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As the U.S. elections approach, market players believe a potential win for Donald Trump in November could be bullish for crypto markets. Analysts at Bernstein note that the U.S. political atmosphere is heavily influencing market prices. For instance, the price of Bitcoin surged to $60,000 on Tuesday morning, marking a 3.85% increase. Also, altcoins, including Chainlink, Jito, and Osmosis, have followed suit, printing green charts in the market.
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Helium experienced an intraday price increase of 11.92%, positioning it among the top gainers in the crypto market. Meanwhile, Jito announced a collaboration with Squads to integrate its new restaking platform into the upcoming Squads Policy Network (SPN). Additionally, the PLAY presale is entering its final stage, with plans underway to launch its app on major platforms.
1. Helium (HNT)
Helium recorded an intraday price increase of 11.92%, positioning it among the top gainers in the crypto market. The token’s value is currently $7.36, as reported by CoinMarketCap. In addition, HNT’s trading volume has also surged by 26.99%, hitting $32.58 million.
Furthermore, the platform has established a decentralized blockchain network to support wireless communication for Internet of Things (IoT) devices. This network provides a scalable and cost-efficient alternative to traditional telecom services. By allowing individuals to set up network points, Helium decentralizes network infrastructure and potentially reduces costs.
The recent price increase coincides with Helium’s partnership with two major U.S. carriers. These carriers are testing using Helium’s network to offload their mobile traffic. If successful, this could lead to a significant shift toward decentralized network infrastructure.
Carrier Has Arrived 👀🥁
2 large US carriers have initiated tests to offload their traffic onto the @Helium MOBILE Network, and the results are lighting up the charts!
Decentralized networks are here to support existing telcos, and the big players are in. Let's go! 🔥 pic.twitter.com/h2qIEkRGML
— Helium🎈 (@helium) August 9, 2024
Moreover, the broader rise in the global crypto market may have contributed to Helium’s price movement. Market analysts hold a positive outlook on Helium’s future. The HNT token trades 226.59% above its 200-day Simple Moving Average (SMA) of $2.25.
Additionally, Helium has seen 19 green days in the last 30 days, indicating consistent upward momentum. With its high liquidity relative to its market cap, Helium shows potential for further growth.
2. Chainlink (LINK)
Chainlink has recently announced two significant collaborations that could shape its future trajectory in the cryptocurrency market. On August 12, Chainlink revealed its partnership with Superstate, aiming to integrate Chainlink’s Price Feeds into Superstate’s tokenized treasury fund, USTB.
This integration allows the fund’s net asset value to be tracked directly on the blockchain, offering transparency and potentially increasing investor trust. However, the news has drawn mixed reactions from the investor community, with some expressing caution.
Furthermore, On-chain data suggests potential sell signals, indicating that not all investors are confident about the development. Additionally, Chainlink announced that GasStation would officially join the Chainlink Build program.
🏗️ #ChainlinkBuild 🏗️@GasStationFi is joining Chainlink Build to gain enhanced access to Chainlink's industry-leading oracle services and technical support, which helps support the security and use of its Ethereum gas spot market.
In return, GasStation will make 5% of its… pic.twitter.com/07OE0XRyU7
— Chainlink (@chainlink) August 13, 2024
By joining Build, GasStation seeks to accelerate the adoption of blockchain technology by leveraging Chainlink’s Oracle services and technical support. This partnership aims to strengthen the crypto economic security of the Chainlink network, with GasStation committing to provide network fees and other benefits to the Chainlink community, including rewards for stakers.
These announcements coincide with a recent price surge in Chainlink’s native token. The token has gained 2.11% over the past week, with the Relative Strength Index (RSI) at 43.10, indicating neutral momentum. At press time, LINK is trading at $10.55.
3. Jito (JTO)
Jito recently announced a collaboration with Squads to integrate its new restaking platform into the upcoming Squads Policy Network (SPN). This integration is set to enhance the functionality of the Squads Protocol on Solana and the Sealevel Virtual Machine (SVM).
SPN will introduce detailed and broad transaction policies for smart accounts, offering increased security and flexibility in digital asset management. The SPN aims to improve network diversity, reliability, and performance by incorporating Jito’s restaking framework.
This partnership is a significant step forward for Jito’s restaking technology, showcasing its potential to boost the security and functionality of decentralized networks within the Solana ecosystem. Jito’s value proposition has gained attention, particularly its ability to help validators capture additional value through transaction ordering.
Squads is launching the next step in Smart accounts! 🧠
Powered by Jito (Re)staking. https://t.co/BD1bY6xRO3 pic.twitter.com/N9JrRXunTG
— Jito (@jito_sol) August 12, 2024
A recent increase in transaction tips suggests growing recognition of Jito’s potential among Solana users and developers. Moreover, Jito’s token has seen a significant price increase in the market to $2.52, reflecting a 3.93% rise.
The token also boasts strong liquidity, with a volume-to-market cap ratio of 0.3651. The current market cap is $306.64 million, with a 24-hour trading volume of $111.95 million, indicating a strong market confidence and potential for growth.
4. Osmosis (OSMO)
Osmosis is an automated market maker (AMM) protocol within the ATOM ecosystem, drawing inspiration from platforms like Balancer and Uniswap. This project seeks to broaden the functionality of DeFi beyond conventional token exchanges.
The platform aims to create a decentralized exchange (DEX) that operates across different blockchains, particularly within the Cosmos ecosystem. Eventually, Osmosis plans to extend its reach to chains outside the Inter-Blockchain Communication (IBC) framework, including Ethereum and Bitcoin-related chains.
Osmosis emphasizes customizability, offering specialized AMM curves, dynamic exchange fee adjustments, and multi-token liquidity pools. These features aim to enhance flexibility for users and extend this customizability beyond the Cosmos ecosystem.
Furthermore, OSMO is priced at $0.3944, with a 24-hour trading volume of $10,002,889. The token has seen a 2.54% price increase in the last 24 hours and a 6.66% rise over the past week. The 14-day Relative Strength Index (RSI) is 65.77, suggesting that the token is neutral.
5. PlayDoge (PLAY)
The PlayDoge presale has gained considerable traction, raising over $6 million. Investors can purchase PLAY tokens for $0.00529 each, which will increase as the presale progresses. The project aims to build a strong community by offering investors benefits such as access to staking rewards and leaderboard bonuses.
PlayDoge is a mobile play-to-earn (P2E) game centered around a Tamagotchi-style virtual pet based on the popular Doge meme. Players adopt, feed, entertain, and train their virtual pets to maintain their happiness and health in the game.
Moreover, the game features classic 8-bit side-scrolling adventures, quests, and puzzles, providing players with additional opportunities to earn tokens and enhance their gaming experience. The combination of nostalgic gameplay with modern crypto elements has drawn interest from investors.
Early participants in the PlayDoge ecosystem can stake their tokens immediately, earning up to 76% annual percentage yield (APY). However, this APY will decrease as more investors join the staking pool. So far, over 246 million PLAY tokens have been staked.
We're in the final stage of the #presale. 🚨
Are you ready for the best #P2E game of the year? 🔥
Earn $PLAY tokens and choose wisely what you feed your PlayDoge! 🌶️
LAST CHANCE TO BUY! 👇 https://t.co/JT0VEofqf2 pic.twitter.com/L3vML5z3xi
— PlayDoge (@PlayDogeGame) August 13, 2024
The PLAY presale is entering its final stage, with plans to launch its app on major platforms alongside continued development and marketing efforts. Positive community sentiment and clearly defined development goals contribute to the optimistic outlook for PLAY.
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