As bitcoin suffers a 9 percent weekly dip, the cryptocurrency’s social analytics show that the retail audience is high on hopium.
However, historical evidence reveals that pullbacks or downtrends usually cease when social talk becomes pessimistic. According to data recorded by cryptocurrency analyst firm Santiment, “buy the drop” social media comments increased to 952 on Tuesday, the highest number since Sept. 7, when bitcoin fell by 11%. At the date of publishing, the number of mentions was still high.
It might be an indication that bitcoin has yet to reach a bottom. “Just look at the prior surges in the buy the dip calls and you’ll note that they’ve frequently arrived sooner (as in April and May, particularly) and tend to be followed by some other leg down well before the public is eventually proven right,” Santiment wrote in a trading report on Wednesday.
The cryptocurrency sector is undergoing an unparalleled change. Despite its enormous potential, there are still a number of applications that can help society. Aside from the issue of central authority, having a centralized exchange introduces many impediments. The Blockchain, on the other hand, has the potential to eliminate the problem of bureaucracy.
RavenDex is a Cardano-based decentralized exchange (DEX) that allows cryptocurrency users and investors to provide cash assets on any indigenous Cardano (ADA) token and create a marketplace pair for others to swap the indigenous tokens while leveraging the Cardano blockchain’s security and cheaper fees.
It is one of the first crypto exchanges being constructed for the Cardano blockchain, and they launched a front-end demonstration on Monday, which when completed will give a viable mechanism for the Cardano repeated transactions issue.
Ravendex is also developing the first borrowing and lending system based on the Cardano Ecosystem, which will be feasible thanks to the newly published Alonzo Hard Fork upgrade, which enables smart contracts to store and receive interest from resources according to predetermined rules.
In last week’s tech post, they are taking another step toward providing their users with a frictionless method for reaping attractive additional income in $RAVE via the staking infrastructure, in keeping with their aim of providing users with accessibility to $RAVE staking rewards.
They are very thrilled to inform the public that they will be unveiling the much-anticipated staking platform, where $RAVE holders may stake their token to receive a reward in $RAVE via a simple web interface.
Ravendex, is constantly thinking and inventing new methods to make our Platform more durable while also making it more profitable for our early adopters. As a result, we want to introduce a Non-Fungible Token staking mechanism in which Ravers may provide services for staked their unique virtual treasures.
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