CEL, the native token of bankrupt crypto lender Celsius, has suddenly jumped more than 30%. Chainlink (LINK) topped the list of top 10 altcoins with the highest transaction volume on the Ethereum Blockchain in the last 24 hours. Decentralized exchange (DEX) PancakeSwap continues to burn its native token CAKE. Keep reading us for more news.
Altcoin projects loved by Turks rose with the news!
Celsius (CEL) suddenly jumped over 30%
CEL, the native token of embattled crypto lender Celsius, has suddenly jumped more than 30% as a new beacon of hope for Celsius customers. The uptrend hit the intraday high of $0.72 on December 5 before a pullback. CEL cleared some of the previous day’s gains. However, at press time, it was trading at $0.682, up over 9% in the last 24 hours. The altcoin has gained more than 30% in the last seven days.
The reasons for the sudden rise are not fully known. However, it is likely to be caused by a ‘short squeeze’. Since June, the crypto lender has stopped allowing withdrawals on its platform. Celsius went bankrupt in July after the market slump triggered a liquidity crisis for the entire industry. Since seeking Chapter 11 bankruptcy protection, the company has been going through bankruptcy proceedings. Accordingly, he is talking about selling some of his assets.
LINK posted 10% weekly gain, whale activity?
WhaleStats reported that LINK has been listed in the top 10 assets with the highest transaction volume on the Ethereum Blockchain in the last 24 hours. Meanwhile, last week the LINK price saw an increase of more than 10%. According to WhaleStats, LINK topped the list of most traded cryptocurrencies for the top 500 Ethereum whales in the past 24 hours.
Last week, the price of LINK on crypto exchanges increased by 15%. Thus, the altcoin reached the level of $ 7,591 on December 5. However, there has been a slight decrease in price so far. The coin is currently changing hands at $7.10.
PancakeSwap burns millions of dollars in tokens
CAKE, the native token of PancakeSwap, the decentralized exchange (DEX) backed by the world’s largest crypto exchange Binance, has carried out a multimillion-dollar transaction. PancakeSwap announced on its December 5 announcement that 6.9 million CAKEs worth $28 million were burned, which positively affects the price of the respective token as burning reduces the circulating supply. Accordingly, CAKE also saw a price increase. However, it did not please its investors too much. Because, it gave back its gains and went back to its horizontal course.
Why is Synthetix rising today?
Synthetix is a decentralized liquidity provisioning protocol that can be used by any other protocol for various purposes. The altcoin was gaining traction even before the cryptocurrency market exploded in November 2021. As of today, SNX is successfully moving up despite the downtrend in the market. Today’s rally is mostly based on the general recovery of the cryptocurrency market. According to the daily chart of SNX, the asset successfully broke the local resistance level reflected in the 50-day moving average. According to analysts, a move towards the next resistance at $0.00012 will be the next target for SNX.
ApeCoin (APE) staking is live
cryptocoin.comAs you’ve been following, the highly anticipated ApeCoin (APE) staking is finally live. Horizon Labs announced that the pre-commitment period for APE staking has been streamed live on apestake.io. Accordingly, it has announced that it is possible for users to accumulate staking rewards from December 12. According to Etherscan, the total value of the staking contract in the first 12 hours exceeded $16 million.
The altcoin price has been rising since mid-November in anticipation of the ApeCoin staking launch. ApeCoin has gained over 50% since its local low in mid-November. There has also been an increase in NFT sales volume across the Bored Ape ecosystem, not just ApeCoin. But a market saying goes, ‘Buy the rumors, sell the news’. If this is true, it’s possible that the market will witness APE price and NFT volume return to their downward trajectory. There are also fears that the APE supply may start to increase as more users start staking.
Aave expands Web3 plans
DeFi protocols have been expanding their Web3 focus in recent months. Accordingly, Aave became involved by acquiring the social metaverse company Sonar. Meanwhile, Sonar plans to integrate Lens Protocol once the acquisition is complete. Sonar is a metaverse and a company working on NFTs. The social mobile metaverse allows players to ‘build worlds using NFTs and interact with user-created spaces’.
MultiversX (EGLD) prepares to enter Coinbase listing
Coinbase announced on its Twitter account that it will add MultiversX (EGLD) to its list. Meanwhile, Coinbase has stated that the altcoin will only be supported on the MultiversX network, so it has warned users to transfer tokens on other networks. The exchange will open EGLD trading pairs on December 7 at 20:00 CEST.
After the news, the altcoin price started to rise. At press time, ELGD is trading at $45.46, up 5.5% on a daily basis.
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