TradeDog Newsletter

In Today’s Newsletter

• A pudgy penguin sells for 400 ETH?
• Polygon founder Sandeep Nailwal raises $50Mn for Web3 fund?
• Binance to suspend ETH and ERC-20 deposits and withdrawals during the merge?
• Beijing announces two-year metaverse innovation and development plan??
• Acala community votes to burn 2.97Bn of erroneously minted aUSD stablecoin?

Industry Outlook

Quick Bites

A pudgy penguin sells for 400 ETH

One pudgy penguin NFT recently got sold for 400 ether. Despite the NFT sector facing a lengthy bear market sentiments, the frenzy for buying isn’t completely halted. There are 8888 Pudgy Penguin NFT in circulation and has become one of the most trending NFT collections in recent times.????

Polygon founder Sandeep Nailwal raises $50Mn for Web3 Fund?

Naiwal’s venture firm, Symbolic Capital, has raised $50Mn from an undisclosed set of investors. Symbolic Capital is a venture capital and focuses heavily on web3, gaming, and NFTs. The fund has already invested in three blockchain-based gaming projects. The vision of the VC arm is to support project founders from emerging markets.????

Binance to suspend ETH and ERC-20 deposits and withdrawals during the merge?

With the aim of providing stability during the merge, the world’s largest cryptocurrency exchange has decided to suspend ETH and ERC-20 during the merge. Other temporary measures will also be taken while the merge takes place with the Beacon Chain. Binance has become the second exchange to do after Coinbase's announcement earlier this month.?

Beijing announces two-year metaverse innovation and development plan

During the past week, the Beijing municipal government announced a two-year metaverse innovation and development plan which focuses on promoting the development of metaverse-related industries and helping Beijing build a benchmark city for the digital economy. The plan further demands districts build technical infrastructure at the city level and support the cause.??

Acala community votes to burn 2.97Bn of erroneously minted aUSD stabecoin?

Acala Network recently suffered a liquidity bridge glitch wherein its native stablecoin, aUSD, lost its dollar peg falling less than $0.01 per token. On further inspection, it was discovered that 3.022Bn aUSD has been erroneously minted through a misconfiguration of the iBTC/aUSD liquidity pool, which went live earlier this month. However, the community has voted to burn 2.97Bn worth of aUSD stablecoin.??

Bitcoin Market Analysis

• The overall market conditions are falling into the bear trap towards the end of August. The past monthly performance of BTC suggests that the upcoming month of September is said to be bearish and the build-up is witnessed during the end of August. Pretty much similar happening in the current market scenario?
• Moreover, after a negative breakout from the rising channel pattern during the past week, the price level has faced a steep decline and potentially formed a falling channel. Technical indicators suggest that more downfall can be expected in the upcoming days. RSI level has reached the oversold region and needs a positive bounceback. MACD levels have gone below the histogram again and faced multiple bearish crossovers.???
• Overall, incase of further downfall, support levels can be placed at $18K and $17K. However, if the world’s largest cryptoasset showcases some positive momentum, resistance levels can be placed at $21K and $23K.?

Sprint Updates

1. The number of crypto billionaires is growing fast, here’s why
2. Where today’s DEXs are falling short, explained
3. How are NFTs stored?
4. Talent marketplaces in the web3 era?
5. Tokenomics deep drive by Binance