Is Dymension Going to Crash? DYM Price Drops After Airdrop as Newer Project Makes Cloud Mining Easy

Watch Icon
News
Is Dymension Going to Crash? DYM Price Drops After Airdrop as Newer Project Makes Cloud Mining Easy
[[{"value":"

Following a successful DYM airdrop, promising IBC roll-ups project Dymension Network has seen price of native DYM token tank in a classic airdrop price correction.

Now, this article will provide an analysis of DYM’s current price trends and look to see whether a newer meme coin, Bitcoin Cloud  represents a more promising investment opportunity at this time.

If you're staking $DYMVote on this proposalhttps://t.co/Fak30BQuZe

Connect walletSelect YES or NOClick "vote"Approve transaction in your walletDone

If you encounter issue, refresh and try again pic.twitter.com/AcKemfKNs0

— 33%☆☆☆ (@CarbzXBT) February 13, 2024

Downside price action has swept into the Dymension airdrop chart following an impressive doubling of price on launch, however, with early recipients seemingly intent on selling as community governance kicks in with the first proposal.

DYM Price Analysis: Is Dymension Going to Crash In Midst of Post-Airdrop Price Correction?

As price action fights to hold position, Dymension is currently trading at a market price of $7.17 (representing a 24-hour change of +0.5%).

This comes amid more than 3-days of hard-fought consolidation around the 20DMA as DYM price attempts to establish a strong foothold above $7.

With the arrival of a convergence between the 20DMA and ascendant lower trendline, DYM price appears to be heading towards a decisive move.

Meanwhile, the steady consolidation period has improved sentiment from the RSI, which is reading at an oversold 47 – suggesting DYM price is due to pick up on the short-time frame.

This conflicts with the view from the MACD, which reflects minor bearish divergence at -0.0045, indicating that consolidation has triggered fatigue in price action.

Overall, DYM price analysis reveals a snapshot of an airdrop token fighting to starve-off consistent sell-pressure.

A decisive move to the upside would see DYM price shift-up to $7.85 (a potential +9.51%).

While downside risk could see a tumble down to lower support at $6.34 (a possible -11.56%).

DYM price analysis therefore leaves Dymension with a short-time frame risk: reward ratio of 0.82 – a bad entry characterised by downside risk.

But while DYM price analysis reveals an unappealing entry in the near future, an emerging Bitcoin cloud mining presale has unlocked viral success with less than 65-days until the next halving event.

DYM Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $10.75M Raised

Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$10,752,844 raised!

Offering an enticing 75% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.

The true essence of passive income in the crypto world has never been this accessible.

With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.

$13M In The Crosshairs: BTCMTX Surges Past $10.75M – Poised to Outperform DYM Price Analysis

Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.

Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).

The significant growth in the Bitcoin mining sector has been driven by the expansion of Marathon Digital and Riot Platforms’ operations.

Marathon, the world’s largest Bitcoin miner, reported a Q3 2023 average hash rate of 14.2 EH/s, a 500% increase year-over-year, accounting for about 4% of the total network hash. This capacity enabled them to mine approximately 1153 BTC per month, valued at $42.2 million USD.

Riot Platforms achieved a new record hash rate of 10.9 EH/s, mining around 368 BTC per month, worth $13.3 million USD. Riot anticipates growing its operations to 20.2 EH/s by summer 2024.

However, the record-high Bitcoin network hash rate, while enhancing network security and profitability for miners, raises concerns about moving away from Satoshi Nakamoto’s original vision of decentralization.

Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.

Why Has Bitcoin Mining Become So Centralized?

A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.

AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).

This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.

This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.

Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable mining.

This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in  mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.

Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.

Key Highlights of the BTCMTX Advantage Over Dymension Airdrop Verdict:

Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. The initiative introduces the first-ever tokenized Bitcoin cloud mining, featuring an automated system designed for cloud-based Bitcoin mining. This sets a new standard in the industry. Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services. Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system. Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks. The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $10.7m raised towards its $13M goal. At a competitive price of just $0.0134 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.

The Bottom Line: Don’t Miss BTCMTX

In sum, Bitcoin Minetrix is set to redefine the mining landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.

Secure your position in this transformative journey by joining the BTCMTX presale today.

Buy BTCMTX Here

The post Is Dymension Going to Crash? DYM Price Drops After Airdrop as Newer Project Makes Cloud Mining Easy appeared first on Cryptonews.

"}]] 
More News

Stellar (XLM) Price Pattern Signals Bearis...

Watch Icon
Last updated

The Stellar (XLM) price is trading close to the point of convergence between a descending resistance trendline and a long-term horizontal support area. The support area has been in place since April, while the descending resistance line has sloped the decrease since July. Stellar Returns to Long-Term Support The daily time frame technical analysis for […]

FriedFriday: Melding Worlds of Creativity ...

Watch Icon
Last updated

The celebratory winds of BE[IN]CRYPTO’s illustrious 5-year odyssey stir an extraordinary convergence—a selective ensemble of 14 esteemed artists, each distinguished yet unified in purpose. Among them, FriedFriday and 13 other esteemed creators intertwine their eclectic talents to foster an NFT collection of unparalleled grandeur. As 1 of the 14 chosen artists, FriedFriday’s participation in BE[IN]CRYPTO’s […]

Unverified ETF, Legaled FTX, Blamed SEC an...

Watch Icon
Last updated

This week in crypto: bitcoin pumped from under $28,000 to $30,000 on Monday as unverified rumors that the US SEC had approved BlackRock’s iShares spot Bitcoin ETF application hit social media, Sui faced turbulent times as its price hit all-time lows, and Depository Trust & Clearing Corporation acquired blockchain startup Securrency Inc. in a deal worth around $50 million.... Read More: Unverified ETF, Legaled FTX, Blamed SEC and 20 Crypto Jokes

Back to Top