It has been a relatively quiet week of price action for the cryptocurrency market, which is a good thing. We’ve seen large caps consolidate at lows, with a handful of intraday spurts in meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Typically the laggard of the bunch, Cardano (ADA) has actually logged an over +40% comeback from lows and is the first large cap cryptocurrency to make a move like this.
You can thank the launch of SundaeSwap for this move in Cardano. SundaeSwap (SUNDAE) is the first Decentralized Exchange (DEX) to be launched on the Cardano blockchain. The SundaeSwap DEX will also allow for the creation of liquidity pools, which gives users the ability to provide their crypto to the DEX to fill orders in exchange for a commission.
DEX’s and liquidity pools are defi services that have already been executed with great success by other blockchains like Ethereum and Solana. Cardano’s inability to support smart contracts has been a running joke within the crypto community for quite a while now, so Cardano finally delivering on this update to their network has given ADA some much needed positive news.
In the long-run, Cardano still has a long way to go before it comes anywhere near being able to support the mainstream functionality of other major defi blockchains.
With the lack of exciting price action this past week in the crypto market, we’ve still seen positive news regarding the industry pop up left and right.
Whether it's your favorite celebrity, shoe brand, or even bank, everyone everywhere is making major investments into the digital future. These range from cryptocurrency and blockchain integration into existing businesses, all the way to metaverse and NFT product launches.
Here's a handful of news announcements that have come out in just the past few days that will really show you how widespread the global crypto phenomena still is:
Culture:
Politics:
Institutional:
The point is that even when price is consolidating, there is still plenty of action going on in the crypto and blockchain space.
The last thing of note from the past week is the EIP-1559 upgrade going live on the Polygon network. This update makes MATIC a deflationary asset by creating a fee-burning mechanism, destroying tokens over time as they are used in network transactions. This would take place at an estimated .27% burn of the total 10 billion MATIC supply each year according to CoinDesk.
The hope is that this will attract more developers and investors to the Polygon network, aiding in the scaling of the Ethereum network by offloading traffic.
To track our CryptoPulse Quant trading strategy or use our crypto tools and resources, please check everything out here:
CryptoPulse Quant ($)
Daily & Weekly Commentary (free)
“*” Simply click a ‘symbols’ to see an interactive chart
Membership required