The cryptocurrency market is abuzz with the latest developments surrounding Kaspa (KAS) and the meme coin Solciety (SLCTY). Marathon Digital’s significant investment in Kaspa mining and the bullish performance of KAS have drawn considerable attention.
Simultaneously, Solciety’s presale is gaining momentum, attracting both seasoned crypto enthusiasts and newcomers.
This article explores Marathon Digital’s Kaspa mining initiative, provides a price prediction for KAS, and highlights the progress and unique aspects of the Solciety presale.
Marathon Digital’s Kaspa (KAS) mining initiative
Marathon Digital, a prominent player in the cryptocurrency mining industry, has made a strategic move by diversifying its mining operations to include Kaspa (KAS). As captured in our earlier news, Marathon Digital’s stock has taken a hit as Bitcoin price decline.
Since September 2023, Marathon has invested $16 million in mining KAS, accumulating 93 million tokens, which are now valued at approximately $15 million. This significant investment aims to diversify Marathon’s revenue streams while maintaining a primary focus on Bitcoin.
Kaspa’s unique technological features make it an attractive addition to Marathon’s portfolio.
Unlike Bitcoin, which produces one block every ten minutes, Kaspa leverages the BlockDAG (Directed Acyclic Graph) architecture, allowing it to produce multiple blocks simultaneously. This results in a rapid block rate of approximately one block per second, significantly faster than Bitcoin’s ten-minute block time.
This capability facilitates faster transactions and offers higher block rewards, enhancing the profitability of mining KAS.
Marathon has acquired 60 petahashes of KS3, KS5, and KS5 Pro ASICs, with 30 petahashes already operational in its Texas facilities. The remaining equipment is expected to be fully operational by Q3 2024.
Despite this diversification, Marathon’s primary focus remains on Bitcoin, with KAS mining representing only 1% of its energy capacity. Adam Swick, Marathon’s Chief Growth Officer, emphasized that the firm’s existing infrastructure and expertise uniquely position it to capitalize on the higher margins associated with Kaspa mining.
Kaspa price prediction
Kaspa (KAS) has demonstrated impressive performance in recent times, showing significant price increases over various periods.
At press time, KAS token was trading at $0.1792, with a market cap of $4.3 billion and a 24-hour trading volume of $141 million, reflecting a 132% increase.
The bullish sentiment surrounding Kaspa is evident in its recent price movements. The token has witnessed a 9% increase over the last 24 hours, a 20.83% increase over the past seven days, a 27.37% rise over the past month, and a whopping 623% increase over the past twelve months.
Additionally, Kaspa has rewarded its long-term investors with a year-to-date (YTD) return about 54.93%.
Technical analysis indicates a strong bullish trend for KAS.
KAS/USDT D-1 price chart screenshot from TradingView
On the daily Kapsa/USDT chart, the last two candlesticks closed above the MA-9 and MA-21 lines indicating a very strong bullish trend.
However, traders should approach with caution since the Relative Strength Index (RSI) is trending towards the overbought range, pointing at a possible pull back if it enters the overbought region.
Currently, KAS is eyeing a breakout from the resistance level at $0.183 and maintaining the price above this level could pave the way for KAS to reach the upper resistance level at $0.205, potentially achieving a new yearly high.
On the contrary, if bearish forces prevail and a pullback occurs, the Kaspa price might drop to the support level at $0.162, and any further bearish pressure could push it down to $0.140.
Solciety (SLCTY) presale gains momentum with 20 days to go
While Kaspa is making waves with its impressive price performance and mining developments, a new Solana meme coin, called Solciety (SLCTY), is gaining traction in the cryptocurrency space.
Launched on the Solana network on June 18, Solciety is a unique meme coin that merges politics and memes, targeting both seasoned crypto enthusiasts and curious newcomers.
The Solciety presale, which runs for 30 days, has already raised $470,658.154 and is currently in stage 3 of 10.
The presale offers a unique opportunity for early adopters to secure SLCTY tokens at progressively increasing prices. The current price is $0.001967, with the next stage set to raise the price to $0.002222.
This structured price increment during the token presale incentivizes early participation and rewards early supporters.
Solciety is not just another meme coin; it aims to create a political movement for the “Degens,” individuals deeply immersed in decentralized finance and internet culture.
At the heart of Solciety is the Meme Campaigner platform, which allows users to generate and customize memes, fostering community engagement and creativity. Users are rewarded with presale tokens for sharing their creations on social media, creating a vibrant ecosystem of content creators and meme enthusiasts.
By leveraging the Meme Campaigner, users can integrate news and current events into their memes, ensuring relevance and timeliness. This unique blend of political engagement, meme culture, and blockchain technology positions Solciety to make a significant impact in the digital landscape.
Conclusion
Kaspa and Solciety present intriguing opportunities for investors.
For Kaspa, Marathon Digital’s substantial investment in Kaspa mining highlights its potential, while the strong bullish sentiment and technical indicators suggest a promising future for KAS token.
Meanwhile, Solciety’s innovative approach to merging politics and memes is gaining momentum, with its presale attracting significant interest with the projected gains at the end of the presale.
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