The Ethereum DEX volume has experienced a substantial drop from $3.34 billion to just $1.03 billion, signalling a downtrend. Meanwhile, the Immutable X price shows a contrasting trend with an 18% increase, reflecting growing interest in its NFT. BlockDAG captures the spotlight amid these shifts, boasting a $46.8M presale and receiving a robust endorsement from the influential WEB3 Revolution. This crypto influencer detailed the potential of BlockDAG’s X1 mining app, hinting at a future where crypto to explode in 2024 could very well be led by innovations like BlockDAG.
Ethereum DEX Volume Reflects Market Trends
Recent trends in Ethereum’s decentralised exchanges have shown a notable decrease in activity. As reported, the Ethereum DEX volume initially stood at $3.34 billion at the end of May. However, recent figures indicate a significant drop, with the Ethereum DEX volume now at just $1.03 billion—a stark reduction of over $2 billion. This shift suggests a decline in on-chain transactions involving Ethereum.
Currently, the MVRV Z-Score is 1.63, contrasting sharply with previous highs during bull markets in 2017 and 2021, reaching 14.19 and 4.76, respectively. These numbers illustrate the cyclical nature of the Ethereum DEX volume and its potential implications on Ethereum’s price trends. The drop in Ethereum DEX volume aligns with broader market sentiments and could influence future valuations of Ethereum.
Tracking Immutable X Price Movements in the NFT Market
Immutable X, a leading layer-two NFT scaling solution on Ethereum, has been making strides in enhancing the scalability and user experience of NFT transactions. This has helped overcome some of Ethereum’s primary limitations, promoting efficiency in market liquidity and development processes. Recently, the Immutable X price has shown considerable growth, reflecting an 18% increase, indicative of a bullish trend in the market.
This positive movement in the Immutable X price aligns with broader market sentiments as evidenced by its performance over the past month, where it has seen 25 green days out of 30 and remains well above its 200-day SMA. This trend is further underscored by the current Fear and Greed index, which signals a market driven by greed.
BlockDAG Revolution: Crypto Experts Endorse Pioneering Mining Technology
BlockDAG’s presale momentum is building rapidly, powered by two groundbreaking developments: the X1 miner beta app and the highly acclaimed Keynote 2 video. These initiatives have skyrocketed the presale to a formidable $46.8 million. The X1 mining app, available on both Google and Apple stores transforms traditional perceptions of crypto mining by making it accessible and straightforward for users everywhere.
Crypto influencer WEB3 Revolution has been pivotal in amplifying BlockDAG’s recent advancements. Not only did he spotlight the innovative aspects of the Keynote 2 video, but he also threw his considerable influence behind the X1 mining app. His endorsement highlighted BlockDAG’s commitment to enhancing mining efficiency and security through its advanced Directed Acyclic Graph technology. He praised the app for its user-friendly design and potential to make mining a commonplace tech activity, remarking on its ability to bring mining machinery right into the palm of your hand.
WEB3 Revolution’s support extends beyond mere promotion; he emphasised how BlockDAG’s low-code, no-code features significantly ease the development process, making it faster and more efficient. This aspect excites developers and users by reducing the technical barriers to entry in the cryptocurrency mining sector.
This endorsement and the innovative strides by BlockDAG have positioned it as a leader in blockchain technology, ready to catalyse a ‘crypto to explode in 2024’. With these developments, BlockDAG is not just participating in the market; it’s setting the pace for the future of mining.
Final Verdict
While Ethereum DEX volume dips sharply and Immutable X shows modest gains, BlockDAG steals the spotlight with a $46.8M presale, boosted by endorsements from top crypto influencers like WEB3 Revolution. These influencers spotlight BlockDAG’s innovative X1 mining app, setting it apart as a prime contender in the ‘crypto to explode in 2024’ landscape. This makes BlockDAG a compelling focus in the evolving crypto market.
Invest in the BlockDAG Presale Now:
Presale: https://purchase.blockdag.network
Website: https://blockdag.network
Telegram: https://t.me/blockDAGnetwork
Discord: https://discord.gg/Q7BxghMVyu
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
