Category: Cryptocurrency

This post was originally published on this site

SINGAPORE, March 20, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for March 20, 2024.

Merlin Chain Now Supported on OKX DEX Aggregator, Expanding Trading Options
OKX DEX, a multi-chain, cross-chain decentralized exchange aggregator of 400+ other DEXs and approximately 20 bridges, has added support for Merlin Chain. This integration enables users to trade assets and perform cross-chain transactions on the Merlin Chain through OKX DEX.
OKX also recently announced that it is the first major industry player to fully integrate Uniswap Labs’ trading APIs into its offerings. The integration includes the launch of the ‘Snap’ trading mode feature on OKX DEX to aggregate Uniswap’s industry-leading liquidity, enabling users to swap tokens on Ethereum quickly and intuitively without incurring any gas fees.
Merlin Chain is a leading Layer 2 network in the Bitcoin ecosystem that has implemented ZK-Rollup and has been utilizing fair launches and community-driven native innovations. On February 22, OKX announced that its Web3 Wallet has integrated with Merlin Chain, enabling users to access its advanced blockchain ecosystem via web extension.

For more information, please visit the OKX Support Center.

For further information, please contact:
Media@okx.com

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

• OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
• DEX: A multi-chain, cross-chain decentralized exchange aggregator of 400+ other DEXs and approximately 20 bridges, with 200,000+ coins and more than 20 blockchains supported.
• NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
• Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

View original content to download multimedia:https://www.prnewswire.com/news-releases/flash-news-merlin-chain-now-supported-on-okx-dex-aggregator-expanding-trading-options-302094216.html

SOURCE OKX

Featured image: depositphotos © garloon

Disclaimer

This post was originally published on this site

Set to pioneer investment in Web3 gaming with early stage investments already made in category winners

SYDNEY, March 19, 2024 /PRNewswire/ — Immutable, and King River Capital, assisted by Polygon Labs, have combined forces to launch the Inevitable Games Fund (‘IGF’ or ‘the Fund’). As a first of its kind ecosystem-agnostic fund, IGF leverages the deep insights and resources of web3 gaming giants Immutable and Polygon Labs to identify high growth opportunities for investors.

The Fund’s investment process will be led by King River Capital in collaboration with Immutable and Polygon Labs providing key sourcing and web3 gaming expertise.

IGF is testament to the partners’ commitment to fostering innovation and growth across the web3 gaming sector. The Fund, which is privately offered and only open for investment by certain types of professional and sophisticated investors will have a final cap on fund size of US$100 million. It has already secured an anchor commitment from Alpha Wave Ventures (backed by Alpha Wave Global and the Abu Dhabi Royal Group’s Chimera Capital), as well as commitments from Merit Circle, a leader in the web3 gaming space, several family offices such as Mike Arrington, Co-Founder of CrunchFund and Arrington Capital; Steve Kokinos, of Sonic Boom Ventures and former CEO of Algorand; James and Robbie Ferguson, Co-Founders of Immutable; and Sandeep Nailwal, Co-Founder of Polygon Labs.

The Fund has already identified a strong pipeline of investment opportunities and has warehoused seven early stage investments including:

• Pixelmon, the world’s first truly decentralised Web3 gaming IP.
• Metalcore, an open-world combined arms game where players can engage in massive player-versus-player (PVP) encounters and face AI-enhanced enemies. Players can fight on foot and pilot a wide array of combat vehicles and giant mechs in massive battlefields where frenzied players fight for their factions in territorial conquest.
• Guild of Guardians, one of the most anticipated Immutable platform games this year having attracted 1M+ pre registrations ahead of release in Q2 2024.
• My Pet Hooligan, a Hollywood style animation meets team deathmatch gameplay.

The combination of King River Capital’s expertise in venture and digital asset investing, together with Immutable and Polygon Labs’ web3 gaming deal flow and digital assets expertise, uniquely positions the Fund to identify best in class investment opportunities across the multi-hundred billion dollar global video game industry.

King River will manage the deployment of IGF capital across premier game studios, web3 infrastructure, and immersive gaming experiences, that are considered to redefine the digital entertainment landscape, regardless of the platform.

Messari, a leading provider of crypto market intelligence, recently estimated^[1] the combined marketshare of Immutable and Polygon to be ~70% of total blockchain gaming development, following a significant growth year for the entire industry.

Zeb Rice, Co-Founder and Managing Partner at King River Capital, said: “Spending on video games exceeds the global revenue from movies, streaming TV and the music industry, combined, and it is ripe for a huge technology shift.

“Just as mobile gaming went from virtually zero in 2008 to 79% of gamers playing mobile today,^[2] we believe a similar shift has only just begun to web3 technology. The Fund provides investors with an opportunity to gain unique access to the best web3 gaming projects globally and is designed to benefit from this multi-hundred billion dollar shift in spending to this disruptive new technology.”

Commenting on the launch of the Fund, Robbie Ferguson, President and Co-Founder of Immutable, said: “We are excited to be launching this pioneering fund in partnership with King River Capital and assisted by Polygon Labs. Our combined expertise, global relationships, and industry reach ideally position the Fund to identify and invest in the best web3 gaming and gaming infrastructure opportunities globally.”

Since 2018 the sector has attracted approximately $19 billion in investments^[3]. In 2023, blockchain gaming related rounds reached $1.7B^[4].  A significant part of that has flowed to the 270+ blockchain games in development on Immutable.

A 2023 report by PwC estimated that total gaming revenue globally will rise from US$227 billion in 2023 to US$312 billion in 2027, representing a 7.9% CAGR.  This will likely be driven by a combination of factors, including the benefits of decentralisation and ownership features, play-and-earn models, and the integration with emerging technologies.

ENDS

Any information stated in this document is intended to be general in nature and is not personal financial product advice, and furthermore this document has been prepared without taking account of any person’s objectives, financial situation or needs. Before considering an investment, you should consider the appropriateness of the investment having regard to your personal objectives, financial situation and needs. This document and the information conveyed is also not intended be in any way a general solicitation of interests in any financial product or for the provision of any financial service. Any reference to the names, service marks or trademarks of parties are for and held by each of those parties and is not an acknowledgement of a permission or right, license or sub-license the use, exclusive or otherwise, of those names, service marks or trademarks.

About King River Capital

King River Capital invests early to mid-stage high-growth technology businesses solving critical problems within large markets. Since its founding in 2019, King River has raised four funds and invested in 32 companies across North America and Australia, including through its King River Digital Asset Fund that was launched in February 2022.

King River investments in crypto and web3, include Immutable; Discord (the defacto locus for crypto conversations, DeFi protocols, DAO governance, and NFT communities); Splash (one of the world’s most popular music game and metaverse participant), Paystand (B2B payments company that utilises the Ethereum blockchain to build zero-fee payments infrastructure), Consensys, LayerZero, and Aztec.

The King River Capital team comprises 16 professionals across Sydney, Denver and New York.

About Immutable and Polygon Labs

Immutable and Polygon Labs have both stood at the forefront of web3 gaming advances since the industry’s infancy. They each boast deep knowledge of the industry, complex product suites, and gaming-specific technologies, most notably the Immutable zkEVM chain powered by Polygon. Their wealth of experience allows the organizations to be at the center of a transformation bringing digital ownership to millions around the world through gaming.

The Immutable gaming platform makes it easy for game studios and independent developers to safely and confidently build and launch successful web3 games. The product suite includes pre-built end-to-end solutions, optimized for usability, that help developers get to market faster without sacrificing security or player experience. Builders get personalized web3 guidance, live support for their communities, and access to the largest ecosystem in gaming.

Immutable is the first gaming platform to deliver a zero-knowledge (zk) scaling solution and provides developers with multiple zk-based scaling options, including Immutable X, a rollup based on StarkWare technology, and Immutable zkEVM, powered by Polygon. Immutable has raised over $300M USD from leading global investors including Temasek, Bitkraft, Tencent, King River Capital, and more and won 270+ well-funded games onto its platform.

View original content to download multimedia:https://www.prnewswire.com/news-releases/king-river-capital-immutable-and-polygon-labs-launch-the-100m-inevitable-games-fund-302092571.html

SOURCE King River Capital

Featured image: depositphotos © ayo888

Disclaimer

This post was originally published on this site

The partnership with Gamerhash addresses the growing demand for GPU resources in AI projects, leveraging the computing power of graphics cards within the gaming community.

ZUG, Switzerland, March 19, 2024 /PRNewswire/ — Golem Network, the decentralized computing platform and pioneer Web3 project in the DePIN domain, is excited to announce its strategic partnership with Gamerhash. As Golem Network expands its ecosystem to meet the computing needs of the AI industry, this collaboration with Gamerhash aims to increase the supply of GPU, addressing the rising demand for computing power in AI projects.

Gamerhash AI,  trusted by 770.000 gamers globally, allows its users to earn and share GPU computing power using an app. The company is now extending their GPU resources to Golem Network, expanding the demand for its user base. GamerHash decentralized gamers-grid is an architecture that was built more than 6 years ago and perfectly fits Golem Network architecture.

This collaboration brings more GPU power to the Golem Network ecosystem, strengthening its support for the AI industry. In addition to leveraging Golem Network GPU providers, Golem is now expanding its reach by tapping into the GPU resources available within the gaming market. This partnership marks a key milestone as it contributes to Golem Network’s mission to provide access to digital resources, fostering innovation and empowerment without relying on centralized providers. Addressing the needs of  the AI industry, Golem allows anyone to access affordable computing power to build their own AI applications.

Arkadiusz Cybulski, Head of AI/GPU at Golem Network, said: “This partnership is a game-changer in unlocking the compute power of graphics cards within the gaming community. By teaming up with Gamerhash, we are expanding our computing power supply. The reason behind is that we will soon launch a new service for deploying and running AI models at scale. This initiative will effectively address the growing demand, leveraging our GPU computing resources.”

As Golem Network continues to innovate, the commitment of users worldwide to contribute their computational resources highlights the community-driven spirit of Golem Network and reinforces the vision of a globally accessible, decentralized infrastructure.

More about Golem AI ecosystem and roadmap on the dedicated website: https://www.golem.network/ai

About Golem Network: Golem Network is a DePIN (Decentralized Physical Infrastructure Network) project that allows anyone to access distributed computing resources. Through an open-source, peer-to-peer platform it allows users to share their hardware or rent computational resources from other parties in the network. More information on www.golem.network

Follow us on: Twitter | LinkedIn | Discord | YouTube  | Reddit

Photo – https://megastockalert.com/wp-content/uploads/2024/03/ghai_x_golem_partnership.jpg
Logo – https://megastockalert.com/wp-content/uploads/2024/03/Golem_Logo.jpg

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/golem-network-and-gamerhash-ai-join-forces-to-provide-gpu-resources-to-the-ai-industry-302091907.html

SOURCE Golem Network

Featured image: depositphotos © dennizn

Disclaimer

This post was originally published on this site

VILNIUS, Lithuania, March 19, 2024 /PRNewswire/ — In a significant step towards its growth in Latin America, BingX is thrilled to announce its expansion into Brazil. Effective immediately, users in Brazil can access cryptocurrencies using Brazilian Reals (BRL) through transfers facilitated by Pix, the real-time retail payment system introduced by the Brazilian Central Bank.  

This strategic move is part of BingX’s ambitious plan to broaden its reach across Latin America, demonstrating BingX’s commitment to providing accessible financial diversity for users within the region. By enabling deposits and withdrawals in BRL, BingX simplifies the process of acquiring cryptocurrencies while ensuring a secure and seamless experience for all its users.

Understanding the high standards and expectations of Brazilian consumers, BingX is committed to delivering top-notch service quality. “We’re excited to bring BingX’s user-centric services to Brazil, marking the first step in our journey to expand across Latin America. By enabling seamless transactions with BRL through Pix, we’re empowering users with greater accessibility and security in their cryptocurrency endeavors,” stated Vivien Lin, Chief Product Officer of the company.

In celebration of this important development, BingX is rolling out an exclusive promotion to reward its first Brazilian users. The initial 500 customers to top up their accounts using BRL as fiat currency and execute their first fiat-to-crypto transaction will receive a 10% USDT rebate on their first order’s value. Moreover, the campaign will reward the first 500 users who convert at least 30 USDT from fiat currency, providing them with a gift pack valued at up to $100.

The inclusion of Pix as a transaction method underscores BingX’s commitment to catering to the needs of its Brazilian users by providing a fast, reliable, and secure platform for their financial transactions. This enhancement is expected to significantly improve user experience, streamline the process of buying and selling cryptocurrencies, and make BingX a go-to platform for crypto enthusiasts in Brazil.

About BingX

Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became Chelsea FC’s principal partner, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/global-leading-crypto-exchange-bingx-makes-move-into-latin-american-fiat-to-crypto-payments-302093122.html

SOURCE BingX

Featured image: depositphotos © Piter2121

Disclaimer

This post was originally published on this site

Robinhood Markets, Inc. (NASDAQ:HOOD), a California-based financial services company, offers a range of investor services including cryptocurrency trading, dividend reinvestment, and fractional share investment. The platform allows real-time trading in stocks, crypto, and options, earning transactional fees from routing orders to market makers upon execution.

With its close association with the cryptocurrency market, Robinhood shares have surged 35% since the year began, in tandem with Bitcoin’s breakout to record highs. Despite this, HOOD still trades over 11% below its 52-week high.

In its Q4 results released in February, Robinhood posted a profit of $30 million, marking its second profitable quarter. Revenue for the period reached $471 million, up 24% from the previous year. Interest revenue experienced a notable 41% increase, reaching $236 million, whereas transaction-based revenue amounted to $200 million, marking an 8% year-over-year rise. Notably, cryptocurrency revenue contributed $43 million to the latter, offsetting a slight decline in options revenue.

However, for the full year, HOOD reported a net loss of $487 million, despite a 37% YoY revenue increase to $1.87 billion. Management highlighted its expanding global presence in crypto services during the quarterly earnings call, noting brokerage services in the U.K. and crypto offerings in the EU.

More recently, Robinhood reported a 10% sequential increase in crypto trading volumes to $6.5 billion in February.

Bernstein commenced coverage of Robinhood with an “Outperform” rating and set a price target of $30. The analysts anticipate significant institutional adoption of Bitcoin to drive HOOD’s revenues substantially higher, projecting a nine-fold increase by 2025, with the total crypto market cap reaching $7.5 trillion.

This new price target from Bernstein, the highest on Wall Street, implies a potential upside of 74.4% from current levels.

However, other analysts hold varying views on Robinhood, with a consensus “Hold” rating among 15 analysts covering the stock. While four analysts rate it as a “Strong Buy,” eight suggest “Hold,” one recommends a “Moderate Sell,” and two advocate a “Strong Sell.” The mean price target from this group stands at $14.61, indicating a potential downside of 15.5%.

Featured Image: Megapixl

Please See Disclaimer

This post was originally published on this site

Ben Armstrong, a cryptocurrency analyst, anticipates a substantial bull run for Cardano’s ADA. Armstrong’s prediction is grounded in the growing public attention toward ongoing developments within the Cardano ecosystem. He referenced Ali Martinez’s ADA forecast, suggesting a potential rally to $5 following a consolidation period.

Armstrong underscores the increasing public awareness surrounding activities on the Cardano blockchain. While he couldn’t determine if the surge in awareness is orchestrated by the Cardano team, he remains confident that it will positively impact ADA’s price. Drawing from historical data, Armstrong notes that significant ADA movements often follow such developments.

The launch of a fiat-backed stablecoin (USDM) on Cardano is highlighted by Armstrong as a noteworthy development contributing to Cardano’s momentum. He describes this stablecoin as a groundbreaking addition to the Cardano network, potentially addressing challenges faced by the decentralized finance (DeFi) ecosystem on Cardano.

Armstrong views the USDM launch as a significant milestone, expected to enhance security, scalability, and sustainability for decentralized applications (DApps) on the Cardano network.

Further analyzing the ecosystem, Armstrong points to Charles Hoskinson, Cardano’s CEO, addressing concerns regarding the Hydra project. Hoskinson’s reassurance to the Cardano community regarding the progress of the Hydra project is noted by Armstrong as another factor contributing to Cardano’s growing prominence.

Armstrong also references Ali Martinez’s price analysis, which predicts ADA consolidating between $0.55 and $0.80 soon, followed by a rally to $1.70 before potentially reaching $5. At the time of writing, ADA was trading at $0.614, having retreated from a recent high of $0.81.

In summary, Armstrong’s analysis suggests that ADA could experience a significant price surge to $5 fueled by the rising public notoriety surrounding Cardano’s ongoing developments.

Featured Image: Freepik @ freepik

Please See Disclaimer

This post was originally published on this site

Bitcoin mining stocks faced losses this week amid a broader downturn in Bitcoin prices. Despite this multi-day correction phase, the overall bullish sentiment for digital assets remains strong.

A significant worry in the market revolves around the impending Bitcoin halving event, slated for late April when the block height reaches 840,000. This event reduces the reward for mining new blocks by half, thus slowing the rate at which new bitcoins are generated.

Nejc Kržan, Head of NiceX Exchange, noted that many large mining farms are converting to fiat amid the anticipation of a challenging period post-halving.

In a recent comprehensive analysis by JPMorgan (NYSE:JPM), the financial giant revisited the operational and financial trends of the bitcoin mining industry amidst the ongoing crypto market selloff. The report assessed the performance and strategic positioning of leading mining companies, including Cipher Mining Inc. (NASDAQ:CIFR), CleanSpark (NASDAQ:CLSK), Iris Energy Ltd (NASDAQ:IREN), Marathon Digital (NASDAQ:MARA), and Riot Platforms (NASDAQ:RIOT), projecting a positive outlook for the sector in 2024.

JPMorgan equity analysts report that the broader mining industry saw its most substantial quarterly gross profit since the second quarter of 2022 during the final quarter of 2023, indicating a strong recovery. The report expects industry-wide gross profits to rise in the first quarter of 2024, followed by a downturn in the second quarter as the block reward is halved, reflecting the cyclical nature of mining industry profitability.

Marathon Digital emerged as the industry’s top performer in 2023, with JPMorgan highlighting its capacity expansions and Bitcoin output. The report noted that Marathon Digital added the most capacity and mined more bitcoin than any other operator in their coverage universe.

Looking ahead, Riot Platforms and CleanSpark are identified as key players poised for strong growth in 2024, according to JPMorgan analysts.

The report also highlighted Cipher’s competitive edge due to its low power costs per coin mined in the fourth quarter of 2023, contrasting with Marathon’s higher costs. However, it commended Marathon for its operational efficiency, driven by scale and lean operations.

In terms of financing activities, the report revealed that the five miners in JPMorgan’s coverage universe issued over $2 billion in equity via ATM offerings in 2023, indicating a significant increase from the previous year.

Overall, JPMorgan’s report maintains an optimistic view of the mining industry’s resilience and adaptability, expecting miner profitability to rise in the first quarter of 2024 before declining in the second quarter due to the halving.

Featured Image: Freepik @ jcomp

Please See Disclaimer

This post was originally published on this site

The journey towards institutional adoption has long been a target for cryptocurrency proponents, aiming to bring a new level of legitimacy to the asset class and potentially drive prices higher. The launch of several spot Bitcoin (BTC) exchange-traded funds (ETFs) in January marked a historic milestone for the sector, paving the way for wider adoption. However, a survey conducted by the Digital Assets Council of Financial Professionals (DCAFP) in December indicated that crypto adoption was already on the rise before the ETFs’ launch.

The survey, conducted in partnership with Franklin Templeton Digital Assets, revealed that 59% of financial professionals, including 78 financial advisors managing client portfolios, actively recommended crypto to clients. Notably, over 7% of advisors recommended crypto to all clients, while 29% recommended it to more than half of their clients. The majority of advisors (81%) suggested allocating 1% to 5% of assets to crypto, with a smaller fraction recommending higher allocations.

In terms of client holdings, 83% of financial advisors found that 10% to 49% of their clients invested in crypto, indicating a notable level of interest among investors. Furthermore, 41% of advisors not currently recommending crypto expressed plans to do so, with a significant portion intending to allocate to crypto within the year.

Despite the retail-driven nature of the market, institutions are showing a growing appetite for crypto assets, according to Mathew McDermot, head of digital assets at Goldman Sachs. McDermot highlighted the recent surge in institutional interest, attributing it to factors like the launch of spot BTC ETFs, which triggered a “psychological shift” in investor sentiment and could pave the way for the tokenization of assets.

McDermot emphasized the importance of regulatory clarity in facilitating institutional adoption, noting that the SEC’s approval of spot BTC ETFs marked a significant moment for the market, particularly in the U.S. He pointed out the growing volumes in CME Group’s derivatives marketplace as evidence of institutional interest.

Offering Bitcoin in ETF form has made it more accessible to the masses and removed barriers associated with storing and transacting with cryptocurrencies. McDermot highlighted the enhanced investment protection provided by ETFs, making them a more user-friendly option for institutional investors.

Looking ahead, Goldman Sachs is focused on developing proofs of concept around tokenization and leveraging blockchain technology to better serve clients interested in digital assets. McDermot envisions a “tokenization continuum,” starting with more traditional financial products like Treasuries and stablecoins before expanding to more complex markets like real estate private equity.

McDermot sees promise in blockchain technology, citing its potential to de-risk the market, improve operational efficiency, and enhance liquidity management. While crypto presents intriguing opportunities, he believes the underlying technology holds significant potential for transforming financial markets.

Featured Image: IstockPhoto @ Phira Phonruewiangphing

Please See Disclaimer

This post was originally published on this site

The Open Network Foundation, the entity behind developing the TON blockchain powering Telegram’s new advertising platform, has unveiled a community incentive program worth $115 million. This initiative will see the allocation of 30 million Toncoin (TON) tokens to reward the community.

As outlined in the announcement on March 20, the incentives will be distributed across four key areas: $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts. Developers stated that the distribution of the 30 million Toncoin will commence on April 1 in monthly seasons, to facilitate a straightforward journey from Telegram user to on-chain participant.

During an initial pilot season, the TON Foundation disbursed 650,000 TON tokens ($2.6 million) through Liquidity Pool boosts and plans to allocate 550,000 TON tokens ($2.2 million) among winning projects in The League Pilot on March 31. Jack Booth, Director of Marketing at TON Foundation, remarked on the positive response from the community during the pilot season, indicating readiness for further engagement.

The Telegram Ad Platform, operating on the TON blockchain, was recently launched in March 2024. This platform enables Telegram channel owners globally to monetize their channels by selling advertising space and sharing revenue in TON tokens.

Originally developed by Telegram, the TON token’s development was halted in May 2020 following a legal dispute with the United States Securities and Exchange Commission. Despite this setback, Telegram remains a significant player in the messaging app landscape, boasting over 900 million users globally and ranking as the world’s fourth-largest messaging app.

In recent developments, Telegram co-founder Pavel Durov revealed plans for the company to pursue profitability, with considerations for an initial public offering (IPO). Durov also hinted at potentially offering priority access to loyal users for the firm’s IPO subscription, taking inspiration from Reddit’s approach. Over the past year, TON has seen a notable surge of close to 75% in value, currently trading at $4.12.

Featured Image: Freepik

Please See Disclaimer

This post was originally published on this site

As the broader cryptocurrency market experiences a downturn, with Bitcoin and Ethereum seeing declines, Solana’s price has also pulled back significantly. The token has retreated to a critical support level at $164, leading to discussions about whether Solana (SOL) can maintain its upward trajectory or if further declines are imminent.

The potential for a deeper decline in Solana’s price is exacerbated by news that the U.S. Securities and Exchange Commission (SEC) is investigating crypto companies as part of its Ethereum probe. The heightened regulatory concerns could amplify the pullback in SOL price.

Solana has been a focal point for investors recently, especially after its price surged past $200 for the first time since November 2021. Over the weekend, Solana experienced a significant surge in network activity, surpassing Ethereum in total trading volume.

On March 16, Solana’s trading volume reached $3.52 billion, surpassing Ethereum by $1.1 billion. This surge was largely driven by increased demand for Solana-based memecoins, with the newly launched Book of Meme (BOME) memecoin achieving a market capitalization of $1.45 billion in just 56 hours.

Solana’s decentralized finance (DeFi) sector has also experienced substantial growth, with its total value locked (TVL) increasing by over 80% in the past month. This surge has propelled Solana’s DeFi TVL to its highest point in two years, placing it among the top five DeFi networks by TVL.

Despite the recent decrease in trade volume, Solana’s market capitalization has reached $91.56 billion. The cryptocurrency has also seen a 9.05% rise in open interest to $3.20 billion, although short traders have been dominant in liquidations as they seek to mitigate losses from the ongoing price rally.

In other developments, the Solana community has begun to voice concerns about meme coin presales, which have become more frequent and dubious. In these presales, crypto traders often send large sums of money to unfamiliar individuals in the hope of getting in early on the next big meme coin like BONK, WIF, or BOME.

Following the multi-billion dollar surges of several Solana-based meme coins over the past three months—a trend that has thrust the blockchain back into the spotlight—many crypto influencers are capitalizing on the atmosphere of fear of missing out (FOMO). They are offering early, discounted allocations of certain meme coins before their launch to traders who send SOL to the promoters’ wallets.

Featured Image: Freepik

Please See Disclaimer