The weekend is here and BeInCrypto has selected some market highlights. This week, the 400% increase in NFT trading on the TON network in Q3 and the delisting of four altcoins by Binance, leading to significant price drops, caught the eye.
Furthermore, the value of GOAT tokens in the crypto wallet linked to the AI-operated account “Terminal of Truths” has surpassed $1.3 million. The community is also focused on a report by an economic expert from the European Central Bank (ECB) criticizing the rising price of Bitcoin. Finally, Russian President Putin announced plans to integrate digital assets into the BRICS investment payments system.
NFT trading on Telegram grows 400%
According to Helika’s “Web3 Gaming Report Q3 2024,” the number of wallet addresses trading NFTs on the TON network has skyrocketed in the last quarter. In July, for example, daily NFT trading addresses were below 200,000, but jumped to over 1 million in September.
NFT trading address on TON. Source: Helika.
Furthermore, the report highlights that 9 top games on Telegram attracted over 3 million active wallets in September, with 57.7% of players from Europe and 20.6% from Asia.
With a global user base of over 900 million, Telegram offers a broad and diverse audience for gaming. The platform’s vast reach gives developers access to different demographics and helps expand their player base across multiple regions, potentially aiding growth and visibility, Helika said.
Tap-to-earn game Hamster Kombat recently released a new roadmap. For the next season, set to launch in November, it plans to integrate NFTs as in-game assets.
Read more: Magic Eden – Meet the NFT marketplace on Solana
Binance remove 4 altcoins da lista
Binance has announced the delisting of trading pairs for Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI), specifically:
USDT/IDRT
KP3R/USDT
OOKI/USDT
UNFI/TRY, UNFI/USDT e UNFI/BTC
Following the announcement, the prices of cryptos such as KP3R, OOKI, and UNFI saw significant drops.
Price Performance of KP3R, OOKI and UNFI. Source: TradingView
According to a recent report by 0XScope, Binance’s share of spot trading volume has dropped 13% year-over-year, from 52.5% in October 2023 to 39.5% currently. The company is gradually losing spot volume share to exchanges like Bybit and OKEx.
AI promotes GOAT
Last week, the crypto market witnessed the emergence of a new phenomenon: AI-operated X-accounts promoting memecoins. The most famous was the “Terminal of Truths” X-account, which promoted the memecoin Goatseus Maximum (GOAT). The wallet linked to this AI bot holds over 1.93 million GOAT tokens, valued at over $1.3 million.
GOAT Price Performance. Source: BeInCrypto.
AI researcher Andy Ayrey created “Terminal of Truths” as an AI bot that autonomously manages your X account, generating content without human involvement.
Despite initial suspicions of human control following a spelling error, Ayrey and Marc Andreessen's endorsement, along with Binance's decision to list the crypto GOAT, mainly boosted the token's price to a new record above $0.7 . However, in the last 24 hours, the GOAT token has retracted almost 20%, currently trading at $0.67.
Recently, the “Terminal of Truths” also triggered a 600% surge in a Base memecoin, raising concerns about potential manipulation.
ECB expert warns of social impacts of Bitcoin price hike
On October 12, European Central Bank (ECB) economists Ulrich Bindseil and Jürgen Schaaf expressed concerns that Bitcoin’s appreciation primarily benefits early adopters.
In absolute terms, early adopters increase their real wealth and consumption exactly at the expense of the real wealth and consumption of those who do not own Bitcoin or who invest in it only at a later stage, they wrote.
The paper warned that early adopters may liquidate their Bitcoin holdings to buy luxury goods, hurting later entrants. Bindseil and Schaaf advocated for stricter price controls for BTC to mitigate potential social impacts due to unequal wealth distribution.
Dr. Murry Rudd of the Satoshi Action Fund later disputed the article, arguing that the criticism fails to take into account the broader implications of inflation on traditional financial systems.
Bindseil and Schaaf’s critique of Bitcoin’s wealth distribution also fails to acknowledge the broader implications of inflation on traditional financial systems. Fiat currency regimes redistribute wealth from savers to debt holders via inflationary policies, which continually erode the value of savings, Rudd wrote.
Additionally, a new study published this week by the Federal Reserve Bank of Minneapolis also suggested the need to ban Bitcoin.
BRICS advocate digital assets to facilitate payments
At the BRICS Business Forum on October 18, Russian President Vladimir Putin announced that the bloc has agreed to integrate digital assets into its investment payment systems. As a result, member countries will be able to settle investment payments using cryptocurrencies such as Bitcoin and stablecoins.
“We will discuss the use of digital currencies in investment developments by BRICS member states, and this will also benefit other developing and emerging economies with good prospects,” Putin said.
Furthermore, at the 16th Annual BRICS Summit in Kazan, Russia, President Putin presented a model of the bloc's prospective new currency.
Matthew Sigel, head of research at VanEck, noted a Bloomberg report suggesting that Russian mining companies could sell Bitcoin to international buyers to circumvent Western sanctions.
As the BRICS Summit gets underway, key lawmakers are promoting the idea that Russian miners could sell their Bitcoin to international buyers, who would use BTC and other cryptos to pay for imports, effectively circumventing Western sanctions, Sigel explained.
The BRICS bloc has recently expanded its global influence with new members including Egypt, Ethiopia, Iran and the United Arab Emirates.
The article Crypto Week: Rise of NFTs and memecoins draws attention was first seen on BeInCrypto Brazil.
