraken Executives acquired Janover to push their acquisition strategy but for Solana.
Thus, the fortune of 21 Capital will be directly tied to the long-term price trajectory of Bitcoin. If bullish, its boon. But if bearish for long-term, it can doom.
Solana is grabbing headlines again. The price of SOL jumped 7% today, pushing past $151. This rally brought its market cap to more than $80 billion. The strong upward move came even as trading volume dropped slightly in the past 24 hours. Scaramucci Sparks ETF Hype as SOL Surges on Staking Speculation The rise in
