Binance Labs invests in AI projects MyShell and Sahara AI for AI-blockchain integration.

MyShell democratizes AI development; Sahara AI creates secure, decentralized AI platforms.

AI enhances blockchain’s user experience, while blockchain ensures AI’s authenticity.

Binance Labs has recently made strategic investments in two pioneering AI projects, MyShell and Sahara AI. As the venture capital and incubation arm of Binance, it has been a prominent supporter of innovative projects that intertwine AI with blockchain. These investments exemplify Binance Labs’ vision to propel a future where technology transcends traditional boundaries, enhancing both the creator economy and consumer accessibility.

Integrating with blockchain can potentially resolve inherent challenges related to security, privacy, and decentralized governance. Max Coniglio, Investment Director at Binance Labs, is among the experts who believe that AI and blockchain not only complement each other but are also essential for the future of decentralized applications. This symbiosis can enhance user experiences while ensuring a high level of integrity and collaboration across various platforms.

Decentralized AI ecosystems

MyShell represents a decentralized AI ecosystem designed to democratize the creation and distribution of AI applications. Through Binance Labs Incubation Season 6, MyShell aims to amplify its reach by enhancing its open-source model layer and creator platform, thereby enabling every individual to partake in AI app development and ownership. Yi He, Co-Founder of Binance and Head of Binance Labs, highlighted, 

We are eager to see MyShell champion a robust creator economy that harmoniously blends AI with crypto

On the other hand, Sahara AI is setting benchmarks by developing a decentralized AI blockchain platform that ensures the sovereignty and provenance of AI. With strong backing from significant enterprises and institutions like Microsoft and MIT, Sahara AI focuses on building a secure and equitable AI environment.

Israeli Philosopher Hails Bitcoin as an Art Form, AI as Alien Intelligence AI as Creative Intelligence

Coniglio believes that AI and blockchain technologies are aligned with each other. He stated that AI improves blockchain’s user experience and enhances decentralized systems. Additionally, he explained that blockchain ensures authenticity, boosts collaboration on open-source projects, and supports the computational needs of AI. Despite the potential benefits, Coniglio highlighted that there are still challenges for those looking to build using these technologies.

MyShell and Sahara AI investments align with the broader trend of increasing venture capital interest in AI and blockchain. Reportedly, there is a surge in venture capital investments, reaching $1.16 billion, with a strong emphasis on infrastructure and decentralized finance (DeFi) projects. This surge, characterized by a 52.5% increase from the previous month, set the stage for projects like MyShell and Sahara AI to thrive.

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XRP’s symmetrical triangle pattern signals a potential breakout and strong movement ahead.

Activity on XRPL grows, with experts projecting XRP to soar beyond $200 in coming months.

Increased trading volume near $0.50 suggests accumulation, pointing towards surge.

XRP has recently gained attention within the cryptocurrency community, with discussions surrounding its potential price surge. Notably, Brett, an Ambassador at Bitrue, has hinted at a dramatic rise in XRP’s value, projecting an impressive leap beyond $200 per token. The DeFi sector on the XRP Ledger (XRPL) has also been highlighted as a space to watch, with significant trading activity expected to escalate in the coming months. These factors are driving speculation about the future trajectory of XRP prices and associated tokens on the XRPL.

KABOOOOOOOOOOOOOOOOOOOOOOM!

Get ready, because XRP is set to astonish everyone!

Are you ready to create lasting wealth for generations to come?

Anticipate prices soaring to over $200 per #XRP!

Prepare for a wave of trading activity on XRPL DeFi in the upcoming… pic.twitter.com/rT8Om8srQJ

— Brett (@Brett_Crypto_X) August 26, 2024

Key Indicators and Patterns

A chart analysis of XRP/USD reveals long-term trendlines and patterns that suggest a potential breakout. The price history, spanning from 2014 to projections into 2027, shows XRP contained within an ascending channel, with support consistently maintained along the lower trendline. Additionally, XRP has been consolidating within a symmetrical triangle pattern. As XRP nears the apex of this triangle, many expect a sharp movement in price, likely in response to increased volume and trading activity.

XRP Positioned to Revolutionize Global Banking Liquidity

Historical data also supports the possibility of an upward breakout. Similar patterns from 2017, when XRP saw exponential growth following consolidation, suggest that a similar scenario may unfold. These factors have fueled speculation about the possibility of XRP reaching significantly higher price points, with predictions pointing toward $200 per token.

Liquidity Zones and Price Action

In terms of liquidity, analysis by Cryptoinsightuk sheds light on XRP’s short-term liquidity update. The chart illustrates clusters of liquidity, with notable blocks concentrated between $0.64 and $0.68, and another zone between $0.58 and $0.59. These levels indicate strong buying interest at these price points, suggesting potential areas where the price may stabilize before any further movement occurs.

Price action reveals that XRP has been trading within a range, around $0.595 at press time. Despite being near the lower boundary of its trading range, XRP has shown signs of engaging with liquidity levels below this price, indicating a phase of consolidation. Such interactions could pave the way for further stabilization or an upward shift in the price.

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Bitcoin (BTC) dominance rises above 57%, nearing 2024 highs, per TradingView data.

Analysts predict Bitcoin could surge to 73% dominance if it breaks above 58% this month.

A drop in Bitcoin dominance may spark a significant resurgence in the altcoin market.

Bitcoin’s market dominance has once again surged, climbing back above the 57% mark, as reported by TradingView data. On August 25, Bitcoin’s dominance reached 57.6%, nearing a new high for 2024. This rise continues a trend seen earlier this month when Bitcoin’s market share hit 57.7%, the highest level since April 2021. 

Bitcoin Surge or Reversal

In a recent X post, renowned crypto analyst Egrag Crypto delved into the potential impact of Bitcoin’s increasing dominance on the broader market. He emphasized that if Bitcoin’s dominance could close above the 58% level every month, it would set the stage for a significant surge in market share. This surge might elevate Bitcoin’s dominance to as high as 73%, marking a substantial shift in the crypto market.

#BTC Dominance – The EPIC Fall Awaits!

If BTC dominance closes above 58% on a monthly basis, it could pave the way for a surge to at least 73%! However, the rising wedge pattern is hinting at a potential breakdown that could breathe life back into the #ALTS! Minimum Target:… pic.twitter.com/DRa9UER4Yt

— EGRAG CRYPTO (@egragcrypto) August 26, 2024

The analyst also highlighted that the rising wedge pattern in Bitcoin’s chart could suggest an upcoming breakdown. If Bitcoin’s dominance decreases, it could revitalize the altcoin market, possibly lowering Bitcoin’s dominance to around 39%.

Impact on Altcoins

Historically, a decrease in Bitcoin’s dominance suggests a shift in investor focus toward altcoins. When Bitcoin’s market share diminishes, it often indicates that investors are diversifying their portfolios by pouring more capital into altcoins. This shift could lead to significant gains for altcoins as they benefit from the increased attention and investment.

Despite recent challenges, the altcoin market shows signs of potential recovery. Bitcoin’s dominance has overshadowed many altcoins, but a reversal in this trend could provide the boost needed for these altcoins to regain traction. 

Bitcoin Demand Soars in US as Fed Hints at Rate Cuts: Report Bitcoin’s Market Shift Looms

In general, with Bitcoin’s constant increase in market share, the characteristics of the overall crypto market could be entirely different. Bitcoin’s growing market share suggests its dominance may continue to rise, solidifying its market position. However, if the current forecast were to play out, BTC’s dominance would decrease, and the altcoin market would expand with new possibilities for investors.

Bitcoin’s current market dominance is still higher, which could indicate its strength. Both investors and analysts will focus on specific Bitcoins’ changes in dominance. These results could substantially impact the crypto space’s development path in the following months.

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Powell’s comments led to a $533M inflow into digital assets, with Bitcoin gaining $543M.

Bitcoin saw strong inflows, while Ethereum faced $36M outflows, showing diverging views.

The U.S. led with $498 million inflows while Germany saw outflows of $9 million.

Last week’s digital asset market saw a remarkable $533 million inflow—the largest in five weeks—primarily driven by comments from Federal Reserve Chair Jerome Powell. Digital asset investment products experienced significant inflows with Bitcoin capturing $543 million. The increased inflow highlights the impact of Jerome Powell’s dovish remarks at the Jackson Hole Symposium. This surge sharply contrasts with Ethereum, which saw $36 million in outflows, reflecting a nuanced investor sentiment across leading cryptocurrencies.

Contrasting Bitcoin and Ethereum Movements

Bitcoin’s robust inflows contrast with Ethereum’s outflows, showcasing differing investor reactions. CoinShares report shows Bitcoin’s rise in popularity amid economic optimism and Ethereum’s cautious reception despite new ETF launches. In the beginning of August, Ethereum led with substantial inflows, and the current scenario indicates a diverging path for major cryptocurrencies in response to global economic cues. 

Bitcoin Eyes $67K: Analysts Highlight Key Support at $64,100 Regional Responses to Economic Indications

The United States dominated the inflow landscape with $498 million, while Hong Kong and Switzerland also saw notable increases of $16 million and $14 million, respectively. Conversely, Germany was marked by minor outflows, totaling $9 million, making it one of the few regions with net outflows this year.

Ethereum ETFs Attract Attention

A month following the launch of several Ethereum ETFs, these new investment vehicles have garnered $3.1 billion in inflows. However, these gains were slightly offset by outflows from existing entities like the Grayscale Trust, which saw $2.5 billion exiting. James Butterfill of CoinShares Research explained,

Investor reactions to Jerome Powell’s comments were swift and significant, underscoring the market’s attentiveness to global economic policies.

This week’s data paints a vivid picture of a market that is increasingly tied to macroeconomic indicators and suggests a growing maturity in the digital asset space. As digital assets continue to intertwine with traditional financial markets, the impact of global economic events will likely become more pronounced in influencing investment flows.

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Binance lists MiCA-compliant EURI stablecoin, starting trading from August 28.

The exchange offers zero-fee promotions for the stablecoin for EUR/EURI and EURI/USDT.

Banking Circle’s launch of Eurite envisions the broader availability of stablecoins.

Binance, one of the world’s largest crypto exchanges, recently announced the listing of Eurite (EURI), the MiCA-compliant stablecoin. The platform has also introduced zero-fee promotions for the novel stablecoin, which was launched two days before.

Spot Trading- EUR/EURI & EURI/USDT

According to Binance’s official announcement, the crypto exchange will open trading for spot trading pairs EUR/EURI and EURI/USDT on August 28 at 10.00 (UTC). Further, the platform invites community members to start depositing EURI stablecoin to prepare themselves for trading. The platform will permit the stablecoin withdrawals from August 29.

Zero Trading Fee Promotion

The exchange offers a zero-fee promotion for EUR/EURI and EURI/USDT trading pairs to celebrate the launch of the Eurite on Binance. As per the platform’s announcement, the promotion period will commence on August 28 and last until the platform announces further notice. All eligible candidates can enjoy zero-fee trading on these pairs during the period.

The Bank-Backed Stablecoin

Eurite (EURI) is one of the first MiCA-regulated EURO stablecoins, launched by Banking Circle S.A. The launch follows the MiCA regulation’s first phase implementation, applicable for asset-referenced tokens and e-money tokens. Notably, EURI is the first e-money token launched by Banking Circle. In addition, it is the first MiCA-regulated stablecoin issued and backed by a bank in the European Union.

Ethereum Co-founder Buterin Vision for DeFi and Stablecoins

Daniel Lee, the Head of Web3 at Banking Circle, commented on the institution’s vision of making stablecoins accessible to a large public with 24/7 availability of services. Lee added,

The launch of EURI establishes strong foundations and functionality for Banking Circle that will enable us to launch stablecoins and tokenised money in the future, providing more choice and optionality for the market.

Binance’s Launch of EURI

At the time of Eurite’s launch, Banking Circle announced that the stablecoin would be first available on Binance. The bank added that EURI will soon appear for trading on CoinUT Switzerland AG and more prominent platforms. The EURI launch is expected to spark more competition in the stablecoin market, which historically lags behind USD-backed stablecoins.

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Bitcoin (BTC) breaks out of its $57K-$62K zone, signaling a potential rally ahead.

Ethereum struggles near $2,850 resistance, a key level for possible bullish momentum.

Analysts see a minor Bitcoin pullback to $62.7K as healthy before a stronger rally.

Bitcoin (BTC) has broken out of its recent consolidation zone between $57,000 and $62,000, signaling that a rally could be on the horizon. As of press time, Bitcoin has been trading at $63,880, indicating a 0.02% increase in the past 24 hours.  Meanwhile, Ethereum (ETH) is edging closer to a crucial resistance level at $2,850, which, if surpassed, may trigger a bullish move.

Renowned crypto analyst Jelle recently shared his insights on X, noting that Bitcoin spent the weekend fluctuating around the $64,000 mark. He suggested that a minor correction to around $62,700 could benefit the cryptocurrency. According to Jelle, this pullback might offer a stronger base, setting the stage for Bitcoin to regain its upward trajectory and possibly ignite the next phase of the rally.

#Bitcoin spent the weekend chopping around $64,000 – closing every day in the green.

Would be good to see some minor red today/tomorrow into $62.7 – and then to resume this push higher.

Let's see pic.twitter.com/AIpCZRPfiN

— Jelle (@CryptoJelleNL) August 26, 2024

On the other hand, Ethereum has been facing considerable challenges in surpassing key resistance levels, which has kept it from making significant upward strides. In a recent X post, crypto analyst Crypto Tony emphasized that he would only contemplate entering a new position in Ethereum, if the cryptocurrency recovers the crucial $2,850 level. Until then, he remains hesitant, waiting for a clearer signal of strength before moving further.

$ETH / $USD – Update

Only until we reclaim $2850 will i enter a new position, no time before that pic.twitter.com/Vpc3Zn4vMl

— Crypto Tony (@CryptoTony__) August 26, 2024

Ethereum’s price faces resistance around the 50% price retracement level at $2,843, which aligns with the daily resistance level at $2,927, and the 50-day Exponential Moving Average (EMA) at $2,905. As of press time, Ethereum is trading at $2,742, down by 0.47% over the past 24 hours. 

For Ethereum to initiate a bullish rally, it must break above the $2,843 level and close above the daily resistance at $2,927. If this occurs, ETH could see an 11% rally, potentially retesting its weekly resistance level at $3,236. 

Source: TradingView

However, the daily chart’s Relative Strength Index (RSI) and Awesome Oscillator (AO) are currently trading just below their neutral levels of 50 and zero, respectively. Both indicators need to move above their neutral thresholds for the bullish momentum to continue.

Ethereum Resilience: Will It Break $2,850 and Reach $3,200?

On the flip side, if Ethereum fails to hold its current levels and breaks below the ascending trendline, it could invalidate the bullish outlook. Such a move could lead to a 4.6% decline, potentially pushing ETH back to its low of $2,510, as seen on August 12th.

While Bitcoin has broken out of its consolidation phase and seems poised for further gains, Ethereum is at a critical juncture. The next few days would be crucial for both cryptocurrencies as traders watch for potential breakouts or reversals that could define their short-term trajectories.

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Stablecoin market cap hits a new high of $168B after 11 consecutive months of growth.

Tether leads stablecoins with a $117.8B market cap, followed by USDC at $34.7B.

First Digital USD shows strong 55.4% growth, while Ethena USD declines by 9.6%.

The stablecoin market has reached a new milestone, achieving an all-time high of $168 billion in market capitalization. This remarkable growth follows 11 consecutive months of expansion, marking a significant resurgence since the market’s previous peak in March 2022. 

According to data from DeFiLlama, a crypto analyst, the stablecoin market cap has now surpassed its prior record of $167 billion, set more than a year ago. Excluding algorithmic stablecoins, which rely on algorithmic mechanisms rather than being pegged to external assets like fiat or gold, this surge underscores a growing influx of capital into the sector.

Key Drivers Behind Stablecoin Market Growth

This renewed interest in stablecoins is reflected in the steady rise of leading assets like Tether (USDT) and USD Coin (USDC). Tether, the market leader, maintains its dominance with a market cap of $117.8 billion, supported by a 30-day performance gain of 3.1%. It is followed closely by USDC with a market cap of $34.7 billion and a positive performance of 1.7% over the same period. 

Both assets have experienced minimal circulation fluctuations, indicating robust demand and consistent usage across multiple exchanges. The market’s growth suggests a broader adoption of stablecoins as a critical component of the cryptocurrency ecosystem, with increasing participation from retail and institutional investors alike.

Notable Performances Among Stablecoin Players

First Digital USD (FDUSD) has emerged as a standout performer, recording a remarkable 55.4% growth in market performance over the past month. This significant increase, coupled with a market cap of $3.1 billion, indicates heightened investor confidence and strategic adoption. 

In contrast, Ethena USD (USDe) has faced challenges, with a 9.6% decline in market performance and noticeable circulation fluctuations, pointing to volatility within the asset. Meanwhile, Dai (DAI), the leading decentralized stablecoin, has seen a slight dip in its 30-day performance, although it remains a key player with a market cap exceeding $5.1 billion.

Ripple Sets Eyes on Stablecoin Market with USD-Backed Digital Currency Market Insights and Future Trends

Crypto analyst Patrick Scott, known as “Dynamo DeFi,” highlighted this surge in stablecoin market cap as a sign of new capital entering the crypto space. He noted the steady retail presence in the market for the past eight months, while remaining cautious about speculating on the drivers behind this growth. The stablecoin market’s resurgence reflects the evolving landscape of the cryptocurrency sector, with stablecoins continuing to play a pivotal role in market liquidity and risk management.

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Cthulhu Stealer pretends to be legit software, stealing passwords and crypto funds.

Growing malware, including Cthulhu Stealer, challenges Apple’s secure reputation.

Cthulhu Stealer targets popular wallets like MetaMask and Coinbase, putting users at risk.

Apple Mac users are being warned about a new and dangerous strain of malware called “Cthulhu Stealer,” which could steal personal information and target crypto wallets. Cybersecurity firm Cado Security revealed this alarming threat on August 22. The report underscores the growing vulnerability of macOS systems, traditionally regarded as secure against such attacks.

For years, there has been a widespread belief that macOS systems are largely immune to malware, Apple’s reputation for robust security. However, recent trends show a steady rise in malware targeting macOS, challenging this perception and indicating that no system is entirely safe.

Fake Software Threatens Crypto

Cthulhu Stealer disguises itself as a legitimate Apple disk image (DMG) file, imitating well-known software like CleanMyMac and Adobe GenP. Users who download and open the file are prompted to enter their system password through a command-line tool. This tool runs AppleScript and JavaScript, initiating what appears to be a routine process but is actually the beginning of a sophisticated cyberattack.

Once the system password is entered, the malware prompts the user for their cryptocurrency wallet password, with MetaMask being a primary target. However, Cthulhu Stealer is also designed to compromise other popular crypto wallets, including those from Coinbase, Wasabi, Electrum, Atomic, Binance, and Blockchain Wallet. This broad targeting makes it a significant threat to crypto holders.

Targeting Crypto Wallets

After successfully acquiring the credentials, Cthulhu Stealer stores the stolen data in text files. The malware fingerprints the victim’s system, collecting additional information such as the IP address and operating system version. These details further enhance the attack’s scope and effectiveness.

Source: Image by Cado Security

Tara Gould, a researcher at Cado Security, explained that Cthulhu Stealer’s primary function is to steal credentials and crypto wallets from various platforms, including gaming accounts. Gould highlighted the malware’s similarity to Atomic Stealer, a previous threat that targeted Apple computers in 2023. This similarity suggests that Cthulhu Stealer’s creators may have modified Atomic Stealer’s code for their own purposes.

Texas Telecom Fined $1M Over Biden Deepfake Robocall Scam Rising Cyber Threats

As previously reported by CryptoTale, North Korean hackers have intensified their cyberattacks on cryptocurrency platforms. This escalation underscored the growing cyber threats within the digital asset industry. Their operations, such as the “Durian” malware attack targeting South Korean crypto companies, are part of a broader trend of increasing cybercrime in the crypto space.

With threats like ‘Cthulhu Stealer’ rising, Mac users who manage cryptocurrency assets are urged to remain vigilant. Keeping systems updated and adopting strong security practices are crucial to protecting digital wallets from these emerging threats.

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$INJ/BTC breakout suggests a bullish trend with potential resistance at 0.0012000 BTC.

$ARB/USDT near key resistance whereby a breakout could drive a 129.92% rally to $1.40.

$INJ supports at 0.0003013 and 0.0004000 BTC whereas $ARB supports around $0.50.

Injective ($INJ) and Arbitrum ($ARB) are showing promising movements in their respective markets, hinting at potential bullish trends. Recent analysis of $INJ/BTC and $ARB/USDT reveals significant price action and technical patterns that could drive future gains.

According to analyst Stacks’ analysis, Injective ($INJ) has demonstrated robust upward momentum in its BTC pairing, as illustrated by a strong bullish breakout after a prolonged consolidation. This breakout indicates a significant shift in market sentiment, suggesting a new bullish trend. 

$INJ (BTC) pairing looks phenomenal

3 digits incoming #patience https://t.co/1Vw0PqVEXM pic.twitter.com/vkBoTBoMdq

— Stacks (@StackingUSD) August 25, 2024

The price has surged past previous resistance levels, highlighting the asset’s growing strength and the influence of increased demand. As at press time, $INJ is priced at $21.76 with a 24-hour trading volume of $86,529,039, reflecting a modest increase of 0.37% in the last day.

Key support levels for $INJ/BTC include the primary support around 0.0003013 BTC, a previous accumulation zone that served as a base before the breakout. This level is crucial for maintaining the uptrend. A secondary support near 0.0004000 BTC, slightly above the breakout point, may act as a buffer against minor pullbacks. On the resistance front, the chart suggests a potential psychological resistance level around 0.0012000 BTC, driven by round-number significance and prior highs.

Source: X

Another potential resistance could be around 0.0011000 BTC, a round-number level that might act as a psychological barrier. If the momentum persists, $INJ could potentially reach the 0.0012000 BTC level, representing a significant upside. However, if there is a pullback, the price might test the support levels around 0.0004000 BTC and 0.0003013 BTC before a potential reversal.

Captain Faibik’s analysis on Arbitrum ($ARB) highlights that the altcoin is trading within a descending channel, indicating a bearish trend characterized by lower highs and lower lows. However, recent price action suggests that $ARB may be nearing a breakout. 

$ARB is currently moving within Descending Channel.

It now appears to have Bottomed out and is on the verge of a Breakout.

If it Successfully breaks out, we could see a 2x Bullish Rally in 2-3 months.#Crypto #ARB #Arbitrum pic.twitter.com/4ndEY8oBAH

— Captain Faibik (@CryptoFaibik) August 26, 2024

The price has recently tested the lower boundary of the channel near the $0.50 region, showing strong buying interest. At the time of publication, $ARB is priced at $0.5989, with a trading volume of $165,164,138, down by 0.47% in the last 24 hours.

Arbitrum Sees 35% Dip Offering Potential Investment Window

The key resistance level for $ARB/USDT is the upper boundary of the channel, located around the $0.60-$0.65 range. A successful breakout above this resistance could signal a potential trend reversal, opening the door to a significant rally. 

Source: X

If a breakout happens, the target projection suggests a potential price of around $1.40, marking a 129.92% increase from the current level. However, if $ARB fails to break out and resistance holds, the price might stay within the descending channel. The token may possibly revisit the lower boundary near $0.50 or even lower.

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Floki gains momentum with a 36% rise after breaking out of its downward trendline.

Pepe shows potential for a 300% rally as it consolidates within a wedge pattern.

Analysts highlight Floki’s breakout and Pepe’s bullish setup for significant price growth.

The crypto market is witnessing exciting developments, with tokens like Floki and Pepe showing potential for substantial gains following notable breakout patterns. Floki has recently emerged from a downward trendline, signaling bullish momentum ahead. Similarly, Pepe’s price action suggests the possibility of a significant rally in the upcoming quarter, as it trades within a wedge formation.

Floki’s Downtrend and Breakout

Floki has witnessed a notable 36% profit increase, with a further target of 49%, following a breakout from its recent downward trendline. This shift marks a significant change in market sentiment, signaling potential bullish momentum ahead. ZAYK Charts, an analytics account on the X platform, shared this development, highlighting Floki’s progress as it breaks free from its previous bearish pattern.

$FLOKI +36% Profit,So far#FLOKI #FLOKIUSDT #Crypto https://t.co/JkNkdUUu24 pic.twitter.com/B23UZd6u7O

— ZAYK Charts (@ZAYKCharts) August 26, 2024

FLOKI/USDT had been in a clear downtrend from late July to mid-August, as indicated by the black downward trendline. This trendline connected the lower highs on the chart, pointing to a bearish market where sellers held the upper hand. However, in mid-August, the market dynamics began to shift. After reaching a low in early August, Floki’s price began to consolidate, signaling a potential change in momentum. The chart reveals a breakout to the upside, with the price moving above the downward trendline, indicating that buyers were starting to take control. Notably, this breakout occurred around the $0.00011600 level, suggesting a potential reversal from the previous bearish trend.

As of the latest update at press time, Floki is trading around $0.0001523, reflecting its upward movement since the breakout. This increase suggests that the cryptocurrency has transitioned into an uptrend, with buyers now driving the price higher. The shift in market sentiment is evident, with the possibility of further price gains if resistance levels are breached. A potential target for Floki’s price is the $0.00016127 level, which could be the next focus if the bullish trend continues.

Pepe’s Wedge Pattern and Potential Rally

In a separate analysis, Captain Faibik shared insights on Pepe (PEPE), highlighting its potential for a 300% rally in the upcoming quarter. PEPE/USDT is currently trading within a wedge pattern, defined by converging trendlines. The upper trendline serves as resistance, while the lower trendline provides support. This wedge formation suggests a period of consolidation, with a potential breakout looming as the price approaches the pattern’s apex. 

FLOKI Targets $0.0002600: Can It Hold Above $0.0001600?

If PEPE successfully breaks above the upper trendline, a significant bullish continuation could occur, with a future price target of approximately $0.00004000. As of press time, Pepe’s price stands at $0.000009069, with a 2.27% increase over the last 24 hours, indicating growing interest in the market.

The post Floki Targets 49% Gain as Pepe Readies for a 300% Rally appeared first on CryptoTale.

Telegram CEO Pavel Durov was arrested under charges tied to illegal conduct by users.

The market of Toncoin – a Telegram token- steeped sharply by 17% following the arrest.

Justin Sun, founder of TRON, proposes a DAO to secure Durov’s release; pledges $1M.

Pavel Durov, CEO and founder of Telegram, was arrested on Saturday because the messaging application (app) did not have sufficient moderators, leading to increased criminal activity that went unnoticed. Durov was arrested at Le Bourget Airport in France while returning from Azerbaijan. He is currently facing charges linked to illegal conduct by the app’s users, facilitating terrorism, the sale of narcotics and stolen goods, fraud, etc.

Response from the App

However, the Telegram app expressed their disbelief and concern over the arrest in their X profile. Recently, the app’s user base reached over 950 million. Most of the users are crypto members, and they use the platform to play crypto-based games within the app using built-in “mini-apps.” Hamster Kombat, the most popular game, has garnered over 300 million players over the last few months. The app announced an upcoming token giveaway. 

Telegram abides by EU laws, including the Digital Services Act — its moderation is within industry standards and constantly improving.

Telegram's CEO Pavel Durov has nothing to hide and travels frequently in Europe.

It is absurd to claim that a platform or its owner…

— Telegram Messenger (@telegram) August 25, 2024

Ton Coin History

Durov’s arrest has alarmed both Toncoin and Altcoin investors. At the time of press, the Ton Coin market had dropped by 17%. Initially created by Telegram, it was earlier named Telegram Open Network. In May 2020, following a court filing by the SEC, Durov announced the end of Telegram’s involvement with the blockchain. 

However, the development of the blockchain continued externally by an independent group of developers and blockchain enthusiasts. It was renamed The Open Network (TON). The vision of the TON Foundation is to empower over 500 million users to own their digital identity, data, and assets by 2028 and enable developers to build a decentralized ecosystem in the app.

Binance Lists Toncoin: Price Surge Raises Hopes for New High Potential Market Scenario

With the Ton Coin experiencing a steep decline following the arrest, market observers are closely monitoring the developments related to Durov’s arrest and its effect on both Toncoin and Altcoins. On the other hand, a few crypto giants have come forward to support the CEO’s release. In his X post, Justin Sun, the founder of TRON, proposed the creation of a decentralized autonomous organization (DAO) to secure the release of Durov. Additionally, he pledged to donate $1 million to support the DAO’s efforts to advocate for Durov’s freedom. 

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Vitalik supports DeFi but stresses sustainability over temporary token incentives.

USDC’s widespread use aids the transition to decentralized stablecoins despite centralization.

Decentralized finance must intersect with other tech to address centralization risks.

Ethereum, known for its role as the foundation of decentralized finance (DeFi), has been the subject of much debate within the crypto community. Despite Ethereum’s immense value being heavily tied to DeFi, there’s speculation that influential figures in the space, like Vitalik Buterin, co-founder of Ethereum, might not fully endorse the current trajectory of DeFi. This has led to concerns about the future direction of Ethereum and its ecosystem.

Vitalik Buterin has been vocal about his vision for Ethereum, emphasizing the importance of sustainability and adherence to core principles such as decentralization and permissionlessness. While he has expressed support for decentralized exchanges (DEXes) and stablecoins like RAI, he remains critical of aspects of DeFi that rely on unsustainable practices. 

For instance, the 2021 liquidity farming boom, driven by token incentives, failed to impress him due to its temporary nature. He believes that for any DeFi project to be truly valuable, it must have a clear, sustainable source of yield that can endure over time.

Besides his measured support for specific DeFi projects, Buterin recognizes the practical utility of stablecoins like USDC despite their centralized nature. He acknowledges that USDC is widely used for its convenience, particularly in international transactions, and sees it as a stepping stone toward broader adoption of more decentralized alternatives. 

The kinds of applications that I want to see are applications that are (i) useful in a sustainable way, and (ii) don't sacrifice on the principles (permissionlessness, decentralization, etc)

I think DEXes are great, and I use them every week.

I think decentralized stablecoins…

— vitalik.eth (@VitalikButerin) August 25, 2024

While USDC might not align perfectly with the ethos of decentralization, its widespread use cannot be ignored. Moreover, its popularity could eventually facilitate a transition toward more decentralized stablecoins as users become more familiar with these alternatives.

Ethereum Gets Stronger With Optimism’s ERC-7683 Adoption, Says Vitalik Buterin

Furthermore, Buterin argues that while finance is crucial, it is not the only domain that needs attention. Centralization risks such as encrypted messaging, social media, and artificial intelligence pose significant threats to privacy and freedom. He emphasized integrating decentralized finance with other technologies to counter these growing centralization trends.

Polymarket, a prediction market platform, exemplifies this intersection between finance and other sectors. As highlighted by Satoshi Club Alerts, a figure in cryptocurrency with over 54,000 monthly users and a $380 million trading volume for two consecutive months, Polymarket is on a relentless upward trend. 

Polymarket is on a relentless upward trend! With 54k monthly users and a whopping $380M trading volume for two straight months, we're rewriting history. The market now holds over $100M. Kudos to richardchen39 for the insights! #Blockchain #CryptoRevolution…

— Satoshi Club Alerts (@satoshi_alerts) August 26, 2024

Such platforms demonstrate how finance can be combined with social and governance applications, offering a glimpse into a future where decentralized finance extends beyond just financial transactions.

The post Ethereum Co-founder Buterin Vision for DeFi and Stablecoins appeared first on CryptoTale.

Despite current volatility, Lido DAO  sees an 18% increase as market conditions improve.

LUNC posts 44% yearly growth, driven by community optimism and strategic token burns.

Binance and TFL plan LUNC and USTC burn by October 30th, fueling positive sentiment.

Lido DAO (LDO) and Terra Classic (LUNC) have experienced diverse trajectories, with LDO navigating uncertainty and LUNC showcasing robust year-long growth. This contrast highlights significant trends and sentiments in the cryptocurrency markets.

Despite recent gains, LDO is marked by a downtrend. Over the last seven days, LDO’s price rose by 18%, even as it moved sideways. This uptick occurred alongside a broader market recovery that followed a global market rebound.

Over the past 24 hours, LDO had seen fluctuating prices, briefly peaking at $1.26 and dipping to a low of $1.21. This volatility indicates a tentative market sentiment. As of reporting time, the price stands at $1.24, marking a decrease of 1.01% for the day. 

In a recent chart analysis, cryptocurrency analyst Tony highlighted significant movements in the price of LDO/USDT. According to the weekly chart, the LDO token experienced a notable fluctuation over the last week.  Tony indicated a specific price point, stating,” Above $1.40, I will enter this one, no time before that though,” signaling his intent to invest in LDO only if it surpasses the $1.40 threshold. 

The chart illustrates a broader trend for LDO, showing a rollercoaster movement throughout the year, with peaks in mid-March and notable dips following. The current trading range suggests a critical support level at approximately $1.30, which investors and traders will closely watch in the upcoming weeks.

Terra Classic (LUNC) Shows Robust Growth Over the Year

In a recent update, MrDiamondhandz1, another crypto analyst, highlighted in his X profile the significant Terra Classic (LUNC) growth, pointing out a 44.12% increase over the past year. Currently, LUNC is trading at a volume of $41.3 million in the last 24 hours and is ranked #120 worldwide, boasting a market capitalization of $420 million.

$LUNC is currently up 44.12% on the one year, currently trading 41.3 million in 24 hour volume, and ranked #120 in the world at a 420 million market cap.

With #Binance burning the supply monthly, and TFL scheduled to burn their #LUNC and $USTC holdings by October 30th we are… pic.twitter.com/dAQoplvDGF

— Mr. Diamondhandz1 (@MrDiamondhandz1) August 25, 2024

The tweet also noted ongoing efforts to reduce the circulating supply of LUNC, with Binance conducting monthly burns and Terraform Labs (TFL) set to burn their LUNC and USTC holdings by October 30th. This strategy has injected optimism within the LUNC community, with sentiments running high on the potential continued ascent of the token’s value.

TerraClassic (LUNC) Demonstrates Growth with Token Burns and Trading Surges

The analyst accompanied the post with a graph showcasing LUNC’s price trajectory, reinforcing bullish sentiments within the LUNC community as they rally behind the coin’s promising financial journey.

Over the past 24 hours, Terra Classic (LUNC) has seen a 3.35% increase in price. At the time of writing, the LUNC price hovered at $0.00009288, with a surge of 3.35% from the previous day. According to CoinMarketCap data, the trading volume soared by an impressive 181.67%, reaching $55.01 million, indicating heightened trading activity.

The post Lido DAO Faces Uncertainty; Terra Classic Grows by 44%  appeared first on CryptoTale.

Shiba Inu to launch DAO giving token holders voting rights on future initiatives.

Two councils will guide Shiba Inu DAO on community outreach and cultural preservation.

Shiba Inu explores a potential ETF to boost market accessibility and liquidity for investors.

The Shiba Inu (SHIB) community is gearing up for a significant transition. On August 24, the marketing lead, Lucie, announced that the team behind SHIB would soon launch a Decentralized Autonomous Organization (DAO). This move will give SHIB holders a direct voice in shaping the future of the project. The DAO will allow users to vote on initiatives and influence the overall direction of the Shiba Inu ecosystem.

https://t.co/mj7SRzf6yi

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 24, 2024

This development is part of Shiba Inu’s broader aim to integrate decentralized governance into its structure. The DAO will empower all token holders, irrespective of their stake size, to participate in governance. Lucie emphasized the inclusive nature of this governance model, which intends to provide the community with control over future projects. As the memecoin expands its ecosystem, the creation of a DAO highlights Shiba Inu’s focus on decentralized decision-making.

Two Councils to Guide Governance Initiatives

Within the DAO framework, two primary councils will oversee governance efforts: the “Charity Council” and the “Culture & Heritage Council.” These councils will spearhead various community initiatives aimed at charity work and preserving the unique culture of the Shiba Inu community. This division of governance reflects the SHIB project’s ambition to blend philanthropic efforts with cultural preservation, creating a more engaged community.

Notably, other tokens within the Shiba Inu ecosystem, such as BONE and LEASH, will play vital roles in this governance structure. BONE holders will be tasked with guiding education and innovation within the ecosystem. In contrast, LEASH holders will focus on proposals related to inclusivity and transparency, further diversifying the decision-making process. This tiered approach ensures that each token plays a distinct role in shaping the ecosystem’s development.

Shibarium Marks First Anniversary as SHIB Hit Weekly Highs Consideration of a Potential SHIB ETF

Amid the focus on governance, discussions surrounding the introduction of a Shiba Inu exchange-traded fund (ETF) are still ongoing. Lucie previously, outlined potential benefits that a SHIB ETF could bring to the market. Primarily, the ETF would simplify access for traditional investors, allowing them exposure to SHIB without the need to navigate cryptocurrency exchanges. As an added benefit, ETFs are regulated financial products, which could increase institutional interest in SHIB due to enhanced compliance and security measures.

In addition to boosting accessibility, the ETF could serve as a tool for diversification, offering investors the opportunity to hold a basket of related assets. This could reduce investment risk, attracting a broader range of investors. Moreover, the potential for increased liquidity and demand for SHIB through the ETF may positively impact its market value, although discussions remain at an early stage.

The post Shiba Inu Memecoin Reveals Plans for Upcoming DAO Launch appeared first on CryptoTale.

Bitcoin surges past $64,000, leading to a strong bullish trend in the crypto market.

Solana and Dogecoin record impressive gains, underscoring robust interest in altcoins.

Market capitalization reaches $2.30 trillion, reflecting a 2.34% increase from yesterday.

The cryptocurrency market is witnessing a positive surge today, with major coins trading in the green zone. Leading the pack is Bitcoin, which has climbed above the $64,000 mark, a move that indicates a strong bullish trend. This significant price action has contributed to the overall market capitalization reaching $2.30 trillion, showing an increase of 2.34% from the previous day.

Market Overview#BTC trades above $64K. The top-10 cryptos are traded in green zone:#Solana $SOL +6.27%#Bitcoin $BTC +5.03%#Dogecoin $DOGE +4.46%

Market capitalization: $2.30T (+2.34%)
The BTC dominance: 53.07% (-0.09%)
Fear & Greed Index: 56 (Greed)

Top Gainers… pic.twitter.com/4idYPLExN1

— CryptoRank.io (@CryptoRank_io) August 24, 2024

The Bitcoin dominance index slightly dropped by 0.09%, settling at 53.07%. This metric highlights Bitcoin’s market share relative to other cryptocurrencies, underscoring its pivotal role in the market dynamics. Additionally, the market sentiment, as measured by the Fear and Greed Index, stands at 56, which falls into the ‘Greed’ category, reflecting investors’ increasing confidence.

Solana also showed impressive gains, increasing by 6.27%, while Dogecoin rose by 4.46%. These movements signify a robust appetite for alternative cryptocurrencies alongside Bitcoin.

Among the top ten cryptocurrencies today, Solana (SOL) saw the most notable increase over the past 24 hours, surging by 9.65%. Close behind, Ethereum (ETH) and Cardano (ADA) also reported gains, up by 4% and 4.97%, respectively. Ripple’s XRP advanced by 4.62%, while Toncoin (TON) increased by 2.99%. Binance Coin (BNB) posted a modest gain of 0.52%.

Source: Coin360

Among the standout performers in the market are several lesser-known cryptocurrencies that have posted remarkable gains. AndyBlast leads this group with a staggering increase of 108%, followed by SolChat, which surged by 72.3%. Cratos and SUN_io are not far behind, with gains of 65.8% and 65.7%, respectively. Another notable mention is FWOG, which increased by 64.7%. These top gainers reflect a diverse interest in various crypto assets, which diversifies the landscape and introduces more dynamics to the market.

Analyst Forecasts DOGE Breakout: Potential 77% Gain Ahead

Despite the market surge, Bittensor TAO and Helium HNT have dropped their values over the past 24 hours. Specifically, both cryptocurrencies fell by 1.35%—a notable dip in a generally bullish market. Bittensor TAO is priced at $338.09, while Helium HNT is trading at $6.66. These fluctuations highlight the inherent unpredictability and volatility in the cryptocurrency sector.

The post Bitcoin Soars Above $64,000 as Market Gains Bullish Momentum appeared first on CryptoTale.

Polygon alerts users of a Discord breach, advising caution with links amid security concerns.

Despite 2FA, scammers infiltrate Polygon’s Discord, raising serious security worries.

As Polygon upgrades, the Discord breach highlights ongoing crypto security vulnerabilities.

Polygon, a leading blockchain platform, has reported a significant security breach in its community Discord channel. On Saturday, Mudit Gupta, Polygon’s Chief Information Security Officer, confirmed the incident in an X post. Gupta urged all users to avoid interacting with any links shared on the Discord channel until the breach is resolved, signaling a serious threat to the community’s online safety.

PSA: Do not click on any links in the @0xPolygon community discord until further notice.

It has been compromised and we're trying to get back ownership.

— Mudit Gupta (@Mudit__Gupta) August 24, 2024

Security Concerns Emerge

Despite Gupta’s assurance that all high-privilege accounts had two-factor authentication (2FA) enabled, the breach has ignited fresh concerns regarding the platform’s security protocols. Discord, a popular communication tool among cryptocurrency communities, has increasingly become a target for cybercriminals due to the valuable digital assets and information discussed within these channels.

The breach’s impact is already being felt within the Polygon community. A user of X, Shadabk2005, warns others about ongoing scams in the Discord server. According to the user, scammers have infiltrated the support channel, posing as legitimate support agents and misleading users. The user also reported receiving a timeout after attempting to alert others about the fake links being shared in the announcements channel.

Major Losses Reported

The seriousness of the breach became even more evident when another community member, ValidatorK, disclosed a loss of $150,000 worth of Ether. The funds were stolen following an interaction with what seemed to be an official announcement on Polygon’s Discord channel. 

Recent Crypto Breaches

This breach at Polygon is part of a broader trend of increasing cyberattacks targeting the crypto sector. In early 2023, blockchain security firm CertiK reported a phishing scam on the Arbitrum Discord, where a hacked developer account spread malicious links. Additionally, in May, the artificial intelligence network Gnus.AI experienced a Discord-related exploit, leading to a $1.27 million loss.

Polygon Ecosystem Tokens on the Rise: Top Picks to Watch Polygon’s Ongoing Upgrade

The breach comes at a particularly sensitive time for Polygon, as the platform is undergoing a major network upgrade. Scheduled for September 4, this upgrade would replace Polygon’s native token with POL tokens. The transition is part of an effort to expand the utility of Polygon’s token and support its growing ecosystem of aggregated blockchains, known as AggLayer.

As Polygon navigates this critical upgrade, the security breach is a stark reminder of the vulnerabilities that persist in the digital finance space. The community is urged to exercise increased caution and remain vigilant as the platform continues evolving and expanding its blockchain industry capabilities.

The post Polygon Reports Discord Breach, Warns Users of Security Risk appeared first on CryptoTale.

Ripple drives XRP adoption, focusing on cross-border payment and liquidity improvements.

Addressing banking inefficiencies, XRP reduces the need for dormant currency reserves.

Successful trials showcase XRP’s potential in global liquidity and real-time payments.

XRP is rapidly gaining momentum in the crypto world, driven by its potential to address significant global liquidity challenges banks face. Ripple is working strategically to position the digital asset as a key tool. Their goal is to improve the efficiency of cross-border payments and liquidity management in the financial sector.

In an X post on Wednesday, crypto analyst SMQKE emphasized XRP’s potential by referencing detailed documents from Ripple. This analysis aligns with Ripple’s overarching goal of using XRP to alleviate banks’ liquidity issues when handling international transactions.

XRP IS THE REAL DIGITAL GOLD FOR BANKS

Don’t take my word for it.

Look at the documentation.

– Former Ripple CTO Stefan Thomas:“Banks will have ‘GOLD’ that you can teleport into any vault in the world INSTANTLY” by using XRP

– In 2013, a marketing brochure for XRP… pic.twitter.com/8KrRbQfczm

— SMQKE (@SMQKEDQG) August 21, 2024

Current Banking Inefficiencies

Traditionally, banks must maintain large currency reserves to manage cross-border transactions effectively. These reserves often sit idle, creating significant inefficiencies within the banking system. Ripple’s vision for XRP provides a promising alternative to this long-standing problem.

XRP offers a solution that enables banks to transfer value instantly, eliminating the need to hold extensive cash reserves. According to the analyst, a 2013 Ripple marketing document likened XRP to “gold in your hands,” highlighting its design as the most liquid asset on the XRP ledger.

Global Liquidity with XRP

Stefan Thomas, Ripple’s former Chief Technology Officer, has discussed the potential for banks to “teleport” global liquidity by using XRP as a digital bridge currency. Thomas emphasized that XRP’s speed and efficiency allow it to function as “gold” that could be instantly moved into any vault worldwide, offering unprecedented liquidity management capabilities.

Proven Efficiency in Action

XRP has already demonstrated its reliability as a liquidity source, particularly in Japan, where its speed and low transaction costs have made it a preferred option for banks. The Ripple ledger could process thousands of transactions per second, each costing only a fraction of a cent and completed in seconds.

Regulatory Impacts & XRP’s Role

SMQKE’s analysis also points to XRP’s significance in light of Basel III regulations, which require banks to maintain substantial liquidity reserves. By utilizing XRP, banks could reduce the need for these dormant reserves and opt for a dynamic, on-demand liquidity management approach.

Is Ripple’s XRP Worth the Wait? Market Experts Weigh In

Ripple is actively promoting XRP within the banking industry, envisioning a future where cross-border transactions become seamless and efficient. This methodical approach has already shown promising results. According to the analyst, in a trial involving 12 banks, XRP was successfully used to settle real-time payments in collaboration with the technology consortium R3.

SMQKE’s analysis underscores Ripple’s long-term strategy to position XRP as a crucial liquidity tool for banks as its market presence and trading volumes expand. Ripple’s leadership has clarified that their focus is on long-term adoption and practical utility. The aim is widespread integration into the global financial system rather than short-term price fluctuations.

The post XRP Positioned to Revolutionize Global Banking Liquidity appeared first on CryptoTale.

WazirX facilitates partial customer fund withdrawal from August 26 after the $230M hack.

While customers will have access to 66% of their funds, the remaining 34% is frozen.

The exchange will seek help from the High Court of Singapore for its restructuring plan.

WazirX, one of the largest crypto exchanges in India, has announced that it will facilitate the partial withdrawal of customer funds in Indian Rupees (INR) nearly one month after the $230 million hack. According to WazirX’s official announcement on August 23, customers will be able to access 66% of their funds starting from September 26.

Withdrawal Fee Reduced by 60%

The crypto exchange announced a 60% reduction in the withdrawal fees. As per the notification, the fee is reduced from ₹25 to ₹10. The platform’s decision to decrease the fee highlights WazirX’s efforts to simplify the withdrawal procedures for its customers.

34% INR Balances Remain Frozen

Zanmai Labs Pvt Ltd, the operating entity behind the INR-related activities on WazirX, is not affected by the hack. Though the platform holds sufficient INR reserves to cover all the INR user funds, they are not currently available completely. Thus, WazirX has decided to proceed with the withdrawal through multiple phases. The exchange has also revealed that 34% of the INR balances are frozen and not immediately available for withdrawal.

Two Stages of Withdrawal

Notably, the withdrawal will occur in two stages. Initially, the WazirX investors can withdraw up to half of the 66% of their INR balances from August 26 to September 8. The second stage starts from September 9 to 22, when the investors can withdraw the remaining INR balance of the mentioned 66%.

WazirX’s Restructuring Plan

The platform further asserted that it plans to file an application in the High Court of Singapore to ensure sufficient “time and breathing space it needs to pursue a restructuring under a Scheme of Arrangement.” WazirX considers a Singapore Scheme of Arrangement for an “equitable and user-approved distribution of crypto assets.”

WazirX Hacker Converts Stolen Funds to $206 Million Worth of ETH $230 Million Hack

On July 18, the crypto economy witnessed one of the largest crypto hacks in India, with about $230 million stolen from WazirX. Multiple tokens, such as Ethereum (ETH), Shiba Inu (SHIB), Polygon (MATIC), etc., were stolen in the security breach. Reports stated that the incident was linked to the notorious Lazarus Group. 

The post WazirX Facilitates Partial Withdrawal of Customer Funds in INR Post $230M Hack appeared first on CryptoTale.

POPCAT surged after Binance Futures revealed its new USD-Margined perpetual contract.

Binance Futures will launch POPCAT and SUN perpetual contracts with 75x leverage.

Increased buying pressure followed Binance’s announcement of a new perpetual contract for POPCAT.

The price of POPCAT has experienced a significant surge following Binance Futures’ announcement to launch a new USD-Margined perpetual contract for the token. On August 22, 2024, the POPCAT USDT perpetual contract went live, allowing traders to leverage their positions by up to 75 times. This move has already stirred notable market activity, with POPCAT’s price soaring over 22% in the past 24 hours.

POPCAT’s Impressive Market Performance

In the wake of the announcement, POPCAT saw its price reach $0.7434, accompanied by a substantial 24-hour trading volume of $156,591,547. The token has posted a 23.50% price increase in the past day, reflecting strong buying pressure across exchanges. Over the past seven days, POPCAT’s price has surged by 80%, demonstrating its outperformance compared to the broader cryptocurrency market, which is up by 8.60%. Furthermore, POPCAT is outperforming meme-based cryptocurrencies, which have seen a collective 20.00% rise.

This surge underscores the growing interest in the token, with traders increasingly capitalizing on the new trading opportunities presented by the upcoming perpetual contract. Binance Futures’ introduction of this product has contributed to this momentum, with market participants reacting positively to the increased flexibility and trading options.

SUN Perpetual Contract

Alongside POPCAT, Binance Futures also launched a new perpetual contract for SUN USDT. The SUN token contract offers similar trading leverage of up to 75 times the initial amount, providing an additional avenue for traders to diversify their positions.

The SUN USDT contract will feature a tick size precision of 0.000001, similar to the POPCAT contract’s tick size of 0.0001. Additionally, both contracts will implement a capped funding rate of +2.00% / -2.00%, ensuring balance in periodic payments between long and short positions. Binance has also emphasized the importance of risk management, with potential adjustments to contract specifications based on market risk conditions.

The post POPCAT Price Surges 80% Post Binance Futures Announcement appeared first on CryptoTale.

Partnering with Progmat, DMM plans a stablecoin under Japan’s new digital asset laws.

The new stablecoin will support Seamoon Protocol’s treasury and digital payments.

DMM’s stablecoin launch sets the stage for competition with Ripple’s RLUSD in Japan.

As Ripple Labs prepares to launch its dollar-pegged stablecoin RLUSD, Japan’s DMM Group is stepping into the spotlight with its own stablecoin initiative. In partnership with Progmat Inc., DMM Group plans to debut a stablecoin under Japan’s newly established digital asset regulations. The Japanese parliament introduced these regulations in June 2023.

Stablecoin to Support Seamoon Protocol’s Treasury

The upcoming stablecoin, yet to be named, will be minted on Progmat Coin’s platform and comply with Japan’s stringent stablecoin issuance and management laws. Once launched, this stablecoin will serve as a reserve currency, providing stability for Seamoon Protocol’s treasury pool. This soon-to-be-released digital asset will be a primary payment method within DMM’s extensive portfolio of companies.

DMM’s Flexible Payment Ecosystem

The platform would also allow users to transact with fiat currencies and credit cards, offering a flexible and inclusive payment ecosystem. This diversified payment strategy aligns with DMM’s vision to create a global community platform that blends cultural experiences with cutting-edge financial technology.

Vision for Seamoon Protocol

DMM Crypto CEO Nagato Kasaki emphasized the broader goals behind the Seamoon Protocol, stating:

Our consortium’s ability to create dynamic and dependable digital assets, like the planned stablecoin, will enable that vision to come to life. We are grateful for the collaboration and partnership of the esteemed teams from Progmat, which enabled us to pursue this endeavor.

Ripple’s RLUSD and Broader Stablecoin Trends

As reported earlier by CryptoTale, Ripple’s RLUSD, currently in beta on the XRP Ledger and Ethereum mainnet, is designed to meet the rising demand for stablecoins that offer trust, stability, and transparency. Pegged 1:1 to the US dollar, RLUSD is fully backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. Ripple’s initiative reflects a broader trend in the financial industry, as traditional finance companies increasingly adopt crypto-based solutions.

Ripple’s RLUSD Website: Signal of Ending SEC Legal Battles? Stablecoin Launch Sparks Competition

With the launch of RLUSD imminent, DMM Group’s entry into the stablecoin market could spark competition, particularly in Japan, where Ripple’s strong partner, SBI Holdings, holds significant influence. DMM Group’s strategy appears poised to capture a share of Japan’s growing stablecoin market, though the full impact of these plans remains to be seen.

As traditional finance (TradFi) companies like PayPal also embrace stablecoins, the market is rapidly adopting due to the advantages these digital assets offer. The merits include instant cross-border payments, simplified global transactions, and real-time microtransactions. The competition between Ripple and DMM Group highlights the increasing importance of stablecoins in the evolving digital finance landscape.

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