Top 5 Tips on How to Spot Cryptocurrency Scams in 2022

If you have been following the cryptocurrency industry closely throughout the past few years, it is clear that not everything is what it seems.

Social media platforms and phishing websites have been utilized to exploit users out of their cryptocurrencies.

This also includes non-fungible tokens (NFTs) or anything else of the value connected to their cryptocurrency wallets.

From hacks to rug pulls or any other types of cybercrime initiated by bad actors, there are seemingly new headlines daily that make their way throughout the crypto space.

Those extra careful might not fall for any of these scams, even the most complex ones. However, not everyone is tech-trained and can spot the differences between authentic and phishing websites.

Furthermore, the hacks of actual Twitter and Discord pages of legitimate projects can provide an additional barrier for those who just want to make the most out of their crypto holdings.

All of this makes trading and investing in cryptocurrencies a lot more difficult.

Suppose you are new to the crypto sphere or have been lucky enough to avoid getting scammed thus far. In that case, it is now more important than ever to educate yourself and become able to identify all of the possible scams, so you can have the highest probability of avoiding them and not becoming a victim to them.

Understanding Cryptocurrency Scams Through Real examples

The Federal Bureau of Investigation (FBI) has recently warned cryptocurrency users about numerous investment scammers on the LinkedIn platform, which significantly threaten user safety.

Sean Ragan had an interview with CNBC, saying that he believes LinkedIn has a problem regarding investment scams.

Regan had the following statement: “They are always thinking about different ways to victimize people, victimize companies, and they spend their time doing their homework, defining their goals and their strategies, and their tools and tactics that they use.”

However, LinkedIn isn’t the only social media platform with a reputation for cryptocurrency scams.

The Federal Trade Commission reported that U.S. cryptocurrency traders lost $575 million due to investment frauds from January 2021 to March 2022.

The popular NFT collection Bored Ape Yacht Club (BAYC)’s Instagram page got compromised on April 25.

At this point, we saw the theft of over $2.5 million worth of NFTs. Then, the creators of the NFT set, Yuga Labs, had their Discord server compromised, where through phishing links, the hackers stole 200 ETH ($360,000 at the time) worth of non-fungible tokens (NFTs).

These are just some notable examples. However, there are many more, so protecting yourself from these scams is a must.

The Top 5 Tips on How to Spot and Protect Yourself From Cryptocurrency Scams in 2022

With all of that in mind, these are the top 5 tips you need to be aware of and utilize within your daily crypto activities.

Avoid Phishing websites

For this example, we will be using MetaMask. Let’s, for example, say that you want to visit the official MetaMask website so you can download the wallet extension and log into it.

Well, the default URL address for MetaMask is “”. But if you are not careful, you could find alternative website URLs that show up as an Advertisement (Ad) on the top Google search result, such as,,, and so on.

Some can be extremely close to the real deal, so ensure that you always check that you are on the authentic wallet website before downloading and installing any extension or logging in with your credentials.

Never Give Out Your Private Keys

If you use a wallet where you control the private keys, remember that no legitimate wallet supplier will ever ask you for your 12-word seed phrase.

This should always be kept for your eyes only and nobody else.

With your public key, nobody can compromise your wallet, but the second someone gains access to the password you have or the 12-word seed phrase, your cryptocurrencies are gone forever.

Double-Check The Authenticity of Messages

There have been numerous scams online where the “support team” for a specific project or the “promotional team” for a specific NFT collection will message you.

Here, they would tell you that your wallet “has been compromised” and that you must send them information to recover it.

Avoid these types of scams at all costs. Specifically, even if it’s an influencer you trust, always double-check who messaged you, when the account was created, when the URL was registered, and if there is a genuine company behind the messages.

These will also typically be investment scams, promising huge returns on your initial investment in a project that might eventually be a rug pull.

Again, never, under any circumstances, share your private keys, but avoid communication with fake or scammer profiles altogether. Through social engineering, they will find a way to scam you if they are resilient, so be wary.

Never Access Your Web-Based Wallet on Unsecure Websites

You might enter a website that will require you to connect your cryptocurrency wallet to access it. This can be a play-to-earn (P2E) game most commonly or a non-fungible token (NFT) collection.

No matter what the project is, if the URL seems shady, if there is no SSL certification, and if the website as a whole looks even slightly off to you, do not connect your wallet, as even something as simple as logging in while that website’s tab is open could lead to the compromise of your wallet.

Do Not Easily Accept Free Non-Fungible Tokens (NFTs)

The rug pull scam is by far one of the most common types of scams within the NFT space, where developers pump effort into promoting a project, and as soon as they sell the NFTs, they abandon it, leading to the project losing all value.

A form of marketing that these companies use is where they give NFT drops in the form of a giveaway to users that share the project online, invite new people to the project and genuinely convince them to invest in the collection.

Always research and ensure that the project is legitimate before accepting any free NFT. The chances are high that it might be a scam, as in some blockchain networks, minting NFTs can be costly, especially when creators are minting thousands of NFTs.

Crypto Price Analysis June 20: GMT, 1INCH, AAVE, APE, LTC

Key Insights:

  • Ethereum is barely holding on to $1k as support, with the alt trading at $1,096.
  • Stephen and 1Inch were some of the leading cryptocurrencies in the last 24 hours.
  • Litecoin, along with a few other alts, led the downfall.

The broader crypto market gained $62 billion yesterday, but the same does not compensate enough for the losses witnessed throughout June.

As the month comes to an end, the crypto market is yet to recover and rise back above the $1 trillion mark in the next nine days.


The altcoin, with a market cap of $456 million, was one of the highlights of the last 24 hours when GMT registered an almost 30% rally. Trading at $0.7569, this rise brought the coin closer to reclaiming the $1 mark and flipping it into support.

The MACD has always been supportive of a price rise as not once in the last 1 month has there been a bearish crossover in the case of GMT. With more green bars appearing, the price rise might continue.

1Inch (1INCH)

The native token of the Decentralized Exchange, 1INCH, was leading the cryptocurrencies on the charts as the altcoin achieved a rally of 20.15% rally in 24 hours. Lingering at $0.6636, 1INCH is showing promise of sustained growth with the recent green candles. 

According to the Parabolic SAR’s white dots, the proximity of the asset to the indicator is a sign that a trend reversal in inbound could place the aforementioned white dots beneath the candlesticks.


Next up on the list of the best performing cryptocurrencies of the day is AAVE which managed to register a 20.51% rally right after the altcoin lost almost 58% owing to the recent market crash. The coin is attempting to close above $60 at the time of writing.

This would bring AAVE closer to its 50-day Simple Moving Average (SMA), which is a critical support level. Reclaiming this would also push AAVE above the $100 mark.

ApeCoin (APE)

The Bored Ape Yacht Club’s native token ApeCoin has managed to mark a substantial rise of 30.26% for itself, moving up from the lows it hit after the 53.32% crash it witnessed this June.

Trading at $4.4 at the time of writing, the altcoin, although it is nowhere close to its highs, the broader market’s support might push it to that level.

Plus, the rally also placed the Relative Strenght Index (RSI) closer towards the neutral line and might eventually pull it out and place the indicator back into the bullish zone after more than 45 days.

Litecoin (LTC)

While the rest of the altcoins continued their rally for more than two days, LTC cut the rise short and noted a 4% decline over the last 24 hours. This is despite the fact that just a day before that, LTC managed to spike up by almost 15%.

Now, as the silver to Bitcoin’s gold trades at $52, it is also noting the gradual disappearance of the bearishness from the market.

The receding green bars here on the Awesome Oscillator aren’t signs of receding bullishness, but actually, bearishness as these bars will flip the trend once they rise above the neutral mark.

Crypto Market Daily Highlights – June 16 – ETH and SOL Tumble

Key Insights:

  • Wednesday’s bullish session was short-lived, with bitcoin (BTC) and the broader market hitting reverse on Thursday.
  • Investors responded further to the Fed’s largest rate hike since 1994 and the prospects of more aggressive moves ahead to curb inflation.
  • The bearish session saw the total market cap tumble by $87 billion.

It was a particularly bearish session for the crypto market on Thursday. Recession fear gripped the global financial markets in the wake of the Fed’s largest rate hike since 1994.

The Bank of England and the Swiss National Bank followed the Fed with rate hikes, adding to the market angst. This time, central banks are not hiking rates to cool economies but to curb inflation at a risk to economic growth.

Bitcoin (BTC) resumed its downward trend, falling for the ninth day in ten sessions.

The US equity markets reversed gains from Wednesday, with the NASDAQ 100 sliding by 4.08%. After tracing the NASDAQ through the morning, bitcoin decoupled from the NASDAQ 100 late in the US session, with the crypto market taking a big hit in the afternoon session.

BTC decouples from the NASDAQ
NASDAQ BTC 170622 5 Minute Chart

Crypto Market Cap Slides to Another New Current Year Low

Thursday’s bearish session saw the total crypto market cap fall back to $852 billion. Another $87 billion came off the table as investors fretted over the threat of a global recession.

Thursday’s loss marked the ninth in ten sessions. For June, the total market cap has fallen in 12 of the 16 sessions, resulting in a $425 billion market cap slump.

Crypto market cap tumbles.
Total Market Cap 170622 Daily Chart

With the markets focused on the threat of a global recession, a marked shift in the regulatory landscape will be another headwind the markets will need to manage over the near term.

From the top ten cryptos, ETH and SOL led the way down, with losses of 13.7% and 13.4%, respectively. DOGE was close behind, sliding by 12.1%.

Things were no better for the rest of the top ten. ADA (-10.9%), BNB (-10.0%), BTC (-9.7), and XRP (-8.9%) all struggled.

From the CoinMarketCap top 100, UNUS SED LEO (LEO) was the only crypto to buck the market trend, rising by 1.2%. ApeCoin (APE) was the biggest loser, tumbling by 19%.

For Tron (TRX), risk aversion masked USDD movements on the day, leaving TRX at risk of an extended sell-off.

After recovering to $0.98 levels, USDD fell back to a day low of $0.9705, the pullback coming despite the efforts of the TRON DAO Reserve to restore the dollar peg.

USDD unpegged
USDD 7-Day Chart 170622

On Thursday, TRX fell by a relatively modest 5.8%, while the collateral ratio fell from Thursday’s 317.88% to 282.28% this morning.

USDD Collateral Ratio
USDD Collateral Ratio 170622

Total Crypto Liquidations Eased Back Following Fed Policy Decision

Despite Thursday’s extended sell-off, total liquidations failed to reach levels seen on Tuesday. However, liquidations reflected market sentiment through the second half of the day.

While 24-hour liquidations fell back from Thursday morning’s $538 million to $210 million, at the time of writing, 1-hour liquidations painted a bleaker picture.

According to Coinglass, 1-hour liquidations stood at $22 million.

Crypto liquidations need tracking.
Total Crypto Liquidations 170622

Crypto Daily News Highlights

  • Elon Musk got hit with a $258 billion lawsuit by a disgruntled DOGE investor.
  • TRON DAO Reserve grappled with the unpegging of the USDD from the dollar.
  • Exchange inflows peaked as miners and investors looked to limit losses and preserve capital.
  • Celsius troubles continued, with four US states investigating the beleaguered DeFi lender.
  • Kraken joined a small list of platforms entering a hiring spree.

Crypto Price Analysis June 15: ATOM, MKR, APE, CAKE, BCH

Key Insights:

  • Cosmos and a few other alts were the only few to close in the green today.
  • Ethereum partook in the active downtrend losing more than 11%
  • Bitcoin followed a similar path and ended up trading at $20,855.

The broader market was expected to correct the ongoing correction, but the king coin, Bitcoin, and other altcoins decided to go down another path. Consequently, over $50 billion was wiped out of the crypto market in 24 hours.

Cosmos (ATOM)

ATOM was one of the only few cryptocurrencies that closed in green at the time of writing following days of red candles.

The altcoin had already witnessed a price fall of 32.8% within the span of a week, which only further added to the 86.4% depreciation observed since the coin hit its all-time high of $44.51.

Thus some recovery would instill confidence in ATOM holders. And recovery is on the charts since MACD was heading towards a bullish crossover at the time of writing, with green bars appearing on the indicator.

Maker (MKR)

Unlike ATOM, Maker DAO’s native token MKR continued its downtrend, losing more than 10% in a single day. This has brought the price down to $701 from the highs of $2,301 the altcoin was at less than two months ago.

Since April, the cryptocurrency has not been able to flip the 50-day Simple Moving Average (SMA) and the 100-day SMA into support, which has led to multiple dips.

In 2 months, MKR has dipped by 57%, 29%, and 48.5% on separate occasions as both the SMAs acted as a resistance level for the coin.

ApeCoin (APE)

The Bored Ape Yacht Club (BAYC) token marked another drop on the charts, 11.54% nonetheless, as the altcoin came down to trade at $3.23.

The slight growth observed yesterday did not do much for the coin anyways, as APE is 43.4% below where it was a week ago.

The Relative Strength Index (RSI) remained stuck in the bearish zone inching closer to the oversold zone, a slip into which might cause the coin to fall further.

PancakeSwap (CAKE)

Surprisingly the DeFi protocol token managed to sustain a rise at the time of writing, climbing the charts by 10.08%.

Trading at $3.44, CAKE still has a long way to go in order to recover the losses witnessed throughout the week as it declined by 31.36%.

However, the coin is observing no support from the price indicators as to whether the rally could go on. The Parabolic SAR continued to suggest a downtrend, which could keep the price consolidated for a while even if it doesn’t reduce further.

Bitcoin Cash (BCH)

The Bitcoin hard fork is facing the wrath of the bears, similar to other cryptocurrencies, sinking by almost 12% today following the 40% plunge observed in the last eight days.

Trading at $113.59 at the time of writing, BCH might continue its downtrend for a few more days.

This is because bearishness has only increased instead of diminishing, according to the Awesome Oscillator. The appearance of growing red bars backs the possibility as well.

Crypto Price Analysis June 10: ALGO, APE, ADA, AAVE, AVAX

Key Insights:

  • The Crypto market plunged by 4%, led by multiple altcoins.
  • Bitcoin and Ethereum followed the lead and slipped by almost 4%.
  • Less than 10 of the top 100 cryptocurrencies posted green candles.

After the leaked Cryptocurrency regulation bill came to light, suggesting stringent measures to regulate cryptocurrencies, the market reacted pessimistically as expected.

Altcoins, including Chainlink, Cardano, Algorand, and more, lost more than 8% at the time of writing.

Algorand (ALGO)

The altcoin had a rather unfortunate day as it traded 11.27% below the trading price it was at 24 hours ago. ALGO has been in a continued downtrend for the entire month, and as a result, the price has dropped from $0.74 to $0.36 at the time of writing.

Despite the inflows observed over the last week, ALGO also noted the highest amount of outflow ever recorded on the Chaikin Money Flow (CMF). Thus, ALGO might continue slipping on the charts unless the broader market recovers.

ApeCoin (APE)

The native token of the biggest NFT collection Bored Ape Yacht Club (BAYC), has been falling on the charts since it hit its all-time high back in April. Over this week alone, ApeCoin has plunged by almost 19%, with 10% added in the last 24 hours.

However, it seems like a trend reversal is in the books for the altcoin as bearishness on the Awesome Oscillator has been reducing since the month began. Once bullishness arrives, APE could also rise above its current trading price of $5.2.

Cardano (ADA)

The third-gen cryptocurrency was performing well enough for the last couple of days, rising by 40.47% as anticipation ahead of the Vasil hard fork built up. However, impacted by the broader market bearishness, ADA slipped by 9.3% in the last 24 hours.

The Relative Strength Index (RSI), which managed to recover into the bullish-neutral zone, returned to the neutral point as Cardano fell.


The DeFi token, which was on the road to recovery after the crash of May, lost its path in the last ten days when the altcoin declined by 25.93%, pushed further by today’s 9.78% dip. AAVE is now once again looking to regain $100 as a support level which might be difficult.

According to the MACD indicator, the bullish crossover that gained strength around mid-May is about to be invalidated with a bearish crossover which might result in the coin slipping below $87, its current trading price.

Avalanche (AVAX)

Unlike other altcoins, AVAX has stayed true to its current nature, continuing the downtrend that began two months ago back in April. Since then, the asset has lost 78.26% of its value, in addition to the 7.68% decline witnessed in the last 24 hours.

The Parabolic SAR’s white dots, which have been evincing the downtrend, remain stationary at the time of writing, which means AVAX is set to decline further.

Top 10 Cryptocurrencies To Watch in June 2022

Key Insights:

  • After the crash of May 9, most of the cryptocurrencies fell to their lowest in months.
  • Since last week, the crypto market has regained its lost $138 billion.
  • Top cryptos for the month of June include Terra 2.0, ApeCoin, Dogecoin, and more.

The cryptocurrency market, over the course of the last five months, has witnessed a lot of fluctuations and shifts in trends, but the one thing that did not change was the broader market bearishness.

However, the worst of it came to form only this May when the crypto market crashed twice within the same month.

Today all the cryptocurrencies in the market amount to $1.28 trillion after a 12% recovery three days ago, which brought $137.3 billion back into the market.

And even though one may not have found the best opportunity to make profits this month, the month of June certainly presents an opportunity to make gains with these cryptocurrencies that show promise going forward.

1. Bitcoin

Starting off with the king coin, Bitcoin, regardless of the market conditions, is always a good choice since it will find room for growth with minimal fluctuations.

Since BTC holds a 43% domination in the crypto space, a broader market rally will trigger a rise for BTC as well, and those who enter the market at $30k will certainly gain profits by the end of quarter 2.

Trading at $31,583, BTC is set to rise further after the 11.27% rally noted this week.

2. Cardano

With the Vasil hard fork set to arrive by the end of June, Cardano, at the moment, is one of the biggest coins to look forward to as investors expect this to be the turning point for the cryptocurrency.

A similar bullishness was also noted last year when the Alonzo hard fork was set to activate, and hopefully, this time around, investors can actually recover their losses.

ADA recently noted a 37.44% rise which brought the price up to $0.61, inching it closer to the critical support of $1.

3. Terra 2.0

Although Terra’s UST and LUNC (now Terra Classic) was the cause of one of the biggest crash in the history of crypto this month, Terraform Labs is giving it another shot.

Last week they launched a new blockchain with a new set of tokens still named LUNA to retrace their steps back to their peak.

Despite the depegging and subsequent LUNC supply overflow, Terra as a blockchain holds a lot of potential in the DeFi space, and that will be LUNA 2.0’s boon going forward as it trades at $7.19 today.

4. ApeCoin

Although it has been well over two months since its launch, ApeCoin hasn’t exhibited skyrocketing feats.

The reason behind this is the unfortunate timing as the broader market bearishness combined with the crash of May 9 halted its growth, and the altcoin came crashing down by 75.88%

But that doesn’t take away from the fact that APE is one of the most profitable projects in the crypto space, thanks to it being the token of the Bored Ape Yacht Club NFT collection.

The biggest NFT project will only grow further when the BAYC NFT-based feature film is released, and consequently, APE will skyrocket.

5. Dogecoin

The meme coin lives! It is a surprise that DOGE continues to be one of the topmost cryptocurrencies globally and that it has endured the recent crashes.

While Dogecoin does not have much to offer as a blockchain and cryptocurrency, its resilience definitely makes it a worthy investment vehicle. 

Besides, the meme coin will always have the backing of the “DOGEfather” Elon Musk, who recently made it a viable payment option for its SpaceX merchandise.

6. Axie Infinity Shards

One of the biggest Gaming tokens in the crypto space, AXS has always held its position as a profitable crypto investment.

Although the token took a hit in January after Axie Infinity’s Ronin bridge was hacked for $625 million, and once again during the recent crash, AXS has bounced back quickly. 

Supported with the launch of Axie Infinity Origins in May, AXS noted the highest single-day rally in more than six months of 35.22%.

As the GameFi protocol continues to expand, AXS will also continue to grow thanks to its utility and value.

7. Flow

If this is a name you haven’t heard before, you’re not alone. Up until a few days ago, Flow wasn’t a big deal, but in the last week of May, the blockchain and token shot up in value owing to the announcement of a prominent Instagram artist’s NFT project on the Flow blockchain.

Consequently, FLOW became the biggest NFT token with a market cap of $2.74 billion, surpassing ApeCoin.

However, this is not what makes FLOW an unmissable opportunity. The blockchain created by Dapper Labs, creators of CryptoKitties, is backed by some major industry players, including Coinbase, Google Ventures, Samsung, Reddit, and Zynga, among others.

This makes the token a highly valuable asset that is poised to witness growth going forward.

8. Uniswap

Uniswap does not warrant an introduction as it is the biggest Decentralized Exchange (DEX) in the world.

Although the entire DeFi space is relatively quiet right now owing to the bearishness in the market, Uniswap still managed to maintain an average transaction volume of $10 billion every week.

As the market recovers, so will the DeFi space, and DEX’s will be in high demand. Naturally, UNI will observe high traction, eventually placing it on the path to a rally, which it might already be on given its recent 17.27% increase.

9. Decentraland

Known to be the pioneer of Metaverse, the Decentraland is definitely a cryptocurrency to look out for this month as Metaverse is becoming a place of choice for not just the crypto niche but also for mainstream industry players who are using it as a means of marketing.

Thus Decentraland is set to observe high demand, which will automatically trigger a rise for MANA.

As it is, the token was the first and the quickest cryptocurrency to recover from the crash of May 9, when it rose by 92.69% in 48 hours.

10. The Sandbox

Last but certainly not least, The Sandbox is also a rising star in the crypto space, being a Metaverse platform.

The Sandbox, although it has been on a downtrend since its all-time high of December, still is a sure-shot investment option, given it recently surpassed the likes of AAVE and Axie Infinity by market cap.

Plus, recently, the platform became the new home of the King of Rock and Roll, Elvis Presley, whose NFTs will be launched as avatars in the Metaverse.

As the market comes closer to the end of the second quarter, it will be interesting to see which other altcoins rise the ranks to become the next big investment option.

The Top NFT Trading Strategies for Investors in June

Key Insights:

  • The NFT industry today is a $21 Billion market with over $61.83 Billion traded to date.
  • The popularity of NFTs has also impacted the token market as collections have launched their one token.
  • The recent crash has set NFTs up as an investment hedge for the crypto market’s volatility.

When Non-Fungible Tokens (NFT) first came into existence in 2014, they were just another innovation in the still-developing web3 space.

It took another six years for the same NFTs to find value, and by the end of 2021, these NFTs became mainstream and turned themselves into an investment vehicle.

Thus as we approach the end of the second quarter, here are some ways in which you can too become a part of this community.

The NFTs Trading Strategy

Investing in NFTs isn’t the same as investing in cryptocurrencies as, unlike the latter, NFTs cannot be bought and sold per the market movement as each individual NFT have different values.

For example, one can buy a Bitcoin and sell it the next day and repurchase it the day after, and that Bitcoin would be the same as the first purchase.

However, if you buy a CryptoPunk and sell it, you may never be able to buy it back, and any other CryptoPunk won’t be the same as the first one.

Every NFT is different from others even if it has minor differences | Source: CryptoPunks

Thus should you decide to invest your money into these Non-Fungible Tokens, you must be prepared.

Value the Project, Not the NFT

In many cases, investors tend to jump for NFTs that are either suddenly trending or are insanely expensive and ignore the lesser expensive NFTs, thinking they may hold no potential value. That is where one may lose out on a good opportunity. 

Projects that are backed by big names and have been developed by notable artists will hold a much higher value in the long term, and one should aim for them.

Reputation and Community

Since NFTs are a relatively newer breed of crypto, they also remain vulnerable to scams and rug pulls.

In the past, too, projects such as Frosties and Evolved Apes have managed to get away with rug pulling investors up to $3 million in NFT value, even though they were some of the most trending projects.

This is why it’s necessary to ensure that any NFT project has a credible developer team that is transparent with the community.

Buy High, Gain More

Another intelligent trading strategy when it comes to NFTs is to make sure that you are not only the first ones but also the topmost in the community.

Getting in on collections can be done by buying at the lowest price point or by buying at the highest.

If you pick the latter option, you should be prepared to shell out big bucks, as in some cases, rarest and highly valued NFTs can cost as much as $33 million.

However, this also makes you the owner of the rarest and the most in-demand NFT, which can then be held on to or sold for profit in the future.

But Buy Low As Well

This strategy depends on the NFT collection. In the case where you find a project that has growth potential, get in on the floor price. As the value appreciates, the floor price would rise as well, making even the most common NFTs profitable for you.

Do Not Shy Away From Trends

While trending NFT projects may not necessarily be the most valuable investment options, they do serve as a solid opportunity for scalping in the long run. This strategy is an effective trading method in the derivate space but can also be applied to trending NFTs. 

One can buy a most basic NFT as soon as the collection begins rising in popularity and demand and sell for profit once it’s at its peak.

However, a trader needs to be on top of the changing trends as the NFT market is also prone to volatility.

Just recently, one of the top NFT collections, CryptoPunk’s floor price dropped from 61 ETH ($107k) to 47.32 ETH ($83.6k) in the span of a month. Situations as such must be avoided in such a strategy.

NFT collections’ price | Source: The Block

The More, the Merrier!

It doesn’t take a genius to deploy this strategy. Simply combining the factors from the abovementioned strategies, one can expand their portfolios by investing in more than just one NFT project.

With the Metaverse growing as well, many NFT collections are integrating themselves with the virtual world to create deployable avatars of the NFTs. This gives utility to an NFT even if it isn’t valued on the basis of scarcity, resulting in an increase in price. 

Making investments this way also prevents excessive losses as a decline in the value of one NFT can be balanced by the increase in the value of some other NFT in the portfolio.

Invest in NFTs by NOT Investing in NFTs

Lastly, there are ways for an NFT enthusiast to still find exposure to these tokens without risking themselves directly. This can be done by investing in tokens of the NFT projects, marketplaces, or blockchains that they are associated with. 

Examples of the same can be found in ApeCoin (APE), the token of the Bored Ape Yacht Collection, which was launched last year and currently has a market cap of $1.75 billion.

ApeCoin is an option for investing in NFTs without being directly exposed to BAYC

Another such token is FLOW of the Flow Blockchain, which has exploded in demand over the last couple of days.

FLOW crypto exploded socially | Source: Google Trends

Backed by the likes of Coinbase, Dreamworks, Samsung, and Google Ventures, the Flow blockchain was created by Dapper Labs, who are also responsible for creating the NFT collection, Cryptokitties.

In conclusion, there are many ways for one to invest in NFTs, provided they utilize the most optimal strategies to gain profits.

Why are NFTs doing So Well in a Bear Market?

Key Insights:

  • Nearly $8 billion worth of NFTs were traded in the first quarter of 2022.
  • NFTs have been an investor favorite since last year as more hype gets built around the asset class. 
  • While NFTs are doing well even in a bear market, there’s more to it than meets the eye. 

Crypto investors have raised alarms of a bear market since the crypto market cap fell below the $1.5 trillion mark. As bearish waves took over the market, top coins like bitcoin (BTC) and ether (ETH) began their rangebound movements.

On the other hand, most altcoins followed BTC’s trajectory due to the high correlation to bitcoin price. Interestingly, reports of the non-fungible token (NFT) market collapsing due to a bearish market started surfacing early in May. However, the so-called collapse of the NFT market was met with solid retaliation on crypto Twitter.

In fact, data suggested that nearly $8 billion worth of NFTs were traded in the first quarter of 2022, which was proof that the market cannot be considered to have collapsed. So, why are NFTs doing so well even in a bear market?

What are NFTs?

Non-fungible tokens or NFTs are a new category of unique digital assets and cannot be replaced by another identical asset. Unlike cryptocurrencies, which are interchangeable and divisible, each NFT is a one-of-a-kind item with its own intricate designs, behaviors, and transactions.

In the NFT space, almost anything can be tokenized – from in-game items to virtual worlds to artworks and even virtual real estate. The applications of NFTs are numerous and of late, NFTs have started to pick up in terms of social media popularity as well as retail volumes.

Over the last year, a number of ‘play-to-earn’ NFT games appeared as a number of projects emerged in quick succession, offering utility and earning opportunities via owning an NFT. Apart from blue-chip projects like BAYC and Cool Cats, it was tough for projects without established communities, partnerships, and brand recognition to retain value and interest.

Nonetheless, trading in NFTs hit $17.6 billion last year, registering an increase of 21,000% from 2020, according to a report from Thus, as celebrities, sports stars, and musicians continued to onboard the NFT hype train, the sector continued to grow.

Exponential Growth of NFTs

Even though the overall sales volumes for most of the top NFT marketplaces were trending down in the recent quarter many market experts believed it to be a form of stabilization, in line with the last quarter of 2021.

Data highlighted that more than 2.5 million crypto wallets belonged to people holding or trading NFTs in 2021. Furthermore,’s research, showed that the number of NFT buyers rose to 2.3 million from 75,000.

However, that wasn’t it, people also got better at making money from NFTs, according to the report, with investors generating a total of $5.4 billion in profits from sales of NFTs last year. Additionally, 470 wallets managed to make profits in excess of $1 million, highlighting significant gains made from the NFT sector.

Over the last year, collectibles were the most popular category of NFTs and accounted for $8.4 billion worth of sales. On the other hand, gaming NFTs such as Axie Infinity represented the second-largest category, up by $5.2 billion in sales.

Are NFTs Bear-market Proof?

In the first quarter of this year, the general public seemed to be losing interest in NFTs as the search volume on Google saw a downtrend.

FXempire, NFTs, Crypto
Source: Google

Nonetheless, NFT projects continued to look toward global brand partnerships to secure their longevity even in a potential NFT bear market. International brands such as Adidas, Coca-Cola, Nike, Louis Vuitton, Samsung, and Pepsi were now part of the NFT space which provided NFT projects the hype they needed to sail through a bear market.

That said, looking at data from Dune Analytics, OpenSea NFT transactions saw no significant dips despite the larger cryptocurrency market’s fall. Furthermore, uniques NFT buyers and sellers also maintained decent levels as the NFT markets registered a strong bounceback in April this year.

FXempire, NFTs, Crypto, bear market
Source: Dune Analytics

Notably, until early May 2022, NFT trade volumes averaged around $687 million per week, slightly up from an average of $620 million a week in the fourth quarter of 2021. While the value of some NFTs continued to increase, the global community could have lost interest because of speculation and a loss of interest in collectibles.

That said, as more institutions, large companies, and financial institutions enter the NFT space, the market would continue to drive by social hype and strategic partnerships. However, NFTs much like any other asset, aren’t entirely bear market proof. In fact, in the NFT space, the gaming sector showed a total loss of almost $50 million.

Therefore, it is crucial to do your own research and spot early signs in good projects that reach high volume and see users flocking to play.

After the $623M Hack, Axie Infinity’s Discord Bot Gets Compromised

Key Insights:

  • The hack was confirmed by Axie Infinity earlier today.
  • MEE6 official channels denied allegations of being exploited.
  • Axie Infinity is still recovering from the $625 million hack.

As it appears to be, social media hacks and exploits seem to have become the new meta in cybercrime, with more and more crypto blockchains and DeFi protocols facing this issue this year. Axie Infinity became the latest target of the same.

Axie Infinity Blames MEE6

In a tweet today, Axie Infinity stated that the MEE6 bot which was installed on their main Axie server was compromised.

According to the investigation, the hacker used the MEE6 and added fake permissions to a fake Jiho account, after which fake announcements regarding a mint were posted on the channels.

Soon after, the MEE6 bot was removed, and the fake messages were deleted. Still, as per one user, their NFT and domain were already stolen.

Although the MEE6 team stated that the allegations being directed towards MEE6 were “fake news”, as neither did they spot any unusual activity nor were they were contacted by any real community owners.

The MEE6 support server although stated that the admin accounts of Axie Infinity’s Discord server were compromised, which enabled the hacker to use the MEE6 bot to post phishing messages and links in the channels.

Regardless of what the case may be, Axie Infinity investors’ community is losing their patience since this is the second attack on the platform, the last being the $625 million hack.

Known to be the biggest hack in the history of crypto, Axie Infinity’s Ronin Bridge exploit accounted for half of all the crypto attacks that took place throughout the first quarter of 2022.

Going forward, Axie Infinity needs to make itself more secure before investors start exiting to protect their funds.

Social Media – The New Target

As reported by FXEmpire, multiple official servers and accounts fell victim to these hackers, who used the platforms to execute phishing attacks on the users throughout April and May.

In the second quarter, the first to witness this was the NFT collection Bored Ape Yacht Club (BAYC) after its Discord was compromised and hackers managed to steal $69k worth of NFT.

The same month, BAYC’s Instagram account was hacked, which was used to promote a fake airdrop to lure investors into signing away their NFTs. As confirmed by the founder of BAYC, about 4 Apes, 6 Mutants, 3 Kennels, and some other NFTs were stolen.

Similarly, Opensea’s Discord was hacked as well, with hackers promoting fake YouTube-based NFTs to steal their private keys. Although no loss occurred in this instance, it made platforms reinforce their social media security. Expands Services With Shopify Offering 0 Transaction Fees

Key Insights:

  • Shopify will use Pay to enable crypto payments.
  • The facility will allow merchants to receive cryptocurrencies with 0 transaction fees.
  • is pushing adoption by recently announcing a five-year partnership with AFL.

In an announcement today, one of the world’s best-known cryptocurrency exchanges,, enabled Shopify merchants to receive payments in cryptocurrency with the help of Pay. Expands Merchant Reach

With this integration, Shopify merchants will be able to tap the market of customers who prefer to pay in cryptocurrencies and also open up opportunities for the current users who are looking to make use of this facility. is even offering to waive the 0.5% settlement fee for the first month after integration on all transactions to incentivize Shopify merchants further. This will also help expand its payment services to other Shopify users as well.

Currently, enables users to make payments all around the world with 0 transaction fees, and they also incentivize individuals to make use of its native token, Cronos, with its payment platform. Users who pay through using Cronos receive a significant amount in crypto-cashback, which can run up to 10% during certain periods.

Going forward, users will be able to pay Shopify merchants using 20 cryptocurrencies ranging from Bitcoin to Apecoin, including Ethereum, Cronos, Dogecoin, and Shiba Inu as well.

Commenting on this announcement, Co-founder and Chief Executive Officer (CEO) of, Kris Marszalek, stated,

“Providing more customers and merchants the ability to engage in commerce using cryptocurrencies is a priority for We are incredibly excited to integrate into Shopify, and to bring this capability to even more customers and merchants around the world.” Furthers Its Partnerships

Marketing and advertising are the strongest suits of with brand ambassadors like Matt Damon. The exchange is thus building on it to reach a wider audience. 

As per that strategy, the most recent play was’s five-year partnership with Australian Football League, becoming the Official Cryptocurrency Exchange and Official Cryptocurrency Trading Platform for both AFL and AFLW.

But while it excels on the expansion front, it might not be doing so well on the investor front as Cronos holder try to recover from the devastating crash of May 9.

Although CRO is up by 16.64% over the week, it will be hard for the altcoin to counter the 43.35% plunge in price during the crash.

Cronos lost over 43% during the recent market crash

Crypto Market Daily Highlights – May 17

Key Insights:

  • The global crypto market cap is back above the $1.3trillion mark. 
  • BTC’s price has tested the $30,300 resistance. 
  • Both bullish and bearish news is driving market volatility higher.

 The larger cryptocurrency market has been rangebound for most of this month, as the global crypto market cap oscillated between the $1.2 trillion low and $1.34 trillion. 

Data from Coin Market Cap top 100 suggested that Kadena (KDA) jumped by 14.70%, and Algorand (ALGO) saw 11% daily gains leading market the crypto majors. 

It has been an eventful 24 hours for the crypto market, with BTC jumping back above the $30,000 mark and several altcoins in the top 100 making gains. Sustained gains, however, still remain in question as the market continues to be volatile. 

BTC risks falling to $20,000

According to some market experts, BTC’s chances of revisiting the lower levels are still high. The Luna Foundation Guard (LFG) recently revealed that it had sold almost all of its BTC reserves during last week’s Terra (LUNA) and TerraUSD meltdown. The higher amount of circulation BTC in the market added to price volatility. 

Famous trader Phoenix said in a recent Twitter post that if bitcoin’s price falls below the $29,494 mark, the next price range to watch would be $21,800-23,800. 

As highlighted in an FXEmpire article earlier this morning, the Bitcoin Fear & Greed Index fell from 10/100 to 8/100, its lowest level since March 14, 2020. 

The early-week BTC losses witnessed this week could be blamed on global investors in the equity markets and the crypto market responding to dire economic data from China.

Despite short-term price gains, weak technical signals and low buying pressure left bitcoin’s price in a rangebound movement. That said, in the traditional market, weak stats coupled with the threat of a recession left the NASDAQ 100 down 1.20%.

Even though Federal Reserve chair Jerome Powell’s assurances on the rate hike front have delivered support, the same has failed to change the larger economic outlook. Furthermore, the correlation between bitcoin and the NASDAQ strengthened marginally on Monday.

On a one-day chart, BTC’s price made some positive progress; however, high gains didn’t seem to be on bitcoin’s cards as RSI highlighted high selling pressure in the market. 

FXempire, BTC, Crypto, Bitcoin
BTC 1-day price | Source: FXEmpire

Analyst Rekt Capital pointed out that the $20,000 zone is an area of interest should current levels fail to hold and buyers not materialize.

LUNA and UST Debacle Continues

The South Korean Conservative Party has requested a parliamentary hearing on the dramatic fall of Terra’s LUNA and its algorithmic stablecoin UST. 

On Tuesday, the South Korean National Assembly’s Political Affairs Committee summoned Terraform Labs co-founder Do Kwon for a parliamentary hearing regarding the issue. The committee’s representative, People’s Power’s Yoon Chang-Hyeon, said,

“There is a part that raises questions about the behavior of exchanges during the crash. Coinone, Korbit, and Gopax stopped trading on May 10, Bithumb on May 11 stopped trading daily, but Upbit did not stop trading until May 13.”

However, amid the negative commentary, TerraUSD’s price managed to register 11.83% gains trading at $0.1216 at the time of writing. 

High Volatility Sends Altcoin Prices Up

A recent Santiment report highlighted that for those ‘expecting less volatility for crypto markets in the first weeks of May after the rocky first four months of 2022, a continued pattern of downswings shook even crypto’s optimistic traders to their cores.’

After the second FOMC meeting that resulted in the US Fed increasing interest rates by another 0.5%, crypto markets showed some life for 24 hours. At press time, some of the top gainers were altcoins like Elrond (EGLD), Kava (KAVA), Aave (AAVE), and Kadena (KDA)

Algorand (ALGO) also gained close to 7.82% as the token traded at $0.49 at the time of writing. On the other hand, BAYC’s ApeCoin (APE) also noted 7% gains, trading at $8.73. 

Interestingly, Litecoin’s price saw a bounce of over 6% in the last 24-hours as it traded at $70.83. 

One of the most interesting news came from China, as bitcoin mining was back in the news this week, with new data showing China as the second-largest bitcoin mining nation, despite an outright ban.

A recent, FXEmpire article also highlighted that the world’s largest digital currency asset manager, Grayscale, confirmed that it would be bringing its first European ETF called the Grayscale Future of Finance UCITS ETF (GFOF).

Thus, with both bullish and bearish developments taking place in the crypto market, volatility could continue to push BTC and the global crypto market’s boat in the near term. 

Best Performing Altcoins of Last Week: BNB, TRX, MANA, MKR

Key Insights:

  • Bitcoin’s price faced strong resistance at the $31,000, while altcoins made attempts to recover. 
  • BTC’s recovery above the $27,000 mark pushed certain altcoins towards a short-term recovery.
  • BNB, TRX, MANA, and MKR were among the coins that got a decent upswing.

Bitcoin’s price attempted recovery above the $30,000 resistance level, but after facing rejection ahead of the $31,000 mark, its price oscillated close to $28,983 at the time of writing. BTC’s price jumped by almost 7% in a day, cutting its weekly losses to less than 18%, in tandem altcoins saw a short-term price push.

The world’s largest cryptocurrency by market cap was still down by over 50% from its all-time high made in November 2021 at around $69,000. After BTC’s recent short-term uptrend, most of the major altcoins faced the uphill task of recovering above their key support/resistance levels.

Altcoins short-term price surge

Certain altcoins that performed well over the last week in tandem with BTC’s recovery above the $27,000 mark were binance coin (BNB), Tron (TRX), Decentraland (MANA), and Maker (MKR).

In addition to that, two ethereum (ETH)-based altcoins called Chain’s XCN and FLEX Coin’s FLEX token charted notable weekly gains despite the widespread crypto meltdown.

The native token of the blockchain technology company chain, XCN, rose by more than 30% in price over the last seven days from a low of $0.071 to a high of $0.091.

On the other hand, Hong Kong-based futures exchange platform’s native token FLEX jumped by over 33% in the last week from a low of $3.72 to a high of $4.95.

Furthermore, many altcoins like DOT, AVAX, SHIB, MATIC, FTT, FTM, and APE were briefly in the green zone. Apecoin’s APE token rallied by 46%, breaking above the $9.00 level, while FTM, MANA, and GALA saw close to 50% gains over the last week.

BNB, TRX, MANA, and MKR see short-term price gains

Binance Coin’s BNB saw a bounce from the $200 support zone, rising to as high as $300 on May 13. However, the fifth-ranked coin by mark cap faced considerable resistance at the $315 mark and after making a high of $313 on May 13, it made its way back to the $250 level.

FXempire, BNB, Crypto
BNB Price Action | Source: FXEmpire

If bulls fail to ride the sell-side pressure, the price might correct lower, but dips could be limited below the $250 level. At the time of writing, BTC’s price pullback to the $28,900 mark brought BNB’s price down to the $279.36 level.

BNB’s price was down by 9.35% in the last 24-hours and almost 25.62% over the previous week.

Apart from BNB, Tron’s TRX token maintained its price above the key $0.067 mark despite the market-wide sell-off. TRX’s price made it close to the $0.084 mark but faced resistance at the higher level, which led to a pullback towards the $0.067 mark.

FXempire, TRX, Crypto
TRX Price Action | Source: FXEmpire

While TRX’s price maintained its rangebound movement between the $0.067 and $0.084 mark, its price didn’t fall below the key support zone at the $0.065 mark which was noteworthy.

Defi token MKR was another coin that performed well amid high sell pressure in the larger market. On the other hand, Decentraland’s MANA gained up to 50% as the market saw a short-term recovery.

Maker Protocol’s MKR token recovered from the last week’s losses as the price pushed above the $1500 mark. At press time, MKR traded at $1,456.29, noting 1.71% daily and 9.55% weekly gains.

On a weekly chart, MKR’s price made a higher high for the last four days.

FXempire, MKR, Crypto
MKR Price Action | Source: FXEmpire

At the time of writing, data from CoinMarketCap highlighted that MANA was the top gainer in the top 100 assets by market cap.

FXempire, BTC, Crypto, Altcoins
Source: Coin Market Cap

The 33rd ranked coin by market cap traded at $1.14, noting 4.19% daily gains. Over the last two days, MANA’s price recovery above the $1.13 mark has instilled positive momentum for the coin.

FXempire, MANA, Crypto
MANA Price Action | Source: FXEmpire

If bulls push MANA above the $1.15 mark, further gains could be expected in the near term for the alt.

So, what do altcoins need to recover?

Most of the top altcoins have a high BTC correlation during bear markets. The top coin’s price movement and volatility provide ample opportunities for alts to rally.

Crypto analyst Rekt Capital notes that BTC would need a monthly close above the $35,000 mark for a bullish higher timeframe close and to keep losses at bay. While a monthly close above the $35,000 mark may seem unachievable, if volatility and buying pressure takes on the same could pan out in favor of the bulls.

BTC’s monthly close above the key resistance at $35,000 could aid positive momentum to altcoin trajectories. In the last week, BTC’s price has made some decent progress recovering above the range low of around $28,600, but a push from bulls above the $30,000 mark would be needed for altcoins to move upwards.

Analyst Rekt Capital also highlighted that for ‘BTC to develop some semblance of bullish momentum, it needs to keep $28600 as support for price to challenge $32000.’ However, a BTC weekly close below the $28600 mark would be bearish.

Bitcoin and ETH Signal Relief Rally, BNB Forms Key Bullish Pattern

Key Insights:

  • Bitcoin (BTC) dived to $26,000, before it found support.
  • Ether (ETH) traded close to $1,700 and is currently recovering losses.
  • BNB tested $200 and is now forming a bullish candlestick pattern on the daily chart.


In the past two days, bitcoin (BTC) price saw a major decline below the $32,000 support zone. There was a clear move below the $30,000 support level and the 21 simple moving average (H1).

The price even declined below the $28,250 level and tested $26,000. It is now consolidating losses and attempting a recovery wave above the $28,000 level. On the upside, the price is facing a major hurdle near the $28,500 level and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

A move above $28,500 could resend the price towards the $32,000 resistance. If not, it could start another decline and may possibly trade below $26,000.

Ethereum (ETH)

ETH also followed a bearish path below the $2,200 support zone. The price gained pace below the $2,000 level and the 21 simple moving average (H1).

The bears even pushed the price below $1,800. It tested the $1,700 zone and is currently attempting a recovery wave. It is facing a key bearish trend line with resistance near $1,925 on the hourly chart.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

A proper upside break above the $1,920 level and $1,950 could push the price towards the $2,200 resistance zone. If not, it could start another decline and may possibly trade below $1,750.


BNB started a major decline from well above the $400 level. There was a clear move below the $350 and $300 support levels to move into a bearish zone.

The price tumbled over 30% in the past three sessions and even declined below $250. However, the bulls took a strong stand near the $200 zone. There was a major recovery wave and the price climbed above the $250 level.

BNB Daily Chart
BNB Daily Chart by FXEmpire

It seems like the price is forming a key bullish reversal candlestick pattern on the daily chart. Immediate resistance is near the $280 level. A clear upside break above the $280 resistance might stage a strong rally.

The next key resistance might be $300, above which the bulls could aim a move towards the $350 level. If there is no upside break, the price could start a decline below the $240 level. The next major support is near $200.

ADA and DOT price

Cardano (ADA) nosedived below the $0.45 and $0.40 levels. It is now recovering and trading above $0.45. However, the price might face hurdles near $0.50.

Polkadot (DOT) tumbled below the $8.00 and $7.50 levels. It is back above $8.00, but bears might remain active near $8.80 and $9.00.

A few trending coins are APE, LEO, and TRX. Out of these, APE is trading in the green zone and might rise above the $7 level.

Meta Begins Testing NFTs on Instagram, Set to Launch on Facebook Too

Key Insights:

  • Mark Zuckerberg has announced the testing of NFTs on Instagram.
  • The company has been looking into this feature since December 2021.
  • Twitter launched this feature earlier this year for a fee, while Meta is doing it for free.

The explosion of non-fungible tokens (NFTs) last year engulfed not just crypto niche organizations but also every major mainstream company, platform, and brand.

Meta brings NFTs

After revealing the beginning of exploring NFTs for its social media platforms, Meta finally announced today that the feature is now in the testing stage and will be deployed to Instagram and Facebook soon.

As reported by FXEmpire, Meta has been eyeing this space since December last year, when Instagram’s CEO stated that the platform intends to make NFTs accessible to a wider audience.

And today, the CEO of Meta, Mark Zuckerberg himself, stated that they are actively testing the same. Zuckerberg, on Facebook, commented:

“We’re starting building for NFTs not just in our Metaverse and Reality Labs work, but also across our family of apps. We’re starting to test digital collectibles on Instagram so that creators and collectors can display their NFTs.”

He also stated that the company would soon be bringing the same functionality to Facebook as well, in addition to integrating augmented reality with the NFTs to enable users to project them into 3D physical spaces in their Instagram stories.

Twitter leads the race

Earlier in January this year, Twitter enabled the option of displaying one’s Ethereum (ETH)-based NFTs as their profile picture with a distinct frame.

While Meta plans on doing this for free, Twitter made it available to its users for a fee of $3, which was criticized by many people, including current owner Elon Musk.

Calling it a waste of engineering resources, the Tesla CEO even went to the extent of making a collage of BAYC NFTs as his own Twitter profile picture recently to show that the feature doesn’t do much for NFT owners.

In line with the same, Musk tweeted:

Following the social media giant, other platforms such as Reddit and OnlyFans also announced their intention to enable similar functionality.

ApeCoin Price Prediction 2022 – What is the Potential of APE?

The Non-Fungible Token (NFT) sector has taken the crypto market by storm. In 2021, Beeple NFT was sold for $69 million. As a result, many crypto investors are looking for investment opportunities in NFT-related projects. And this explains the massive interest in the APE coin. Let’s take a step back to bring you up to speed with the Ape Coin connection with NFT.

About ApeCoin

You probably heard about Bored Ape Yacht Club (BAYC), one of the biggest NFTs. It attracted massive attention leading to investment from the biggest athletes and showbiz celebrities, including Snoop Dog and Neymar Junior. BAYC investors receive free APE tokens.

ApeCoin is the utility and governance coin of the APE ecosystem. It’s important to note that Yuga Labs created BAYC while APECoin DAO is behind ApeCoin. The token creators use various incentives and programs to boost the token’s utility. For instance, it allows third-party developers to integrate the crypto Coin into their projects. In addition, the DAO has set aside an Ecosystem Fund that funds projects voted by developers.

While it initially depended on the BAYC sales, the company is now banking on metaverse land sales.

The coin is a utility and governance token in the APE ecosystem. Users can use the token for governance. Holders can propose protocol changes and determine the token’s future. It also works as a utility token and payment for E11even Residences and in-game currency for BenjI Banana.

The ERC 20 token was trading at $5 after launch on March 17. It experienced massive volatility, recording over 200% in one month to reach $16 before pushing its price to an all-time high of $27.5 on 28th April. It is currently trading at $16 and ranks 33rd in the top 100 cryptocurrencies. The market cap has also fallen to $4.5 billion, a significant drop from an all-time high of $7.5 billion.

Yuga labs launched minting of Otherside metaverse lands at the end of April. The digital real estate was worth $100000 within 45 minutes and raised a total of $320 million, effectively making BAYC the NFT with the highest sales.

After the sale of Otherside, the price plummeted from $24 back to $16 on 30th April. This is a surprising occurrence considering the tokens for sale are locked and restricted.

Ape Price Predictions

CoinMarketCap Community Predictions

The Coinmarketcap cryptocurrency community of over 3400 members predicts $16.78 as ApeCoin’s closing price for May. The community prediction is worth keeping an eye on because it boasts 80% accuracy. Projections

Currently trading at $11.37, expects the price of ApeCoin to hit a high of $14.342 this month and find support at $9.752 if the bears push the price down. But the price will generally average $11.473.

Projections show the price could rise steadily to hit $15 in July and surpass $16 two months later. In the third quarter, the average monthly price as per the site’s prediction is $12.31, $12.669, and $12.99.

In October, the maximum price is projected to reach $16.59 and the average of $13.272. In November, ApeCoin is expected to range between $11.506 and $13.536 and close the year at $17.21. Despite the usual ups and downs, the price is expected to have steady growth, continuing in 2023.

Finder Panel Predictions

Finder’s panel of crypto specialists make predictions of various digital currencies such as Bitcoin. Finder experts predict ApeCoin to reach $27 by the end of the year. However, panel members have varying individual predictions. For instance, Fred Schebesta has a lower projection expecting the cryptocurrency to finish the year trading at $20. The Finder Co-founder thinks that the coin uses will extend beyond buying metaverse lands to include merchandise purchases.

However, John Hawking of the University of Canberra spells doom for the cryptocurrency, predicting ApeCoin won’t be worth anything by 2030. In fact, 75% of the panelists view the digital token as a meme coin, while 20% think it will have utility in the future.

Elon Musk Involvement

Elon musk’s involvement in any crypto projects sends the crypto price high, as it happened with Dogecoin and Shiba Inu. It is not surprising that after he used Apecoin collage in his profile picture, the cryptocurrency surged massively, hitting a high of $17.46. However, it dipped to $15.26 a few hours later after a tweet signifying that the crypto was probably not so fungible. “I dunno…seems kinda fungible.”

Technical Analysis

According to ApecCoin’s 4-hour time frame chart, the crypto is now in an oversold area. This means it might not fall any further. If the bulls join the market and the momentum picks up, the price could rise until it enters the overbought zone.

In addition, the price has reached a support area. It will be interesting to see whether the price will break below the level. Already the market is showing signs of consolidation. This could signify the buyers are jostling to push the price up.

If the bulls manage to take control of the market, we can expect to find a minor resistance at the $17.1 resistance level, which coincides with the 0.236 Fibonacci level. Another important level is $20, which is not only a psychological area of interest but coincides with the 50% Fibonacci level. If the price breaks above $24 (78.6% fib), it could smash an all-time high on its way to $30.

Final Note on Apecoin price predictions

ApeCoin has experienced massive volatility characterized by price changes as it launched NFT and metaverse related projects. It has also attracted the attention of the giant price movers and shakers, including the new twitter owner Elon Musk. However, some quarters argue that metaverse and NFT are pretty much crowded. Therefore, the future price will be pegged on new utilities. Otherwise, it risks becoming just a meme coin. If the coin invents new utilities, it could continue to climb the ladder of top crypto coins.

Opensea Confirms Discord Hack As Spambots Promote “YouTube” NFTs

Key Insights:

  • NFT marketplace Opensea’s Discord server has been hacked.
  • Spambots have been posting links to limited YouTube NFTs
  • Social media channel hacks have been on the rise this year.

While the Decentralized Finance space is prone to hacks and exploits, it’s unusual for their centralized social media platforms to go through something similar.

However, over the last couple of weeks, the crypto space has been observing the latter, with the latest addition to the mix being Opensea.

Opensea Hacked Again!

The Ethereum-based NFT marketplace confirmed that their Discord server had been compromised a few hours ago. The same was verified by PeckShieldAlert and Serpent, accounts associated with blockchain security.

Being the first to bring this exploit to life, Serpent shared a screenshot of the Discord channel where spambots seemingly posted links to a page titled “”.

By claiming these NFTs to be limited with only 100 in existence and over 80% minted out, the hackers tried to lure investors towards the phishing website.

Opensea Discord server spambot | Source: Serpent

PeckShieldAlert posted the image of the same website with an alert warning people of the possible attempt by hackers to steal their private key, tricking users into giving them token approval and/or buying scam tokens.

At the time of writing, the most recent update from Opensea was as follows,

“Do not click links in our Discord. 

We are continuing to investigate this situation and will share information as we have it.”

This is, however, not the first time Opensea users have been the victim of a hack. As reported by FXEmpire, Opensea users lost about $1.7 million worth of NFTs in a phishing attack earlier this year.

A victim even sued the marketplace with a $1 million lawsuit claiming the platform continued operating instead of shutting down and rectifying the issues. 

Opensea Is Not Alone

Last month the second biggest NFT collection, Bored Ape Yacht Club (BAYC), witnessed two hacks compromising its social media accounts.

The first attack took place on April 1, compromising the NFT collection’s Discord server, followed by a second attack on its Instagram account on April 27.

With the latter hack, the hacker managed to swipe 4 Apes, 6 Mutants, 3 Kennels, and some other valuable NFTs.

Thus this pattern of attacking social media accounts seems to be picking up the heat. Still, investors can be safe if they understand the difference between a fake announcement and an actual announcement. As highlighted by Serpent,

APE Joins DOGE to Take Cues From Crypto Influencer Elon Musk

Key Insights:

  • On Wednesday, Elon Musk briefly changed his Twitter profile image to a Bored Ape Yacht Club image, driving APECoin (APE) into a frenzy.
  • Musk has a similar impact on Dogecoin (DOGE) and Shiba Inu Coin (SHIB), and even Bitcoin (BTC).
  • The Elon Musk influence brings into question the ethos of decentralization.

Elon Musk, the world’s richest man, is no stranger to cryptocurrencies. In January 2021, the Tesla (TSLA) CEO showed his power over the crypto market by simply changing his Twitter account description to #bitcoin.

On Jan. 29, the Bitcoin (BTC) response was evident, surging from a day low of $31,996 to a day high of $38,632 before easing back.

Elon Musk Hits BTC via Twitter
Hourly chart shows the influence of Elon Musk.

In February of last year, Musk delivered further BTC price action with news of Tesla acquiring $1.5 billion in BTC. Once more, the Musk influence was evident, with BTC responding to the news.

Tesla news delivers BTC spike
BTC spikes on news of Tesla purchasing $1.5bn in BTC.

Since then, Musk has continued to show his influence on the crypto market, with DOGE, SHIB, and now APE at the mercy of Musk’s Twitter account.

Musk Twitter account causes APECoin frenzy

On Wednesday, Elon Musk flexed his crypto muscles via his heavily influential Twitter account. By simply changing his Twitter profile picture to a Bored Ape Yacht Club NFT image, APECoin surged from $14.51 to a day high of $17.64, before easing back. APE holders enjoyed a 21% breakout within a 45-minute time span.

Elon Musk fueled price action
Musk Twitter account hits APE

APE joined a growing list of cryptocurrencies that have fallen under Elon Musk’s spell. Dogecoin (DOGE) and Shiba Inu Coin (SHIB) have long been under the influence of Elon Musk.

APE joins DOGE as an Elon Musk dependent

Over the last 12-months, Musk’s influence on DOGE and SHIB has been unquestionable. Last month alone, DOGE investors faced heightened volatility as the global financial markets responded to Musk’s Twitter purchase.

On April 5 and April 25, two spikes were evidence of the Musk Spell. The April 5 breakout came in response to news of Musk taking a $3 billion stake in Twitter.

The April 25 breakout came in response to renewed talk of Musk buying Twitter, which briefly took DOGE into the crypto top ten by market cap.

Elon Musk and Twitter News
Price spikes driven by Musk news updates.

Musk brings into question the ethos of decentralization

Since Tesla’s purchase of $1.5 billion in BTC, questions have surfaced over the influence of one person on the crypto market.

There has yet to be any regulatory scrutiny on the Musk influence despite the US Securities and Exchange Commission’s stance on cryptocurrencies.

For the crypto market, the Musk influence raises questions over the ethos of decentralization. The impact of a Musk Tweet on APE, BTC, DOGE, and even SHIB removes the concept of decentralization.

While crypto investors going long may appreciate the Musk influence, investors shorting APE, DOGE, and SHIB walk a treacherous path, with Musk able to create a price spike with a simple tweet.

10 Best Altcoin Performers in April: APE, KNC, GMT, XDC, XMR, DOGE, ENS, DAO, DAR, BTRST

April turned out to be an ugly month for altcoins and the broader cryptocurrency market in general. EXANTE’s XAI index of popular altcoins fell 21.7%, last month, amid a broader 18.3% decline in the total market capitalization of the crypto market to around $1.7 billion.

Fears about central bank monetary policy tightening to tame inflation saw major developed market government bond yields surge, raising the opportunity cost of holding non-yielding assets such as cryptocurrencies.

Meanwhile, surging bond yields amid central bank tightening fears, as well as broader concerns about inflation, and lockdowns in China, weighed heavily on risk assets, with global equities tumbling. This, in turn, weighed heavily on the still very risk-sensitive cryptocurrency market.

But a few altcoins were, nonetheless, able to buck the bearish trend. Here is a list of ten of the most notable outperformers.

1. ApeCoin

APE, the governance and utility token of Yuga Lab’s APE Ecosystem, surged in April in the lead-up to the launch of the “Otherside” metaverse by Yuga Labs on April 30. ApeCoin will function as the currency that powers the new metaverse’s digital economy.

APE/USD rallied 57% from under $13 per token, to end the month near $20 per token.

Source: CoinMarketCap

However, it’s been an ugly start to the month for ApeCoin, with the token already down over 20% and back to near $15 per token.

Crypto analysts said that traders had been aggressively unwinding long positions in the cryptocurrency, after Yuga Labs announced the details of how it would sell digital land in the Otherside metaverse.

Digital land non-fungible tokens (NFTs) would cost a flat 305 APE (around $4,600, at the time of writing) as opposed to being sold off in a dutch auction, and traders said this reduced the need to hold ApeCoin as a result.

While APE/USD might be in for some short-term pain, investors will be closely monitoring the success of the new metaverse. Should the user numbers look promising over the next few weeks, investors may want to buy the dip APE/USD.

APE currently has a market cap of $4.38 billion.

2. Kyber Network’s KNC

Multichain liquidity aggregator Kyber Network’s governance and utility token KNC, surged nearly 50% in April, from lows of under $3 per token, to end the month near $5.

knc chart
Source: CoinMarketCap

Crypto analysts cited continued growth in total trade value locked (TVL) within Kyber Network’s ecosystem since the start of the year as powering much of the token’s recent upside.

Whilst April was strong, the KNC bulls will be disappointed that just two days into the month of May, KNC/USD has already dropped over 8% and looks likely to soon test the $4 level.

KNC’s market cap is currently just under $750 million.


GMT, the native governance token of popular and rapidly growing move-to-earn platform STEPN — where participants can by NFT trainers and then have their movement tracked to earn crypto — gained more than 40% in April.

gmt chart
Source: CoinMarketCap

STEPN recorded massive growth in its Daily Active User (DAU) numbers, last month, solidifying its status as the most popular name in the move-to-earn genre. It also managed to land an NFT sneaker collaboration with ASICS.

GMT is now listed on most major cryptocurrency exchanges. GMT investors will remain focused on whether DAU numbers continue to trend in a positive direction. If so, it may be a matter of time before GMT/USD rallies from current levels just under $3.50 per token back to record highs printed last week just above $4.50.

GMT’s market cap is currently just over $2 billion.

4. XDC Network’s XDC

XDC, the native coin that powers XDC Network (also known as the XinFin Network), posted a respectable slightly more than 8% gain in April. That saw the price per token rise from about $0.057 to around $0.062.

xdc chart
Source: CoinMarketCap

Crypto market commentators attributed the coin’s outperformance relative to the rest of the altcoin market to the launch of a new NFT marketplace using the XDC Network’s blockchain technology by a company called BlocksWorkz.

XDC currently has a market cap of roughly $750 million.

5. Monero’s XMR

More of a relative outperformer rather than an outright outperformer, XMR, the native token of the privacy-focused Monero blockchain, was pretty much flat in April, remaining well supported to the north of the $200 per token mark.

xmr chart
Source: CoinMarketCap

In April, Monero’s developers announced a major upgrade to the network which will come into effect in July, helping XMR weather recent cryptocurrency market turbulence.

XMR currently has a market cap of around $3.8 billion.

6. Dogecoin

As with Monero’s XMR, Dogecoin (DOGE) was more of a relative outperformer rather than an outright outperformer in April. The Shiba Inu-inspired memecoin fell just under 8% in April versus the more than 20% drop in the broader altcoin market.

doge chart
Source: CoinMarketCap

Dogecoin was supported intermittently throughout the month by speculation that, given Elon Musk’s impending takeover of Twitter, the cryptocurrency might be used as a form of payment, or enjoy some other type of promotion on the social media platform.

DOGE/USD at one point rallied as high as $0.18, but has since receded to around the $0.13 mark.

DOGE has a market cap of around $17.3 billion.

Moving out of the top 100 cryptocurrencies by market cap, notable outperformers include the following.

7. Ethereum Name Service’s ENS

ENS, the native token of Ethereum Name Service’s distributed, open, and extensible naming system, which is based on the Ethereum (ETH) blockchain, rallied 13.2% in April, from lows under $15 per token to above $20.

ens chart
Source: CoinMarketCap

Since the start of May, the token has already rallied a furthermore than 14% to the mid-$23s. But the token continues to trade well below the peaks it achieved last November, shortly after its launch, above the $80 mark. Traders may well view the most recent rebound as nothing more than a dead cat bounce.

ENS currently has a market cap of roughly $480 million.

8. DAO Maker’s DAO

DAO, the native token that power’s the DAO Maker platform, surged nearly 20% in April, from under $2.50 per token to current levels above $3.

dao chart
Source: CoinMarketCap

DAO currently has a market cap of just over $210 million.

9. Mines of Dalarnia’s DAR

DAR, the native cryptocurrency used in the Mines of Dalarnia action/adventure game, rallied just over 10% in April, from just under $1.03 to just above $1.13 per token. That’s an impressive MoM gain, but it masks a spike as high as $2.48 and back again.

dar chart
Source: CoinMarketCap

But the token has started May on the front foot and is already about 8% higher and trading at about $1.20 per token.

DAR currently has a market cap of just under $230 million.

10. Braintrust’s BTRST

BTRST, the native token of the decentralized employer/employee matching service Braintrust, saw a roughly 5% rise in April, making it one of the best performing altcoins of the month.

Source: CoinMarketCap

BTRST rose from just under $3.50 per token, to close out the month at around $3.65 per token, though has already built on this positive momentum, having already gained a further 4% in May, to trade at around $3.80.

BTRST currently has a market cap of close to $340 million.

ApeCoin Slides in Response to a Controversial Otherside NFT Sell-Out

Key Insights:

  • On Sunday, ApeCoin (APE) tumbled by 21.5% to end the day at $15.68.
  • Otherside sold the Otherdeed NFTs for a flat price after previously planning a Dutch auction launch, reducing APE demand.
  • A second loss in three sessions left APE below the 100-day EMA as indicators turn bearish.

ApeCoin (APE) slumped by 21.5% on Sunday. Reversing a 4.28% gain from Saturday, APE ended the day at $15.68.

Bullish sentiment from the broader crypto market failed to deliver support as APE holders responded to the Otherdeed NFT auction.

APE hit an all-time high of $27.62 on April 28 in response to an anticipated Dutch auction for the Otherside land sale.

Despite the sell-off, APE ranks #29 on CoinMarketCap, holding above Decentraland (MANA) and The Sandbox (SAND) ranked #38 and #40, respectively.

Otherside’s Saturday Otherdeed NFT Sale Sinks APE

On Saturday, Yugo Labs, the platform behind Bored Ape Yacht Club (BAYC), held its Otherside NFT sale.

The sale of 55,000 Otherdeed land NFTs ended within hours, with investors purchasing the NFTs for a flat 305 APE.


At the time of writing, Otherdeed for Otherside ranked #1 by trading volume on the OpenSea marketplace for the last 24 hours and the last 7-days.

Otherside NFT OpenSea Rank 7-days

While the sale was a resounding success, APE holders had expected a Dutch auction, which could have pushed the price of the Otherdeed NFTs well above the flat selling price of 305 APE.

As a result of the lower price, APE holders offloaded APE, leading to the reversal.

Each Otherdeed NFT represented a land parcel in Otherside, Yugo Labs’ metaverse game.

Last month, market expectations that ApeCoin will become the ‘payment token of choice’ for the Otherside land sale drove APE to $27 levels.

Bored Ape owner Renegademaster took to Twitter to share news of Yugo Labs getting ready to sell land on the Otherside metaverse.

According to the tweet,

“The sale will be a Dutch auction of some sort starting at 600 $APE.”

Renegademaster went on further to say,

“This info was sent to me by a reliable source, however, is not confirmed or official news. Speculation at this stage so please DYOR as always! Just sharing what I was told.”

In a Dutch auction, the seller considers all bids before finding a ceiling price for the NFT sale. There is then a gradual price decline at predetermined time intervals.

Expectations were for a price ceiling of 600 APE, double the actual flat selling price of 305 APE.

The sale was not without controversy, with high demand causing an Etherscan crash and failed transactions.

APE Price Action

At the time of writing, APE was up 1.91% to $15.91. A bullish start to the day saw APE strike an early high of $16.14 before easing back.

APEUSD 020522 Daily
APE will need to return to $17 to avoid another pullback.

Technical Indicators

APE will need to move through the $17.22 pivot to make a move through the First Major Resistance Level at $18.80.

Broader market sentiment would need to improve to support a move through $17.50.

In the event of an extended rally, APE should test the Second Major Resistance Level at $21.94. The Third Major Resistance Level sits at $26.65.

Failure to move through the pivot would bring the First Major Support Level at $14.08 into play. Barring another extended sell-off throughout the day, APE should avoid sub-$13 levels. The Second Major Support Level sits at $12.49.

APEUSD 020522 Hourly
Failure to move through the pivot would leave support levels in play.

The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. As a result of the last week’s sell-off, APE sits below the 100-day EMA, currently at $17.12. This morning, the 50-day EMA narrowed to the 100-day EMA. We also saw the 100-day EMA narrow to the 200-day EMA; APE price negative.

APE would need to avoid the 50-day EMA and move through the 100-day EMA to support a return to $20.

APEUSD 020522 4-Hourly
A move through the 100-day EMA would support a return to $20.

Key Support Level Flipped to Resistance for Bitcoin

Bitcoin Technical Analysis

The 600-day simple moving average which had been acting as support for Bitcoin for around 100 days may be flipped into resistance today if we get a close below it on the daily charts.

Bitcoin daiily chart

At time of writing (4:35 PM ET) the bears and bulls are actively defending and attacking this price zone of the 600-day SMA at $40,019. The current pricing on Coinbase is $40,018 and has been shifting to a few dollars above to a few dollars below the 600-day every 10 to 15 seconds signaling very fast paced market conditions.

The ERC-20coin That Has the Blockchain That’s Going Bananas – Apecoin

Meanwhile Apecoin continues to gain value at a rate far greater than any other coin. This exponential growth will of course end at some point, however taking into consideration that the very young crypto just made new all-time highs last evening it seems probable that we will see more swift upside price action and likely reach the $30 per coin status before a correction ensues.

Apecoin has a market value of roughly $24 per coin at time of writing, and although I was and remain skeptical of its ability to have a lasting presence, I have been flowing its price very closely since launching at the end of March. Based on its ability to gain value consistently at a much higher rate than all other coins, as well as limiting losses to a minimum down day, The momentum is reminiscent of Dodge during the week before Musk joined SNL and it ran from $0.24 at the end of April 2021 up to around $0.69 on May 7th 2021.

Even the author of this piece was amazed at the additional similarities between Dodge and Apecoin that were revealed to him once he (I) made an overlapping line chart for comparison. Both coins seem to have the same slope of their ascents, but they both rallied at the exact same time, only one year apart.

Suppose Ape Coin delivers on half of the announced projects, including a series of full-length movies with an unknown “Hollywood” director, the launch of their long-awaited metaverse, and other web three functions and products yet to be fully detailed. In that case, Apecoin has the potential to possibly match the growth that Dodge experienced this time last year.

From March 17th to April 28th, Dodge had grown by 5x. That is the time frame that Apecoin has existed and so far, it has grown by close to 2x in value. Dodge went on to more than 10x by early May so if Ape does follow the same trend, it would reach $100 in the next few weeks.

I am not making that call, but it would not surprise me when I’ve seen coins with less promise go parabolic once they gained a cult following. Ape coin and the Bored Ape Yacht Club (BAYC) certainly have that sort of a devoted army of loyal followers, so I think $30 in the next week is an extremely conservative estimate.

Most of us know how that turned out for Dodge with the coin plummeting the same night the SNL episode aired. Dodge has yet to return to those all-time highs or even close to the heroic status that made it a household name, yet it remains the 11th largest coin by market cap currently trading around $0.13.

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