Cat Sphynx (CPX) news

Sphynx Meme (SPHYNX): A Mythical Adventure In The World Of Web3 And NFTs

What Is Sphynx Meme (SPHYNX)? Sphynx Meme (SPHYNX) is an immersive web3 mini-app on Telegram that transports players into the heart of ancient Egyptian mythology by blending engaging gameplay with Blockchain technology. Players embark on a journey guided by Sphynx the Holy Cat, where they spin for blessings, mine valuable resources, and engage in strategic battles against other players. The game is set within a world inspired by the rich legends of Egypt, where every spin, battle, and mining activity contributes to your progression. As you earn and accumulate BLESS, the in-app currency, you unlock the potential to convert these rewards into the SPHYNX tokens through the use of unique NFTs for deeper involvement in the Sphynx ecosystem. How Sphynx Meme (SPHYNX) Works Spinning for Rewards At the heart of Sphynx is the spinning mechanism, where users engage in spins by offering prayers to the Holy Cat, Sphynx. Each spin unlocks potential rewards such as BLESS (the in-app currency), Power (attack stats), Shield (defence stats), extra spins, and other valuable assets. This system serves as the primary method for resource accumulation and keeps players consistently engaged, with free spins available daily and additional spins obtainable through referrals, purchases, or as rewards within the spins themselves. To enhance the gameplay experience, Sphynx introduces unique features like Flash Spinning, which allows users to combine multiple spins into a single action to maximise potential rewards and saving time. Additionally, the Lucky Spin adds an element of chance, offering opportunities to win special prizes such as TON (the blockchain’s native currency), large amounts of BLESS, or extra spins. These innovative mechanics not only keep the gameplay fresh and exciting, but also provides varied and rewarding ways for players to interact with the game and progress within the Sphynx ecosystem. Mining BLESS Mining is a cornerstone activity within Sphynx that allows users to earn BLESS, the platform's central currency, at a steady pace. BLESS is pivotal for various in-app actions and upgrades, and users can enhance their mining efficiency by increasing their Mining Power. Higher Mining Power grants access to superior mining pools so that players can gather greater amounts of BLESS over time. This steady mining activity ensures ongoing player engagement and supports continuous advancement within the game. Marketplace and Economic Value The Sphynx Marketplace is a central hub where users can purchase additional spins and trade NFTs. This marketplace is essential to the Sphynx economic ecosystem as it providéuusers with opportunities to acquire resources that enhance their gameplay. Bulk purchasing of spins offers cost savings and immediate access to more game actions, while the trading of Sphynx NFTs on platforms like GetGems adds a dynamic economic layer, enabling players to capitalise on their investments or expand their collections. The marketplace reinforces Sphynx's position as a bridge between gaming and decentralised finance. Player-vs-Player Battles Sphynx introduces competitive 1v1 battles, where users can challenge other players to duels. These battles are determined by a mix of the players' Power (attack) and Shield (defence) stats, as well as a bit of luck. Victories in these duels reward players with additional BLESS, while defeats can result in a loss of BLESS. This feature adds a strategic dimension to the game, encouraging players to continuously improve their stats and refine their battle tactics, which, in turn, enhances the overall sense of competition within the Sphynx community. Sphynx NFTs and $SPHYNX Tokens In Phase 2, Sphynx expands its ecosystem by allowing users to convert their earned BLESS into the SPHYNX tokens through the minting and staking of Sphynx NFTs. These NFTs, available in Bronze, Platinum, and Emerald tiers, grant different levels of SPHYNX rewards. The SPHYNX tokens serve as the governance and tradable currency within the Sphynx ecosystem, with future plans for exchange listings. Staking these NFTs not only provides a passive income stream but also allows players to participate in the governance of the platform as well as integrating economic and decision-making elements into the gameplay. As players immerse themselves in an engaging blend of ancient Egyptian mythology and innovative gameplay, they can open up even more possibilities within the platform by converting their in-game achievements into the SPHYNX tokens through NFT staking. Embark on your journey with Sphynx today and experience a new dimension of decentralised gaming where every action counts! Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Bitget Hot Takes (Jun 03 - Jun 09, 2024)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements. The latest Bitget Hot Takes can be found here: Market Updates Central Themes • U.S. CPI data and FOMC meeting on June 12. • Net outflows from Bitcoin and Ethereum exchanges suggest cautious investor behaviour. • IBIT, now the largest Bitcoin ETF, saw US$948.9 million in inflows last week. Week 23: Cautious Optimism In Week 23, Bitcoin reached a high of US$71,908 and a low of US$67,590, marking a slight increase from the previous week. This rise indicates sustained investor confidence and interest in Bitcoin, likely due to favourable market conditions and positive sentiment. Conversely, Ethereum saw a decline, with a high of US$3,887 and a low of US$3,615. Notable net inflows into Bitcoin ETFs included IBIT (US$948.9 million), FBTC (US$685.4 million), and ARKB (US$124.2 million), suggesting a strong preference for these ETFs, particularly IBIT, which has now become the largest Bitcoin ETF. This shift likely results from IBIT’s lower fees (0.25%) compared to GBTC (1.5%). Significant outflows from GBTC (-US$119.1 million) reflect investor migration towards more cost-effective options. Significant inflows into BlackRock’s IBIT highlight a shift in investor preference towards cost-effective investment options. The total net flows of spot Bitcoin ETFs amounted to US$1.745 billion, significantly outpacing the $157.2 million seen in futures ETFs. Spot Bitcoin ETFs experienced varied performance, with EZBC, ARKB, BTCW, and BRRR seeing minor decreases of -0.7%, while DEFI saw a larger decrease of -1.2%. BITX, a 2x leveraged Bitcoin futures ETF, had the worst performance over the five-day period in W23 (-2.1%). Compared to traditional market benchmarks like the NASDAQ Composite (+1.6%) and SP 500 (+0.9%), which both showed positive performance, crypto ETFs slightly underperformed, which may stem from broader market trends favouring traditional equities over crypto assets. Among the top 5 cryptocurrencies by market cap, Bitcoin and BNB saw positive performances, increasing by 2.4% and 13.6%, respectively. Significant net outflows from exchanges for both Bitcoin (-46,608 coins, or -US$3.178 billion) and Ethereum (-832,193 coins, or -US$3.140 billion) indicate potential sell-offs or transfers out of exchanges. These outflows align with the net outflows observed in GBTC and inflows into lower-fee ETFs like IBIT and may reflect a cautious approach by investors. Crypto and mining stocks had mixed performances over the five-day period, with COIN being the best performer (+5.0%) and BITX the worst (-2.1%). Mining stocks saw the highest increase in volume (+71.0%), indicating strong trading activity and interest in the mining sector. Recent developments in the mining sector add more context to this trend. Bitdeer, a NASDAQ-listed mining company, announced up to US$150 million in private placement funding, emphasising its robust technologies and RD. Riot Platforms reported record Q1 2024 financial results with a net income of US$211.8 million and significant mining revenues. Marathon Digital also showed strong performance, with 850 BTC produced in April and substantial first-quarter gains. Core Scientific and CleanSpark reported notable production and financial results, contributing to the overall positive sentiment in the mining industry. Recent reports highlight Bitcoin's longest winning streak since March, driven by expectations of Federal Reserve rate cuts this year. As of June 05, 2024, Bitcoin reached US$70,530, showing investor confidence buoyed by the prospect of lower interest rates. This rally is supported by moderate US inflation data and a softer job market, which have led to significant drops in Treasury yields and easing financial conditions. The positive sentiment is also reflected in inflows into US exchange-traded funds and regulatory progress in Washington. Setting The Tone: Monday Performance The global market cap at the end of Week 23 was US$2.661 trillion, a 1.5% decrease from the opening on Monday June 03. The Fear Greed Index stood at 72/100 (Greed) on June 09 and increased to 74/100 (Greed) on June 10, indicating a prevailing sentiment of greed despite market cap fluctuations. This high index suggests continued optimism among investors. On Monday, June 10, Bitcoin and Ethereum prices remained relatively stable, with Bitcoin reaching a high of US$70,146 and a low of US$69,232, and Ethereum a high of US$3,711 and a low of US$3,648. This stability suggests a period of consolidation where the market digests recent gains and awaits further catalysts. Spot Bitcoin ETFs saw minor gains, with HODL and EZBC performing the best (+0.4% and +0.2%, respectively). Most other ETFs like IBIT, GBTC, FBTC, ARKB, BTCW, and BRRR showed uniform positive changes of around +0.3%. These minor gains indicate cautious optimism among investors, with no major disruptions or news influencing significant price movements. Crypto stocks had mixed daily returns, with COIN leading the gains (+3.6%) and BITI the worst performer (-0.3%). BITI, being a short Bitcoin futures ETF, gains value when Bitcoin's price falls, explaining its negative performance as Bitcoin prices remained stable. COIN also saw the highest trading volume (US$1.583 billion). In the futures markets, the funding rate for Bitcoin stood at 0.0121% and for Ethereum at 0.0110%. The long/short ratio was balanced, with Bitcoin at 49.75% long and 50.25% short, and Ethereum at 48.94% long and 51.06% short. Both Bitcoin and Ethereum saw minor decreases in open interest, -0.1% and -0.8%, respectively. These metrics suggest a balanced market sentiment, with neither longs nor shorts dominating, and a slight reduction in trading positions. On June 11, cryptocurrencies dipped while US equities posted mixed returns, with Bitcoin trading around US$66,000 after briefly surpassing US$70,000. The SP 500 and Nasdaq Composite indexes showed minor fluctuations, with the FOMC beginning its two-day meeting. The market awaited key announcements on interest rates and inflation data on Wednesday (June 12), with the CPI report expected to show a 0.3% month-over-month increase or minimal immediate impact on markets. Analysts predicted that while the CPI report is crucial, its impact would be overshadowed by the Fed’s subsequent announcements. Overall, the data from Week 23 and Monday, June 10, paints a dynamic and cautiously optimistic view of the crypto market. Despite challenges like underperformance compared to traditional markets and significant outflows from exchanges, strong investor confidence in lower-fee ETFs and a general sentiment of greed suggest potential for future growth and stability. The market closely watches macroeconomic indicators and regulatory changes to forecast future trends and investor behaviour. Trade BTC and ETH on Bitget today: Bitget Spot Trading | Bitget USDT-M Futures | Bitget Coin-M Futures | Bitget Copy Trade New Events Buy BWB using a credit/debit card with zero fees! 100% Guaranteed: Win rewards instantly and Bitget Card whitelisting！ New user exclusive: Buy crypto to get up to a 50% rebate! 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