Mooners and Shakers: Render crypto pumps on not-dead metaverse narrative; Ledger pauses Recovery plans
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Bitcoin is still warming the bench, hoping for some impactful time in the game, hoping it doesn’t get cut from the team. Meanwhile, the Render token has been surging again.
More on that in a sec, but first a news item for those interested in the crypto hardware wallet drama that ruffled industry and market feathers just recently.
Ledger, the company that makes the cold-storage, self-custody-enabling hardware crypto wallets Ledger Nano S Plus, Ledger Nano X and Ledger Stax, has announced it is pausing the rollout of its controversial service Ledger Recover.
This is after Charles Guillemet, Ledger’s CTO, hosted a Twitter Spaces forum and “town hall” meeting on the subject, noting feedback and criticisms from members of the cryptoverse at large.
For most hardware wallet users, this feature flies in the face of the very idea for purchasing a Ledger wallet in the first place – private, self-custody of assets, inaccessible from third parties. The backlash was strong.
Ledger has now announced a pause on the feature, and has published an “open source roadmap”, in which the firm aims to take a more verifiable approach to its products and upgrades.
Meanwhile, another CTO – David Schwartz over at Ripple – has some suggestions for Ledger, that centre around the very fair-enough idea of creating “two firmware streams, one with Recovery and one without. Ship the firmware without Recovery.”
I have a suggestion for Ledger that might end this debacle:
1) Apologize for the poorly thought out announcement.
2) Don't sign or release the firmware as planned.
3) Instead, create two firmware streams, one with recovery and one without. Ship the firmware without recovery.…
— David "JoelKatz" Schwartz (@JoelKatz) May 23, 2023
About this time yesterday, Bitcoin (BTC) was struggling a bit, below US$27k. At least, for the moment then, it’s retained a previously quite strong support level at about US$27.2k.
The popular Crypto Twittering analyst Rekt Capital still believes $27.6k is the “key resistance” to crack, but is seeing potential for some “exaggerated Bullish Divergence” on the daily Relative Strength Index (RSI) momentum indicator. And that’d be a good thing.
#BTC may be forming an "exaggerated" Bullish Divergence on the Daily RSI
— Rekt Capital (@rektcapital) May 23, 2023
Data science metrics suggest #BTC is undervalued below $35,000
— Rekt Capital (@rektcapital) May 23, 2023
Another full-time crypto chartist, Michaël van de Poppe, meanwhile thinks Bitcoin might just be more correlated to the price movements of the “safe-haven” asset gold than anything else amid macroeconomic uncertainties right now.
The debt ceiling is being discussed as a potential threat to #Bitcoin's price.
Why would that be?
Banks falling apart would have a negative impact on #Bitcoin, as well, right?
Ultimately, I think we're more correlated to Gold now then we might think.
— Michaël van de Poppe (@CryptoMichNL) May 23, 2023
Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
PUMPERS (11-100 market cap position)
• Render (RNDR), (market cap: US$993 million) +13%
• Kava (KAVA), (market cap: US$630 million) +10%
• Toncoin (TON), (market cap: US$2.98 billion) +10%
• Huobi (HT), (market cap: US$511 million) +8%
• ImmutableX (IMX), (market cap: US$767 million) +5%
• Pepe (PEPE), (market cap: US$674 million) +4%
Render (RNDR), the utility token for Render Network, is on a bit of a run lately, up 13% over the past 24 hours, +41% over the past week and +60% across the past month.
As a provider of decentralised, GPU-based rendering solutions, the project plays into the metaverse narrative that quite a lot of non-crypto people we speak with tend to think is dead.
The Ethereum-based RNDR token facilitates payments for animation, motion graphics, and VFX rendering within its network.
The project might be pumping, in part, due to a new release that it claims will improve its rendering workflow process, creating a more efficient user experience.
👀𝗘𝘅𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗢𝗥𝗕𝗫 𝗳𝗶𝗹𝗲𝘀 𝗵𝗮𝘀 𝗻𝗲𝘃𝗲𝗿 𝗯𝗲𝗲𝗻 𝗲𝗮𝘀𝗶𝗲𝗿!
The recent revisions to the C4D plugin for Octane include a brand new feature – an ORBX export command tailored exclusively for RNDR Jobs, available through the live viewer. ⬇️ pic.twitter.com/lxp5r1PkV9
— Render Network | RNDR (@RenderToken) May 22, 2023
There’s something else, though, that may well a rise once more in metaverse projects given the right bull-market conditions, if you’re inclined to hefty speculation.
And that’s the rumour that Apple will be launching, potentially within the next couple of months, a “mixed reality” headset to the market.
The Twitter account @FomoCatchers certainly seems to think this supposed event/release could trigger a surge in the crypto market, specifically around the metaverse and web3 gaming sectors…
It’s a food-for-thought, deeply speculative thread…
Apple might start next Web3 bull run
and they have been leaving signs showing they would:
( 1 / 12 ) pic.twitter.com/l4YV1eYWg4
— FomoCatchers (, 🎮 📈) (@FomoCatchers) May 23, 2023
PUMPERS (lower, lower caps)
• Ben (BEN), (market cap: US$57 million) +52%
• SelfKey (KEY), (market cap: US$49 million) +33%
• Evmos (EVMOS), (market cap: US$88 million) +25%
• Waves (WAVES), (market cap: US$193 million) +20%
• Conic (CNC), (market cap: US$27 million) +18%
• GMX (GMX), (market cap: US$506 million) -3%
• Conflux (CFX), (mc: US$663 million) -2%
• Bitcoin SV (BSV), (mc: US$660 million) -2%
• Sui (SUI), (mc: US$556 million) -1%
SLUMPERS (lower, lower caps)
• Ovr (OVR), (market cap: US$29 million) -17%
• Turbo (TURBO), (market cap: US$28 million) -17%
• Energy Web (EWT), (market cap: US$113 million) -7%
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
#Bitcoin Sell-side Risk ratio is approaching all-time lows.
This indicates that investors are reluctant to spend coins which are in profit, or loss within the current price range.
This usually occurs when sellers are exhausted on both sides, suggesting big moves are coming pic.twitter.com/wYNYiZ8uu3
— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) May 24, 2023
— Radar🚨 (@RadarHits) May 23, 2023
— Bitcoin Magazine (@BitcoinMagazine) May 23, 2023