The recent investment by a prominent SHIB whale into Shiba Inu (SHIB) and Option2Trade (O2T) marks a significant development in the crypto market. This move highlights the growing interest in innovative and high-potential tokens like Option2Trade (O2T). With its advanced A.I. technology and strategic growth plans, Option2Trade (O2T) is attracting substantial interest from big investors, setting the stage for significant future gains. As the market continues to evolve, the backing of influential investors will likely propel Option2Trade (O2T) to new heights, making it a token to watch closely in the coming months.

SHIB Whale Makes a Bold Move

In today’s Shiba Inu (SHIB) news, a prominent Shiba Inu (SHIB) whale has made headlines by making a substantial investment, purchasing 500 billion worth of stock in Shiba Inu (SHIB) while also acquiring a significant amount of the new A.I. token, Option2Trade (O2T). This bold move underscores the increasing interest and confidence in innovative tokens within the cryptocurrency community, especially among those with significant influence and capital.

The Allure of O2T: A Smart Investment

The Shiba Inu (SHIB) whale’s decision to heavily invest in Option2Trade (O2T) is driven by the token’s advanced A.I. technology and its robust growth potential. Option2Trade (O2T) has been making waves in the crypto market due to its sophisticated use of artificial intelligence to optimize trading strategies and enhance investment returns. This innovative approach makes Option2Trade (O2T) a compelling addition to any diversified investment portfolio. The whale’s investment is not just a vote of confidence but a strategic move to capitalize on O2T’s promising future.

Positive Sentiment

The significant investment by the Shiba Inu (SHIB) whale has sparked positive sentiment across the market. Other investors are closely watching this development, noting the whale’s confidence in Option2Trade (O2T). The ripple effect of such a large investment is expected to drive further interest and subsequent investment in Option2Trade (O2T), potentially leading to a surge in its market value. This move is seen as a strong endorsement of O2T’s potential, encouraging more investors to consider adding O2T to their portfolios.

Why O2T Is Attracting Big Investors

Option2Trade (O2T) is attracting big investors for several reasons. Its unique value proposition includes innovative trading options powered by advanced A.I. technology, which allows for more efficient and profitable trading strategies. Additionally, O2T has formed strategic partnerships that enhance its market presence and credibility. These factors, combined with the token’s recent performance and promising outlook, make O2T an attractive investment. Investors are particularly drawn to the potential for substantial returns, which sets O2T apart from other tokens in the market.

Continued Upward Momentum

With strong backing from major investors like the Shiba Inu (SHIB) whale, Option2Trade (O2T) is well-positioned for continued growth. The support from influential and capital-rich investors not only boosts market confidence but also provides Option2Trade (O2T) with the necessary resources to further its strategic initiatives. The future looks exceptionally bright for O2T, with high expectations for further gains and market expansion. As more investors recognize the potential of O2T’s A.I. technology and innovative approach, the token is likely to see continued upward momentum.

For more information on the Option2Trade (O2T) Presale: 

Use promo code O2TLaunch to get 15% bonus

Visit Option2Trade (O2T)

Join and become a community member:

https://t.me/O2TOfficial 

https://twitter.com/Option2Trade (O2T)

The post Shiba Inu News Today: SHIB Whale Bags 500 bln Worth Of Stock After Purchasing New A.I Token O2T appeared first on Blockonomi.

TLDR

ARK Invest has ended its partnership with 21Shares for the proposed spot Ethereum ETF.

The fund has been rebranded from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF.

ARK Invest and 21Shares will continue their collaboration on other projects, such as the ARK 21Shares Bitcoin ETF.

The SEC recently approved 19b-4 forms for eight Ethereum ETFs, but issuers still need their S-1 statements to become effective before trading can begin.

Several other issuers, including Franklin Templeton, Fidelity Investments, VanEck, and Invesco Ltd., have filed revised S-1 statements for their proposed Ether ETFs.

ARK Invest, led by Cathie Wood, has withdrawn its involvement in the race to launch an exchange-traded fund (ETF) that would directly invest in Ether, the second-largest cryptocurrency.

The amended prospectus document, known as Form S-1, filed with the US Securities and Exchange Commission (SEC) on Friday, revealed that ARK’s name was removed from the application for the spot-Ether ETF that it had filed in partnership with 21Shares.

As a result, the fund’s name has been changed from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF.

Despite the withdrawal from the Ethereum ETF, ARK Invest remains committed to its Bitcoin ETF, the $3.2 billion ARK 21Shares Bitcoin ETF (ticker ARKB), which currently holds the fourth position in terms of assets among Bitcoin ETFs.

ARK statement on not doing Eth spot pic.twitter.com/Z48SMyXvat

— Eric Balchunas (@EricBalchunas) May 31, 2024

The move comes after ARK joined forces with 21Shares as one of the successful issuers that launched spot-Bitcoin ETFs earlier this year.

The unexpected approval by the SEC of the 19b-4 filings made by exchanges operated by Cboe Global Markets Inc., Nasdaq, and the New York Stock Exchange to list spot-Ether ETFs created anticipation in the market.

However, issuers still await the regulator’s approval of their S-1 statements before trading can commence.

In response to the recent developments, 21Shares expressed enthusiasm about the SEC’s approval and reaffirmed their commitment to increasing access to cryptocurrencies as an asset class for US investors

. They also highlighted their continued partnership with ARK on the ARK 21Shares Bitcoin ETF, which was launched in January, as well as their existing lineup of futures products.

Several other issuers, including Franklin Templeton, Fidelity Investments, VanEck, and Invesco Ltd., have filed revised S-1 statements, signaling their intentions to launch Ether ETFs.

However, the SEC’s decision on these documents is yet to be determined.

Bloomberg ETF analyst James Seyffart believes the approval of spot Ethereum ETFs was likely influenced by political decisions rather than purely financial considerations.

In contrast, crypto investor and trader Brian Kelly has suggested that Solana could potentially become the next cryptocurrency to have a spot ETF in the United States, following Bitcoin and Ethereum.

The post ARK Invest Withdraws from Spot Ethereum ETF Application with 21Shares appeared first on Blockonomi.

TLDR

U.S. President Joe Biden vetoed a resolution that would have overturned the SEC’s Staff Accounting Bulletin (SAB) No. 121.

SAB 121 requires institutions that custody crypto assets to record crypto holdings as liabilities on their balance sheets.

The resolution to repeal SAB 121 passed both the House of Representatives and the Senate with bipartisan support.

Biden argued that challenging the proposed guidelines would compromise the SEC’s authority and jeopardize the well-being of consumers and investors.

The crypto community expressed frustration with the decision, arguing that it stifles innovation and hinders the industry.

President Joe Biden has vetoed a resolution that would have overturned the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) No. 121, a controversial piece of accounting guidance for the cryptocurrency industry.

The resolution, which had garnered bipartisan support in both the House of Representatives and the Senate, aimed to repeal the SEC’s guidelines that require financial institutions holding crypto for customers to keep the assets on their own balance sheets.

The House of Representatives voted to repeal SAB 121 by a margin of 228 to 182, while the Senate echoed the decision with a 60-38 vote in favor of the repeal.

Despite the significant support from lawmakers, President Biden chose to exercise his veto power, arguing that challenging the proposed guidelines would compromise the SEC’s authority and jeopardize the well-being of consumers and investors.

In an official letter addressed to Congress, Biden stated,

“My Administration will not support measures that jeopardize the well-being of consumers and investors. This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices.”

The decision was met with immediate criticism from the cryptocurrency industry and its advocates.

The Blockchain Association, a crypto advocacy group, expressed disappointment in the administration’s choice to overrule the bipartisan majorities in both Houses of Congress who had recognized the potential harm created by SAB 121.

1/ Today, despite bipartisan support, Pres Biden vetoed the repeal of SAB 121, the SEC’s punitive, anti-crypto accounting guidelines. We’re disappointed that the admin chose to overrule bipartisan majorities in both Houses of Congress who recognized the harm created by SAB 121. pic.twitter.com/F6GP727UBx

— Blockchain Association (@BlockchainAssn) May 31, 2024

Critics of the guidance argue that it makes it too difficult for financial institutions to work with crypto companies and could prevent banks from safeguarding digital assets.

The SEC, however, maintains that SAB 121 is “non-binding staff guidance” that strengthens disclosures to investors and provides important insights into the level of risk taken by crypto custodians.

The broader crypto community took to social media to voice their frustrations with the decision, claiming that it stifles innovation and hinders the industry during a critical time.

Ripple CEO Brad Garlinghouse called the veto “incredibly disappointing,” while Digital Chamber chief policy officer Cody Carbone described it as “a slap in the face to innovation and financial freedom.”

well after only a few hours, this post didn't age well! ????

To say that this is incredibly disappointing from this white house – at an incredibly pivotal time – is an understatement.https://t.co/MYNSRVGyBP

— Brad Garlinghouse (@bgarlinghouse) May 31, 2024

Overturning a presidential veto requires a two-thirds majority from both houses of Congress, a hurdle that may prove challenging given the current political landscape.

The post President Biden Vetoes SAB 121: The Controversial SEC Guidance Sparking Debate in the Crypto Industry appeared first on Blockonomi.

Navigating the ever-evolving cryptocurrency market to identify platforms with substantial growth potential is crucial for discerning investors. This analysis examines three noteworthy entities—Polkadot, Stacks, and BlockDAG—evaluating their technological strengths, market performances, and investment possibilities to uncover the most promising opportunities.

Polkadot: Enhancing Blockchain Interconnectivity

Polkadot is renowned for its advanced infrastructure that enables multiple blockchains to interact seamlessly. Currently trading at around $6.3, DOT is in a consolidation phase. Should the price drop below this level, it could fall to $5.1, but a market upswing might propel it to $8.1. Polkadot’s capability to support a decentralized internet and enhance blockchain interoperability makes it an appealing choice for investors seeking steady, long-term growth.

Stacks: Integrating DeFi with Bitcoin’s Security

Stacks has made significant strides in merging decentralized finance (DeFi) functionalities with the robust security of Bitcoin. This progress has led to a rise in active user accounts, indicating increased investor interest and platform utility. With recent positive developments within the Stacks ecosystem, STX shows a promising upward trend, making it attractive to investors interested in expanding Bitcoin’s capabilities beyond its traditional uses.

BlockDAG: Innovating Transaction Speed and Scalability

BlockDAG sets itself apart in the cryptocurrency world with its innovative integration of Directed Acyclic Graph (DAG) and blockchain technologies. This combination significantly enhances transaction speeds and scalability while maintaining strict security protocols. Experiencing a remarkable 850% surge in its presale price to $0.0095, BlockDAG is capturing significant attention from the investment community and is projected to offer up to a 30,000x return on investment.

To boost investor engagement, BlockDAG has expanded its payment options to include leading cryptocurrencies like Bitcoin, Ethereum, and the US Dollar. This expansion not only makes investing in BlockDAG more accessible but also enhances the liquidity and appeal of its market offering. Endorsements from prominent figures in the cryptocurrency industry further strengthen its reputation and investment appeal.

Why BlockDAG Dominates as the Top Crypto Investment Choice

A comparison of the unique attributes of Polkadot, Stacks, and BlockDAG reveals distinct investment benefits: Polkadot’s interoperability, Stacks’ Bitcoin-powered innovations, and BlockDAG’s groundbreaking technology. However, BlockDAG’s exceptional growth potential and strategic technological advancements position it as the premier choice for investors aiming for the highest returns. With its notable presale success and continuous development, BlockDAG is set to take a commanding position in the cryptocurrency market.

Investors looking to make a significant impact on their crypto portfolios should consider BlockDAG’s ongoing presale. For more details and to participate in this promising venture, visiting BlockDAG’s official website is recommended. This comprehensive evaluation not only clarifies the unique advantages of these platforms but also highlights BlockDAG as a favorable investment option, especially for those looking to capitalize on the early stages of a promising crypto project.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

The post Crypto Market’s High-Value Opportunities: BlockDAG’s Impressive 850% Surge Amid Polkadot And Stacks Developments appeared first on Blockonomi.

The cryptocurrency market is bursting with opportunities for substantial returns. This analysis highlights three prominent players—Uniswap, Fantom, and BlockDAG—each offering unique growth prospects. Investors seeking to significantly enhance their portfolios and reach crypto millionaire status will find valuable insights into the technological innovations, market performance, and future potential of these platforms.

Uniswap’s Role in the Market Dynamics

Uniswap has established itself as a key player in the decentralized finance (DeFi) sector. The platform’s token, UNI, has seen an 11% price increase and a notable 51% rise in trading volume recently. This boost followed a significant transaction involving the movement of 500,000 UNI tokens, valued at approximately $3.77 million. Such activities often reflect broader market trends and may indicate upcoming price movements. Uniswap’s protocol, which enables automatic transactions between cryptocurrency tokens on the Ethereum blockchain, is a fundamental driver of its adoption and price dynamics.

Fantom’s Distinctive Market Strategy

Fantom sets itself apart with its innovative use of directed acyclic graph (DAG) technology, offering an alternative to traditional blockchain systems. The platform’s token, FTM, is showing signs of stabilization at approximately $0.5679 after a steep 50% decline. This current price level could either lead to a recovery towards $1.2, supported by a bullish double-bottom pattern, or it could dip further if it breaks below the $0.56 mark. These critical support and resistance levels are closely monitored by investors for making timely and strategic decisions in the volatile market.

BlockDAG: A Trailblazer with Strategic Market Moves and Impressive Growth

BlockDAG stands out not just for its cutting-edge technology but also for its strategic market initiatives. Having successfully raised $37.8 million in its presale and made a significant impact with its display at London’s Piccadilly Circus, BlockDAG has solidified its presence in the market. This visibility is crucial in attracting potential investors and enhancing its market appeal.

The launch of the X1 miner app is a pivotal development, allowing users to mine BDAG coins from their smartphones efficiently, offering accessibility and substantial profitability with projected returns of up to 30,000x. This makes it highly attractive for both seasoned and novice investors.

Furthermore, BlockDAG’s recent listing on CoinMarketCap and its features in notable media like Forbes have strengthened its market position. The company’s roadmap, which includes plans for a rapid mainnet launch and extensive technological developments, is set to drive its growth further.

With expectations for the coin’s value to potentially reach $30 by 2030 and with expanded payment options including major cryptocurrencies like BTC, USDT, and SHIB, BlockDAG is poised to lead the next innovation wave in crypto, offering a highly promising opportunity for impactful crypto investments.

Strategic Investment Decisions in Cryptocurrency

While Uniswap and Fantom offer substantial investment opportunities, BlockDAG’s recent achievements and forward-looking plans establish it as the preeminent choice in the crypto market. For investors aiming for crypto millionaire status, participating in BlockDAG’s ongoing presale offers a strategic entry point into the cryptocurrency market with the potential to lead it. To explore this exciting opportunity, visit BlockDAG’s official website and consider how this innovative project can diversify and boost your investment portfolio.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

The post BlockDAG’s CoinMarketCap Listing Propels $37.8M+ Presale; Uniswap And Fantom Crypto Price Predictions appeared first on Blockonomi.

BlockDAG’s continuous innovations and updates have captured the attention of investors worldwide. Through regular development updates and strategic displays, the platform has seen a dramatic increase in presale momentum, progressing from an initial offer at $0.001 to $0.0095 in Batch 16, amassing $37.8 million and distributing over 10.35 billion BDAG coins. 

Meanwhile, Avalanche faces hurdles at crucial resistance points and NEAR presents a volatile forecast, positioning BlockDAG as a frontrunner in the digital currency landscape. Its well-defined 2024 roadmap projects a promising ascent to a $30 valuation by 2030, showcasing a visionary path for growth and investment potential.

Avalanche Encounters Roadblocks

Avalanche (AVAX) recently experienced a 15% uptick in its price, initially fueling positive sentiment among investors. However, this increase soon encountered substantial resistance, leading to investor apprehension. AVAX has struggled to exceed the $37 to $41 price band, where investors collectively hold approximately 11.9 million tokens valued at $409.7 million, prompting a regression to a consolidation phase. 

Moreover, broader market indicators, such as the MACD, point to the need for more robust support, with the signal line approaching a bearish crossover, potentially complicating AVAX’s future. Should the price drop below $39, a further slide to the $31 support zone may be imminent, signaling a cautious market outlook.

Fluctuating Forecasts for NEAR Protocol.

Projected Price Trends for NEAR Protocol

The NEAR Protocol has been subject to market fluctuations, recording a 3.62% drop in the last day and a 1.45% fall over the week, causing a wane in investor interest. Its price movement has shaped a symmetrical triangle, indicating an impending decisive move upwards or downwards. 

Although the Cross EMA 50/200-day trend leans towards a positive influence, the neutral position of the RSI underscores the prevailing uncertainty. Should a bullish trend take hold, the price might challenge the $9 resistance level, whereas a downward trend could see it retract to $6.225.

Insights into BlockDAG’s Updated Roadmap

BlockDAG’s continuous evolution is prominently displayed through its dynamic advertising on famous billboards and consistent updates. The launch of DAGpaper v2 alongside its comprehensive 2024 roadmap has captivated investors, accelerating sales from Batch 1, priced at just $0.001, to the current Batch 16 at $0.0095, amassing significant funds. Such rapid growth fuels projections of BlockDAG’s value hitting $30 by 2030.

To elaborate, the refined roadmap focuses on pivotal areas: Blockchain Development, the BlockDAG Scan (Explorer), and the X1 Miner Application, plotting a precise path forward. Key initiatives include developing a Peer-to-Peer (P2P) engine, ensuring Ethereum Virtual Machine (EVM) compatibility, and targeting a mainnet launch by September 2024. These developments are crafted to keep BlockDAG at the forefront of blockchain innovation, sparking significant investor interest.

The impending beta release of the X1 mobile mining app further enhances the anticipation, with the presale already generating $37.8 million from the sale of over 10.35 billion BDAG coins and additional revenue from crypto miner sales. Integration with platforms like Metamask and the upcoming testnet debut are examples of how BlockDAG continues to redefine industry standards, promising even higher future returns for its investors

In A Nutshell

To wrap it up, BlockDAG stands distinguished in the crypto economy where Avalanche battles ongoing resistance and NEAR’s future seems uncertain. With a robust roadmap steering towards significant price milestones and continuous developmental strides, BlockDAG is primed for substantial growth, beckoning investors to seize a part of its promising trajectory towards a projected $30 by 2030. This opportunity is not just an investment but a gateway into the future of high-stakes blockchain innovation.

Invest in the BlockDAG Presale Now:

Presale: https://purchase.blockdag.network

Website: https://blockdag.network

Telegram: https://t.me/blockDAGnetwork

Discord: https://discord.gg/Q7BxghMVyu

The post BlockDAG’s Rise to $30: From Mainnet Launch to X1 Beta; Analyzing AVAX Challenges & NEAR’s Outlook appeared first on Blockonomi.

Trump has embraced Shiba Inu to boost his campaign’s cryptocurrency fundraising efforts, highlighting a notable shift in political finance. The inclusion of Shiba Inu not only broadens his campaign’s financial strategies but also positions it appealingly among cryptocurrency enthusiasts. 

Simultaneously, IRNDR price predictions indicate positive prospects for the Render Token (RNDR), which plays a crucial role in the crypto market. In the meantime, BlockDAG has soared as a leading cryptocurrency following its successful presentation in Shibuya, skyrocketing its valuation with a remarkable $37.8 million in funds raised. With a staggering 10.3 billion coins now distributed and a price increase of 850%, BlockDAG has captivated substantial investor interest.

Trump Campaign Adopts Shiba Inu for Donations

In an unprecedented move, Trump has incorporated Shiba Inu into his campaign’s cryptocurrency fundraising efforts. This initiative, unveiled through an official press release, marks the first occasion a major party Presidential nominee has adopted such a comprehensive array of digital currencies, including Bitcoin and Ethereum. Donations are processed via Coinbase Commerce, enabling straightforward wallet transactions.

Trump’s decision to utilize Shiba Inu is aimed at diversifying the financial sources for his campaign while catering to the preferences of cryptocurrency aficionados. This move starkly contrasts with the skepticism displayed by Democratic figures such as President Biden and Senator Warren. Through the adoption of Shiba Inu and other cryptocurrencies, Trump’s campaign exhibits a progressive, finance-savvy approach.

IRNDR Price Prediction: Anticipating Future Movements

This analysis delves into the prospective dynamics of the Render Token (RNDR), which is aimed at facilitating the rendering and streaming of complex virtual content on a peer-to-peer network. Positioned 25th in market capitalization according to CoinMarketCap, RNDR holds significant prominence in the crypto realm. 

At the moment of this analysis, RNDR was valued at $10.66. If the upward trend persists, RNDR might hit resistance levels at $13.838 and $15.997. Conversely, a reversal in the trend could see the token dip to support levels of $1.520 and $0.380. This prediction underscores the potential volatility in RNDR’s value.

BlockDAG: A Global Crypto Phenomenon

BlockDAG is advancing rapidly within the cryptocurrency sphere, thanks to its vigorous marketing strategies. Contrary to many presale ventures, BlockDAG has recorded exceptional success, with its presentation in Shibuya propelling its crypto presale to a striking $37.8 million. This event has become a focal point among crypto investors, providing them with detailed insights into BlockDAG’s capabilities and prospects. 

The presentation was extensively acclaimed, significantly boosting BlockDAG’s price to $0.0095 in batch 16. BlockDAG’s global presence, marked by events such as appearances at Piccadilly Circus, has greatly enhanced its presale efforts. This widespread recognition has cemented BlockDAG’s status as a leading cryptocurrency, drawing substantial investor interest.

BlockDAG’s platform, equipped with advanced low-code/no-code technology, streamlines the creation of utility tokens, meme tokens, and NFTs. With ready-made templates, users can seamlessly align their projects with their visions, attracting considerable attention from developers and adding to the robust interest in BlockDAG’s presale.

Conclusion: BlockDAG Outshines Shiba Inu and IRNDR

While Trump adopts Shiba Inu to diversify his campaign’s financial resources and “IRNDR price prediction” anticipates potential market movements, BlockDAG emerges as the standout “top trending crypto” with a presale amounting to $37.8 million and 10.3 billion coins sold following a triumphant keynote. As the presale continues, BlockDAG offers an outstanding investment opportunity, outperforming the other two cryptocurrencies.

Join BlockDAG Now!

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

The post Trump Adopts Shiba Inu; BlockDAG’s 10.3B Coin Sale Shines After Keynote Triumph Amid IRNDR Trends appeared first on Blockonomi.

Singapore, 1st June 2024– WEEX, the futures-friendly trading platform, will officially launch its global ecosystem incentive token WEEX WXT Presale, kicking-off with the WXT “Ribbon-Cutting Event” on June 1st, 2024.

Affiliates can participate in the WXT Presale by inviting new users to register, and earn points based on the activity of those users. Using their total proportion of points, Affiliates can subscribe to WXT at a 30% discount at the conclusion of the first-round of the presale.

New users can participate in the WXT “Ribbon-Cutting Event” by completing tasks such as registering their new account, submitting KYC, making a deposit, and engaging in futures trading to receive free WEEX WXT airdrops. A single user can receive up to 198,700 WXT, while contributing up to 1,000 points to the affiliate they registered through, during this period.

In addition to these exclusive new user campaigns, existing users of WEEX will be able to participate in daily platform activities to receive free WEEX WXT airdrops. Moreover, both new and existing users can participate in trade mining and other TGE ( Token Generation Event ) of WXT on WEEX.

Affiliates Purchase at a 30% Discount, New Users Receive Free Tokens

The WEEX WXT Presale is divided into three stages:

–Registration Stage (June 1st to 30th): Affiliates can register to participate in the Presale campaign, recruit new users, and earn points.

For every 100,000-point accumulation milestone that is reached by all affiliates, an additional 10 million WXT will be unlocked and added to the total prize pool, starting from an initial prize pool of 10 million WXT. The maximum prize pool that can be unlocked through this system is capped at 70 million WXT.

 

Affiliates will receive their WXT subscription allocation based on their points proportion. Example: If the total points are 700,000, the total WXT prize pool is 70 million. Affiliate A has 50,000 points, so their WXT subscription allocation is 5/70 * 70,000,000 = 5,000,000 WXT.

The collective points and WXT prize pool will be announced in real-time on the WEEX official website. Affiliates can log in to the WEEX website to view their “New Users Invited”, “My Points”, and “Amount available for subscription” data, and check their ranking on the leaderboard, ensuring full transparency.

–Subscription Stage (July 1st to 7th): Affiliates can purchase WXT using USDT at a 30% discount. The issuance price of WXT is $0.01 per token, making the purchase price for affiliates $0.007 per token.

–WEEX WXT Distribution and Lock-up (July 8th to 12th): WXT purchased through this Presale campaign will be distributed to affiliates and locked for one year, then released linearly every month over the next 12 months.

The primary goal of the Presale campaign is to incentivize affiliates to invite more users to register and trade on WEEX by offering WXT at a discounted price, supported by the “Ribbon-Cutting Ceremony,” which offers up to 198,700 WXT airdrop rewards per user. This way, affiliates benefit from a 30% discount, and new users receive free tokens, benefiting both the inviter and the invitee.

WXT: Incentivized Ecosystem, Growing with More Affiliates

WEEX Token (WXT) is an ERC-20 token launched by WEEX Global, designed as the cornerstone of the WEEX ecosystem. It serves as a dynamic incentive mechanism, primarily used to reward WEEX Exchange community affiliates, contributors, pioneers, and active members.

 

WEEX has always adhered to the philosophy of ‘Community First’, and delivering a secure, reliable, engaging user experience to our loyal WEEXers has been our #1 priority since launch. Now, with WXT, we can allocate a portion of the profits created by our audience to issue and subsidize WXT, aiming to enhance the value we provide our partners, affiliates, and traders through this new utility.

said Andrew Weiner, VP of WEEX Global.

 

To fulfill the initial goal of ecosystem incentives and sharing development dividends with the community, WEEX WXT is designed as a utility token with a rich range of use cases and empowerment mechanisms, including nearly ten exclusive benefits for holders such as Launchpad event access, trading fee discounts, and VIP exclusive rights, as well as a buyback and deflation mechanism to ensure long term stability.

The total supply of WEEX WXT is 10 billion, with 65% allocated entirely for WEEX ecosystem incentives, including: 15% for the Investor Protection Fund (to protect user asset security and enhance trust), 15% for holding incentives (to encourage users to  hold long-term), 15% for new user acquisition (to increase user volume and trading volume), 15% for KOL cooperation/brand building (to enhance brand awareness), and 5% for private sales to affiliates (to bind more external resources).

This allocation mechanism not only reflects the intention of an incentive ecosystem and growing with more affiliates, but also makes the WEEX WXT holding addresses decentralized.

For the token release cycle, 65% of WEEX WXT has a lock-up period of up to 5 years; 5% for affiliate private sales is locked for one year, then released linearly over 12 months starting in the second year; the remaining 15% of the Investor Protection Fund and 15% of the WEEX WXT Ecosystem Fund are also for long-term holding. The short-term release pressure would be minimal and the token price could increase after the WEEX WXT is listed.

Both the allocation mechanism and the release cycle reflect WEEX WXT’s commitment to giving back to the community and expanding the exchange ecosystem in the long term, rather than short-term profit-making through token issuance. This philosophy is also evident for the WXT Presale: the end goal is to attract and acquire new users.

As the WEEX platform continues to grow, the price of WEEX WXT is bound to increase, achieving mutual empowerment and feedback between the exchange and the platform token, forming a positive growth flywheel: more users and larger trading volume → more income and profit → more platform token buyback and burn → greater community incentives → better platform development.

WEEX: Challenging Zero Fees

WEEX started with futures copy trading, hyperscaling into new markets with affiliates as the primary point of introduction. With advantages in trading depth, a 1,000 BTC audited customer protection reserve fund, and multiple licenses globally, WEEX quickly emerged as a leading challenger-brand in the competitive cryptocurrency exchange market, growing its futures contract business by 3,000% throughout the “Crypto Winter” of 2022, and entering the black of profitability by the end of that same year.

In 2023, WEEX maintained its rapid growth, ranking among the top ten derivative exchanges on CMC. That year, WEEX completed a new round of financing led by the Korean listed company FSN (214270.KQ) at a valuation of $100 million, leveraging local advantages from Korean Web3 affiliates to accelerate its expansion in the Korean market. Simultaneously, WEEX accelerated its token listing pace to address the shortage of platform tokens available to consumers. To date, WEEX has listed over 300 futures trading pairs and more than 200 spot trading pairs.

In 2024, to further accelerate its globalization strategy, WEEX introduced a zero-fee policy—supporting zero-fee trading for all spot tokens and new futures trading pairs, making it one of the lowest-cost trading platforms globally. Additionally, WEEX invited former MEXC Global VP Andrew Weiner to join as WEEX Global VP, leveraging his extensive industry experience and resources to assist in global market expansion.

With the launch of the WXT platform token, WEEX is poised to achieve a significant growth milestone. Their slogan, “Where New Wealth is Made,” reflects their ambitious vision for the future. By leveraging WXT, WEEX plans to expand its network of affiliates and utilize external resources, thereby enhancing its competitiveness in the global market.

Historical data shows that platform tokens have always been one of the highest value-added segments in the crypto market. According to public data, the ATH (All-Time High) of BNB, CRO, and OKB increased by 6,863 times, 65 times, and 74 times respectively from their private sale prices. Besides the noticeable price increases, platform token holders can also enjoy exclusive benefits such as launchpad, fee discounts, and financial returns, with indirect investment returns being immeasurable. According to a CoinGecko report, Binance Launchpad projects in 2022 and 2023 had returns ranging from 11 times to 411 times the initial investment, with the top three AXS, MATIC, and SAND reaching maximum increases of 1,649 times, 1,110 times, and 1,008 times respectively.

However, after continuous rounds of skyrocketing growth, the major exchange platform tokens are now rather expensive. In contrast, the upcoming WEEX WXT, backed by the strong capital and rapid growth of WEEX, undoubtedly has a higher risk-reward ratio advantage, making it an ideal investment for investors who favor such projects.

 

WEEX Official Website: https://www.weex.com

About WXT: https://www.weex.com/wxt

WEEX Mandarin Community: https://t.me/weex_group

Official X: https://x.com/WEEX_Official

The post WEEX Launches WXT Presale: Affiliates Can Purchase at a 30% Discount with Invitation Points appeared first on Blockonomi.

TLDR

Pudgy Penguins, an Ethereum NFT project, is partnering with Mythical Games to create a AAA mobile game.

The game will launch in 2025 on the Mythos Chain, a Polkadot-based gaming network.

Mythical Games is known for developing successful blockchain games like NFL Rivals and Blankos Block Party.

The game will draw upon the lore and humor of the Pudgy Penguins characters while offering high-quality gameplay and accessibility.

Pudgy Penguins holders will receive exclusive content and have the opportunity to provide feedback during the game’s development.

Pudgy Penguins, the beloved Ethereum NFT project known for its colorful and quirky characters, has announced a  partnership with Mythical Games to develop a AAA mobile game.

The collaboration brings together the creative force behind the Pudgy Penguins IP and the expertise of Mythical Games, a studio renowned for developing successful blockchain games such as NFL Rivals and Blankos Block Party.

HUGE news from @playmythical at #Consensus2024 – they are building a new @pudgypenguins game! I’ve always been bullish on The Huddle & @LucaNetz ???? Pudgy has the best parties IRL, now who’s excited to play with me in the game?????????????‍???? pic.twitter.com/svmL9tYKlg

— Cryptoxic ???? (@cryptoxicETH) May 30, 2024

The upcoming mobile game, set to launch in 2025, will be built on the Mythos Chain, a Polkadot-based gaming network spearheaded by Mythical Games.

With over one million active wallets, the Mythos Chain provides a robust platform for the game to reach a wide audience of players.

Luca Netz, CEO of Pudgy Penguins, expressed enthusiasm for the partnership, stating that the combination of Pudgy Penguins’ growth strategy and Mythical Games’ gaming expertise sets the project up for success.

The game aims to capture the essence of the Pudgy Penguins brand, drawing upon its lore and humor while delivering high-quality gameplay and accessibility.

John Linden, co-founder and CEO of Mythical Games, highlighted the importance of strong communities and great gameplay in the evolving world of Web3 gaming.

He noted that Pudgy Penguins has achieved mainstream success through partnerships with major retailers like Walmart and Target, as well as its growing social media presence.

Linden believes that the collaboration between Pudgy Penguins and Mythical Games will further push Web3 adoption among mainstream consumers.

Over 1,000,000 toys sold in the last 12 months as @pudgypenguins continues it's expansion in retailers all over the world.

Who would've thought that the Consumer Crypto revolution was going to be lead by fat flightless birds. pic.twitter.com/E8jmSICwlt

— Luca Netz ???? (@LucaNetz) May 12, 2024

In the lead-up to the game’s release, Pudgy Penguins holders will be treated to exclusive content, sneak peeks of in-game footage, and opportunities to help shape key aspects of the game’s development.

The post Pudgy Penguins Mobile Game to Launch on Mythos Chain in 2025 appeared first on Blockonomi.

TLDR

The Sandbox and Food Angel have launched ‘Food Rescue World’, a gaming experience in The Sandbox metaverse to raise awareness about food conservation and help those in need.

Players can complete virtual quests to understand the food rescue process and earn coupons from local partners to directly support Food Angel’s initiatives.

Food Angel rescues 45 tonnes of edible surplus food each week, producing over 20,000 nutritious meals and distributing over 11,000 meals and food packs daily.

The Sandbox supports various charitable causes worldwide, and Food Angel joins organizations such as UNICEF, the French Red Cross, Nori, and WeForest.

The partnership showcases the potential of “Metaverse for Good”, where virtual worlds are used to make a significant impact on real-world charitable causes.

The Sandbox, a prominent decentralized gaming virtual world and subsidiary of Animoca Brands, has joined forces with Food Angel, a Hong Kong-based charity, to launch the Food Rescue World gaming experience within The Sandbox metaverse.

This groundbreaking partnership, announced on May 31, 2024, marks Food Angel as the first social enterprise or non-governmental organization (NGO) in Hong Kong to venture into The Sandbox, highlighting the potential of using virtual worlds to make a tangible impact on real-world charitable causes through the “Metaverse for Good” initiative.

In celebration of World Food Rescue Week 2024, players are encouraged to explore Food Rescue World within The Sandbox and assist Food Angel’s mascot, Rice Boy, in completing a series of virtual quests.

These quests involve collecting surplus food from markets, processing it in a central kitchen, and distributing meals to underprivileged families.

Through this immersive metaverse experience, players gain a deeper understanding of the food rescue process while raising awareness about the importance of food conservation and sharing surplus food with those in need.

By successfully completing all quests in Food Rescue World, players can earn coupons from local partners Lalamove and Maxim’s, enabling them to directly support Food Angel’s initiatives.

Ms. Gigi Tung, founder of Food Angel, expressed her enthusiasm for the collaboration, stating,

“By utilizing the power of the metaverse to expand our reach to the next generation, we hope to build a deep collaboration with The Sandbox. This innovative approach provides a new way to promote and ensure a sustainable future for our cause.”

The Sandbox Hong Kong team, along with their Trusted Partners GoGoBox and Chord Hero, recently visited Food Angel’s kitchen to prepare food ingredients and meal boxes, fostering a hands-on collaboration that bridges virtual and real-world efforts.

Food Angel, launched in 2011 by the Bo Charity Foundation, operates a food rescue and food assistance program with the mission of “Waste Not, Hunger Not, With Love”.

The program rescues edible surplus food from various sectors of the food industry that would otherwise be discarded as waste.

Following strict safety protocols, the rescued food items are prepared as nutritious meals in central kitchens and distributed as food packs to underprivileged communities in Hong Kong. Currently, Food Angel rescues 45 tonnes of edible surplus food each week, producing over 20,000 nutritious meals and helping distribute over 11,000 other meals and food packs daily, free of charge, to those in need of food assistance.

The Sandbox, a subsidiary of Animoca Brands, is an immersive metaverse platform that allows users to play, create, and monetize unique experiences alongside their favorite brands, IPs, and celebrities across various aspects of culture.

The platform leverages Web3 technologies to enable end-user creation and creator economies, providing both players and creators with true ownership of their assets, creations, and rewards in the form of non-fungible tokens (NFTs).

As Sebastien Borget, co-founder and COO of The Sandbox, stated,

“We are proud that The Sandbox team, creators, and players can get involved in Hong Kong Food Angel and make a difference in the lives of local people in need by taking part in the Food Rescue World experience.”

The post Food Rescue World: Blending Gaming and Charity in The Sandbox Metaverse appeared first on Blockonomi.

TLDR

Terraform Labs and its co-founder, Do Kwon, have reached a “settlement in principle” with the SEC in a civil case alleging fraud.

The settlement comes less than two months after a Manhattan jury found Terraform Labs and Kwon liable for misleading investors about the stability of their products.

The SEC had sought a $5.3 billion penalty, while Terraform Labs argued for a lower penalty of $1 million and against disgorgement from affiliated entities.

The settlement terms are expected to be finalized and submitted for court approval by June 12, 2024.

Do Kwon is currently on bail in Montenegro, awaiting extradition to either the U.S. or South Korea, where he faces criminal charges.

In the ongoing legal saga surrounding Terraform Labs and its co-founder, Do Kwon, the parties have reached a “settlement in principle” with the U.S. Securities and Exchange Commission (SEC) in a civil case alleging fraud.

The agreement comes less than two months after a Manhattan jury found Terraform Labs and Kwon liable for misleading investors about the stability of their algorithmic stablecoin, TerraUSD (UST), and the associated LUNA token.

The collapse of the $40 billion Terraform Labs ecosystem in May 2022 triggered a widespread contagion in the cryptocurrency industry, leading to a prolonged “crypto winter” and significant losses for investors.

The SEC subsequently filed a civil case against Terraform Labs and Kwon, accusing them of offering unregistered securities and making false claims about the stability and investment potential of their products.

News of the settlement in principle emerged from a court filing on Thursday, which referenced a May 29 telephone conference attended by counsels for all parties.

The scheduled oral arguments were canceled as a result of the agreement, and the parties are required to submit documentation in support of the settlement to Judge Jed S. Rakoff by June 12, 2024.

Following the April verdict, the SEC had sought a substantial penalty of $5.3 billion, its steepest fine yet imposed on a cryptocurrency project. Terraform Labs countered, arguing for a significantly lower penalty of $1 million and objecting to disgorgement from affiliated entities not directly named in the SEC’s case, such as the Luna Foundation Guard.

In addition to the financial penalties, the SEC had proposed a prohibition on Do Kwon’s roles as an officer or director in any securities-issuing entity and demanded full disclosure of his financial accounts and assets. Kwon, however, claimed that providing such details would violate his Fifth Amendment rights against self-incrimination.

The settlement news had an immediate impact on the cryptocurrency market, with Terra’s LUNA token surging by as much as 38% to its highest level since April 12, according to data from coingecko.

LUNA Token Price at Coingecko

.

While the settlement with the SEC marks a significant milestone in the Terraform Labs case, Do Kwon continues to face legal challenges on multiple fronts.

The embattled crypto entrepreneur is currently on bail in Montenegro, awaiting extradition to either the United States or South Korea, where he faces criminal charges related to the collapse of the Terraform Labs ecosystem

The post Do Kwon Faces Ongoing Criminal Charges, Extradition Proceedings Despite SEC Settlement appeared first on Blockonomi.

TLDR

Beam (BEAM) experiences a 25% price surge following its listing on Upbit, South Korea’s largest cryptocurrency exchange.

The listing has provided BEAM with increased visibility and accessibility, driving up demand and trading volumes.

BEAM is trading at $0.331 with a market cap of $1.65 billion, and its price has risen by 25.06% over the past seven days.

The $BEAM token is integral to the Beam gaming network, serving as the primary currency for transactions and smart contract interactions within the ecosystem.

The cryptocurrency market has witnessed a significant development as Beam (BEAM), the native token of the innovative Beam gaming network, experienced a remarkable 25% price surge following its listing on Upbit, South Korea’s largest cryptocurrency exchange.

BEAM Price at Coingecko

This milestone has not only bolstered BEAM’s market performance but also shed light on the growing importance of the Beam ecosystem in the gaming industry.

Upbit’s decision to list BEAM has proven to be a catalyst for the token’s price rally, as the exchange’s extensive user base and market reach have significantly increased BEAM’s visibility and accessibility.

Welcome Korea! https://t.co/wrSiTIqJgg

— Merit Circle (@MeritCircle_IO) May 31, 2024

The listing, which includes trading pairs against Korean Won (KRW), Bitcoin (BTC), and Tether (USDT), has attracted a diverse group of investors and traders, leading to a substantial increase in trading volumes.

At the time of reporting, BEAM is trading at $0.331, boasting a market capitalization of $1.65 billion. Over the past seven days, the token’s price has surged by an impressive 25.06%, outperforming both the global cryptocurrency market and similar Ethereum Ecosystem cryptocurrencies.

This outstanding performance highlights the strong investor confidence and positive market sentiment surrounding the Beam project.

The $BEAM token serves as the backbone of the Beam network, a cutting-edge gaming ecosystem powered by the Merit Circle DAO.

Designed to foster collaboration between gamers and developers, Beam aims to revolutionize the gaming industry by integrating blockchain technology seamlessly.

The Beam SDK, a versatile software development kit, provides game developers with the tools necessary to create immersive and engaging gaming experiences.

Within the Beam ecosystem, the $BEAM token plays a crucial role as the primary currency for transactions and smart contract interactions.

By enabling the transfer of assets and facilitating seamless interactions within the network, $BEAM adds significant value to the ecosystem, enhancing its utility and appeal to both gamers and developers.

As the Beam network continues to gain traction, the recent price surge and increased trading activity surrounding the $BEAM token demonstrate the growing recognition of its potential.

The post Beam (BEAM) Price Soars 25% After Upbit Exchange Listing appeared first on Blockonomi.

TLDR

Babylon, a project aiming to build a Bitcoin-secured decentralized world, has completed a $70 million funding round led by Paradigm, with contributions from Bullish Capital, Polychain Capital, and other investors.

The funding will accelerate Babylon’s mission to enable Bitcoin to be used as a staking asset for Proof-of-Stake (PoS) systems, such as PoS chains, L2s, Data Availability layers, and oracles.

Babylon’s modular design and slashing functionality will allow PoS systems to introduce Bitcoin as a staking asset, potentially enhancing their crypto-economic security and reducing inflation pressure on native tokens.

The project has already launched the world’s first trustless Bitcoin staking testnet in February 2024, which saw over 100,000 stakers within 48 hours.

Investors, including Paradigm, Bullish Capital, and Polychain Capital, have expressed their confidence in Babylon’s vision and the potential impact it could have on the utility of Bitcoin and the broader blockchain ecosystem.

Babylon, a crypto startup focused on revolutionizing the role of Bitcoin in the blockchain ecosystem, has successfully raised $70 million in a funding round led by prominent venture capital firm Paradigm.

The round also saw significant contributions from Bullish Capital, Polychain Capital, and other investors, signaling strong confidence in Babylon’s vision to make Bitcoin the security backbone of Proof-of-Stake (PoS) systems.

The Palo Alto-based project aims to build a Bitcoin-secured decentralized world by enabling PoS systems, such as PoS chains, Layer 2s, Data Availability layers, and oracles, to acquire staking capital from Bitcoin.

Through its modular design and slashing functionality, Babylon’s Bitcoin Staking protocol will allow these systems to introduce Bitcoin as a staking asset, potentially enhancing their crypto-economic security beyond what native tokens can provide.

By unlocking value from the vast, idle Bitcoin ecosystem, estimated to be worth over $1 trillion, Babylon seeks to reduce the inflation pressure on PoS chains and enhance the financial utility of Bitcoin for its holders.

As Bitcoin has primarily served as a store of value without generating significant yield, its utilization as a staking asset could redefine its role in the blockchain landscape.

David Tse, co-founder of Babylon, expressed his excitement about the confidence shown by the investors, stating,

“This funding will accelerate our mission to make Bitcoin the security backbone of PoS systems. Our team is dedicated to advancing the utility of Bitcoin beyond its traditional roles and enhancing the security of the entire blockchain ecosystem.”

Investors have also shared their enthusiasm for Babylon’s innovative approach. Arjun Balaji, Investment Partner at Paradigm, called trustless staking “a novel and fundamental primitive for bitcoin and the broader ecosystem,” while Alasdair Foster, CEO of Bullish Capital, described the ability for holders to stake their Bitcoin while retaining their keys as “a significant breakthrough.”

Luke Pearson, General Partner at Polychain Capital, highlighted the alignment between Polychain’s vision and Babylon’s goal of unlocking Bitcoin to boost the decentralized security market. He added,

“Babylon will be the catalyst that redefines the utility of BTC and paves the way for a new era of Bitcoin-native applications.”

Babylon has already made significant strides in its journey, having launched the world’s first trustless Bitcoin staking testnet in February 2024, which attracted over 100,000 stakers within 48 hours.

The post Babylon Secures $70M in Funding Round Led by Paradigm to Advance Bitcoin Staking Protocol appeared first on Blockonomi.

TLDR

Square Enix, the company behind popular game franchises like Final Fantasy and Kingdom Hearts, is moving its Symbiogenesis blockchain game’s NFT character minting to Ethereum layer-2 network Arbitrum.

The shift to Arbitrum aims to reduce gas fees for minting NFTs to around 1/1000 of the previous cost on the Ethereum mainnet, making the process more accessible and cost-effective for users.

The first wave of 500 character NFTs was minted on the Ethereum mainnet in December, with some social media mockery around the curious names like “Egg” and “Starvation.”

A total of 1,500 new NFT characters will be released on Arbitrum in a three-day public auction starting on May 31, with characters released in small batches.

Square Enix, the video game giant behind popular franchises like Final Fantasy and Kingdom Hearts, has announced a significant shift in its approach to NFT minting for its blockchain game Symbiogenesis.

The company is moving the next wave of NFT character minting to Ethereum layer-2 network Arbitrum, aiming to reduce gas fees and enhance user experience.

[SYMBIOGENESIS NFT Auction on Arbitrum!]
The public auction finally starts tomorrow, 5/31, at 11:48 AM (JST)!

For Chapter 2, we've adopted Arbitrum, reducing the gas fees to about 1/1000 of the previous cost (around 1.3 yen per bid).

Check out all 1,500 NFT characters!… pic.twitter.com/RsHfmeVafT

— SYMBIOGENESIS -NFT Art＆Game Project- | SQUARE ENIX (@symbiogenesisPR) May 30, 2024

The decision to adopt Arbitrum comes after the first batch of 500 character NFTs was minted on the Ethereum mainnet in December. While the initial minting process incurred high gas costs, the move to Arbitrum is expected to reduce fees to around 1/1000 of the previous cost, or approximately 1.3 yen (about $0.01) per bid.

Symbiogenesis is a story-driven adventure game that incorporates NFTs for characters and various in-game items.

The game’s unique approach has garnered attention from both gaming enthusiasts and blockchain technology advocates. However, the high transaction costs associated with minting NFTs on the Ethereum mainnet have been a significant challenge for the project.

By leveraging Arbitrum’s capabilities, Square Enix aims to tackle this issue head-on, making the NFT minting process more accessible and cost-effective for users.

The reduced fees are expected to boost adoption and engagement, as more players will be able to participate in the minting process without being deterred by high costs.

The upcoming public auction for 1,500 new NFT characters will take place over three days, starting on May 31. The characters will be released in small batches throughout the auction period.

Square Enix has provided a how-to guide for users to bridge their assets to Arbitrum One in preparation for the event.

While the shift to Arbitrum is a significant development for Symbiogenesis, it remains unclear whether Square Enix plans to continue using Polygon, an Ethereum sidechain scaling network, for future in-game NFT assets.

The company has not provided clarification on this matter, and the decision may depend on user feedback and the performance of Arbitrum during the upcoming auction.

The post Square Enix Adopts Arbitrum for Symbiogenesis NFT Character Minting appeared first on Blockonomi.

TLDR

Caitlyn Jenner launched a Solana-based meme coin called JENNER, which initially led to confusion about whether her account was hacked.

Jenner later launched a new version of the JENNER token on Ethereum, with a 3% transaction tax to be donated to support Donald Trump’s presidential campaign once the token reaches a $50 million market cap.

The Solana JENNER token’s price dropped 66% over 24 hours following the announcement of the Ethereum token.

The Ethereum JENNER token’s market cap peaked at $4.75 million, far short of the $50 million goal for Trump campaign donations.

One trader lost $133.4K (785 SOL) in a single day trading the JENNER token on Solana, highlighting the risks of trading celebrity-endorsed meme coins.

Celebrity Caitlyn Jenner’s foray into the world of meme coins has sent traders into a tailspin, as her recently launched JENNER tokens on both Solana and Ethereum have experienced significant volatility and raised concerns about the risks associated with celebrity-endorsed cryptocurrencies.

$Jenner on $ETH
NO team tokens.
NO Dev tokens.
NO founder tokens.
Official contract address here: 0x482702745260Ffd69FC19943f70cFFE2caCd70e9 pic.twitter.com/fwXW4Cb2gS

— Caitlyn Jenner (@Caitlyn_Jenner) May 30, 2024

Jenner, a former Olympic gold medal-winning decathlete and media personality, initially launched the JENNER token on the Solana blockchain, leading to confusion among crypto observers who initially believed her account had been hacked.

However, Jenner clarified that she was indeed behind the project, working alongside crypto promoter Sahil Arora.

The Solana-based JENNER token briefly surged in value, reaching a peak market cap of $42 million and sparking a wave of celebrity-backed meme coins.

However, the token’s fortunes took a sharp turn when Jenner announced a new version of the JENNER token on Ethereum, with a unique twist: a 3% transaction tax that would be donated to support Donald Trump’s presidential campaign once the token achieved a $50 million market cap.

When $Jenner on $ETH hits $50m market cap we will donate to @realDonaldTrump from the tax revenues! We have to protect crypto! It’s ULTRA MAGA!

— Caitlyn Jenner (@Caitlyn_Jenner) May 30, 2024

Following this announcement, the Solana JENNER token’s price plummeted by 58% within two hours and ultimately dropped by 66% over a 24-hour period.

The Ethereum JENNER token, meanwhile, failed to gain the traction needed to reach its ambitious $50 million market cap goal, peaking at just $4.75 million before settling at around $2.4 million less than 24 hours after its launch.

Jenner’s meme coin endeavors have also highlighted the perils of trading celebrity-endorsed tokens. According to data from Lookonchain, one trader who had previously profited handsomely from trading the BOME token on Solana incurred a substantial loss of $133.4K (785 SOL) in a single day after investing in the JENNER token.

Many traders lost money by trading the celebrity token $jenner on #Solana, even the trader who previously made $3.7M in 5 days on $BOME.

This trader spent 2,620 $SOL to buy $BOME and sold it for 21,159 $SOL, making 18,539 $SOL($3.7M) on $BOME in 5 days.

Then he spent 1,208 $SOL… pic.twitter.com/qzytwOOhAo

— Lookonchain (@lookonchain) May 30, 2024

The post JENNER Token Drops 66% After New Ethereum Token Launch to Support Trump appeared first on Blockonomi.

TLDR

Robert F. Kennedy Jr., a U.S. presidential candidate, spoke at Consensus 2024 and expressed support for cryptocurrencies, emphasizing the need for transactional freedom and transparency.

Kennedy believes that crypto should be treated as a currency and exempt from capital gains tax, and he plans to regulate cryptocurrencies to protect consumers from fraudulent schemes.

He criticized the Biden administration’s “hostility” towards crypto, claiming that U.S. laws have driven crypto companies abroad, and pledged to end this hostility if elected president.

Kennedy abstained from commenting on Donald Trump’s recent conviction but lauded Trump’s pro-crypto stance, hoping that President Biden would also support crypto innovation.

The presidential candidate believes that blockchain technology and cryptocurrencies can power a democratized market economy where individuals control their wealth outside government interference.

Robert F. Kennedy Jr., a U.S. presidential candidate running as an independent, expressed his strong support for cryptocurrencies during a press conference at Consensus 2024 in Austin, Texas.

Kennedy emphasized the importance of transactional freedom and transparency, stating that a commitment to crypto is a commitment to these values.

The presidential hopeful criticized the current administration’s “hostility” towards cryptocurrencies, claiming that U.S. laws have driven crypto companies to seek more favorable regulatory environments in countries like Switzerland and Singapore.

If elected, Kennedy pledged to end this hostility and ensure that America remains the hub of blockchain technology.

Kennedy believes that cryptocurrencies should be treated as a currency and exempt from capital gains tax. He plans to regulate the industry in a way that protects consumers from fraudulent schemes while encouraging the growth of truly decentralized currencies.

The candidate also stressed the need for individuals to have sovereignty over their wallets and the ability to choose whether to buy and use digital currencies for everyday purchases.

When asked about Donald Trump’s recent pro-crypto stance, Kennedy praised the shift in perspective, hoping that President Joe Biden would follow suit in supporting crypto innovation.

However, he refrained from commenting on Trump’s recent conviction on 34 counts of falsifying business documents.

Kennedy’s vision for the future of crypto includes a democratized market economy powered by blockchain technology, where individuals have control over their wealth without government interference.

He cited the Canadian government’s freezing of fiat and crypto assets during the “Freedom Convoy” protests as a reason for needing financial sovereignty.

The presidential candidate’s remarks at Consensus 2024 echo the sentiments of industry experts who believe that the crypto voting block may play a crucial role in the upcoming presidential elections.

A recent poll found that over 44% of voters either own digital assets or consider blockchain policies when deciding between candidates.

The post RFK Jr. Criticizes Biden’s Crypto Hostility & Pledges Support for Crypto at Consensus 2024 appeared first on Blockonomi.

TLDR

PEPE’s trading volume has surged 216% since the start of May, reaching $2.47 billion, despite a 12% price drop from its all-time high on May 27.

The decline in PEPE’s price has led to a decrease in the prices of other major meme coins, such as Dogecoin and Shiba Inu.

Over 96% of PEPE holders are currently in profit, making it the most profitable among major meme coins.

PEPE’s market cap has grown significantly since the beginning of the year, reaching $6.11 billion, and it briefly became the 21st-largest cryptocurrency.

A crypto whale recently transferred nearly one trillion PEPE tokens to Binance, leading to a temporary 10% loss in the token’s value before recovering.

The meme coin market has been abuzz with activity in recent weeks, with Pepe (PEPE) taking center stage.

Despite a 12% price drop from its all-time high on May 27, the frog-themed token has seen a remarkable surge in trading volume, reaching $2.47 billion over the past 24 hours – a staggering 216% increase from the start of the month.

This heightened interest from traders comes amidst a slight decline in Pepe’s price, which slipped from its peak of $0.00001717 to its current trading value of $0.0000147.

PEPE Coin Price at Coingecko

However, the token remains up 0.47% over the past seven days and has experienced significant growth since its launch in May 2023, soaring by an impressive 25,955%.

Pepe’s price movements have had a ripple effect on the broader meme coin market, with the two largest tokens by market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB), experiencing price declines in the same three-day period. Dogecoin fell 6.41% to $0.1604, while Shiba Inu decreased by 8% to $0.00002608.

Despite these fluctuations, Pepe remains the most profitable among major meme coins, with over 96% of its holders currently in the green.

Thanks to an impressive 90% return this month, over 96% of $PEPE holders are now in profit. This positions $PEPE as the most profitable among major memecoins! pic.twitter.com/4BJkjDtha2

— IntoTheBlock (@intotheblock) May 30, 2024

The token’s market cap has grown exponentially since the beginning of the year, rising from approximately $500 million to $6.11 billion at the time of writing. At one point, Pepe even briefly became the 21st-largest cryptocurrency, surpassing well-known altcoins like Polygon and Litecoin.

Pepe’s success has not gone unnoticed by crypto whales, with one investor recently transferring nearly one trillion PEPE tokens to Binance.

This move led to a temporary 10% loss in the token’s value before it recovered. The whale reportedly sold their PEPE assets for approximately $9 million, making a 52% profit of nearly $5 million in less than a month.

The post Pepe Coin (PEPE) Trading Volume Surges 216% & Over 96% of Pepe Holders in Profit appeared first on Blockonomi.

The recent introduction of Bitcoin and Ethereum-backed exchange-traded notes (ETNs) shows a major regulatory shift in the UK’s extensive trading market. However, the low volume of purchases raises concerns about market enthusiasm. The London Stock Exchange (LSE) may lag behind its global counterparts.

The crypto ETNs that started trading on the London Stock Exchange saw a lackluster performance, raising questions about demand.

On May 28, a number of crypto ETNs made their debut on the LSE, including those from WisdomTree, 21Shares, and Invesco. The debut followed the firms’ announcement last week that they had got approval from the Financial Conduct Authority (FCA) to list their ETPs.

However, initial trading activity for the newly introduced ETNs fell short of expectations. According to Charlie Morris, founder and chairman of investment adviser ByteTree, 21Shares’ funds have not been popular.

No Love In London?

Compared to the debut of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong, the UK’s crypto ETNs might not come as a surprise. These Asian-first ETFs also reported a bumpy start with low trading volumes.

Similarly, Canada’s Purpose Spot Bitcoin ETF was far from a success. As of May 28, Canada’s Purpose Spot Bitcoin Fund saw its holdings decrease from nearly 50,000 BTC to around 27,000 BTC.

In other European markets, digital asset ETFs have been available for years. But it was not until the US spot Bitcoin ETFs secured approval in January that the cryptocurrency ETF market started to grab attention.

US spot Bitcoin ETFs have achieved major success. BlackRock’s iShares Bitcoin Trust (IBIT) itself also broke the previous record of other prominent ETFs, becoming the fastest to reach $10 billion.

Yesterday, IBIT surpassed Grayscale Bitcoin Trust to become the world’s largest Bitcoin fund. The milestone came almost five months after both ETFs started trading. As of May 28, IBIT had $19.68 billion in assets under management, according to Bloomberg.

A Multi-Decade Move

For experts, the lukewarm debut of these ETNs was not in contrast with their expectations. Morris said the peculiar nature of the launch occurred without prior announcement or significant public relations efforts.

He also noted that these new offerings are indeed “existing German and Swiss Bitcoin ETFs that have been around for quite a long time.”

There is hope among market observers for the future approval of crypto ETNs in the UK.

Alex Pollak, Head of UK for 21Shares, mentioned that the UK’s Financial Conduct Authority (FCA) aims to gradually open the UK crypto market by approving the listing of Bitcoin and Ether ETNs on the London Stock Exchange (LSE).

“I think the fact that these products will now be available on the London Stock Exchange does show progress and I think within three years from now the UK will be home to the largest crypto exchange-traded fund market in Europe,” he said.

Previously, the FCA had a tough stance on crypto asset-backed exchange traded products (ETPs) due to their high volatility.

In 2021, the FCA implemented a ban on the sale of crypto-related derivatives, including ETPs, to retail investors, citing concerns about the inherent value, volatility, and association with financial crime of cryptocurrencies.

Earlier this year, the financial watchdog was reportedly open to revising its stance regarding ETNs for professional investors. Still, the FCA has maintained that crypto derivatives are unsuitable for retail consumers due to the risks they pose, and the ban on the sale of ETNs to retail consumers remains in place.

Despite introducing ETNs, the FCA has restricted access to regulated financial investors, excluding retail traders. This decision contrasts with markets like the US, where retail investors can access similar crypto investment products easily.

Following the launch of spot Bitcoin ETFs, spot Ethereum funds recently got the regulatory nod to be listed in the US. Trading of those funds, however, is still pending review.

The post Lukewarm Launch: UK’s Bitcoin ETNs Off to Slow Start appeared first on Blockonomi.

TLDR

TRUMP token, tied to Donald Trump, experienced a 35% drop after he was found guilty on 34 felony counts but rebounded by 29% soon after.

The price surge was backed by real demand, as indicated by the token’s momentum indicators, such as RSI, MFI, CMF, MACD, and Aroon.

Other Trump-themed meme coins, like MAGA VP, Super Trump, and MAGA Hat, also saw significant losses following the verdict.

In contrast, Biden-themed coins, such as BODEN, saw an increase in value, highlighting the impact of political events on cryptocurrency values.

Trump’s legal issues also affected Trump Media & Technology Group shares, which fell 8% in extended trading on the Nasdaq.

The world of meme coins and politics collided dramatically on May 30th, 2024, as former U.S. President Donald Trump was found guilty on 34 felony counts related to falsifying business records in a hush-money case involving adult entertainer Stormy Daniels.

The verdict sent shockwaves through the cryptocurrency market, with Trump-themed meme coins experiencing significant volatility in the aftermath.

TRUMP, the memecoin tied to Donald Trump, saw an immediate 35% drop in value following the guilty verdict, reaching a low of $11.28.

However, the coin quickly rebounded, rising by 29% to trade at $14.60 at press time. This price surge was backed by a significant increase in demand from market participants, as evidenced by the token’s key momentum indicators.

The Relative Strength Index (RSI) and Money Flow Index (MFI) for TRUMP both indicated that buying activity outpaced token sell-offs.

Additionally, the Chaikin Money Flow (CMF) confirmed a net inflow of new money into the altcoin as buying pressure increased. The Moving Average Convergence/Divergence (MACD) indicator also showed a significant bullish influence in the meme coin’s market, with the MACD line resting above its signal and zero lines.

While TRUMP managed to recover, other Trump-themed meme coins were not as fortunate. MAGA VP (MVP) plummeted by 20%, Super Trump (STRUMP) dropped 15%, and MAGA Hat (MAGA) fell 14%

. This mixed performance highlights the unpredictable nature of meme coin trading and the impact of political events on the financial world.

TRUMP Price on CoinGecko

Interestingly, meme coins inspired by current U.S. President Joe Biden experienced the opposite effect. Following the verdict, Biden-themed coins, such as BODEN, saw an increase in value, demonstrating how political events can influence cryptocurrency values in different directions.

The repercussions of Trump’s guilty verdict extended beyond the meme coin market, with Trump Media & Technology Group (DJT) shares on the Nasdaq falling 8% in extended trading.

This drop underscores the far-reaching impact of the former president’s legal troubles on various financial assets associated with him.

Despite Trump maintaining his innocence and calling the trial “rigged,” the market’s reaction to the guilty verdict was swift and significant.

The plummeting value of Trump-themed meme coins and other financial assets associated with him demonstrates the complex dynamics between politics and the financial world.

As Trump faces sentencing on July 11th, with the possibility of time behind bars or a fine, the cryptocurrency market will likely continue to react to developments in his legal battles.

Looking ahead, Trump’s nomination for the Republican presidential candidacy is imminent, coinciding with his sentencing.

Polls show him in a close race with Biden, but there’s evidence that a felony conviction could sway voters.

Exit polls and surveys indicate that a significant portion of Trump supporters are reconsidering their allegiance under such circumstances, potentially altering the electoral landscape.

The post MAGA: Trump-Themed Meme Coins Volatile After Guilty Verdict appeared first on Blockonomi.

TLDR

SEC Commissioner Hester Peirce proposed a joint digital securities sandbox between the US and UK to allow firms to use specified technologies like DLT.

The sandbox would give firms an opportunity to operate under the same regulatory requirements in both countries while accessing a larger dataset.

Peirce believes the US and UK are well-suited for this collaboration due to their shared commitment to capital markets and reputation as financial technology hubs.

The sandbox could benefit the public by providing access to products and services that might not otherwise be available and help regulators better understand emerging technologies.

Peirce has previously put forth proposals to allow technological innovation, but other SEC commissioners are not as pro-crypto.

SEC Commissioner Hester Peirce has proposed a joint digital securities sandbox between the United States and the United Kingdom to facilitate innovation in the financial sector.

The sandbox would allow firms to experiment with specified technologies, such as distributed ledger technology (DLT), under the same regulatory requirements in both countries.

Peirce believes that the US and UK are well-suited for this collaboration due to their shared commitment to capital markets and reputation as global financial service providers and technology hubs.

By working together, the two countries could provide firms with access to a larger dataset than either jurisdiction could offer independently.

The proposed sandbox would benefit both regulators and the public. Regulators would gain valuable insights into how emerging technologies operate in real-world conditions, helping them to develop more effective and efficient regulations. Meanwhile, the public would gain access to innovative products and services that might not otherwise be available to them.

Peirce’s proposal would allow firms to operate under their chosen regulatory requirements for a specified period, giving them the flexibility to develop and refine their offerings.

Participating firms would be subject to predetermined monetary and customer ceilings and would be required to comply with general anti-fraud provisions of securities laws.

The cross-border sandbox would focus on the issuance, trading, and clearing of securities using DLT. Experiments could explore the potential benefits of tokenization, such as increased market transparency, fractionalization of assets, and operational efficiencies.

The sandbox could also help to address challenges associated with tokenization, including interoperability issues, cybersecurity risks, and privacy concerns.

Peirce’s proposal reflects her ongoing efforts to foster innovation in the financial sector. In the past, she has put forth proposals to allow firms using newer technologies to be exempt from certain registration provisions under federal securities laws.

However, not all SEC commissioners share her pro-crypto stance, with Chair Gary Gensler favoring a more aggressive regulatory approach.

The post SEC Commissioner Proposes US-UK Digital Securities Sandbox appeared first on Blockonomi.