We are back for news and price analysis of the most impactful crypto assets in the ecosystem, today we will look at three major projects: Binance Coin (BNB), Shiba Inu (SHIB) and Cardano (ADA).
For all three it was a positive week, probably all dictated by the news involving the projects themselves.
Prices and market statistics for crypto assets Binance Coin (BNB), Shiba Inu (SHIB) and Cardano (ADA)
A week in the green for these three projects, with results that are not mind-blowing but give a light at the end of a period of drastic declines.
Let’s start with BNB, perhaps the most important project among the three; its price today is $252.16, the crypto has registered a 4.30% increase in the last 24 hours, and 1.22% in the last 7 days.
As for market statistics, the market capitalization is $39.2 billion, with a trading volume of $565.5 million in the past 24 hours.
The circulating supply is 155.9 million BNB, and an all-time high of $690.93 still far away.
Let’s turn to the famous Shiba Inu meme coin, which in the last week has lived up to the high expectations of its community.
In fact, the SHIB token has risen nearly 10% in the past 7 days, bringing its price to $0.00000745.
In terms of market capitalization, Shiba Inu presents $4.4 billion, with a daily trading volume of $113 million.
The circulating supply is 589.3 trillion SHIB with an average holding time of 201 days.
But let’s continue with an equally important project: Cardano, which over the past week has seen its ADA token rise +2.44% to a price of $0.28.
Statistical data sees ADA with a capitalization of $9.8 billion and a trading volume of $267.6 million in the last 24 hours.
The circulating supply is around 34.9 billion ADA, with an average holding time of 80 days.
But let;s now turn to the news that affected the different projects.
BNB may be in jeopardy, but Avorak could breathe new life into the BNB smart chain
The SEC’s recent lawsuit against Binance and its CEO has undeniably shaken the cryptocurrency world, particularly its US branch.
In the face of this uncertainty, a regenerative solution emerges. Avorak AI, which is built on Binance’s Smart Chain network, offers a potential way to revitalize the ecosystem and restore the confidence of traders and investors.
Charges brought by the SEC have cast a dark cloud over Binance and its native token, BNB. With the threat of regulatory action looming, traders and investors are understandably concerned about the future of BNB.
However, Avorak AI represents an opportunity for redemption and a potential rebirth for Binance’s Smart Chain.
Avorak AI is an innovative project that harnesses the power of artificial intelligence and decentralized finance (DeFi) on Binance’s Smart Chain.
It aims to create a platform where users can access advanced trading algorithms and automated investment strategies to maximize their returns. By integrating with BNB, Avorak AI could breathe new life into the smart chain and attract a new wave of users.
One of the main advantages of Avorak AI is its ability to provide sophisticated trading tools and strategies to both novice and experienced traders.
The platform’s artificial intelligence-based algorithms analyze market trends, sentiment analysis, and historical data to make informed trading decisions.
This level of automation and intelligence could potentially attract a wide range of users, including institutional investors who value data-driven approaches.
Artificial intelligence can improve BNB
Avorak AI can improve the security and transparency of transactions on Binance’s Smart Chain. With the recent focus on regulatory compliance, integrating the platform with BNB could help alleviate concerns by providing a safer and more compliant environment for trading and investing. This could help restore confidence among traders who may be concerned due to the SEC’s legal action.
In addition, the introduction of Avorak AI could bring a new influx of liquidity to Binance’s Smart Chain.
The platform’s AI-based strategies and advanced trading tools could entice traders to use BNB as their preferred currency, increasing demand and potentially the value of the token.
Increased liquidity and value could attract more users to the smart chain, creating a positive feedback loop for its growth and development.
While the SEC case against Binance undoubtedly posed significant challenges, the emergence of Avorak AI offers a glimmer of hope for the BNB ecosystem.
By harnessing the power of artificial intelligence and decentralized finance, Avorak AI has the potential to reinvigorate Binance’s Smart Chain and restore the confidence of traders and investors.
It is important to note that the outcome of the SEC case and regulatory actions will ultimately determine the future of BNB and Binance’s Smart Chain.
However, the introduction of innovative projects such as Avorak AI demonstrates the resilience and adaptability of the cryptocurrency industry and offers a glimpse into potential solutions that could lead to a brighter future for BNB and its community.
Cardano’s Node 8.1.1 update improves network performance for stake pool operators
On 19 June, Cardano released a long-awaited update for its mainnet aimed at improving network performance, particularly for stake pool operators (SPOs).
Node 8.1.1, while a minor update, makes significant improvements to epoch boundary performance and resolves issues related to peer-to-peer network communications and the Cardano-based domain name system (DNS).
The developers urge both stake pool operators and users to upgrade their nodes to the latest version.
Node 8.1.1 introduces several important features that contribute to the overall progress of the Cardano network.
The update brings greater efficiency, improved scalability, enhanced network security, and better distribution of rewards.
By addressing bottlenecks and potential performance issues, it ensures a consistently performing network. These improvements have the potential to significantly improve the overall performance of the network and, as a result, the decentralized finance (DeFi) ecosystem built on Cardano.
The foundations of the Cardano update
This update builds on the previous version, Node 8.0.0, and addresses some inherent challenges associated with epoch transitions on the Cardano blockchain.
Epochs represent reward cycles on Cardano and last approximately five days or 432,000 slots. During these epochs, users stake ADA tokens and new blocks are produced on the network.
By improving epoch boundary performance, Node 8.1.1 seeks to optimize network efficiency during these critical periods.
This improvement will enable smoother transitions between epochs and a more streamlined staking process for users.
Stake pool operators, who play a crucial role in maintaining network integrity, will benefit from these updates as they strive to provide a reliable and secure environment for ADA holders.
In addition, the update’s focus on peer-to-peer network communications and the Cardano-based domain name system ensures better connectivity and coordination within the network.
These improvements help strengthen network security and resilience against potential threats or disruptions.
Another noteworthy aspect of Node 8.1.1 is the improved distribution of rewards.
By refining the rewards system, stakeholders will have a fairer and more predictable allocation of rewards, incentivizing participation and engagement within the Cardano ecosystem.
The release of Node 8.1.1 reflects Cardano’s commitment to continuous improvement and innovation. By addressing key areas of criticality and refining network performance, the Cardano team aims to provide a robust and efficient infrastructure for its users.
Source: https://en.cryptonomist.ch/2023/06/21/news-binance-coin-bnb-cardano-shiba-inu/