Značka: Mir

WEMIX token plunges 70% after it's delisted by Korean exchanges

WEMIX token plunges 70% after it's delisted by Korean exchanges

podľa | nov 25, 2022 | 0 |

South Korea’s largest crypto exchanges have announced they will delist WEMIX (WEMIX) — the native token of gaming company Wemade’s blockchain platform Wemix — alleging the firm provided “false information” in response to an investment warning it was issued.Bithumb, Upbeat, Coinone, Korbit and Gopax — which are part of a collective called the Digital Asset eXchange Alliance (DAXA) — announced on Nov. 24 that they would terminate contract support for WEMIX, with trading set to end on Dec. 8.In the investment warning issued Oct. 27, DAXA alleged that there was considerably more WEMIX in circulation than Wemix had disclosed, and Wemix had pledged to work with DAXA to alleviate these concerns.After news of the decision to delist broke, WEMIX Communication released a statement claiming it had sincerely responded to requests and concerns raised by DAXA and corrected a number of issues where they believe the circulating supply had been overstated the group, adding:“The WEMIX team does not acknowledge or agree with the unreasonable decision made by the Digital Asset eXchange Alliance (DAXA)… It is crucial to note that the Foundation has not circulated a single WEMIX more than what we have officially disclosed thus far.”The price of WEMIX plummeted following the news, and at the time of writing is down 70.8% with a current price of $0.476.The CEO of Wemade Henry Chang has reportedly invested his monthly salary into the WEMIX token eight times, including purchasing 18,928 WEMIX Classic with October salary this year. Wemade is best known for its hit franchise The Legend of Mir which peaked at over 200 million sign ups and includes one of the world’s most popular blockchain games, Mir 4. It announced on Nov. 2 that it had raised $46 million from Microsoft, and asset management firms Kiwoom Securities and Shinhan Asset Management. Chang said at the time:“Wemade and Wemix will continue to exert efforts to attract more capital and actively invest to build the global digital economy platform.”Related: The rise of mobile gaming shared a lot in common with crypto gamingWemade also announced a plan to release a new economy platform which combines non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).While South Korea is one of the biggest gaming markets and blockchain adopters in the world, the country has banned play-to-earn (P2E) blockchain games.Since being elected on Mar. 10 in a tight race, crypto-friendly President Yoon Suk-yeol has hinted that the ban could be lifted and is looking to grow the virtual asset market by overhauling “regulations that are far from reality and unreasonable.”

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Terra's Anchor Protocol erases 'crypto winter' losses, ANC price rebounds 300% in a month

Terra's Anchor Protocol erases 'crypto winter' losses, ANC price rebounds 300% in a month

podľa | mar 3, 2022 | 0 |

Anchor Protocol (ANC), the decentralized finance (DeFi) platform built on the Terra blockchain protocol, rebounded nearly 300% in over a month after bottoming out near $1.26.ANC price went as high as $4.97 on the Bitfinex cryptocurrency exchange on March 3, 2022, breaking above the previous record peak near $4.50 established on Dec. 3 last year. In doing so, the Anchor Protocol also erased all the losses it had incurred during what some called the “crypto winter” that started in Q4/2021 — against the prospects of the Federal Reserve’s aggressive rate hikes.ANC/USD daily price chart featuring its recent bottom and top levels. Source; TradingViewANC is the governance token of the Anchor Protocol’s decentralized money market that offers UST (Terra’s dollar-pegged stablecoin) depositors a stable 20% annual percentage yield (APY). In addition, it enables borrowers to collateralize UST loans using bonded LUNA (bLUNA).Funded. pic.twitter.com/NLvnSa0bBu— Do Kwon (@stablekwon) February 18, 2022As a result, the Anchor Protocol creates demand for UST, which, in turn, promises to remove more LUNA tokens out of circulation. That is due to Terra’s economic model, which incentivizes users to mint UST when its value goes above $1 by burning LUNA supply.Terra correlationANC’s upside retracement in January 2022 started primarily in the wake of similar price recoveries across the crypto market but picked up momentum at the end of February while mirroring bullish moves in the Terra (LUNA) market.Notably, the correlation coefficient between ANC and LUNA rose from zero on Feb. 23 to 0.91 on March 3, meaning Anchor Protocol’s price has been more or less mirroring the moves of the Terra blockchain’s native token.ANC/USD daily price chart featuring its correlation with LUNA/USD. Source: TradingViewAs Cointelegraph covered earlier, the upside boom in the Terra market emerged after Luna Foundation Guard (LFG) — a nonprofit organization supporting its blockchain ecosystem, raised $1 billion in a LUNA token sale round to create a so-called “UST Forex Reserve.”In response, LUNA’s price rallied by nearly 90%. ANC also surged under LUNA’s impression, mostly due to its involvement in the Terra ecosystem. The price of MIR, the native token of another Terra-based project, Mirror Protocol, was also up 30% on March 3 when measured from its Feb. 24 low of circa $1.Is ANC overheated?The latest period of buying in the Anchor Protocol market has made ANC excessively valued, according to a key momentum indicator.The readings on the ANC’s daily relative strength index (RSI) came out to be near 80, which makes the token technically “overbought.” Traders typically find opening new upside positions extremely risky when the RSI crosses above 70. Conversely, they prefer to sell the asset to secure interim profits.Related: Rune’s upcoming mainnet launch and Terra (LUNA) integration set off a 74% rallyANC/USD daily price chart featuring RSI. Source: TradingViewIf a selloff ensues, the Anchor Protocol’s next support level appears near $4, coinciding with the 1.0 Fib line of the Fibonacci retracement graph made from $1-swing high to $1.26-swing low. Meanwhile, an additional decline could bring ANC’s 20-day exponential moving average (20-day EMA; the green wave) near $3.14 in focus as the next downside target.More downside could bring ANC’s 20-day exponential moving average (20-day EMA; the green wave) near $3.14 in focus as the next downside target.Conversely, further upside could have ANC bulls target $5.50 as their next resistance level.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Terra's Mirror Protocol MIR rebounds 40% two days after crashing to record low

Terra's Mirror Protocol MIR rebounds 40% two days after crashing to record low

podľa | feb 27, 2022 | 0 |

Mirror Protocol, a decentralized finance (DeFi) protocol built on the Terra blockchain, was hit by one of the biggest collapses in financial history this week after Vladimir Putin ordered military strikes against Ukraine. Terra tokens rallyMirror Protocol’s native token, MIR, dropped to $0.993 on Feb. 24, its worst level to date amid a selloff across the broader crypto market. But a sharp rebound ensued, taking the price to as high as $1.41 two days later, up more than 40% when measured from MIR’s record low.MIR/USD four-hour price chart. Source: TradingViewJust like the drop, MIR’s upside retracement came in the wake of similar recoveries elsewhere in the crypto market. But interestingly, MIR/USD returns appeared larger than some of the highly valued digital assets, including Bitcoin (BTC) and Ether (ETH). Notably, Bitcoin rallied up to 17% after bottoming out locally on Feb. 24, below $34,500. In contrast, Ether’s gains in the same period came out to be a little over 25% after bouncing from $2,300. On the other hand, Terra (LUNA), whose protocol hosts the Mirror Protocol’s synthetic assets platform, rebounded by more than 50% in the same period.Interestingly, another Terra blockchain-backed token, Anchor Protocol (ANC), jumped more than 45% from its Feb. 24 low of $2.64, reaching its best level to date just shy of $4.MIR paints a “golden cross” but…The recent upside boom in the Mirror Protocol market also resulted in the formation of a so-called golden cross pattern.In detail, MIR’s 20-4H exponential moving average (20-4H EMA; the green wave) surged above its 50-4H EMA (the red wave), a move that typically follows up with a short-term uptrend, as per the Mirror Protocol’s recent market history.Nonetheless, the readings on the MIR’s four-hour relative strength index (RSI) — which went above 70 during the weekend — alerted about its “overbought” status. That has coincided with a correction in the Mirror Protocol market, with MIR now down over 10.5% from its retracement high near $1.41.MIR/USD four-hour price chart featuring golden cross and Fibonacci retracement levels. Source: TradingViewThe decline has had MIR break below $1.36, one of its previous support levels that also confluences with the 61.8 Fib line of a Fibonacci Retracement Graph made from $1.58-swing high to $1.00-swing low. The price now eyes additional drops toward the next support levels near the 0.5 Fib line around $1.29, followed by the 0.236 Fib line at $1.13.Related: Cointelegraph Consulting: A look at Terra’s ecosystemConversely, if MIR holds above its 20-4H and 50-4H EMAs, its likelihood of retesting $1.58 might increase. Its bullish outlook also depends on how the ongoing geopolitical conflict in Eastern Europe plays out, and its impact on Bitcoin.MIR/USD four-hour price chart featuring correlation between Bitcoin and Mirror Protocol. Source: TradingViewNotably, the correlation coefficient between Bitcoin and Mirror Protocol sits near 0.75 above zero, meaning MIR price is more or less mirroring the moves of the top digital asset for the time being. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Terra's Mirror Protocol shows first signs of bottoming after price gains 30% in 48 hours

Terra's Mirror Protocol shows first signs of bottoming after price gains 30% in 48 hours

podľa | feb 16, 2022 | 0 |

Mirror Protocol, a decentralized finance (DeFi) protocol built atop the Terra blockchain, was among the biggest gainers in the last 48 hours, primarily as its native token MIR rallied by over 30% to $1.48, its highest level since Jan. 22.MIR/USD four-hour price chart. Source: TradingViewHas Mirror Protocol bottomed out?MIR price rose despite an absence of concrete fundamentals, a sight pretty common across crypto assets. As a result, its rally may have been purely technically-driven, especially because it originated after MIR had dropped by more than 90% in value from its May 2021 high near $13, making the token extremely oversold.IncomeSharks, an independent market analyst, called MIR’s rebound move a “no brainer,” noting that its multi-month drop had left bulls with “tighter stop-loss,” i.e., a strategy that traders apply to limit losses when the price falls below a specific price target.But the Mirror Protocol token could still be bottoming out, IncomeSharks added while citing MIR’s on-balance volume (OBV). In detail, OBV measures a running total of positive and negative volume. Therefore, the indicator rises when volume on up days is higher than the volume on down days. Conversely, OBV falls when volume on down days is higher. A rising OBV reflects positive volume pressure that can lead to higher prices. “Large green volume candles coming in near the bottom, super trend 1/2 flipping bullish while OBV is breakout out and showing strength,” tweeted IncomeSharks on Wednesday.MIR/USD four-hour price chart featuring OBV. Source: IncomeSharks, TradingViewDouble bottomMore cues for an extended rebound in the Mirror Protocol market came from a bullish reversal pattern.Notably, MIR appeared to have been forming a double bottom, a technical setup that occurs at the end of a downtrend and signals that bears, who were in control of the market so far, have been losing momentum. Notably, the pattern looks like the letter “W” due to its two-touched lows and a change in the direction from downtrend to uptrend.MIR/USD daily price chart featuring ‘double bottom’ setup. Source: TradingViewA basic tenet of the double bottom pattern is that a successful break above its upper trendline tends to send the price further upward — by as much as the maximum distance between its upper and lower levels. Thus, applying the same definition to MIR’s double bottom setup returns with $1.73 as its bullish target.Related: Mirror opens access to its blockchain blogging platform to allAdditionally, MIR’s daily relative strength index (RSI), a momentum oscillator indicator, shows that it has been treading inside a neutral territory — with a reading around 54. Therefore, the Mirror Protocol token still has room to grow unless its RSI reading reaches 70, a sell signal.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Polygon to invest up to 250M MATIC into zero-knowledge tech

Polygon to invest up to 250M MATIC into zero-knowledge tech

podľa | dec 9, 2021 | 0 |

Ethereum scaling solution Polygon has announced it will dedicate a maximum of 250 million MATIC tokens ($627.5 million) to a deal with zero-knowledge cryptography startup Mir.Zero-knowledge algorithms enable external validators to verify encrypted transactions or documents without revealing the sensitive information hidden underneath. It is useful for complex decentralized finance applications, such as decentralized ride-share apps or decentralized health insurance, where nodes need to verify the personal data of blockchain participants without risking privacy leaks.Mir specializes in developing two subcategories of zero-knowledge proofs: PLONK and Halo. Both represent advancements over previous SNARK and STARK cryptography techniques, allowing proofs to be generated in seconds.While PLONK still requires a trusted setup for validation, Halo algorithms can accomplish the task in a decentralized manner. Speed is a core design consideration in zero-knowledge proofs. Complex information to be passed over blockchains, such as redacted photo IDs, can take up substantial size, thereby affecting the applicability of transactions.“Polygon plans to focus on ZK cryptography as the end game for blockchain scaling,” said Sandeep Nailwal, co-founder of Polygon. “We have made a strategic decision to explore and encourage all meaningful scaling approaches and technologies at this stage. We believe this is the way to establish Polygon as the leading force and contributor in the ZK field and onboard the first billion users to Ethereum.”The acquisition of Mir is a part of a greater $1 billion commitment to developing zero-knowledge technology by Polygon.

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