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Pudgy Penguins: Pump & Dump or NFT Mainstay?

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Pudgy Penguins: Pump & Dump or NFT Mainstay? | Crypto Briefing

















Are the cute NFT avatars just a fad or here to stay?


Shutterstock cover by vladsilver

Key Takeaways

  • Month old project Pudgy Penguins has become the top traded collection on NFT marketplace OpenSea.
  • The project has encountered controversy, with some accusing one of the founders of being a scammer.
  • However, interest in the project looks genuine and demand for pudgy penguin NFTs continues to grow.

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Are pudgy penguins just another elaborate money grab hustle freeriding the NFT hype train or a legitimate project seeing well-deserved success? While some high-profile influencers in the space warn that the project may be a pump and dump scheme, others brush off the concerns, arguing “they’re just the cutest memes on the internet.”

Unpacking the Penguin Hype

Pudgy penguins are taking over the metaverse by storm. 

“Located in the freezing cold, arctic region of the metaverse you can find 8,888 cute chubby Pudgy Penguins sliding around on the ETH blockchain.” — If you were wondering what Pudgy Penguins is, this is it. That’s the project’s entire pitch. And there’s really nothing more to it. It’s jpegs of chubby penguins minted as unique non-fungible tokens (NFTs) recorded on the Ethereum blockchain. The highest recorded sale for a single one of these penguins is 150 ETH or about half a million dollars at current prices. Now the same penguin is listed at 500 ETH, equal to $1.6 million.

The current floor price for a single pudgy penguin NFT is 2.16 ETH or roughly $7,000, and in the last seven days alone, the project surpassed $53 million in trading volume, overtaking Crypto Punks to become the top traded collection on NFT marketplace OpenSea.

So, what gives? Why is everyone on Crypto Twitter suddenly so obsessed with pictures of penguins? Is it because they’re rare? If so, then so are countless other NFT collections, some even rarer, so why pudgy penguins specifically? Is it because they’re so cute? Sure, they’re cute, but half a million-dollars for a tokenized jpeg cute? Debateable. 

Or is it all perhaps an elaborate, influencer-orchestrated get-rich-quick scheme? Several high-profile crypto traders and NFT collectors took to Twitter last week to warn penguin connoisseurs that the whole thing looked sketchy and prices might be heavily manipulated.

One of the founders and leading members of the Pudgy Penguins team, ColeThereum, also came under heavy fire on Twitter for allegedly being “an opportunist who deceives people.” The NFT community dug into his past and discovered that COLE ran a suspicious dropshipping business flooded with negative reviews and comments from dissatisfied customers before joining the crypto space.

To make things worse, COLE was also caught red-handed faking an NFT giveaway to promote a popular NFT project called FameLadySquad. Specifically, he said he’d give away Lady #500 to a random person who followed and retweeted his post but he never did, even posting the same NFT for sale on OpenSea days later. After being called out on Twitter, COLE further admitted to shilling random NFT projects for money without disclosing he was being paid to do so.

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The question bugging NFT collectors now is whether one person’s mistakes are enough to discredit the whole project. While COLE admittedly made some mistakes in the past, this doesn’t prove that Pudgy Penguins is a scam or a pump and dump scheme. To the point, there’s no evidence anybody participating in the project got scammed in any way, and $54 million in weekly trading volume can hardly be attributed to an influencer-orchestrated pump and dump scheme.

The overwhelming majority of the Pudgy Penguins community loves the project and doesn’t seem too bothered by COLE’s past actions.

While Pudgy Penguins’ rise in popularity looks genuine, the unanswered question remains: for how long? Pudgy Penguins NFTs are hardly any different from other animal-based NFT avatars, and judging by how quickly they overtook more established projects like Crypto Punks and Bored Apes, nothing suggests Pudgy Penguins can’t be replaced by another NFT project just as easily.

Disclaimer: At the time of writing this feature, the author owned Ethereum. 

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Source: https://cryptobriefing.com/pudgy-penguins-pump-dump-or-nft-mainstay/

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Shiba Inu (SHIB) Rises to Range High

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Shiba Inu (SHIB) yesterday reached the range high where it has been trading since May 2021. If the token breaks out of that area, it could begin a parabolic rise.

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SHIB currently ranks as the 47th largest cryptocurrency by market capitalization, according to Coingecko. The main “dog competitor” and also the younger brother of Dogecoin (DOGE) broke out of the descending triangle pattern and validated the falling resistance line as support.

SHIB reaches the range high

Since the May 2021 declines, SHIB has been in a range between resistance in the $0.00000950 area (red rectangle) and support at $0.00000550 (green rectangle). Over a period of almost 4 months, the altcoin has repeatedly reached and bounced off these two areas.

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On 16 September, SHIB rose 26% to reach the resistance area again a day later. At the press release, this area rejected the price and left a long upper wick.

However, if the daily candle closes above $0.00000904, a higher high will be printed on the daily chart. Combined with the higher low (blue arrows) of 7 September, this could signal a reversal and the start of an upward impulse.

Chart by Tradingview

The possibility of breaking through the top of the range and continuing the uptrend is also confirmed by the growing volume signature. During the last two days, it reached the highest values since mid-June (red arrow).

Technical indicators confirm the possibility of the continuation of the uptrend. RSI has broken above the 50 line and is rising. MACD generated two positive momentum bars and the signal line is close to entering positive territory. The stochastic oscillator is heading upwards and is close to entering bullish territory above 80.

Chart by Tradingview

Descending triangle

The daily chart also shows the breakout from the descending triangle that occurred on 7 September (orange arrow). On that day, SHIB rose 24% and began a multi-day consolidation. It then rose to the top of the range at $0.00000950 and started a downtrend.

The downward movement validated the descending triangle line twice as support (orange circles) and brought the price to the bottom around the range support area. Since then, SHIB has risen 40% and continues its upward movement.

Chart by Tradingview

The movement target for this pattern as measured by the height of the descending triangle is the $0.00001100 level. This resistance coincides with the 1.414 Fib external retracement level measured for the last downward movement. If SHIB reaches this peak, it will confirm the breakout from the range described in the previous section.

SHIB future movement

The short-term 4-hour chart shows a breakout from the descending resistance line that has been respected since August 17. The line was tested several times until it was decisively broken through with high volume on 16 September.

At the same time, the SHIB price also broke through the short-term support/resistance area near $0.00000760 (green rectangle). It coincides with the 0.382 Fib retracement level. It is expected that in the short term it will serve as support and the price will validate the area before continuing the upward movement.

Chart by Tradingview

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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PhD and an assistant professor at an international university in Lublin, Poland. Spent 10 years studying philosophy of nature and sport science. An author of 4 books and two dozens of scientific articles. Now, he is using his mind for the benefits of the cryptocommunity. Technical analysis enthusiast, Bitcoin warrior, and a strong supporter of the idea of decentralization. Duc in altum!

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Source: https://beincrypto.com/shiba-inu-shib-rises-to-range-high/

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AMD Not Prioritize Mining Cards Over Gaming GPUs, Says CFO

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AMD, along with other chip manufacturers, has struggled to keep up with the high demand for GPUs due to crypto mining. 

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The past year has been hard on those looking to buy gaming graphic processing units (GPUs). The same high-powered units that are used in HD gaming applications also happen to be the GPU of choice for cryptocurrency miners worldwide. As the mining of cryptos such as Bitcoin becomes more and more difficult, more and more processing power is required to achieve the same goal.

Due to this, there has been a rush on GPUs in the last year with AMD, Nvidia, and other manufacturers struggling to keep pace. AMD has come under heavy pressure because of how poor its ability to meet the growing demand has been. Some even accused the company of prioritizing mining cards over gaming chips. The pandemic was another root cause of this shortage as the world’s population demanded more home electronics and entertainment devices across the board. 

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During the recent Deutsche Bank Technology Conference, CFO of AMD Devinder Kumar said that AMD was not prioritizing GPU cryptocurrency miners when asked directly about it. Kumar’s response was “crypto, negligible. That’s not a priority for us. We do not prioritize our products or make them for the crypto folks is not for the gamers, and that’s a high priority from that standpoint. What’s driven the growth, as you know, we had the Radeon 6000 Series high-end GPUs introduced very competitive and that is driving the growth in the GPU space.” 

Crypto-specific cards might be the answer

Nvidia has suffered through the same issue as its competition and is tackling it in a rather reasonable way. The company began to produce and market GPUs that were specifically designed for cryptocurrency miners. Nvidia creating a distinct separation between the two should help alleviate the rush on gaming GPUs that users are scrambling to purchase. 

The crypto-mining processors (CMPs) that are now being sold aren’t as sophisticated as their gaming counterparts because they don’t need to be. Because they can’t be used for conventional graphics-related tasks, they will not flood the GPU secondary market. CMP cards can’t be used for graphics-related tasks are therefore won’t flood the secondary market with GPUs.

Another step that Nvidia has taken to combat this issue is to nerf its currency line of GPUs to make them less suited to the task of mining cryptocurrencies. Due to this, they are only effective as gaming cards.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Source: https://beincrypto.com/amd-not-prioritize-mining-cards-more-than-gaming-gpus/

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Tomi Heroes NFT Sales Surpasses $1.35M

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NFT and DeFi enthusiasts worldwide may be wondering why Tomi Heroes have been popping off on OpenSea in recent days.

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These non-fungible tokens grant access to Tomi’s token presale soon, so the limited-edition sets are in high demand. With 395 Ether roughly $1.37 million in traded volume, it is evident that this is the project to keep an eye on over the coming days. 

Massive TOMI Presale ROI Potential

As Tomi Heroes generate more proceeds, the team will use these funds to purchase and burn TOMI token during the TOMI sale on SushiSwap.

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It is a no-brainer for any TOMI presale participant, as, given the contribution by the TOMI team from the NFT sale, the return on investment potential is borderline astronomical.

As more FOMO kicks in among investors who seek exposure to the TOMI presale rounds, the remaining NFTs will generate even more attention and return for the presale.

It is essential to see this project for what it embodies. It is not just an NFT collectible, although these items will likely remain very popular on the secondary market after the token sale concludes.

Instead, it is a tool to facilitate token presale participation and incentivize holding the NFT rather than flipping it for a quick profit like so many other projects. 

Moreover, using the proceeds to make the TOMI token even more scarce is a gamechanger in the crypto industry.

Since the project focuses on giving back to the stakeholders with no profits for the developers, other NFT projects can learn a thing or two from how Tomi approaches this novel technology.

Perhaps this will set a precedent for ethical and inventive demand-driven tokenomics.

Investing in Tomi Heroes is a smart idea if you are interested in partaking in the TOMI presale rounds. It is essential to gain access to one of these five presale rounds, as they are available for only 30 minutes each.

The current rate of ETH trading volume is sufficient to make investors 10x on their TOMI investment even if no one else would participate in the token sale and it remains at a $75,000 market cap. 

The TOMI launch will happen on the Polygon network via the SushiSwap platform to avoid transaction delays and high gas fees. The token presale rounds will take place on September 21, 2021, with each of the five presale rounds lasting 30 minutes. .

A dive into the Tomi technology

To grasp the potential of TOMI, it is essential to look at what the ecosystem will provide to its users. Powering scalable projects through blockchain technology and introducing DEX swapping are two of its core solutions.

The focus on decentralized finance can change the lives of millions of people by democratizing access to alternative financial services and products.

Aligning this vision with PancakeSwap’s success and long-term plan can create a sustainable and attractive outlook for cryptocurrency and blockchain over the coming years. 

TOMISwap will serve as the next-generation decentralized trading platform built by the Tomi team. It will run on the Ethereum blockchain and facilitate the swapping of multiple tokens without forcing users to spend an arm and a leg on transaction fees.

Offering sustainable, efficient, cheap, and fast solutions for transactions at a high throughput helps conserve energy and offers scalability that will benefit all participants. 

The transaction fee per swap is capped at 0.3% of the amount, thanks to the use of decentralized liquidity providers. Of those fees:

  • Liquidity providers will earn 66.6% of transaction fees from TOMISwap and the Sushiswap smart contract’s activity, 
  • Governance token stakers will receive 16.6% of the transaction fee.
  • TOMISwap user giveaways will be allocated 8.3% of the transaction fee.
  • The remaining 8.3% goes to TOMIFundMe. 

Through TOMIFundMe, every person on the planet can set up a profile to share project ideas and business plans.

Rather than stopping there, TOMIFundMe will help business ideas grow and evolve if they can change the world for the better.

All TOMI holders can vote on projects to receive a grant. Those grants are paid out using the 8.3% of all TOMISwap fees collected for this purpose.

It is a front-row seat to future development in the decentralized industry, unlike anything that has been seen before. 

The team’s strong focus on wealth distribution and making a positive societal impact brink value to the TOMI token and those who hold it in their portfolio. However, there are multiple benefits to holding that token.

TOMI utility In a nutshell

The TOMI token serves multiple purposes in the Tomi ecosystem, as it is the native currency.

Ranging from community governance to liquidity provision and cheap transactions, there are multiple reasons to like the concept of TOMI.

Governance token stakers receive passive income from TOMISWAP and can vote on the new era of blockchain development.

Traders can benefit from cheap transaction fees and liquidity rewards through swapping DEX. 

With an initial supply of 1.5 billion – capturing the initial needs of the project – the team opts for using half of the coins to provide liquidity through Sushiswap.

Another 250 million tokens will fund the development of the project and require TOMI governance token holder approval before spending.

The remaining 500 million – to be unlocked over three years – is used for the Community pool. There are no free tokens for the founders or anyone else to ensure a fair distribution and release. 

After the TOMI sale concludes, the team will launch TomiSwap and TOMI staking in October 2021. TomIFundMe will be released in Q1 2022, somewhere near February.

The Tomi blockchain – marking the migration away from Ethereum – goes live in Q3 2022 and will support ERC-20 tokens. 

Closing thoughts

The ongoing interest in the Tomi NFTs confirms investors are on board with the team’s vision of creating wealth for everyone through fairness and transparency.

Moreover, the team’s choice to use all proceeds to buy back TOMI tokens and reduce the supply from day one – without any developer receiving a free allocation of tokens – confirms their commitment to a long-term business plan capable of changing DeFi for good. 

A confident team with a solid business plan and a forward-thinking approach can make many ideas become reality. As cryptocurrency becomes a more mainstream concept, now is the time to build wealth and share it with everyone else. All aspects of Tomi fulfill that outlook and provide value and incentive for TOMI holders.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Source: https://beincrypto.com/tomi-heroes-nft-sales-surpasses-1-35m/

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