#BONK Solana News: Solana chain has surpassed Ethereum chain in DEX volume for the first time in history amid Solana Mobile sells out and Bonk price rally.
#solananews : Solana makes history by surpassing Ethereum in 24-hour decentralized #exchange (DEX) volume for the first time since its launch in 2020, grabbing the attention of crypto leaders and enthusiasts. The #SolanaCommunity celebrates this milestone as all Saga Mobile are sold out and meme coin Bonk breaks multiple records.
Solana Flips Ethereum in DEX Volume
Solana chain has surpassed Ethereum chain in DEX volume for the first time in history, according to DeFiLlama data as of December 16. The Solana proof-of-stake (PoS) blockchain was founded by Solana Labs, which was co-founded by Anatoly Yakovenko and Raj Gokal in 2018.
Numerous factors contributed to the achievement of the milestone. It includes massive buying of Solana Mobile, huge trading volumes on Solana-based dog-themed meme coin Bonk, and bullish sentiment on the Solana ecosystem.
Circle CEO Jeremy Allaire calls it a “big day for Solana” as it flips Ethereum and Saga Mobile gets sold out. Solana’s Raj Gokal also reacted to these milestones, saying “Incredible milestone. 6 years in, just getting started!”
Anatoly Yakovenko said he agrees that Solana is better than Ethereum and developers have contributed immensely to the success of Solana. The ecosystem is underway for further improvements with “Solana DeFi 2.0.”
Source: DefiLlama
Solana And BONK Price Action Amid Bullish News
SOL price rallied 15% in a month and hit a high of $79.15. Solana currently trades at $74. The 24-hour low and high are $71.57 and $79.15, respectively. Furthermore, the trading volume has slightly decreased in the last 24 hours. to $1,840,546,027, indicating a rise in interest among traders.
Meanwhile, BONK price fell 22% in the last 24 hours after a 1000% rally in a month, with the price currently trading at $0.0000231. The 24-hour low and high are $0.0000220 and $0.0000315, respectively. The trading volume is still increasing in the last 24 hours.
Coinbase, Binance, and other exchanges listed BONK this week, with experts suggesting a further rally in BONK price.
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Tether Collaborates With US Regulators For Robust Crypto Security
Tether News: Tether partners with US regulators, unveiling robust measures to combat illicit activities and set new crypto industry security standards.
In a significant move that could reshape the cryptocurrency landscape, Tether, the industry giant, has unveiled its unwavering commitment to revolutionizing the crypto market. Meanwhile, the release of letters addressed to the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Financial Services Committee sheds light on Tether’s proactive stance against the illicit use of stablecoins and its dedication to building a secure and compliant infrastructure for the cryptocurrency ecosystem.
Tether’s Unprecedented Efforts in Fighting Illicit Crypto Activities
Tether, recognized as the foremost player in the cryptocurrency realm, is on a mission to redefine the industry’s standards. The company’s recent letters to key U.S. committees underscore its dedication to combating illegal activities associated with stablecoins.
Notably, Tether’s CEO, Paolo Ardoino, expressed gratitude for the opportunity to address U.S. lawmakers, emphasizing Tether’s commitment to close collaboration with law enforcement agencies globally. The firm’s commitment to security and regulatory compliance takes center stage with its groundbreaking initiatives.
Meanwhile, the recent introduction of a wallet-freezing policy marks a pivotal moment for enhanced security and compliance within the cryptocurrency ecosystem. By aligning with the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List, Tether extends sanctions controls to the secondary market, ensuring comprehensive security measures to safeguard users and maintain the stablecoin ecosystem’s integrity.
It’s worth noting that in a proactive measure against a recent cyberattack on Ledger’s code library, Tether has frozen substantial funds, amounting to $483,000, linked to the attacker’s address. Meanwhile, this action, announced by Tether’s CTO Paolo Ardoino, highlights the industry’s ongoing efforts to combat cybercriminals in the blockchain space.
Setting New Industry Standards for Security and Compliance
Paolo Ardoino, CEO of Tether, highlighted the company’s active role in assisting law enforcement agencies, including partnerships with the U.S. Department of Justice, U.S. Secret Service, and ongoing collaboration with the Federal Bureau of Investigation. Notably, this collaborative effort aims to combat illegal activities and facilitate fund recovery, positioning Tether as a world-class partner in the global fight against financial crimes within the cryptocurrency industry.
Meanwhile, amid regulatory uncertainties in the crypto sphere, measures such as Anti-Money Laundering (AML) and Know Your Customer (KYC) have gained prominence. Notably, the prominent crypto exchange, Binance, has recently encountered legal issues, facing charges of conspiracy and fraud from the U.S. government, causing ripple effects in the digital asset landscape.
Considering these recent challenges, Tether’s aspirations go beyond its immediate actions, aiming to set new industry benchmarks for security, regulatory compliance, and support for law enforcement. Meanwhile, the company envisions these practices becoming the norm within the cryptocurrency industry, fostering a secure and trustworthy environment for all participants.
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Coursera Founder Foresees India To Surpass US In Global AI Race
Coursera founder Andrew Ng foresees India outpacing the US in AI, praising its skills and predicting a global leadership shift.
Artificial Intelligence (AI) is propelling nations into a new era of innovation, and according to Coursera co-founder Andrew Ng, India is poised to lead the charge. Speaking at the CNBC-TV18 and Moneycontrol organized event, Global AI Conclave, Ng praised India’s burgeoning AI skills, emphasizing a regulatory approach that fosters innovation.
Notably, this comes as a testament to India’s commitment to nurturing talent in this transformative field, positioning the nation as a global leader in AI skills, potentially surpassing the United States.
India’s Dominance In The AI Space
In the ever-evolving landscape of artificial intelligence (AI), India has emerged as a powerhouse, outpacing even the United States in skill penetration, as per Andrew Ng. The country’s robust commitment to nurturing AI talent has led to a remarkable surge in professionals, positioning India at the forefront of AI innovation globally.
Meanwhile, Ng’s endorsement not only celebrates India’s achievements but also hints at a transformative shift in the global narrative, with India shaping the future of AI in the years to come. In contrast to some nations adopting stringent regulations on Big Tech and AI, India’s light-touch regulatory approach has caught the attention of industry experts.
In addition, Andrew Ng, who is also the founder of deeplearning.ai, acknowledged the need for a balanced regulatory framework that fosters innovation while addressing potential risks CNBC reported today. Notably, this flexible stance, he noted, could be pivotal in propelling India’s growth in AI technologies and applications, setting it apart in the global AI landscape.
Harmonizing Global Perspectives For AI Advancement
Andrew Ng called for a global consensus on AI frameworks, recognizing the technology’s global nature and potential societal impact. Emphasizing shared principles and guidelines, the Coursera founder asserted that collaboration could lead to harmonized regulations, creating an environment conducive to cross-border innovation.
Notably, this unified global approach, he believes, is essential for bridging regulatory gaps and propelling the AI landscape into a new era of collaborative development.
Meanwhile, talking about India’s potential to dominate the AI race, Nvidia CEO Jensen Huang foresees India as a major player in the global AI market, emphasizing the imperative to retrain a significant portion of the country’s workforce.
During a September meeting in Delhi, Huang highlighted India’s potential to leverage its vast data and talent pool for future AI models. In addition, he expressed confidence in India’s engineering capabilities, envisioning the nation’s pivotal role in the next phase of digital growth. With its burgeoning population generating substantial data, India holds a promising position in the ongoing AI boom, as acknowledged by Huang.
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Breaking: US SEC To Inspect Binance.US Technical Infrastructure, Systems And Software
US SEC is currently considering an inspection of Binance.US technology infrastructure, systems, and software virtually
Plaintiff the U.S. Securities and Exchange Commission (SEC) and defendants Binance, Binance.US, and co-founder Changpeng ‘CZ’ Zhao submitted a joint status report to the court. The defendants have continued to produce documents and depositions, with a proposed inspection of Binance.US to happen next week.
Binance And US SEC Joint Status Report
The latest joint status report submitted to the court reveals complete cooperation by defendants Binance, Binance.US, and co-founder Changpeng ‘CZ’ Zhao as per the June consent order.
Binance.US informed the court about continuing to meet documents and depositions requests by the SEC. The parties agree to meet and confer, attempting to narrow any disagreements regarding document discovery and depositions before the next status report to the court. The SEC and Binance agree to submit the next status report on January 25, 2024.
The SEC is currently considering an inspection of Binance.US technology infrastructure, systems, and software virtually. Binance.US has proposed an inspection at 7 pm ET on December 21.
The court earlier denied an immediate inspection of Binance.US systems and software. Magistrate Judge Faruqui said the SEC needs to come up with more tailored requests and communicate with additional witnesses. BinanceUS also opposed rising documents discovery and deposition requests by the SEC.
Binance.US Hires Five Special Attorneys
CoinGape reported that five attorneys Sheehan H. Band, Levi Giovanetto, Daniel J. Davis, Christian Kemnitz, and David Luger have filed separate notices of appearance with the court on behalf of BAM Management US Holdings and BAM Trading Services (Binance.US).
Last week, the defendants Binance Holdings, Binance.US, and co-founder Changpeng “CZ” Zhao requested Judge Amy Berman Jackson to dismiss the lawsuit with prejudice. They believe the SEC’s claims are irrational to securities law violations in response to listed crypto and its products.
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China’s Largest Telecom Operator Launches NFT Market LinkNFT
LinkNFT achieves Web3.0 compatibility via CMChain's 3-in-1 cross-chain standard components: Web3.0 Center service, cross-chain adapter, and smart contract association.
In a significant development on Friday, December 15, China’s largest telecom operator China Mobile unveiled the LinkNFT, an NFT-free market.
The primary objective is to provide Hong Kong citizens with easy access to the next generation of Web3.0 Internet, fostering a unique experience and contributing to the establishment of a new digital economy and society. This initiative aims to propel Hong Kong into the forefront of the Web3.0 era, emphasizing the convergence of virtual and physical realms.
Multi-Chain Compatible NFT Market
LinkNFT offers enterprises digital asset NFT casting services, facilitating the generation, transaction, and circulation of digital assets across various scenarios such as SocialFi, DeFi, and GameFi. Currently integrated with CMChain, LinkNFT is Web3.0 compatible through CMChain’s three-in-one cross-chain standard components: the CMChain Web3.0 Center cross-chain service agreement, cross-chain adapter, and cross-chain smart contract association chain.
Besides, Hong Kong residents can conveniently manage digital assets on their personal chain, including Ethereum digital assets like Opensea, using MyLink’s exclusive digital wallet “LinKey.”
China Mobile Hong Kong (CMHK) has collaborated across diverse sectors to pioneer the release of over 30 NFTs on LinkNFT. This collection also comprises 20 commemorative NFTs from the MyLink ArLink series, along with 15 NFTs from entities such as United Publishing House and Migu Music.
The anticipated total circulation of these NFTs is likely to surpass 500,000. Beyond their collectible value, these NFTs also grant various exclusive rights and privileges, delivering a novel Web3.0 experience to the entire Hong Kong community.
Hong Kong’s Web 3.0 Plans
Web3.0 applications are transitioning from the virtual realm to reality through Dapp, marking a developmental phase. MyLink is actively broadening the Web3.0 application ecosystem, aiming to establish a unified digital identity for all Hong Kong citizens.
This initiative further seeks to affirm the value of personal data and facilitate the integration of various assets onto the blockchain through decentralized application scenarios. The goal is to enable the circulation of enterprise data value, establish tangible value rights and privileges, and collaborate across sectors to construct a Web3.0 cooperation ecosystem. The overarching objective is to realize a Web3.0 digital life for Hong Kong.
In this vein, MyLink has introduced LinkNFT, leveraging multiple technical standards of Web3.0 to forge a new business model centered around data elements for the Hong Kong business community. Enterprises can utilize the diverse NFTs launched to offer novel consumer rights to users, enhancing the overall user experience through the obtained NFTs.
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Crypto Prices Today: Bitcoin, Pepe Coin Slip As ICP Rises
The crypto prices today dipped as investors took a weekend break, indicating caution before making further market moves.
The majority of the crypto prices today experienced declines, indicating that investors are staying on the sideline following a recent market rally. Notably, the cryptos have gained significant gains over the last few weeks, before witnessing volatile trading this week, as investors assess several risks hovering over the market.
However, the dovish remarks from the Fed officials have fuelled confidence of the investors earlier this week. Now, the investors seem to be pausing before making further bets in the market after a recent rally.
In today’s crypto prices, Bitcoin price experienced a 1.13% dip, settling at $42,251.34, while its trading volume from yesterday fell 22.84% to $19.59 billion. However, despite concerns, it has gained nearly 13% in the last month, showing resilience.
Notably, the Ethereum price mirrored the same trend as Bitcoin, dropping 1.37% to $2,247.07, but showcasing a robust 9% increase over the last 30 days. Its one-day trading volume dipped 21.57% to $10.13 billion. The XRP price faced a setback, down 2.08% at $0.6207, while its trading volume slipped 16.4% to $1.26 billion.
Meanwhile, the Solana price was down 1.24% to $73.95 during writing, and its trading volume rose 12.25% to $2.89 billion. On the other hand, the Cardano price registered a decline of 3.63% and traded at $0.613.
Simultaneously, the sentiment in the meme coin segment was also gloomy on December 16, as evidenced by the performance of the cryptos. The Dogecoin price decreased by 3.48% to $0.09387 while writing, and its trading volume over the last 24 hours plummeted 18.5% to $596.84 million. In addition, the Shiba Inu price was down 1.80% to $0.000009756 during writing, and its trading volume plunged to $177.07 million.
The global crypto market cap retreated by 0.75% to $1.6 trillion, attributed to declines in major crypto prices. On the other hand, the trading volume decreased by 11.4% to $60.24 billion, and the fear and greed index indicated an “greed” sentiment at 73. These fluctuations suggest a cautious market mood, emphasizing the need for investors to closely monitor the evolving crypto landscape.
The Top Cryptos For Today Are
Pepe Coin (PEPE) Slips 4%
The Pepe Coin price was down 4.44% on December 16 and traded at $0.000001366, reflecting the gloomy sentiment noted in the broader digital asset space. Meanwhile, the trading volume of the popular meme coin was down 33.6% over the last 24 hours to $110.86 million.
Pepe Coin Chart
Internet Computer (ICP) Adds 35%
The Internet Computer crypto was among the top percentage movers in the crypto space on Saturday. Notably, the Internet Computer price was up 34.72% and traded at $8.57, defying the downturn trend witnessed in the major crypto prices. In addition, the trading volume of the crypto also soared 123.22% to $261.30 million.
ICP Crypto Chart
Helium (HNT) Soars 17%
The Helium price added 16.88% to trade at $8.68 during writing on December 16, suggesting how the investors are putting their focus on the crypto. Its trading volume from yesterday rose 9.7% to $62.67 million. Notably, the crypto’s price surged 87% over the last seven days, along with a 30-day jump of 318%.
HNT Crypto Chart
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Cardano (ADA) Price Drops 5% At Key Support Zone, Will the Rally Continue?
The Cardano price is at a major support level and still within the crucial demand zone. Further selling pressure could push ADA to $0.55.
The world’s eighth-largest cryptocurrency by market cap – Cardano (ADA) – has been facing some volatility this week. After making an 18% surge to $0.67 earlier this week, Cardano is facing a major price retracement as of now.
Cardano (ADA) Price Drops 5%
Renowned cryptocurrency analyst Ali Martinez has identified a descending triangle formation on the lower time frames for Cardano (ADA). According to Martinez, a sustained close above the critical level of $0.638 could serve as a catalyst for a bullish breakout, potentially pushing ADA’s price toward the $0.700 mark.
Courtesy: Ali Martinez
Investors and traders are advised to closely monitor the $0.613 support level, as any signs of weakness at this crucial point could impact the bullish momentum of ADA. Martinez’s analysis provides valuable insights for market participants, emphasizing key levels to watch for potential price movements in Cardano as the cryptocurrency navigates its current technical pattern. ADA enthusiasts and investors are eagerly awaiting further developments in the market as they assess potential opportunities and risks.
ADA Demand Zone and On-Chain Metrics
Based on insights from IntoTheBlock, Cardano (ADA) is currently trading within a demand zone, with its price at $0.6356 falling within the range of $0.6199 to $0.6822. The data also indicates that once Cardano experiences an upward surge beyond the upper boundary of this range, it is likely to encounter limited potential supply until it reaches the subsequent price band marked by the $0.8457 hurdle.
Courtesy: IntoTheBlock
Cardano, a cryptocurrency considered an alternative to Ethereum, has experienced a robust rally of almost 40% in the last month. On-chain metrics, such as Transaction Volume and Active Addresses, provide additional support for the upward momentum observed in ADA. The transaction volume of ADA has shown an upward trend over the past month, aligning with the price movements of Cardano.
The number of Active Addresses in the Cardano network serves as an indicator of the demand for the altcoin among market participants and underscores its significance among traders. Analyzing the below chart provided by Santiment also reveals a consistent correlation between the increase in Active Addresses and the upward trajectory of Cardano’s price. This confluence of on-chain metrics suggests a positive market sentiment and heightened interest in Cardano within the cryptocurrency community.
Courtesy: Santiment
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