Weekly recap: ZK hype increases, UNI and CAKE bleed after “copycat” fork, XRP whales turn bullish


Share:
  • ZK hype increases among traders, MINA protocol begins cohort for development of ZK-powered applications. 
  • PancakeSwap forked Uniswap V3 to rollout version 3 of its DEX on the BNB and Ethereum chains, CAKE and UNI nosedived.
  • XRP whales turned bullish on the asset ahead of SEC v. Ripple lawsuit outcome.

The zero-knowledge (ZK) narrative hype has increased among participants with the crypto community awaiting zkSync airdrop confirmation and recent updates by MINA. The hype surrounding meme coins lost relevance, wiping out Shiba Inu (SHIB), Dogecoin (DOGE), Floki Inu (FLOKI) and Dogelon Mars (ELON). 

Also read: MATIC and MINA protocol ride the zk hype ahead of major Ethereum upgrade

ZK narrative hype and top coins capitalizing on it

ZK narrative gained relevance in the crypto community with the speculation and hype surrounding zkSync. Analysts on crypto Twitter believe zkSync is likely to announce an airdrop in 2023, building anticipation around ZK projects and protocols. 

MATIC and MINA protocol capitalized on the hype and rolled out their solutions and roadmap for boosting scalability. 

Read more: MATIC and MINA protocol ride the zk hype ahead of major Ethereum upgrade

MINA protocol started accepting applications to zkIgnite, a new cohort of developers for working on ZK-powered solutions on the blockchain. 

zkSync continues to dominate the ZK ecosystem in terms of market share and activity. The protocol accounts for nearly 60% daily active users in the ZK ecosystem, based on data from Dune analytics. 

Are DeFi traders unhappy with PancakeSwap’s fork of Uniswap V3?

CAKE and UNI prices nosedived, wiping out their gains from past week. PancakeSwap, one of the most popular DEXes in the crypto ecosystem forked Uniswap’s V3 for its Version 3 launch. 

The launch turned out to be a non-event for PancakeSwap V3 and its token CAKE, however UNI price rallied, yielding nearly 5% gains before the recent correction. Forks result in “Copy cat” DEXes, a phenomenon previously observed in 2021-22 in OHM forks. 

Find out more here: PancakeSwap forks Uniswap V3: Are copycats like OHM Forks making a comeback?

Analysts on crypto Twitter have criticized Uniswap’s governance token UNI, citing that its only utility is governance voting, similar to ARB. This makes UNI less lucrative for DeFi traders. 

XRP whales scooped up the token ahead of SEC v. Ripple outcome

XRP whales holding between 10,000 to 100,000 and 1 million to 10 million XRP scooped up the altcoin consistently since the last week of March.

XRP accumulation by whales

XRP accumulation by whales 

The chart from crypto intelligence tracker Santiment supports a bullish thesis for XRP as accumulation by whales is typically a bullish sign for assets. The XRP holder community is expecting an outcome in the lawsuit in 2023. 

Find out more here: XRP holders jittery over SEC v. Ripple lawsuit outcome: Will XRP price recover?


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

APE price nosedives nearly 9% while ApeCoin community votes on three active proposals

APE price nosedives nearly 9% while ApeCoin community votes on three active proposals

ApeCoin community is currently voting on three proposals to increase the adoption of the asset among market participants through higher engagement. APE’s recent token unlock and the active proposals could influence APE price in the coming weeks and months. 

More APE News

USDC stablecoin issuer Circle ends support on TRON due to compliance, risk management issues

USDC stablecoin issuer Circle ends support on TRON due to compliance, risk management issues

Circle announced plans to discontinue USDC on the TRON blockchain in a phased manner. USDC issuer will no longer mint the stablecoin on TRON, effective Wednesday. Circle stated that its decision is a part of risk management and USDC will remain safe with the change.

More Cryptocurrencies News

Uniswap launches v2 on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain and Avalanche

Uniswap launches v2 on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain and Avalanche

Uniswap v2 enables swaps on six chains and users can access it from a single interface. UNI price declined nearly 4% on Wednesday to $7.309. UNI price could revisit 2024’s peak at $7.972 as on-chain metrics support uptrend.

More Cryptocurrencies News

Ripple CEO criticizes SEC says regulator has lost lawsuits consistently; XRP price holds firm above $0.55

Ripple CEO criticizes SEC says regulator has lost lawsuits consistently; XRP price holds firm above $0.55

Ripple CEO Brad Garlingouse commented on the SEC v. Ripple lawsuit and a potential XRP ETF. The payment remittance firm recently acquired Standard Custody to venture into the crypto custodian business. 

More Ripple News

Bitcoin: BTC eyes $60,000 but correction looms

Bitcoin: BTC eyes $60,000 but correction looms

BTC has been moving up only since January 22 but could slip into a consolidation before the next leg up. With the rate at which BTC is climbing after the ETF approval, coupled with strong fundamentals, investors should consider buying the dips before BTC hits $60,000.

Read full analysis

BTC

ETH

XRP