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Big Date Announced for Cardano, Hoskinson Reacts With Let the Wild Horses Run

Mark Brennan
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Big Date Announced for Cardano, Hoskinson Reacts With Let the Wild Horses Run

The Cardano Chang hard fork team has scheduled the upgrade for August 27 and the final decision for August 23.

Cardano founder Charles Hoskinson has reacted to a major update on the much-anticipated Cardano Chang hard fork. Hoskinson posted a one-minute video of horses running in the wildwood while quoting a tweet from Stake with Pride.

Hoskinson stated in the post that it was important to allow the children grow up and have some autonomy, possibly referencing the imminent shift in Cardano governance from IOG to the Cardano community. He then welcomed the Voltaire era to the ecosystem.

Cardano Drops Major Hardfork Update

Hoskinson earlier quoted an X article sharing a major update on the looming Cardano hard fork. The major mainnet upgrade that will usher in the Voltaire era is slated for August 27, with the final decision on execution to be made on August 23.

According to the update, the decision was made following a meeting between the hard fork working team. The group came up with the date after comparing the progress of key parameters for the upgrade against the threshold while considering the inputs and sentiments of the network’s community.

The Cardano network has made considerable progress in the hard fork preparation as a notable hurdle—about 70% of Cardano’s stake pool operators (SPOs) updating their nodes for the Chang upgrade—has been cleared.

The Tuesday update also revealed that major decentralized applications (dApps) showed improved preparedness for the upgrade. The Crypto Basic earlier reported that before now, Bitfinex was the only exchange entirely ready for the upgrade.

What the Upgrade Means for Cardano

The Voltaire era will affect certain changes in the Cardano network, including its governance structure. Cardano will move to community-driven governance, making stakeholders more inclusive in decision-making on the blockchain.

The Chang upgrade will also create a constitutional committee (CC) and delegated representatives (DReps). The CC will consist of seven members, three of whom are from the Cardano community. The first phase will usher in the CC, while DReps will come in on the second phase of the upgrade.

Cardano’s ADA saw a boost early Wednesday after moving one place to 11 on the market cap ranking. The asset dropped to 12 after Dogecoin and Tron overtook it but moved up after Avalanche moved downward three places. ADA traded at $0.3587 at press time, with a market cap of $12.9 billion.

SUNDOG Trader Gains $20M from $1.69K Investment as Memecoins Rise on Tron

Albert Brown
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SUNDOG Trader Gains $20M from $1.69K Investment as Memecoins Rise on Tron

A recent report from Arkham Intelligence sheds light on an impressive trading feat involving the SUNDOG memecoin on the Tron blockchain. 

A trader turned a modest investment of $1,690 into a staggering $20 million in just six days. The trader’s moves over several days allowed them to capitalize on the significant rise in the value of SUNDOG, further sparking discussions about memecoin gains on the Tron network.

The trader holds 17.049 million SUNDOG tokens, priced at $0.27 per token, which translates to their total portfolio value.

Initial Investment and Token Acquisition

The trader’s journey began with the purchase of 104.33 million SUNDOG tokens for $1,690. This acquisition took place when SUNDOG’s value was still relatively low, offering the trader a strong position for potential gains as the token’s price increased rapidly.

It is important to note that SUNDOG has surged by over 50% in the past 24 hours to trade above $0.2 during this press.

The massive potential for profit became apparent when the trader executed well-timed transfers of their holdings across exchanges, moving substantial portions of SUNDOG tokens.

Exchange Activity

In the following days, the trader conducted several high-value transfers to prominent exchanges, including MEXC and HTX. Notably, 7 million SUNDOG valued at $415,550 were deposited into MEXC, while another 10 million SUNDOG valued at $593,640 were sent to HTX. 

These transfers suggest a calculated approach, possibly to liquidate portions of their holdings, taking advantage of the token’s price surge to realize gains. Smaller transfers, such as 500,000 SUNDOG valued at $27,660, followed.

Additional Memecoin Success

The remarkable gains around SUNDOG did not start there, as another memecoin trader achieved a 100x return on the Tron-based token despite bearish market sentiment on August 16. The trader purchased 6.87 million SUNDOG tokens for 5,000 TRX ($650) and later sold a portion of their holdings for $68,000 in just seven hours. 

As SUNDOG’s price continued to rise, the user held onto the remaining tokens, enjoying unrealized gains worth $76,000.

Following SUNDOG’s impressive performance and the recent slowdown in activity from Solana-based memecoins, traders may now shift their focus towards Tron-based memecoins.

At the same time, DeFi protocol Sun.io has introduced SunPump, a new platform designed to help users easily create and launch memecoins on the Tron network. This development could further fuel interest in Tron as a growing hub for memecoin trading and development.

Shiba Inu Lead Under Fire as BONE Tanks 68%

Abdulkarim Abdulwahab
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Shiba Inu Lead Under Fire as BONE Tanks 68%

Shiba Inu ecosystem leader Shytoshi Kusama has addressed recent criticisms claiming the BONE token is not known to be associated with Shibarium.

Recently, Shiba Inu community member Enes Turyan sparked a conversation by criticizing Kusama and Shiba Inu partner K9 Finance regarding the market situation of the BONE token.

Specifically, Turyan criticized Kusama and K9 Finance for inadequately promoting BONE. He claimed they have not effectively advertised BONE, claiming a knowledge gap exists among potential users. He pointed out that some people are unaware of the purpose of BONE, particularly in conjunction with Shibarium.

This concern stemmed from the BONE token’s underperformance and the low holder count.

BONE Underperformance

BONE currently trades at $0.3925, representing a decline of over 8% in the past week. Looking at a broader time frame, the token has plummeted by 27% in the last 30 days and a staggering 68% over the past year.

Shiba Inu BONE token yearly perfomaance
Shiba Inu BONE token yearly performance

Members of the Shiba Inu community attribute BONE’s underwhelming performance to poor adoption among community members.

For example, Javier Olmedo pointed out that BONE has a relatively small holder base of 95,000, suggesting that its potential could be unlocked if it were more widely adopted by the SHIB Army’s 1.4 million-strong holder base.

Turyan believes this disparity is due to a lack of awareness about BONE among some SHIB holders, which he blames on Shytoshi Kusama.

Shiba Inu Lead Reacts

In response to the criticism, Kusama stressed that BONE is fully integrated into the Shiba Inu ecosystem’s governance and technology. According to Kusama, the issue is not that BONE is unknown but rather that it is a crucial component of the ecosystem’s future plans. 

BONE Could Have Been $5.6 with Kusama Promotion?

Turyan countered Kusama’s statement, suggesting that BONE’s price could have reached at least $5.60 if it had been properly promoted. He argued that the token’s multi-year stagnant price erodes investor confidence.

Turyan is not the only community member who holds Kusama responsible for BONE’s underperformance. Many community members echoed Turyan’s sentiments. They question why Kusama does not promote BONE as much as other tokens despite claiming it is vital to the ecosystem’s future. 

They stress that many Shiba Inu enthusiasts may not know BONE’s importance, pointing out the significant disparity in holder numbers between SHIB (1.4 million) and BONE (95,000). As a result, they asked Kusama to provide clearer definitions and a positive outlook for BONE’s future.

Kusama’s Cryptic Tweet Hints at Shiba Inu Remarkable Success

Lele Jima
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Kusama’s Cryptic Tweet Hints at Shiba Inu Remarkable Success

Shiba Inu’s lead developer, Shytoshi Kusama, summarizes SHIB’s development and advancements over the past four years. 

In the post, the Shiba Inu leader posted an X gif from Dragon Ball Z, captioning it “@Shibtoken the last four years in one Tweet.” 

 

Dragon Ball Z Synopsis 

For context, Dragon Ball Z is a Japanese anime series created by Akira Toriyama. The first episode of Dragon Ball Z was aired in April 1989, with the series ending in nine seasons. 

Notably, the series revolves around a young warrior named Son Goku, who embarked on a mission to become stronger. During the mission, he learned about seven mystical Dragon balls, which, when gathered, can grant any wish. 

Dragon Ball Z combines adventure and action to entertain viewers while reinforcing the concept of good versus evil. The role played by Goku and his friends in the series highlights essential virtues like trust, loyalty, and teamwork. 

Shiba Inu Similarities with Dragon Ball Z 

It bears mentioning that the team behind the Shiba Inu ecosystem has persistently echoed these values, especially trust and teamwork, over the years. The team believes it can achieve greater feats via teamwork and trust. 

Like Dragon Ball Z, Shiba Inu is also on a mission to build strength, potentially positioning it among the industry’s major cryptos. 

Shiba Inu, which launched in August 2020 as a memecoin, has transitioned into an ecosystem with multiple projects, including Shibarium, Shiba Eternity, SHIB: The Metaverse, and Shib Marketplace, among others.   

These projects are akin to the seven balls collected by Goku, which could eventually grant Shiba Inu’s wish of completely shredding its memecoin tag. 

Shiba Inu’s Success in 4 Years 

Meanwhile, Shiba Inu celebrated its fourth anniversary earlier this month, detailing the key milestones achieved over the years. 

According to the cryptocurrency’s marketing specialist Lucie, Shiba Inu’s price rose from $0.000000000056 to an all-time high of $0.00008616. This marks a remarkable growth of 153,857,042% in over a year. 

Other key milestones highlighted include Shiba Inu’s transition from a memecoin to a symbol of innovation, increased community members to over 3.8 million users, growing institutional interest, charitable donations, and an innovative ecosystem. 

Klaytn Rally on Track to $0.21 as Momentum Builds

Albert Brown
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Klaytn Rally on Track to $0.21 as Momentum Builds

Amid a falling wedge breakout rally, Klaytn prepares a jump to $0.21 with the 23.60% Fib level breakout at $0.16446.

As the Bitcoin price trades below the $60,000 mark, the altcoin market is surprisingly gaining momentum. Amidst the top-performing altcoins, Klaytn shows a promising bullish recovery in motion. Will this breakout rally gain momentum for a smooth ride to $0.21?

Recovery Kickstarts Klaytn Breakout Run 

The Klaytn daily chart shows a falling wedge pattern, accounting for a 63% drop since March 2024. However, the recent bullish reversal from the $0.1166 support level created a bullish cycle, resulting in a breakout rally.

CRYPTO:KLAYUSD Chart Image by Trojan69420

The uptrend accounts for a 32% jump in the last 16 days with less than 5 bearish candles. Hence, with a red to green candle ratio of 5:11, the underlying sentiments are improving for Klaytn.

The bearish alignment of the crucial simple moving averages (50, 100, and 200) in the daily chart reveals the broader bearish sentiment. However, the bull run exceeds the overhead resistance trendline and the 50-day SMA to challenge the 100-day SMA. 

Currently, the Klaytn price is trading at $0.1573. The bullish crossover in the DMI indicator suggests a potential reversal in underlying market sentiment.

The pullback comes after the 3.52% jump overnight reflecting a pullback for a retest run. A post-retest reversal from the broken trendline could prolong the extended uptrend in motion. 

Klaytn to Launch on Kaia

Klaytn, in partnership with Pincia, is gearing up to launch the Kaia Blockchain mainnet on August 29. 

Where is the Klaytn Breakout Run Headed?

Based on the Fibonacci levels, the uptrend challenges the 23.60% Fibonacci level at $0.1644. Furthermore, the breakout rally forms a rounding bottom reversal with a neckline at the 23.60% Fibonacci level. Hence, the breakout run from the $0.1644 mark will result in an explosive move. 

The upcoming target levels are at the 50% Fib level at 38.20% level at $0.19 and the 50% level at $0.21. Conversely, the support levels for Klaytn are at the psychological mark of $0.11 and $0.10. 

Binance Launches DOGS Meme Coin Farming as 42.2M Users Eligible For Airdrop

Albert Brown
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Binance Launches DOGS Meme Coin Farming as 42.2M Users Eligible For Airdrop

The most prominent crypto exchange, Binance, launches a Launchpool for the Dogs (DOGS) meme coin, with farming via BNB and FDUSD.

In its latest update, Binance disclosed plans to introduce Dogs (DOGS), a meme coin tied to the Telegram community and rooted in the TON blockchain, as the 57th project on Binance Launchpool. 

This implies that Binance users can farm DOGS tokens for a specified period with BNB and FDUSD stablecoin.

Structure of the DOGS Launchpool 

Starting on Friday, August 23, Binance will allow users to farm DOGS tokens by staking BNB and FDUSD in separate pools.

DOGS boasts a total supply of 550 billion tokens, with 72.73% reserved for the community via airdrops. Notably, 22 billion DOGS tokens will be available through the Binance Launchpool over a three-day period. The remaining tokens are allocated toward development, liquidity, and listing efforts.

Participants will be able to farm DOGS tokens with specific hourly caps for each pool. For the BNB pool, each user has an hourly hard cap of approximately 26 million DOGS tokens. However, the FDUSD stablecoin pool offers less quantity with a cap of 4.58 million tokens.

Binance has outlined that participants may claim their accumulated rewards at any time, and unstaking options will be available throughout the farming period. Additionally, users who have verified their accounts and hold BNB in certain products will automatically participate in this Launchpool.

DOGS Listing on Binance

After the farming period, the DOGS token will officially debut for trading on Monday, August 26, at 12:00 (UTC). Available trading pairs are DOGS/BNB, DOGS/USDT, DOGS/TRY, and DOGS/FDUSD.

Binance Supporting DOGS Airdrop

In conjunction with the three-day farming of DOGS, Binance has disclosed that it will support the airdrop distribution of DOGS tokens. This implies that users who provided their Binance wallets for the DOGS airdrop claim will get credited to their Binance spot wallet.

Remarkably, 42.2 million users qualify for the airdrop, with an average distribution of 9,500 DOGS per user. Notably, users from countries such as the United States, Canada, and Japan are excluded from this event, with strict rules governing participation based on location. 

Binance support for DOGS follows notable growth in the Toncoin (TON) ecosystem, which has shown promising market trends driven by rising activity.

Toncoin’s Activity Growth

Alongside the DOGS Launchpool, the TON blockchain, which underpins the DOGS token, continues to demonstrate a sharp rise in activity.

According to recent reports, active addresses on the TON Masterchain have reached new records, with 946 addresses engaging daily. This spike represents a significant increase in network use since 2021, with more users participating in transactions and decentralized applications across the TON ecosystem.

Toncoin has also shown considerable strength in the crypto market. Recently, its value increased by 16% within 14 days to $6.68. Analysts are monitoring Toncoin as it approaches key resistance levels, suggesting that continued momentum could push the token higher, with some targeting a price near $10.

Pundit Says XRP is Painful, Boring to Hold, But Missing Next Big XRP Run Would Be Worse

Sam Wisdom Raphael
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Pundit Says XRP is Painful, Boring to Hold, But Missing Next Big XRP Run Would Be Worse

A crypto industry commentator believes XRP is painful and boring to hold as an asset but insists investors would not want to miss out on its next rally.

Recently, a conversation emerged around XRP following remarks highlighting its lackluster performance over the past few years. Yasin Mobarak, the founder of Dizer Capital, joined the discussion and reaffirmed his confidence in XRP.

XRP’s Bitter-Sweet Status

In a recent post on X, Mobarak acknowledged the difficulties faced by XRP investors. The industry commentator described the experience as “painful, boring, and utterly demoralizing.”

Screenshot 2024 08 21 092101
Yasin Mobarak on X

The statement reflects the sentiment among many long-term holders who have seen XRP struggle, particularly during the 2021 bull run when it failed to break its previous all-time high (ATH) of $3.31, a level it last reached in January 2018.

However, Mobarak suggested that while the wait may be excruciating, the potential for significant gains makes it worthwhile. 

The market observed this pattern during the 2017/18 bull run. Notably, at the start of the bull market, XRP underperformed largely, triggering concerns. However, as the market matured, it spiked 66,100% in a year, outperforming the rest of the market.

“Old Coins”

Mobarak’s latest comments come in the wake of observations by Raoul Pal, a seasoned market veteran, who recently advised investors to consider shifting their focus from so-called “old coins” like XRP and Cardano. 

Pal argued that these assets have a cult-like following, which may not be beneficial for investors looking to capitalize on the current bull market. According to him, clinging to these assets might prevent investors from realizing potential gains elsewhere in the cryptocurrency market.

XRP’s underperformance during the 2021 bull run is one factor that has triggered these sentiments. However, market pundits attributed it to the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). 

The lawsuit, which accused Ripple of conducting unregistered securities offerings through its sale of XRP, created uncertainty and dampened investor enthusiasm. As a result, XRP was unable to match the impressive gains seen by other cryptocurrencies during that period.

However, the legal landscape has since changed dramatically. The lawsuit concluded with XRP being declared a non-security. This legal victory has renewed confidence in XRP, with many believing that it is now better positioned to participate in the ongoing bull market.

Legal Expert Backs XRP

Despite this positive development, Pal remains skeptical. He cautions that the cult-like mentality surrounding assets like XRP could lead to missed opportunities in the market. While Pal’s views carry weight, many have challenged it.

Pro-crypto attorney Fred Rispoli responded to Pal’s assessment with a respectful disagreement. Rispoli, who has been vocal in his support for XRP, acknowledged Pal’s credibility and well-meaning intentions. However, he expressed confidence in XRP’s potential, arguing that its story is far from over.

Shiba Inu Lead Explains Why Team Is Building Self-Sovereign Identity 

Lele Jima
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Shiba Inu Lead Explains Why Team Is Building Self-Sovereign Identity 

Shytoshi Kusama, the pseudonymous leader of the Shiba Inu ecosystem, references a scammer’s interview to explain why the development team is building tools like Self-Sovereign Identity (SSI) into the stack technology of the cryptocurrency. 

“Don’t ask me why we are building tools like Self-Sovereign Identity and Karma & Reputation into the Shib tech stack,” Kusama remarked. 

Scammer Reveals How He Rug Pulls Investors 

However, he urged his followers to watch a 10:20 video of a self-proclaimed PumpFun rugger who claimed to have made $200,000 in two months through rug pulls, obtaining an average of 400 Solana (SOL) weekly. 

Rug pull is a scam in which project developers abandon a project after dumping all their tokens on unsuspecting investors. This move immediately causes the asset’s price to crash to almost zero. 

The rugger, who goes by the pseudonym 0xPhantom, said he launches these projects using DogWifTools and subsequently abandons them.  

The scammer says the moment he clicks the “Dump All” button on DogWifTools, the system automatically sells all his holdings, leaving investors with a load of worthless tokens. Notably, the scammer’s face is hidden in a ninja costume, and his voice is changed to conceal his identity. 

Shiba Inu Lead Reacts 

Reacting, Kusama said the video explains why the development team is building “SSI, Karma, and Reputation” into SHIB’s stack technology. 

It bears mentioning that Shiba Inu introduced SSI in August 2023, shortly before Shibarium launched on the mainnet. The Shiba Inu ecosystem team introduced the tool to give users complete control over their digital identities and credentials. 

With SSI, users can secure their digital identities with a Shib ID, marking a shift away from the existing model of big corporations controlling and exploiting customers’ data. 

As reported earlier, Kusama disclosed that SSI will be integrated into Shiba Inu’s L2 blockchain Shibarium. However, the deployment could take time, as only research is expected to last several months. 

Meanwhile, a popular developer on BNB Chain, Arno Bauer, said SSI will enhance the overall performance of the Shibarium ecosystem by complying with regulations, protecting sensitive data, and bolstering the network’s security against Distributed Denial of Service (DDoS) attacks and fraud. 

Donald Trump Now Leads Kamala Harris by 5% in Polymarket Odds

Albert Brown
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Donald Trump Now Leads Kamala Harris by 5% in Polymarket Odds

Donald Trump leads Kamala Harris by 5% in Polymarket betting odds for the 2024 election, fueled by his anti-CBDC stance and crypto support.

Recent data from the decentralized prediction market platform Polymarket suggests that Donald Trump currently holds a 52% chance of winning the 2024 U.S. Presidential Election, leading Kamala Harris by 5%. This comes after Harris overtook the GOP candidate days ago.

With more than $83 million wagered on Trump’s victory, his odds reflect strong backing from bettors, who priced his chances at 51.7¢ per “Yes” bet. Harris, with a 47% chance, follows closely behind, despite having over $75 million in wagers. Her “Yes” price of 47¢ indicates a competitive yet slightly less optimistic view from the betting market.

Trump’s Lead and Crypto Sentiments

Trump’s lead in the betting markets is largely attributed to recent campaign developments and policy promises.

Notably, his opposition to the implementation of a CBDC resonates with many voters concerned about potential government overreach. Trump’s promises to prevent what he describes as “government tyranny” through digital currency have given him a slight edge in the polls. 

His potential collaboration with high-profile figures like Elon Musk further fueled speculation. The tech billionaire responded positively to Trump’s suggestion of offering him an advisory role within his administration.

Harris’ Campaign Faces Crypto Backlash

Meanwhile, Harris’ odds have faced volatility, particularly following her recent policy announcements. Notably, her campaign remained silent on cryptocurrency, leading to a noticeable drop in her chances.

Some experts argue that her association with advisors tied to the cryptocurrency industry, like David Plouffe and Gene Sperling, may not be enough to sway markets in her favor. 

Further complicating matters, her endorsement of a controversial tax on unrealized capital gains has drawn criticism. Critics, such as Cardano founder and co-founder of IOG Charles Hoskinson pointed out the potential negative impact on the middle class and the broader economy.

For context, Kamala Harris had endorsed a controversial tax on unrealized capital gains, which would require taxpayers to pay taxes on gains they have not yet cashed out, such as a Bitcoin increase from $50,000 to $70,000, even without selling the asset.

 

Honskinson expressed strong opposition to the proposed tax, calling it unconstitutional and labeling it as theft. He argues that the tax targets profit that individuals have not yet realized, with no access to the gains, yet still subjects them to taxation as if the profits were already made. 

Political Tensions Surround CBDC Debate

As the election nears, the CBDC debate continues to fuel tensions within the GOP. Trump’s stance has garnered support from voters wary of government surveillance through digital currencies. 

At the same time, Florida Governor Ron DeSantis has taken similar measures, preemptively prohibiting CBDC use in his state. The Federal Reserve, however, remains undecided, with Chairman Jerome Powell emphasizing that any decision on a digital dollar would require approval from Congress and the executive branch.

Brazil Regulator Approves Second Solana Spot ETF

Mark Brennan
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Brazil Regulator Approves Second Solana Spot ETF

Brazil’s CVM remains the only regulator globally to approve a Solana spot ETF, with the agency authorizing its second on Tuesday.

The Brazilian securities regulatory body, Comissão de Valores Mobiliários (CVM), has approved its second Solana spot exchange-traded fund (ETF) a few days after sanctioning the first of the product worldwide. The regulator disclosed this in its central database on Tuesday.

CVM’s database stated that the new Solana spot ETF would be offered by Hashdex, a Brazilian-based $962 million asset manager, in conjunction with investment bank BTG Pactual. According to the regulator’s database, the fund is currently in its pre-operational stage.

Brazilian-based Hashdex becomes the second asset manager to get a Solana spot ETF approved by the CVM. On August 8, the regulator took a giant leap after becoming the first to authorize the first-ever exchange-traded Solana spot ETF. Asset manager QR will offer the Solana product while Vortx manages it.

Hashdex is experienced on the ETF front, having already offered a Nasdaq Crypto Index. The asset manager also has Bitcoin and Ethereum ETFs.

No Headway yet on a US Solana ETF

While asset managers in Brazil are getting regulatory support in launching a Solana spot ETF, their counterparts in the US have continued to see roadblocks.

The chances of the US SEC approving the product took another hit after the Chicago Board Options Exchange (CBOE) withdrew the 19b-4 filings made for the Solana spot ETF from its website. CBOE filed the Solana product for asset managers VanEck and 21Shares.

Speaking on the development, Bloomberg’s analyst Eric Balchunas noted that the US SEC never posted the filings from both asset managers on its website, signaling its unwillingness to see the application progress. He described the likelihood of approval as a “snowball’s chance in hell.”

Meanwhile, VanEck’s Head of Digital Asset Research, Matthew Sigel, maintained that the approval process for its Solana spot ETF is still ongoing.

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