DeFI News by Thebittimes.Com

New data from market intelligence firm Glassnode reveals that decentralized oracle network Chainlink (LINK) is gaining on-chain momentum as its price rises. In a new thread on the social media platform X, Glassnode says that LINK’s fundamentals are improving along with its active address momentum and rising price tag. “While LINK’s price surge was clearly driven by speculative and short-term market activity, its fundamentals are improving too. Active addresses momentum is trending higher, with the short-term SMA (simple moving average) of 6,682 still above the long-term SMA of 5,878. That said, active addresses remain far below their 2021 peak of 23,416.” Source: Glassnode/X Glassnode goes on to note that LINK hit the highest price it has since 2022 and that its futures open interest has reached a new all-time high, signaling high trading activity. “Chainlink’s token LINK has hit its highest price in nearly two years, and futures open interest (OI) just s...

New meme coin Catslap (SLAP) is taking the crypto market by storm after its price skyrocketed 3,297% in just the last 4 days, prompting comparisons with the viral Telegram clicker game Hamster Kombat. Players have been flocking to Catslap  to compete with other players and climb the game’s Slapometer. According to the project’s website, more than 6.16 million slaps have been recorded from across the globe already. The uptick in in-game slaps comes amid growing speculation that a play-to-earn (P2E) element will make its way to Catslap’s ecosystem. Although the project has not yet confirmed that a P2E element will be added, the allocation of 10% of SLAP’s total supply to community rewards suggests this functionality might become a feature soon. And its developer says that a major announcement will be coming in about 9 days. In addition to the surge in slaps, there is also a lot of trading activity around the crypto. Dextools data shows the total trading v...