Internet Computer ($ICP ) is a blockchain network that facilitates the development of internet services via a secure, decentralized protocol. This platform operates on the Internet Computer Protocol (ICP) token, previously referred to as DFN. The ICP token is instrumental in redefining the web, facilitating app development, handling transaction fees, compensating network contributors, and participating in governance decisions concerning the network’s future. This utility token is crucial for the functionality and governance of the Internet Computer network.

According to IQ.wiki, the concept of Internet Computer originated from Dominic Williams, the chief scientist and founder of DFINITY, a non-profit organization. DFINITY has been pivotal in nurturing the Internet Computer project since its inception in early 2016 through to its launch. Before its release, DFINITY garnered approximately $121 million in funding through various rounds, including notable investments from Andreessen Horowitz and Polychain Capital, and an initial coin offering in 2017. In 2018, approximately $35 million worth of tokens were distributed via an airdrop.

Development of the ICP token fully commenced in 2019, with significant milestones such as the release of Copper leading up to its official rollout in May 2021. The launch marked the initiation of a blockchain capable of hosting web functionalities from hosting to storage and services independently of third-party interference. Similar to Ethereum, the Internet Computer supports decentralized applications (DApps) but utilizes an advanced form of smart contracts known as Canisters within its network. Williams has positioned the ICP token as the third significant innovation in blockchain technology, following Bitcoin and Ethereum, aiming to advance the internet into its next major phase.

The foundation envisions the Internet Computer as a tool to dismantle big tech monopolies and overhaul the conventional cloud service model, creating a more decentralized global network. This ambition reflects a broader goal to transform private internet infrastructure into an open, decentralized system that doesn’t solely depend on current security platforms and technologies. This new network aims to be sufficiently robust to support the foundational layers of the web, including emerging sectors like Web 3 and decentralized finance (DeFi) applications.

Williams recently shared his candid thoughts on the current state of the crypto and blockchain industry during an interview with The Block. According to Williams, many investors are being swayed by compelling narratives rather than genuine technological innovation. He estimates that around 95% of the blockchains in existence are “just junk,” with projects often presenting incomplete or misleading information about their products.

While acknowledging the utility of established blockchains such as Bitcoin, Ethereum, Solana, and Avalanche, Williams questions their ability to serve as the foundation for a scalable and decentralized internet that can be widely adopted by mainstream users. He argues that these platforms, which he refers to as “traditional blockchains,” process transactions sequentially, limiting their efficiency and potential for growth.

In contrast, Williams highlights the Internet Computer Protocol as a “third-generation” blockchain capable of scaling and computing more efficiently. He believes that this enhanced performance is crucial for building web3 platforms, such as on-chain social networks, that can compete with their centralized counterparts.

To illustrate the current inefficiencies in web3, Williams provides an example of the high costs associated with storing a simple 3-megabyte photograph on popular blockchains like Ethereum and Solana. He points out that such an action would cost $110,000 and take a week to upload on Ethereum, while on Solana, it would cost around $400.

Despite the protocol’s purported technical superiority, the price of the ICP token experienced significant volatility following its launch. After initially soaring to over $400 and achieving a market cap of more than $18 billion, the token’s value plummeted. However, the price has shown signs of recovery, particularly since the end of last year.

At the time of writing (7:45 p.m. UTC on April 27), ICP is trading at $13.15, down 0.9% in the past 24-hour period but up 131.1% in the past one-year period.

Source: TradingView

Featured Image via Internet Computer

In a recent analysis, economist Paul Krugman shared his thoughts on the United States’ economic performance following the release of the first quarter GDP report for 2024 by the Bureau of Economic Analysis.

Paul Krugman is a Nobel Prize-winning American economist known for his influential work in international trade theory and economic geography. A prominent commentator and columnist for the New York Times, he offers sharp analysis of economic and political issues from a progressive standpoint. Despite his accolades, Krugman’s often critical views on conservative economic policies make him a celebrated yet polarizing figure within the field.

Despite growth and inflation figures that could raise concerns, Krugman suggests a nuanced interpretation of these numbers, particularly emphasizing the volatile components that often see later revision.

The advance GDP report indicated that economic growth in the first quarter stood at 1.6 percent, a figure that fell short of prior expectations. Krugman points out that this disappointing growth rate can largely be attributed to fluctuations in inventories and imports—elements that are known for their volatility and susceptibility to significant revisions in subsequent reports. These components, he argues, do not necessarily reflect the underlying economic trend.

Instead, Krugman highlights that it might be more informative to consider “core” growth, focusing on final domestic demand, which expanded at a robust rate of 3.1 percent. This figure, according to Krugman, presents a more stable and telling indication of the domestic economic climate, suggesting a healthier underlying economic activity than the headline number might imply.

On the topic of inflation, the report also showed an acceleration, particularly in the Federal Reserve’s preferred gauge of core inflation (personal consumption expenditures excluding food and energy), which increased at an annual rate of 3.7 percent—up from 2 percent in the previous quarter. While at first glance this surge might appear alarming, Krugman advises caution in overinterpreting these results.

In his opinion piece for The New York Times, Krugman proposes that the significant jump in inflation is likely exaggerated by statistical noise. This noise may have previously understated inflation rates towards the end of 2023 and is now potentially overstating them. Krugman finds the magnitude of the inflation increase implausible, even in scenarios of an overheated economy, which current data does not seem to indicate.

Further supporting his skepticism, Krugman notes that neither purchasing managers’ indexes—which often correlate closely with official inflation figures—nor business inflation expectations, which remain slightly above pre-pandemic levels, suggest an inflationary surge of the magnitude reported.

Featured Image via Pixabay

Pantera Capital has emerged as one of the successful bidders in the latest auction of Solana tokens, orchestrated by the administrators overseeing the bankruptcy proceedings of the now-defunct cryptocurrency exchange, FTX. According to a report by Bloomberg News, this recent development involves the acquisition of approximately 2,000 SOL tokens, a sale that has not been publicly disclosed, as per sources close to the matter.

Bloomberg says the identities of the individuals involved and the finer details of the transaction remain confidential, with those privy to the information choosing to remain anonymous. Both Pantera Capital and the representatives of the FTX estate have been contacted for comments but have yet to respond.

This sale is apparently part of a larger effort by the FTX estate to liquidate its holdings, which included a significant stash of Solana tokens valued at around $2.6 billion. Earlier this month, the estate managed to offload about two-thirds of these tokens in a deal that attracted major cryptocurrency players like Pantera and Galaxy Digital. The tokens sold in this and prior auctions are subject to a pre-agreed vesting period, rendering them non-tradable on the open market until they are gradually released over the next four years.

Interestingly, per the Bloomberg article, the sale price for the Solana tokens in this recent auction was reported to be higher than the previous rate of approximately $60 per token. This suggests a growing confidence in the value of Solana despite the broader market challenges that have plagued the token in the past. Industry insiders anticipate further auctions as the FTX estate continues to divest its cryptocurrency assets.

At the time of writing (6:30 p.m. UTC on April 27), SOL is trading at around $140.66, down 2.0% in the past 24-hour period. In the year-to-date period, SOL is up 34.91%.

Source: TradingView

Popular pseudonymous crypto analyst “Altcoin Sherpa” believes that the SOL price could go over $500 before the end of this year:

$SOL : Averaging into SOL is never a bad idea IMO. I think this goes to $500+ later this year. Anywhere from $130-$110 would be a gift (not quite expecting that yet) pic.twitter.com/eCTNfYDMBK

— Altcoin Sherpa (@AltcoinSherpa) April 26, 2024

The Swiss National Bank (SNB) has openly declared its hesitation to integrate cryptocurrencies such as Bitcoin into its financial reserves. According to a report by Bloomberg, this statement was affirmed by SNB President Thomas Jordan during the bank’s annual shareholder meeting held in Bern. Jordan emphasized that the bank’s reserves must remain liquid, stable in value, and easily transactable, criteria that he believes Bitcoin does not meet.

During his speech, Jordan explained, “We have so far not decided to invest in Bitcoin and for good reasons. Currency reserves are international means of payment, which need to be liquid, must retain their value and we must be easily able to buy and sell them.” This clarification comes amidst a burgeoning movement within the Swiss crypto community, advocating for the inclusion of Bitcoin in the national reserves.

A group of Swiss cryptocurrency advocates is gearing up to campaign for a constitutional amendment that would require the SNB to hold a portion of its reserves in Bitcoin. The proposal is gaining traction, with plans to collect at least 100,000 signatures in support. Should they succeed, Swiss law would necessitate a national referendum to determine the issue.

At the forefront of this push is Luzius Meisser, chairman of the crypto investment firm Bitcoin Suisse. During the shareholder meeting, Meisser posited that the country’s reserves should act as a “time capsule to send value to future generations,” advocating for the innovative integration of Bitcoin to ensure this legacy.

The Bloomberg report went on to say the movement’s chief campaigner recently disclosed to Neue Zuercher Zeitung that preparations for signature collection are already underway, signaling the start of a significant national discourse. Currently, the Swiss constitution mandates that the SNB maintain a portion of its reserves in gold. The activists are campaigning to amend this clause to include Bitcoin alongside gold, proposing a more diversified approach to national reserve assets.

Featured Image via Pixabay

The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, came in hotter-than-expected in March, showing prices in the U.S. kept on rising.

This reading, the latest sign that inflation is not cooling as quickly as desired, could lead the Fed to maintain higher interest rates for longer, a negative for risk on assets including Bitcoin and equities.

Investors had initially anticipated significant rate cuts from the central bank this year, but persistent inflation has dashed those hopes, leading to wide market corrections. Wall Street now expects cuts, if any, to materialize much later in 2024, potentially in September according to market pricing first reported on by The New York Times..

The hotter-than-expected PCE data is likely to reinforce the Fed’s cautious approach as it deliberates on lowering borrowing costs, with inflation having risen 2.7% year-over-year in March, exceeding the 2.5% figure seen in February and surpassing predictions.

To assess underlying inflation trends, Fed policymakers closely monitor a core measure that excludes volatile food and energy prices, and this core measure remained steady at 2.8% compared to February.

JUST IN: The Federal Reserve's preferred inflation gauge rose faster-than-expcted in March.

— CryptoGlobe (@CryptoGlobeInfo) April 26, 2024

While inflation showed a steady decline in late 2023, progress has stalled recently. This has prompted policymakers to re-evaluate the timing and extent of potential interest rate cuts, with the central bank suggesting it hasn’t yet seen enough progress on inflation to lower interest rates.

Notably, financial instabilities within the bond markets – potentially partly caused by changes in interest rates – are part of a bold Bitcoin price prediction recently made by the CEO of Strike, Jack Mallers, who suggested BTC could surge to the $1 million mark.

According to Mallers, the potential bailout required to stabilize these markets could lead to massive liquidity injections, thus inflating asset prices, including Bitcoin. He emphasized the scarcity of Bitcoin and its fixed supply, which, combined with increased demand amidst financial instability, supports its dramatic appreciation.

Mallers described Bitcoin as the “hardest” money ever created, attributing this to its capped supply — a stark contrast to fiat currencies, which are subject to inflation. This intrinsic hardness makes Bitcoin an attractive store of value, superior even to traditional assets like gold, whose quantity can still be increased.

Featured image via Unsplash.

With the price of Bitcoin down by more than 8% over the last 30-day period and as enthusiasm surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States starts fading, one popular analyst has recently revealed Bitcoin’s 12-hour chart formed a ‘death cross’, a chart pattern reflecting weakness.

Bitcoin is at the time of writing trading at $64,400 per token after falling significantly from its new all-time high achieved earlier this year above the $73,500 mark, and popular cryptocurrency analyst Ali Martinez has revealed on the microblogging platform X (formerly known as Twitter) a death cross on BTC’s 12-hour chart.

A death cross, it’s worth noting, occurs when a short-term moving average drops below a longer-term moving average, in this case the cryptocurrency’s 50 moving average dropped below the 100 moving average.

According to Investopedia, market history of death crosses suggests the signal “tends to precede a near-term rebound with above-average returns.” Martinez also pointed to a red 9 candlestick from the TD Sequential as a sell signal worth considering.

Two sell signals were presented on the #Bitcoin 12-hour chart: A death cross between the 50 and 100 SMA and a red 9 candlestick from the TD Sequential.If $BTC falls below $63,300, brace for possible dives to $61,000 or even $59,000. pic.twitter.com/24A3YtbgTb

— Ali (@ali_charts) April 25, 2024

Per the cryptocurrency analyst if the price of Bitcoin falls below the $63,300 mark, it’s possible it will keep on running down to the $61,000 and potentially even the $59,000 mark.

While these bearish predictions have grabbed headlines, it’s important to note that many analysts still believe a significant price increase for Bitcoin is on the horizon. Only time will tell which side of the argument proves to be correct.

Notably, a different Bitcoin price indicator suggests the cryptocurrency has entered bullish territory, after BTC’s price nearly topped its 200-day simple moving average (SMA), which serves as a key indicator of long-term trends, and its current rapid rise signifies strong bullish momentum.

Historically, data suggests that the most intense phases of Bitcoin bull markets unfold after the 200-day SMA breaks its previous high as a similar pattern emerged in early November 2020, six months after the third halving event. The 200-day SMA climbed above $10,320 at the time, and by mid-April 2021, Bitcoin had experienced a significant 4.5-fold increase to $63,800.

Looking back further, the 200-day SMA reaching new highs in December 2016, roughly five months after the second halving, preceded a monumental surge. Bitcoin witnessed a staggering 2,000% rise to over $19,000 within a year, while a similar trajectory occurred after the first halving in November 2012, which coincided with the average reaching a new peak.

While past performance is not necessarily indicative of future results, certain elements of these cycles appear to be repeating. For example, Bitcoin’s bear market reached its climax in November 2022, followed by price increases, aligning with the historical pattern of bottoming out 15 months before a new halving cycle began to fuel a rally.

As CryptoGlobe reported, a popular cryptocurrency analyst known in the space for accurately predicting the cryptocurrency market bottom during the 2018 bear market has recently revealed he believes that Bitcoin will make a new all-time high “within the next 1-2 weeks.”

The analyst revealed he sees Bitcoin’s price top around the $120,000 mark this cycle after noting that he sees it in wave five of a larger trend. Not everyone is as bullish, however, with a recent report from Fidelity Digital Assets suggesting Bitcoin is no longer “cheap” and is instead considered to be trading at its “fair” value.

Featured image via Unsplash.

AIEMP, an unprecedented project designed to thrive, govern, and protect the role of artificial intelligence (AI) in society, has announced its launch. Advancements in technology have brought tremendous benefits to humanity, as well as new challenges— monitoring them to prevent threats to human life. AIEMP’s mission is to efficiently mitigate these risks through EMP codes and meme coins. 

Memecoins are a category of cryptocurrencies that possess a comedic trait. They are mostly volatile and popularity driven by pop culture. Doge, Shibu Inu, Pepe, and a few of the other top projects offer more entertainment than usability and are solely designed for trading instruments. AIEMP, however, takes a new direction—offering a real-world utility that can endure over time. 

AIEMP, launched on the Solana ecosystem’s DEFI platform, serves as a counterbalance to uncontrolled AI acceleration. We aim to establish AI discourse in an ethical and controlled environment.

AIEMP – Cryptocurrency with a Purpose and Vision 

Beyond simply digital assets, AIEMP is a ‘clear call’ to integrate ethics and security into AI development. The organization’s mission is to build community-driven support for the responsible use of AI, thereby inspiring ongoing discussions about the role of the technology. AIEMP is walking an uncharted path, celebrating the benefits of this technology, identifying its plethora of potential, and curbing its excesses.

AIEMP’s core technology is a small bomb installed on an Android and activated with an EMP token. This token acts as a special code that activates the bomb when transferred to your Android’s native wallet. According to the website, this process blocks access, allowing it to be used only when humans face life-threatening situations. The project also aims to strengthen cybersecurity. Since AI systems are vulnerable to cyberattacks and can be exploited for heinous crimes if hacked, AIEMP provides an additional layer of security by providing the option to disable these androids in such cases. 

AIEMP aims to effectively manage the unpredictability of AI, build user trust in these new technologies, and drive global adoption.

Why the value of AIEMP can grow exponentially 

AIEMP stands apart from similar projects in its core mission, which transcends speculative interests and profits. We champion ethical discussion and action about the future of AI, attracting a dedicated community while setting the stage for real growth as the conversation about AI deepens. Beyond the speculative nature of most digital assets on the market, AIEMP is committed to finding practical applications that can enhance the safety and ethical advancement of AI. These core values ​​provide real, sustainable benefits that are likely to last over time. Because AIEMP is built on Solana’s DEFI platform, it leverages the network’s scalability and advanced efficiencies. We are also strategically positioned for unprecedented growth.

According to the development team, AIEMP will be gradually launched on exchanges such as Radium, Binance, Gate.io, and Kucoin. It is currently released on the Radium platform (as of this writing). 

Introduction to AIEMP 

AIEMP is an innovative project that aims to bring ethics to AI. Because these new technologies are vulnerable to a variety of malicious attacks, this project aims to add a layer of security and build user trust in the new technologies to enable global adoption. AIEMP’s core value proposition differentiates it from existing projects and puts it at the center of rapid growth using Solana’s undeniable capabilities. 

Media Contact 

Company Name AIEMP 

Company website https://aiemp.io/ 

Social contacts. 

X: https://twitter.com/ai_emp 

Discord: https://discord.gg/QEfQNhPz 

The cryptocurrency market has recently started experiencing a downturn, with the price of the flagship cryptocurrency Bitcoin dropping to $64,100 and the native token of the XRP Ledger, $XRP , dropping to $0.52 while a popular analyst suggests a surge to the $4 mark is “feasible.”

In a post shared on the microblogging platform X (formerly known as Twitter), popular cryptocurrency analyst Egrag Crypto weighed in on the price movements of the cryptocurrency, noting that its “current trajectory suggests a possible reach of $1.4 by June-July,” representing a significant increase from its current levels, with a surge to the $1.8 mark being “plausible.”

The analyst added that aiming for the $4 mark is “feasible” for XRP if the cryptocurrency follows a path similar to the one seen back in 2021, when it surged from around $0.3 per token to $1.8 before enduring a correction.

#XRP Imitating 2021 – Move:🔵 Blue Section: The current trajectory suggests a possible reach of $1.4 by June-July, a key target. The price range between ($1.2 – $1.8) is a plausible target.🟡 Yellow Section: Aiming for $4 is feasible if we follow a similar path to 2021.… pic.twitter.com/BMUJSbb5GQ

— EGRAG CRYPTO (@egragcrypto) April 25, 2024

However, Egrag Crypto cautions against unbridled optimism. The analyst acknowledges that a scenario mirroring 2021’s meteoric rise could propel XRP to a new all-time high of $4, but they emphasize that this projection hinges entirely on replicating past performance, something any analyst will say isn’t indicative of future results.

As reported, the total value locked (TVL) in on the XRP Ledger’s recently launched automated market makr (AMMs) has surpassed 7 million XRP, according to data from DeFi analytics platform DeXfi.

The figure represents a significant increase in just a few weeks, as noted by dUNL validator Vet, who co-founded the non-fungible token (NFT) marketplace xrpcafe on the microblogging platform X (formerly known as Twitter). According to him, more trading pairs with XRP are “contributing a lot to it as well as more inflows in larger pools.”

The locked assets, which include XRP, Sologenic ($SOLO), USD Coin ($USDC), Bitcoin ($BTC), and Coreum ($CORE), are currently valued at around $4 million.  Of the total locked value, the 3.7 million XRP tokens are worth approximately $2 million.

This marks a 66% increase from the 2.2 million XRP reported on April 17, with the SOLO/XRP AMM pool holding the largest share of locked assets, with a TVL of 1.5 million XRP, followed by the USDC/XRP pool.

Featured image via Unsplash.

CCData, an FCA-authorized benchmark administrator and a leading figure in digital asset data, offers institutional-grade insights into the digital asset landscape. By harnessing tick data from globally recognized exchanges and integrating various datasets seamlessly, CCData provides a comprehensive view of the market, covering trade, derivatives, order books, historical, social, and blockchain data.

In recent times, the stablecoin sector has witnessed significant growth and garnered increased attention. Serving as a vital tool for trading digital assets, stablecoins facilitate the transition of fiat-pegged funds into blockchain applications. However, recent events such as Tether’s collateral concerns and TerraUSD’s collapse have sparked apprehension among investors and regulators alike.

CCData’s Stablecoins Report aims to capture pivotal developments within the stablecoin domain. The report delves into market capitalization and trading volume, segmented by collateral type and pegged asset. Conducted on a monthly basis, the report caters to a broad audience, including crypto enthusiasts seeking an overview of the stablecoin landscape and stakeholders such as investors, analysts, and regulators seeking detailed analysis.

The April 2024 edition of this report highlighted a remarkable 4.76% increase in the total market capitalization of stablecoins, reaching an impressive $158 billion. This surge marked the seventh consecutive monthly increase, culminating in the highest end-of-month market cap since May 2022. Notably, the stablecoin market added $27.1 billion since the beginning of the year, mirroring the recent surge in trading activity and overall market performance.

Source: CCData

One standout from the report was the exceptional performance of FDUSD, which experienced a staggering 77.6% increase in market capitalization, soaring to a new all-time high of $3.89 billion. As the fourth-largest stablecoin, FDUSD continued to solidify its position in the market, with trading pairs registering nearly $388 billion in March alone. The stablecoin maintained its status as the second most popular choice among traders on centralized exchanges (CEXs).

The report also unveiled unprecedented trading volume highs for stablecoins, driven by increased market volatility and positive sentiment following Bitcoin’s surpassing of its previous all-time high in March. Trading volume on CEXs surged by an astounding 98.9% to reach $2.18 trillion in March, marking an all-time high for stablecoin trading volume on centralized exchanges. USDT dominated the landscape, accounting for a significant 77.8% share of the volumes.

In April, major gold-pegged stablecoins, including Tether Gold (XAUT) and Pax Gold (PAXG), witnessed substantial growth in market capitalization, rising by 4.20% and 4.77%, respectively. This increase, totaling $573 million for XAUT and $425 million for PAXG, coincided with a surge in gold prices driven by geopolitical tensions in the Middle East. The heightened demand for gold-backed stablecoins led to premium trading prices on centralized exchanges, with PAXG peaking at $3014 on April 13th.

Source: CCData

Shiba Inu, the popular meme coin project, has announced the successful closure of a $12 million funding round aimed at financing the creation of a new Layer-3 (L3) blockchain that prioritizes privacy. The announcement follows a series of notable achievements for the project, including a strong market performance and strategic partnerships designed to enhance convenience and utility for its dedicated community, affectionately known as the Shib Army.

The funding round, which involved the sale of the $TREAT utility token, attracted investments from a roster of prominent investors, including Mechanism Capital, Big Brain Holdings, Cypher Capital, Shima Capital, DWF Ventures, Morningstar Ventures, Hercules Ventures, Animoca Brands, Foresight Ventures, Comma3 Ventures, Woodstock Fund, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, STIX, and Spirit Dao. Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, emphasized the significance of this investment, stating, “What we did is that we made sure that some of the most powerful people in the world have skin in our game, so to speak.”

According to the article in The Shib Daily, the upcoming L3 network will place a strong emphasis on privacy, utilizing $TREAT as its governance and utility token, akin to the role of $BONE as the gas fee token on the Shibarium L2 chain. By incorporating privacy-focused enhancements, Shiba Inu aims to expand its reach beyond its current crypto user base, capitalizing on the rapid evolution of blockchain technology and the increasing competition for onboarding new users from outside the crypto ecosystem.

Earlier this year, Shiba Inu formed a strategic partnership with Zama, a Paris-based company, to integrate its encryption tools that leverage Fully Homomorphic Encryption (FHE). This collaboration seeks to enhance privacy across the chain, ensuring transactional confidentiality, user interactions, and data privacy. Additionally, the project partnered with D3 to offer *shib domain names to users, facilitating a seamless integration between Web2 and Web3 environments.

Commenting on these developments, Shiba Inu marketing lead, known by the X handle @LucieSHIB, expressed enthusiasm, stating, “It’s wonderful to see that we are stepping closer and innovating more. Shib will never stop growing as we will see more people utilize Shibarium. The impact of TREAT will be bigger than many realize, benefiting the whole Shibarmy. Layer 3 will enhance and put Shibarium in a new spotlight.”

Although not yet released, the $ TREAT token will be minted by Shiba Inu Mint S.A., a Panama-based corporation. In addition to funding the development of the L3 blockchain, the raised capital will be allocated to bolstering security measures and ensuring regulatory compliance, laying the foundation for the long-term growth and sustainability of the Shiba Inu ecosystem.

Featured Image via Unsplash

A Solana-based trader has recently realized substantial profits from trading various meme-themed tokens on the Solana blockchain, as reported by blockchain analysis firm Lookonchain on April 26. The trader, identified by their Solana Name Service account “paulo.sol,” made strategic investments in several memecoins, including Dogwifhat (WIF), Jeo Boden (BODEN), and Bonk (BONK), resulting in a cumulative profit of over $22.83 million.

The trader’s involvement with BONK dates back to 11 November 2023, when they recognized the token’s potential and began accumulating positions. By employing a swing trading strategy, buying at low points and selling at highs, the trader managed to generate approximately $6.28 million in profits from BONK alone.

In addition to BONK, the trader also demonstrated an astute sense of timing when investing in WIF and BODEN. Rather than immediately investing in these tokens upon their initial listing, the trader waited for the first signs of upward momentum before establishing significant positions. Commencing WIF trades on 4 December 2023, and BODEN trades on March 6, the trader realized profits of $9.51 million and $7.04 million, respectively.

As of the time of writing, the trader continues to hold substantial positions in these memecoins, with $7.6 million in BODEN tokens and $5.7 million in WIF. Furthermore, the trader has expanded their portfolio to include other emerging memecoins, such as PUPS and POPCAT. The trader has invested $1.77 million in POPCAT and nearly $6 million in PUPS, solidifying their position as the largest PUPS holder on the Solana blockchain.

The crypto community has expressed admiration for the trader’s impressive performance, with one X user attributing their success to their strong conviction rather than mere luck. Another user described the trader as having “diamond hands,” a term used to describe investors who maintain their positions even in the face of market pressure.

What a legend!😱paulo.sol has realized profits of $9.51M on $WIF , $7.04M on $boden and $6.28M on $BONK .1/ Let's dig into his trades to see what he's buying.👇 pic.twitter.com/2axUwHb3el

— Lookonchain (@lookonchain) April 26, 2024

As the popularity of memecoins continues to grow, it remains to be seen how long this trend will persist and whether more traders will emerge with similarly impressive profits. However, it is crucial to approach such investments with caution, as the volatility and speculative nature of memecoins can also lead to substantial losses for those who fail to time their trades effectively or fall victim to market manipulations.

On April 24, a debate on social media platform X revolved around the adverse impact of memecoins in the cryptocurrency investment community, initiated by Michael Dempsey of Compound. Eddy Lazzarin, CTO at a16z, emphasized memecoins’ lack of technical depth and their undermining of the industry’s long-term vision. He critiqued their appeal to a niche, casino-like user base, suggesting they hinder the development of more substantial blockchain networks. Lazzarin highlighted the contrast between memecoins and projects falsely claiming groundbreaking technology, noting memecoins’ straightforward offering of volatility and entertainment. He criticized the industry’s defense of memecoins amidst broader struggles, advocating for a focus on addressing deceptive practices in tech-centric crypto projects instead.

Besides undermining the long-term vision of crypto that has kept so many of us in the space, memecoins aren't very technically interesting.It shouldn't be a surprise that they're not attractive to builders.

— Eddy Lazzarin 🟠🔭 (@eddylazzarin) April 24, 2024

Featured Image via Unsplash

In a recent interview with David Lin, Jack Mallers, the CEO of Strike, shared profound insights into Bitcoin’s potential trajectory and its broader implications for the financial world.

Jack Mallers began the interview with a bold forecast, suggesting that Bitcoin’s price could surge to $1 million. He bases this prediction on the financial instabilities within the bond markets, which heavily involve banks. According to Mallers, the potential bailout required to stabilize these markets could lead to massive liquidity injections, thus inflating asset prices, including Bitcoin. He emphasized the scarcity of Bitcoin and its fixed supply, which, combined with increased demand amidst financial instability, supports its dramatic appreciation.

Mallers described Bitcoin as the “hardest” money ever created, attributing this to its capped supply — a stark contrast to fiat currencies, which are subject to inflation. This intrinsic hardness makes Bitcoin an attractive store of value, superior even to traditional assets like gold, whose quantity can still be increased.

One of the pivotal topics discussed was the Lightning Network and its role in enhancing Bitcoin’s utility as a currency. Mallers explained that the Lightning Network addresses Bitcoin’s scalability issues by enabling faster and cheaper transactions. Strike leverages this technology to facilitate real-time, global Bitcoin transactions, emphasizing the network’s ability to handle up to a million transactions per second. This capability, Mallers argued, is transforming Bitcoin into a more practical medium for daily transactions, not just an investment asset.

A significant portion of the conversation revolved around central banking systems and their influence on economies. Mallers criticized central banks for their ability to debase currency, effectively diminishing people’s wealth. He posited Bitcoin as a revolutionary tool that could return power to individuals by offering a decentralized and stable alternative to fiat currencies.

Mallers expressed skepticism about altcoins, including Ethereum, questioning their viability as true money. He argued that many altcoins are primarily technological plays rather than genuine monetary instruments, often designed to capitalize on trends rather than offer substantive monetary solutions. He was particularly critical of Ethereum’s shift to proof-of-stake, which he viewed as a move away from being a neutral, immutable monetary system.

Looking forward, Mallers shared ambitious plans for Strike, aiming to make it a leading financial service for Bitcoin, which he believes will become the world’s reserve currency. He discussed Strike’s expansion into new markets, particularly in Europe, and underscored the company’s focus on treating Bitcoin as actual money — a tool for financial empowerment rather than just speculative investment.

Interestingly, Mallers shared his personal financial strategy, which involves exclusively owning Bitcoin and spending through credit, thus maintaining exposure only to an appreciating asset. This approach, he noted, is a practical application of his confidence in Bitcoin’s future.

At the time of writing (

Source: TradingView

Featured Image via Pixabay

In a blog post published on April 25, Joseph Lubin, co-founder of Ethereum, as well as Founder and CEO of ConsenSys, outlined his company’s motivations for initiating legal action against the U.S. Securities and Exchange Commission (SEC).

ConsenSys is a leading blockchain software technology company with a core focus on the Ethereum ecosystem. They develop a comprehensive suite of tools, products, and infrastructure designed to empower developers, businesses, and individuals harnessing the potential of Ethereum. Consider ConsenSys a pivotal player in constructing the foundation for the decentralized web.

Lubin’s discussion centered on ConsenSys’ commitment to ensuring widespread access to blockchain technologies, which he believes are crucial for reshaping various global systems such as economic, financial, and technological frameworks, ultimately contributing to a more equitable and innovative world.

Lubin explained that ConsenSys sued the SEC to challenge its authority over regulating the internet’s future and the Ethereum blockchain. He argued that the SEC’s actions are disruptive and create uncertainty for developers and entities that use Ethereum to operate significant applications. By taking this legal route, Lubin aims to affirm that the SEC should only regulate securities, pointing out that the commission previously indicated that Ethereum’s native token, ether, is not a security.

Furthermore, Lubin criticized the SEC’s attempt to extend its regulatory reach to include all technological advancements associated with the internet, emphasizing that ether, while tradeable like a commodity, is integral to the development of both financial and non-financial applications on Ethereum. This includes sectors like healthcare and agriculture, where applications have substantial non-financial utility.

Lubin also defended the functionality of applications like MetaMask, a product developed by ConsenSys, which facilitates the buying, selling, and transferring of ether. He stressed that treating such platforms as securities brokers would severely restrict the ability of web3 developers to innovate and create new applications.

Throughout his blog post, Lubin expressed concern over the SEC’s inconsistent policies and its failure to understand the transformative nature of blockchain technology. He conveyed his belief in blockchain’s potential to revolutionize the world, drawing parallels with the internet’s evolution and the unforeseen technological advancements it enabled, such as smartphones and smart devices.

Lubin emphasized the importance of allowing Ethereum to continue developing so that individuals can contribute to and benefit from a transparent, secure, and accountable digital world. He stated that the lawsuit was not initiated lightly but was necessary to protect the Ethereum ecosystem and the broader decentralized protocol ecosystem, advocating for a world where innovation and human ingenuity are unrestricted.

In conclusion, Lubin called for support from others who share his vision for Ethereum and encouraged them to express their support and learn more about the issue, underscoring his message that Ethereum is meant to be accessible to everyone.

Featured Image via Pixabay

CoinShares, a prominent European alternative asset manager with a focus on digital assets, released its latest Digital Asset Fund Manager Survey on April 24, 2024. This edition is particularly notable as it follows the recent approval of U.S. spot Bitcoin ETFs, providing fresh insights into investor attitudes and allocations within the digital asset space.

The survey gathered data from 64 respondents who collectively manage $600 billion in assets, offering a substantial look into the trends and shifts in digital asset investment strategies among institutional players.

Key Findings from the CoinShares Digital Asset Fund Manager Survey Bitcoin Retains Its Leading Position

Bitcoin continues to be the most favored digital asset among the surveyed investors. According to the survey, 41% of respondents believe Bitcoin offers the most compelling growth outlook.

Increased Digital Asset Weightings in Portfolios

The survey indicated a significant rise in the allocation of digital assets in investor portfolios, increasing from 1.3% to 3%. This is the highest level since the survey’s inception in 2021, with the previous peak being 1.7% in November 2021. The increase is largely attributed to institutional investors who have begun incorporating Bitcoin into their portfolios through the newly available U.S. ETFs.

Diversifying into Altcoins

Investors are not just sticking to Bitcoin and Ethereum; there’s a notable shift towards diversifying into altcoins. Solana, in particular, has seen a remarkable increase in allocations, likely driven by large investments from a few key players.

In contrast to the growing interest in some altcoins, XRP has experienced a significant downturn, with none of the respondents currently holding this asset. This shift could reflect broader market sentiments or reactions to regulatory uncertainties surrounding XRP.

The Draw of DeFi and Distributed Ledger Technology

When asked about their reasons for adding digital assets to their portfolios, many investors cited the appeal of distributed ledger technology. Despite the price increases since January, an increasing number of investors view digital assets as good value, driven by client demand and positive price momentum. However, the focus on investing solely for diversification purposes has seen a decline.

Barriers and Risks in Digital Asset Investment

Despite the growing interest and increased allocations, significant barriers remain for certain investor cohorts, especially within the wealth management and institutional spaces. Regulatory concerns continue to be a major hurdle, as corporate restrictions and the interpretation of regulatory guidelines restrict broader adoption.

Moreover, while issues like volatility and custody concerns are decreasing, regulatory and political risks still dominate the landscape, posing challenges for both potential and current investors.

Featured Image via Pixabay

Stripe Inc. is set to reintroduce cryptocurrency payments, enabling merchants on its platform to receive stablecoins as payment for online purchases. John Collison, the co-founder and president of Stripe, announced this development during the company’s annual conference, Stripe Sessions, in San Francisco on Thursday. He mentioned that users could expect this feature to roll out in the upcoming summer.

Collison highlighted the significant advances in crypto technology, including faster transaction speeds and reduced fees, which have enhanced its practical utility. He emphasized the increasing stability of stablecoins—cryptocurrencies tied to stable assets like the dollar—and showcased a transaction using Circle’s USDC token during his talk. This move comes as stablecoins gain broader acceptance, underscored by PayPal Holdings Inc.’s launch of its own stablecoin, PYUSD, last year.

Reflecting on Stripe’s history with cryptocurrencies, Collison recalled that about a decade ago, the company facilitated Bitcoin payments. However, this service was discontinued in 2018 due to low customer interest and a subpar user experience at the time.

Furthermore, Stripe has been exploring various crypto-related services. The company has tested payment methods allowing creators on Twitter to receive earnings in cryptocurrencies and, in 2022, launched a crypto on-ramp service that enables businesses to offer their customers methods for converting fiat money into cryptocurrencies. Clients such as Blockchain.com, digital wallet MetaMask, and NFT marketplace Magic Eden are part of Stripe’s growing crypto portfolio.

Moving onchain payments forward 🫡

— Solana (@solana) April 25, 2024

As Bloomberg News reported, additionally, a significant policy change was announced at the conference on Wednesday: companies using Stripe’s products are no longer required to process payments through Stripe. This new flexibility allows businesses to choose the services that best meet their needs without being tied to Stripe’s payment processing solutions.

Featured Image via YouTube (Stripe Channel)

On April 24, an exciting debate unfolded on social media platform X involving several leading figures in the cryptocurrency investment community. The discussion, initiated by Michael Dempsey of Compound, centered on the problematic nature of memecoins within the cryptocurrency sector.

Michael Dempsey expressed concerns that memecoins were causing more harm than the recent bear market by driving away serious cryptocurrency developers. He questioned the alignment of venture capitalists who support memecoins while claiming to care about the fulfillment of crypto’s long-term promises.

Eddy Lazzarin, CTO at venture firm a16z, responded by highlighting the trivial nature of memecoins from a technological perspective and their detrimental effect on the industry’s long-term vision. According to Lazzarin, memecoins fail to attract builders due to their lack of technical depth and undermine the foundational goals that keep many dedicated to the crypto space.

Contrasting these views, Mike Dudas, Founder and Managing Partner at 6MV, argued that memecoins were captivating to users, as shown by their widespread adoption across various blockchain platforms like Base, Blast, and Solana. He emphasized that engagement with memecoins does not prevent users from participating in other blockchain applications such as decentralized finance, gaming, and social networks.

In a retort, Lazzarin questioned the type of audience memecoins attract, describing them as catering to a niche, casino-like user base which might be perceived negatively on a broader scale. He stressed his commitment to developing new networks that could empower a more robust internet, highlighting a divergence in vision from the memecoin phenomenon.

Dudas defended the role of memecoins by stating that they represent just one of many activities available on blockchain networks, and they engage a significant portion of the current users in the blockchain space. He advocated for supporting diverse blockchain uses, including memecoins.

Lazzarin further criticized memecoins for distorting public and regulatory perception of the cryptocurrency industry, likening them to a “risky casino” or “false promises.” He lamented the negative impact this has on the adoption, regulation, and behavior of builders in the crypto space.

Adding another layer to the discussion, Jesse Walden of Variant Fund challenged Lazzarin’s viewpoint by contrasting memecoins with projects that falsely claim to offer groundbreaking technology merely to facilitate token liquidity schemes. He argued that unlike these deceptive projects, memecoins are straightforward about offering volatility and entertainment, making them more defensible.

Lazzarin countered by pointing out the lack of serious defenses for projects that disguise token liquidity schemes as innovative technology, whereas memecoins continue to be advocated for despite the broader struggles within the industry.

Walden concluded by suggesting that the industry should concentrate more on addressing deceptive practices in tech-centric crypto projects rather than focusing solely on the drawbacks of memecoins.

Besides undermining the long-term vision of crypto that has kept so many of us in the space, memecoins aren't very technically interesting.It shouldn't be a surprise that they're not attractive to builders.

— Eddy Lazzarin 🟠🔭 (@eddylazzarin) April 24, 2024

Featured Image via Unsplash

On 24 April 2024, Meta Platforms Inc (NASDAQ: META) Reported its First Quarter 2024 Results.

According to Meta’s press release, Mark Zuckerberg, Meta founder and CEO, had this to say:

“It’s been a good start to the year. The new version of Meta AI with Llama 3 is another step towards building the world’s leading AI. We’re seeing healthy growth across our apps and we continue making steady progress building the metaverse as well.“

As for the Meta CFO, Susan Li, she said:

“We expect second quarter 2024 total revenue to be in the range of $36.5-39 billion. Our guidance assumes foreign currency is a 1% headwind to year-over-year total revenue growth, based on current exchange rates.

“We expect full-year 2024 total expenses to be in the range of $96-99 billion, updated from our prior outlook of $94-99 billion due to higher infrastructure and legal costs. For Reality Labs, we continue to expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and our investments to further scale our ecosystem.“

The next day, Sarah Kunst, Managing Director at Cleo Capital, appeared on CNBC’s “Worldwide Exchange” to discuss Meta’s earnings report

Here’s a detailed breakdown of her comments:

Stock Performance and Capex Guidance:

Kunst noted the significant drop in Meta’s stock price due to the company raising its capital expenditure (capex) guidance while also providing soft revenue guidance. She suggested that this investor reaction is partly fueled by prior experiences with CEO Mark Zuckerberg’s ambitious projects, which haven’t always panned out, referencing his foray into the metaverse as an example.

AI Investments:

Despite the costliness of AI, Kunst argued that investing in this technology makes sense for Meta. She emphasized that AI is a substantial and real opportunity, given Meta’s technological capabilities and wealth of data. Kunst expressed confidence that Meta’s bet on AI would be profitable for those investors who remain unshaken by short-term uncertainties.

Metaverse Skepticism:

Kunst was critical of Zuckerberg’s continued investment in the metaverse, particularly highlighted by the substantial losses ($3.85 billion) reported by Meta’s Reality Labs segment. She compared this unfavorably with competitors like Apple, who are also venturing into augmented reality technologies. Kunst implied that the market had not embraced the metaverse technology, regardless of the promoter.

Digital Ads Business:

Meta’s primary revenue source, digital advertising, missed estimates by 6%, which Kunst attributed to a broader global shift in advertising dynamics rather than a specific issue at Meta. She discussed how the current geopolitical and domestic unrest affects brand-safe advertising, suggesting that these factors are causing companies to reconsider where their ads are placed.

Comparison with Other Tech Giants:

She highlighted that while digital ads are a significant revenue stream for other tech companies like Alphabet, Microsoft, and Amazon, Amazon might be better positioned in the current market. This is due to Amazon’s focus on product listing ads, which are considered more brand-safe compared to the social content-based ads prevalent on platforms like Meta.

At the time of writing (5:46 p.m. UTC on April 25), META is trading at $437.88, down 11.27% on the day.

Source: Google Finance

Featured Image via YouTube (Meta’s Channel)

A recent Bloomberg News article suggests that optimistic Bitcoin traders are dialing back their bets on the leading cryptocurrency as two significant driving forces – robust inflows into U.S. spot Bitcoin ETFs and the hype surrounding the Bitcoin halving event – lose steam.

As reported by Bloomberg, the Bitcoin funding rate, which represents the premium traders pay to open new long positions in the perpetual futures market, dipped into negative territory on April 19, marking the first such occurrence since October 2023. This shift implies a cooling of demand for Bitcoin following a period of all-time highs propelled by the launch of ten US-listed spot Bitcoin ETFs on January 11.

Source: Coinalyze

The article notes that net inflows into these ETFs have decreased in recent weeks, while the long-awaited Bitcoin halving event, which took place last week and cut the supply of new coins, had a limited effect on the cryptocurrency’s price.

Bloomberg says that Bitcoin hit a peak of $73,798 in March but has since experienced a nearly 13% correction, trading at $64,214 as of Thursday morning in London.

Source: TradingView

The waning enthusiasm for Bitcoin among buyers is partly attributed to increasing risk aversion stemming from tensions in the Middle East and expected delays in Federal Reserve rate cuts, according to the article. Julio Moreno, Head of Research at CryptoQuant, is quoted saying that the negative funding rate indicates a decreased desire among traders to open long positions.

Bloomberg also cites Vetle Lunde, an analyst at K33 Research, who pointed out that the current 11-day streak of neutral-to-below-neutral funding rates is uncommon, as previous dips were quickly followed by an influx of leveraged bets. Lunde suggests that this prolonged period of discounted perpetual futures could signal further price consolidation.

The article highlights that the decrease in the Bitcoin funding rate coincides with a decline in daily inflows into the US-based spot Bitcoin ETFs. Bloomberg’s data shows that these ETFs have attracted a net inflow of $170 million so far this month, a significant drop compared to the $4 billion they garnered during the same number of trading days in March.

Source: Farside Investors

Moreover, Bloomberg reports that open interest in Bitcoin futures at the Chicago-based CME Group has fallen 18% from its record high, signaling a diminishing interest in crypto-related exposure and hedging among U.S. institutions. As the crypto market looks for new driving forces, the article states that attention is turning to Hong Kong, which is set to launch its own batch of spot Bitcoin ETFs and spot Ethereum ETFs on April 30. However, it is uncertain whether these new products can attract even a small portion of the demand seen by U.S. issuers.

Featured Image via Pixabay

Morgan Stanley, one of the leading financial giants on Wall Street, is set to empower its 15,000 brokers with the ability to actively recommend Bitcoin exchange-traded funds (ETFs) to their clients, according to a report by AdvisorHub, cited by an article in CoinDesk. This decision marks a significant shift from the bank’s previous policy, which allowed the purchase of spot Bitcoin ETFs only on an unsolicited basis—meaning brokers could execute transactions only if clients requested them first.

The change comes in response to the rising demand for spot Bitcoin ETFs, which Morgan Stanley executives believe could usher additional capital into these funds. These ETFs provide an attractive proposition for investors looking to gain exposure to Bitcoin without the complexities and risks associated with direct cryptocurrency ownership.

An executive from Morgan Stanley emphasized the cautious approach the bank intends to maintain, stating, “We’re going to make sure that we’re very careful about it…we are going to make sure everybody has access to it. We just want to do it in a controlled way.” This statement highlights the bank’s strategy to integrate more cryptocurrency options into its offerings while ensuring that both the financial advisors and their clients are well informed and prepared for this type of investment.

The backdrop to this strategic shift is the Securities and Exchange Commission’s (SEC) approval of 11 spot Bitcoin ETFs in January. Notable investment giants like BlackRock, Fidelity, and Invesco received the green light, leading to a surge in fund inflows, which significantly bolstered Bitcoin’s market position. However, despite the initial enthusiasm, these inflows have shown signs of tapering off recently. For instance, BlackRock iShares Bitcoin Trust (IBIT) reported its first day of zero inflows since the launch of tn spot Bitcoin ETFs in the United States on January 11, despite having attracted consistent investments previously, accumulating nearly $15.5 billion in just 71 days.

To date, the spot Bitcoin ETF market in the U.S. has amassed a considerable $12.3 billion in Bitcoin, reflecting the growing investor interest and confidence in cryptocurrency as a viable investment asset.

Source: Farside Investors

Morgan Stanley’s move to enable direct recommendations by its brokers could potentially revive the inflow momentum and further integrate cryptocurrency into mainstream investment portfolios.

Featured Image via YouTube

The total value locked (TVL) in on the XRP Ledger’s recently launched automated market makr (AMMs) has surpassed 7 million $XRP , according to data from DeFi analytics platform DeXfi.

The figure represents a significant increase in just a few weeks,as noted by dUNL validator Vet, who co-founded the non-fungible token (NFT) marketplace xrpcafe on the microblogging platform X (formerly known as Twitter). According to him, more trading pairs with XRP are “contributing a lot to it as well as more inflows in larger pools.”

Missed to pay attention past couple days, but we were below 5M XRP in TVL in the XRPL AMM while we now get closer to 10M XRP in TVL !More pairs, usually with XRP on one side, are contributing a lot to it as well as more inflows in larger pools. pic.twitter.com/nDHsQFBjUP

— Vet 🏴‍☠️ (@Vet_X0) April 24, 2024

The locked assets, which include XRP, Sologenic ($SOLO), USD Coin ($USDC), Bitcoin ($BTC), and Coreum ($CORE), are currently valued at around $4 million.  Of the total locked value, the 3.7 million XRP tokens are worth approximately $2 million.

This marks a 66% increase from the 2.2 million XRP reported on April 17, with the SOLO/XRP AMM pool holding the largest share of locked assets, with a TVL of 1.5 million XRP, followed by the USDC/XRP pool.

The new platform allows XRP token holders to trade in a permissionless way using liquidity pools rather than traditional order books. These pools are made of two or more tokens supplied by liquidity providers, and are used to settle trades, with the prices of tokens within them being determined through the use of blockchain oracles.

Those who provide liquidity to the pools will receive revenue every time a trade is conducted using that pool, but the revenue comes with the risk of impermanent loss. Impermanent loss occurs when price fluctuations alter the ratio of the tokens within the pool, meaning token providers could be better off if they simply held the tokens in their wallets.

The loss is considered to be impermanent because the ratio of tokens can be restored, in which case the token provider would be gaining the fees collected over time.

Notably, a popular cryptocurrency analyst has recently stood by their bullish price prediction for XRP, predicting the cryptocurrency’s price will explode to over $200 per token, an over 30,000% rise from its current level.

Per his words, XRP has seen a “full logarithmic follow through” which means XRP “may be more than poised for $200+.” He noted that XRP’s price surged over 100,000% during the 2017-2018 bull run, and suggested that a 33,000% run from its current level “can be more than possible and developing.”

As reported the XRP Ledger has been progressing over time, with the total amount of XRP locked onto the XRP Ledger’s recently launched automated market maker (AMM) platform recently surging from around 330,000 XRP tokens to over 715,000 XRP, worth over $400,000, at a time in which the AMM platform is set to get key bug fix.

The rise in locked XRP also comes shortly after Ripple, a leading provider of enterprise blockchain and crypto solutions, announced its plans to launch a stablecoin pegged 1:1 to the US dollar (USD). The stablecoin would be fully backed by a reserve of US dollar deposits, short-term US government treasuries, and other cash equivalents.

As CryptoGlobe reported, the firm expects the stablecoin market to exceed $2.8 trillion by 2028, and its own stablecoin will be launched both on the XRP Ledger and on Ethereum.

Featured image via Pixabay.