• Three Arrows Capital (3AC) has filed for bankruptcy and its court-appointed restructuring firm, Teneo, is planning to sell off a portion of the NFTs it seized from the defunct crypto hedge fund.
• The NFTs do not include any artworks from the portfolio of Starry Night Capital.
• Teneo plans to begin selling the $22 million worth of NFTs within 28 days, with blue-chip collections such as Bored Ape Yacht Club [BAYC], CryptoPunks, Fidenzas, Ringers, Autoglyphs, Chromie Squiggles and Nimbuds up for sale.

Three Arrows Capital Files for Bankruptcy

Three Arrows Capital (3AC), a crypto hedge fund based in Singapore has filed for bankruptcy in July 2022. This resulted in hundreds of creditors seeking a collective $3.5 billion.

Teneo Appointed as Court-Appointed Restructuring Firm

The court appointed Singapore-based liquidator Teneo to help liquidate 3AC’s assets which included Non-fungible Tokens [NFT] worth $22 million.

Sale of NFTs Worth Millions Planned

Teneo revealed its plans to put these NFTs on sale to generate value for the liquidation process. The collection includes blue-chip collections such as Bored Ape Yacht Club [BAYC], CryptoPunks, Fidenzas, Ringers along with Autoglyphs, Chromie Squiggles and Nimbuds valued at approximately $9.6 million based on current floor prices.

Starry Night Collection Excluded From Sale

The filing clarified that NFTs from Starry Night Capital’s portfolio will not be put up for sale and that Teneo took possession of their wallet holding these tokens in October 2022. These are now subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands.

Sale To Begin Within 28 Days

Teneo plans to begin selling off this considerable portion of 3AC’s collection within 28 days according to its 23 February filing made by them with the purpose being „to realise the value of the NFTs for purposes of liquidation“.

• Various meme coins, including DOGE, SHIB and BABYDOGE, have experienced notable increases in value over the last 24 hours.
• The performance of these coins could not match that of Bitcoin [BTC] and Ethereum [ETH], but were still significant enough to reverse the previous seven-day decline.
• On-chain data suggest whales had a major role to play in this uptrend, as well as increased volume for BABYDOGE and positive investor sentiment for SHIB.

Meme Coins Surge In Value

Over the past 24 hours, various meme coins – including DOGE, SHIB and BABYDOGE – have recorded notable increases in value. While whale transactions for DOGE surged, investor sentiment acted as a guide for SHIB. As the crypto market left the red region behind, Shiba Inu [SHIB], Dogecoin [DOGE], and BabyDoge ETH [BABYDOGE] followed suit with immense upticks.

Whales on Lock

On-chain data revealed that Dogecoin whales put up one of their best performances since 5 February due to an increase of transactions worth over 100,000 at the time of writing. Moreover, Dogecoin Whale Alert indicated several transactions that edged closer to $1 million between 15 – 16 February. Furthermore, BABYDOGE experienced a rise in volume since 13 February which propelled its 10% increase within the same period.

Positive Investor Sentiment For SHIB

Despite falling to 13th place in terms of market value, SHIB has enjoyed a large majority of positive investor sentiment which pushed its weighted sentiment up to 1.09 at press time – its highest since February began. Additionally, social volume followed a similar trend as investors looked out for opportunities with SHIB tokens.

Realistic Market Cap For SHIBS In DOGES Terms?

As per CoinMarketCap’s data analysis toolkit on 17th February 2021; SHIBS registered 6.02% landslide victory over bears while DOGES surged 3.15%. However BABYDGE surpassed both registering 10% increase within same period but could not match Bitcoins & Etherums surge during same time frame .

Conclusion

The surge in meme coin prices is likely due to an influx of whales into the ecosystem combined with an increase in volume for BABYDGE and positive investor sentiment towards SHIBS tokens.

• Whale transactions on Cardano network surge and boost ADA prices
• Growing Cardano ecosystem drives up TVL growth and fees
• Large transactions in the network may manipulate prices, but developers are driving innovation

Whale Transactions Push Cardano [ADA] Prices Up

Cardano’s whale investors have been active as of late, with more transactions taking place on the network. According to Santiment, this had a positive effect on the price of ADA and last time this happened it was able to skyrocket by 36%.

Growing Cardano Ecosystem Driving Value

The growing interest in the Cardano platform has led to an increase in activity from developers, resulting in more fees being generated for the network. Top gainers within the Cardano ecosystem over the past 24 hours include SingularityNET ($AGIX), Iagon ($IAG), Adax Pro ($ADAX), Ridotto ($RDT) and ADAPad ($ADAPAD). Additionally, Token Terminal reported that fees have increased by 27.1% over the last month.

Large Addresses Pose Risk

Despite these positive developments for ADA holders, there is also a risk that too many large addresses could end up manipulating prices which could harm those holding onto their tokens. It is important to monitor such transactions closely to ensure that no foul play is taking place.

DeFi Angle Benefitting Cardano

The Total Value Locked (TVL) in DeFi protocols on top of the Cardano blockchain has also grown significantly over the past month, increasing from $56 million to $107 million according to DeFi Llama. This indicates that there is strong demand for financial services built upon the platform and reflects positively on its future prospects.

Conclusion

Overall, while there are risks associated with large transactions on any blockchain network, it seems that overall sentiment towards Cardano remains positive given its thriving developer community and increased interest from institutional investors. With more applications being built upon it each day and its TVL continuing to grow steadily, it looks likely that ADA will maintain its position as one of leading digital currencies into 2023-2024 and beyond.

• Polygon zkEVM registered growth during the last seven days.
• Polygon partnered with Genso to help improve their offerings.
• Despite these developments, MATIC’s price declined by over 6% in the last 24 hours.

The Polygon network has seen a promising growth over the last week, as revealed by Polygon zkEVM’s latest statistics from 31 January. With the total number of wallet addresses reaching 82,484, and an average block time of 1.1 minutes, the total number of deployed contracts registered over 17% growth, while total blocks increased by 12.6%. Furthermore, Polygon also partnered with Genso to help improve the latter’s offerings. This collaboration will help provide an even more immersive experience for the Genso community, featuring detailed game worlds, landscapes, characters, dynamic weather, and more.

Despite these developments, MATIC’s price shocked investors by declining by over 6% in the last 24 hours. According to CoinMarketCap, at the time of writing, MATIC was trading at $1.09, with a market capitalization of over $9.4 billion. Despite the recent negative price action, MATIC remained one of the top choices for whales. WhaleStats pointed out that whales were continuously investing in MATIC, with the two-week average of wallets holding at least 1 million MATIC tokens reaching an all-time high.

As of now, the future of MATIC still remains uncertain. While the Polygon network’s developments and partnerships have been promising, the current bearish price action remains a cause of concern for investors. Thus, it will be interesting to see whether MATIC can recover in the near future, or if the current bearish trend continues in the coming days.