Having reached all-time highs yesterday evening, bitcoin subsequently started to correct and, by proxy, decline in price as shorter-term operators pulled profits off the table. While the more bullish side of the markets expect this correction to reverse near term, its impact has been felt in the wider cryptocurrency space to a pretty substantial degree. A number of the smaller tokens have taken a real hit on bitcoin’s overarching correction and are declining themselves.
We wanted to try and figure out whether those that were falling were doing so purely because of bitcoin’s decline or whether there are some more local reasons for their respective declines.
With this in mind, here is a look at two of the biggest losers of the last 24 hours in the ICO market with an attempt to figure out exactly what’s pushing them down.
The two tokens in our crosshairs right now are vDice (VSLICE) and FunFair (FUN).
First up, vDice.
Any readers that are familiar with the cryptocurrency space will likely already be aware of the bitcoin betting platform SatoshiDice. The platform, which was a game type platform designed to allow people to bet and receive reward in bitcoin, sold for more than 126,000 bitcoin back in 2013 – a number worth more than $1 billion right now, but which was valued at around $11 million back at the time of the sale.
Well, vDice is essentially exactly the same as SatoshiDice but it is set up as a decentralized application built on the Ethereum network, meaning it can function like SatoshiDice but without the requirement for any centralized operator.
vDice is the name of the platform, while VSLICE is the name of the token that the company issued as part of an ICO to fund development and prize money.
Interestingly with this one, anybody that holds VSLICE is also entitled to a portion of the profits that the platform makes and this drove a considerable amount of activity in the company’s initial ICO.
So how and why is this token down right now?
VSLICE tokens are down 22% over the last 24 hours and 53% over the last month. The company took a bit of a hit as some of its platform’s offerings went down earlier this month and there’s a good chance that this is what’s contributing to the recent weakness. Longer term, however, we expect sentiment to improve and for VSLICE to pick up – especially as it garners some major exchange listings.
Moving on, FunFair.
Interestingly, and perhaps not coincidentally, FunFair is also a blockchain based (and an Ethereum based, at that) casino type platform and it’s also down somewhere in the region of 22% over the last 24 hours.
The company has failed to update any of its social media channels to any real degree over the last couple of weeks and, in this space, that can translate to negative sentiment.
However, unlike vDice, when you look back over the last month, FunFair is actually up more than 20%. The token is also up more than 220% from its ICO price back in June.
This suggests that the action we are seeing could well be symptomatic of some shorter-term profit-taking on an overarching upside run and that – in turn – we could see a return to the upside momentum once the shorter-term positions are removed from the equation.
Again, don’t take this one for granted as a sure thing. Calculating how far these corrections will fall is far from an exact science and it’s important for anyone looking to pick up a discount reversal type exposure not to get in too early.
We will be updating our subscribers as soon as we know more. For the latest updates on VSLICE and FUN, sign up below!
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…