Is Arweave Headed for Zero? AR Price Plummets 18.7%, While Traders Accumulate New GambleFi Token
By Tim Hakki
The token for Arweave (AR), a storage coin project, has experienced a significant drop of 18.7% overnight, making it one of the hardest-hit tokens in a market-wide crash that has also affected Bitcoin (BTC), the market leader, with a 7% price decline.
According to CoinGecko, Arweave is currently trading at $27.76. With a 7-day loss of 18.1%, it is evident that the crash has only just begun within the last 24 hours.
Looking at the token’s trading chart, a major sell-off occurred overnight. The Relative Strength Index (RSI) for AR currently stands at 27, with the potential to drop further. RSI is a metric used to analyze whether a token is priced appropriately based on the current buying and selling momentum.
An RSI below 30 indicates oversold conditions, suggesting a turbulent day ahead. Some may see this as an opportunity to buy the dip, but investors should conduct thorough research before making any decisions.
Arweave’s AR is currently trading around $4 below its 30-day moving average, represented by the blue line. This further highlights the token’s extreme volatility at present.
Although AR is not a blockchain-based token, the Arweave protocol utilizes a distributed ledger system (DLS) to store data across multiple nodes.
The main purpose of Arweave is to serve as a decentralized data storage solution, connecting users in need of data storage with those who have excess capacity to spare.
In comparison, Filecoin (FIL), a competitor of Arweave, experienced lighter overnight losses of approximately 6% and is currently trading at $5.33.
Cryptocurrencies across the board are experiencing a downturn. Bitcoin’s significant losses throughout the day have brought its price to around $57,500, well below the psychological support level of $60,000 and a 22% decrease from its all-time high of $73,737.94 recorded on March 14 of this year.
While projects like Arweave and Filecoin may have momentarily lost their luster due to the market crash, this does not mean that utility tokens have lost their value. As developers become more comfortable with the technology, cryptocurrencies are likely to be utilized in ways that we cannot yet imagine.
One sector gaining attention is GambleFi, a crypto-native Web3 version of online gambling.
According to data compiled by Statista, the revenue in this sector is projected to reach $100.90 billion this year.
Investors looking to get a head start on the newest innovations in Web3 are more likely to find significant potential in tokens associated with crypto-integrated iGaming platforms, such as Mega Dice.
The presale for Mega Dice ($DICE) is less than two weeks old and has already attracted over $600,000 in investments, according to the token’s website.
As the native token of the platform, $DICE can be used by players to fund games and receive payments. Certain games will require the use of the token to participate.
Using $DICE on Mega Dice will also provide additional benefits in the future. The casino plans to integrate the token into its loyalty program, offering more generous rewards to gamers who choose to play with it. The token will also grant access to exclusive competitions and VIP experiences.
The team behind Mega Dice has indicated that there will be a buyback and burn program. This means that Mega Dice will periodically buy some tokens and remove them from circulation, helping to maintain scarcity and drive up the token’s value.
Stay updated with Mega Dice news on X/Twitter and Telegram.
Join the presale now on the Mega Dice website.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. It is possible to lose all of your capital.
