Amazing to see that, even with all the USDC FUD for the weekend, Bitcoin is well above 22K. Does this look like another FTX or Terra Saga? I am not sure. But, you know what, crypto whale never stop searching buy opportunities during such markets.
And now seems like the perfect time to stay focused and learn what the whales are buying right now. 1 of the 3 cryptos we identified really surprised me. Let’s get to the list.
Coin 1: Bitcoin
There have been all sorts of stories about Bitcoin in recent days. And that’s understandable. Bitcoin currently trades at $24.293. And the price has been pretty much fluctuating over the past few days.
There’s also growing pressure from the SEC alongside macroeconomic concerns. Most people would feel Bitcoin shouldn’t be on this list. That’s because they underestimate BTC. Whether you are a bitcoin maximalist or not, one thing is certain. BTC is a worthy investment, and whales seem to understand this better than most.
I have been advocating for CFO's to keep some cash in #Bitcoin for a while now as a hedge against bad government and the banking system. The Silicon Valley Bank crisis might keep companies who didn't buy at least some #BTC from making payroll on Monday. This is a Main St. problem
— Tim Draper (@TimDraper) March 11, 2023
There’s always going to be downtime in the market. But, no matter how long, it’s going to have to end. Top investors know that the best time to accumulate a token is during times like these. Despite regulatory threats, BTC is going to soar in value pretty soon. And there have been some updates on the Bitcoin blockchain. All these will unlock more potential.
Besides negative sentiment, on-chain data shows positive accumulation among miners, stakeholders, and whales. So, bitcoin miners’ holdings have been increasing since the start of the year. And are on track to reach a six-month high. Similarly, Glassnode data shows something noteworthy. The number of Bitcoin wallets holding more than 1,000 BTC has increased.
Why are Whales Interested in BTC?
Non-Bitcoiners are quite excited about BTC, more so than they have ever been. And this is thanks to a couple of factors:
- The success of ordinals: Bitcoin’s ordinals have been a huge hit since February 2023. Ordinal inscriptions are similar to NFTs. They are digital assets inscribed on a Satoshi. A Satoshi is the lowest denomination of a Bitcoin. Ordinals have been pretty successful on Bitcoin. It has brought renewed excitement for developers. As of this video, there are over 250, 000 inscriptions.
- The rise of DeFi on Bitcoin. The Bitcoin Taproot upgrade unlocked the potential to create DApps on the blockchain. This accelerated DeFi movement is on the Bitcoin network. The Taproot upgrade allows the Bitcoin blockchain to support DeFi applications. And this has brought new excitement to the blockchain and has future potential. Here’s a list of concepts enabling DeFi on Bitcoin:
- Wrapped tokens like WrappedBitcoin.
- Layer-1 blockchains like Stacks,
- Sidechains like Rootstock.
Welcome to #Stacks 💜 👇
⭐ A #Bitcoin layer for smart contracts
⭐ Enabling smart contracts and decentralized applications to trustlessly use $BTC as an asset
⭐ Settling transactions on the #Bitcoin blockchain
⭐ Unlocking #Bitcoin Decentralized Finance, NFTs, BNS, and more pic.twitter.com/VoHnypE1dx
— stacks.btc (@Stacks) February 21, 2023
DeFi on Bitcoin and the rise of Ordinals are some of the reasons whales are buying BTC. And recently, an address linked to the US government moved over 50,000 bitcoins. This is worth about $1 billion. These bitcoins were allegedly confiscated from the Silk Road marketplace. Many believe selling these bitcoins will lead to selling pressure. But, we just have to wait and see.
Coin 2: Lido
As it’s often said in crypto, “the bear market is when legends are made.” The best traders know how to rely on smart tools to keep themselves out of the cold. So, liquid staking is one of those “secret” tools. And if you talk about liquid staking, then you must talk about Lido Finance.
Liquid staking eliminates the shortcomings of traditional staking. In liquid staking, once you stake your native token, you will receive an ST token. This ST token represents the native tokens you have staked on a 1:1 basis and allow you to earn more yields.
📈 Lido Analytics: Mar 6 – Mar 13, 2023
– Lido TVL grew +4.04%.
– Lido share of weekly ETH deposits hit 48.8%.
– stETH/ETH exchange rate is at 0.994.
– @AaveAave V3 wstETH pool grew 57.9%.
– Lido APR hit 11.02% on Mar 11 and Mar 12.
– wstETH is now live on @0xPolygon 🟣 pic.twitter.com/PymmDnqwox
— Lido (@LidoFinance) March 13, 2023
For instance, a user that stakes two ETH tokens will also receive two stETH tokens. Lido is a platform that offers the liquid staking feature. It offers liquid cryptocurrencies such as:
- Ethereum (ETH)
- Polygon (MATIC)
- Solana (SOL)
- Kusama (KSM)
- Polkadot (DOT)
So, liquid staking replaced DeFi lending as the second-largest DeFi sector. In this case, Lido gave users the chance to enjoy Ethereum’s shift to proof-of-stake (PoS). Lido users do not need 32 Ethereum to become staking validators on the network. There’s been an increased demand for Lido in recent days. And I’m going to tell you why in a second.
The Latest Updates of Lido
Lido has announced a couple of upgrades in recent months. But the Shangai Fork had the biggest impact. The Shanghai upgrade will enable Lido to support Ethereum withdrawals. There is a lot at stake with this upgrade. Investors will have renewed interest once withdrawals are functional. They will track the performance of Ether, LDO, and stETH.
On the other hand, the Lido V2 update is another source of growth for the network. Update V2 focuses on a staking router. This allows anyone to create on-ramps for new node operators. The Lido network believes that the V2 upgrades will improve network decentralization. It will also shorten withdrawal times and popularize stETH on Ethereum.
Today Lido contributors are proud to present Lido V2 – Lido’s largest upgrade to date and an important step towards further decentralization. https://t.co/SDxlxCgMNq pic.twitter.com/KJewhEp8rV
— Lido (@LidoFinance) February 7, 2023
Now, let’s talk about our final project.
Coin 2: MASK
Privacy protocols are getting more attention by the day. And Mask has impressive potential. Mask has a simple goal. It uses an open-sourced web extension to bring decentralized privacy features to web2. This includes platforms like Facebook and Twitter. Now, you know Web2 platforms are not your best friends when it comes to privacy.
So Mask is simply “masking” your privacy. The Mask Extension allows you to hide your content from prying eyes. So, only your target audience can see your post. That’s really cool!
1/n How to unfuck web2 (#twitter) ? And why decentralized social networks are inevitable?@elonmusk's $44Billion cash WILL shift control of the social media platform populated by millions of users, we are here to call for radical changes for social media:https://t.co/1b9CSQt8a4
— Mask Network (Bridge to #Web3) (@realMaskNetwork) April 25, 2022
Mask is built on top of Ethereum, Binance Smart Chain, and Polygon. This project creates an easy-to-use interface for using different Web3 apps. This allows users to swap assets using SushiSwap and Uniswap. They don’t have to leave Twitter for all these.
Also, Mask became one of crypto Twitter’s obsessions late last year. The MASK token surged after Elon Musk’s takeover of Twitter. MASK jumped by more than 316% after the news. It moved from $1.36 to $5.66 at the time. However, MASK currently trades at $3.05. and has massive potential to surpass its ATH in the coming months.
Web2 platforms are making it big with user data. And some of these happen without your knowledge. However, Mask proposes a form of safety. The best part is that you can enjoy these privacy features without leaving the app. You only have to download the web extension. Mask has had an active community since its launch. In February 2021, Mask Network had an airdrop of $30 million worth of tokens. Shortly after that, Mask secured a couple of top partnerships.
Mask was one of the 11 tokens Binance added to its proof-of-reserves (PoR) report. The token’s price also shot up recently due to whale activity.
1⃣️ "More" tab & Profile Cards for NFT projects
2⃣️ More accurate token & NFT info with DSearch
3⃣️ Many new features in Web3 File Service
4⃣️ Check out people's @LensProtocol Handles in Web3 Profile Cards
5⃣️ Support Clover Wallet @clover_finance pic.twitter.com/5HkefLeqtN
— Mask Network (Bridge to #Web3) (@realMaskNetwork) January 30, 2023
What’s the Big Deal About Mask?
Also, several exchanges are also listing MASK. This means Mask is gaining more awareness. A lot is going on in the market and globally. And we’re going to keep you updated and informed. But don’t stop hoping, researching, and giving it your best.
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