These 7 Altcoins Bought by Turks Climbed With Big News!

CEL, the native token of bankrupt crypto lender Celsius, has suddenly jumped more than 30%.

These 7 Altcoins Bought by Turks Climbed With Big News!
These 7 Altcoins Bought by Turks Climbed With Big News!

CEL, the native token of the bankrupt crypto lender Celsius, has suddenly jumped more than 30%. Chainlink (LINK) topped the list of top 10 altcoins with the highest transaction volume on the Ethereum Blockchain in the last 24 hours. Decentralized exchange (DEX) PancakeSwap continues to burn its native token CAKE. Keep reading for more news.

Altcoin projects loved by Turks are up on the news!

Celsius (CEL) suddenly jumps over 30%

Empowered CEL, the native token of crypto lender Celsius, has suddenly jumped more than 30% as a new beacon of hope for Celsius customers. The uptrend hit the intraday high of $0.72 on December 5 before a pullback. CEL cleared some of the previous day's gains. However, at press time, it was trading at $0.682, up over 9% in the last 24 hours. Altcoin has increased by more than 30% in the last seven days.

The reasons for the sudden rise are not fully known. However, it is likely to be caused by a 'short squeeze'. Since June, the crypto lender has stopped allowing withdrawals on its platform. Celsius went bankrupt in July after the market slump triggered a liquidity crisis for the entire industry. Since seeking Chapter 11 bankruptcy protection, the company has been going through bankruptcy proceedings. Accordingly, he's talking about selling some of his holdings.

LINK sees 10% weekly gain, whale activity?

WhaleStats, LINK's highest on the Ethereum Blockchain in the last 24 hours reported that it is in the list of top 10 assets with trading volume. Meanwhile, last week the LINK price saw an increase of more than 10%. According to WhaleStats, LINK topped the list of top-traded cryptocurrencies for the top 500 Ethereum whales in the past 24 hours.

Last week, the LINK price on crypto exchanges increased by 15%. Thus, the altcoin reached the level of $ 7,591 on December 5. However, there has been a slight decrease in price so far. Cryptocurrency is currently changing hands at $7.10.

PancakeSwap burns millions of dollars of tokens

The decentralized exchange (DEX) backed by Binance, the world's largest cryptocurrency exchange, is the home of PancakeSwap. Its token CAKE has completed a multimillion-dollar bum burn. In its announcement on December 5, PancakeSwap announced that 6.9 million CAKEs worth $28 million were burned, which positively affects the price of the relevant token as burning processes reduce the circulating supply. Accordingly, CAKE also saw a price increase. However, it did not please its investors too much. Because it has given back its gains and is back to flat.

Why is Synthetix rising today?

Synthetix is ​​a decentralized liquidity provisioning that can be used by any other protocol for various purposes. protocol. The altcoin was gaining traction even before the cryptocurrency market exploded in November 2021. As of today, SNX is successfully moving up despite the downtrend in the market. Today's rally is mostly based on the general recovery of the cryptocurrency market. According to the daily chart of SNX, the asset successfully broke the local resistance level reflected in the 50-day moving average. A move towards the next resistance at $0.00012 will be the next target for SNX, according to analysts.

ApeCoin (APE) staking is live

Following on As you mentioned, the highly anticipated ApeCoin (APE) staking is finally live. Horizon Labs has announced that the pre-commitment period for APE staking has been streamed live on Accordingly, he announced that it is possible for users to accumulate staking rewards from December 12. According to Etherscan, the total value of the staking contract in the first 12 hours exceeded $16 million.

The altcoin price has been rising since mid-November in anticipation of the ApeCoin staking launch. ApeCoin has gained over 50% since its local low in mid-November. There has also been an increase in NFT sales volume across the Bored Ape ecosystem, not just ApeCoin. But a market saying goes, 'Buy the rumors, sell the news'. If this is true, it's possible that the market will witness APE price and NFT volume return to their downward trajectory. There are also fears that the supply of APE may start to increase as more users start to stake.

Aave expands Web3 plans

DeFi protocols have been expanding their Web3 focus in recent months. Accordingly, Aave became involved by acquiring the social metaverse company Sonar. Meanwhile, Sonar plans to integrate Lens Protocol once the acquisition is complete. Sonar is a metaverse and a company working on NFTs. The social mobile metaverse allows players to 'build worlds using NFTs and interact with user-created spaces'.

MultiversX (EGLD) prepares to enter Coinbase's listing

Coinbase on Twitter announced that it will add MultiversX (EGLD) to its list. Meanwhile, Coinbase has stated that the altcoin will only be supported on the MultiversX network, so it warned users to transfer tokens on other networks. The stock market will open EGLD trading pairs on December 7 at 20:00 CET.

The altcoin price started to rise after the news. At press time, ELGD is trading at $45.46, up 5.5% on a daily basis.