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Cardano Bull Dan Gambardello Identifies How Long Before ADA Reclaims $1

Abdulkarim Abdulwahab
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Cardano Bull Dan Gambardello Identifies How Long Before ADA Reclaims $1

Prominent Cardano pundit Dan Gambardello has suggested ADA could regain the $1 mark in the coming weeks amid the ongoing depressing performance.

Cardano has been a major victim of the market downturn in the past few weeks. ADA came very close to relinquishing the $0.4 threshold earlier this month during the market bloodbath. While it has rebounded notably to trade at $0.46, its price has yet to re-enter the psychological $0.5 level.

This trend continues to be a source of frustration for Cardano enthusiasts, who are keen to see ADA surpass the $1 mark to begin its ascent toward the previous high and potentially explore new price highs.

For context, ADA was last seen at $1 precisely two years ago, in April 2022. Cardano was on track to break this jinx in the first quarter of this year when it hit a yearly peak of $0.807 before the bears took over. 

Nonetheless, prominent Cardano advocate Dan Gambardello has proposed a timeframe within which ADA supporters might witness the asset at $1. He believes that reaching $1 is within the realm of possibility for ADA in the coming months.

Gambardello voiced this sentiment in his latest analysis of Cardano’s performance in relation to Bitcoin.

Cardano Bullish Signal

In his assessment, he hinted that ADA appears to be gearing up for a breakout that could lead to a consistent upward trend. He pointed out that the weekly relative strength index (RSI) for Cardano continues to flash an oversold condition, which he considers a bullish signal.

Additionally, Gambardello observed that Cardano is converging on the 20-week moving average (MA). This technical metric averages out price fluctuations over a 20-week span, offering a more transparent view of the prevailing market direction. When the price of a cryptocurrency is above the 20-week MA, it suggests bullish momentum.

Interestingly, Gambardello demonstrated that when Cardano exhibited an oversold RSI signal in past cycles, its price approached the 20-week MA. He emphasized that such scenarios have historically been the prelude to significant breakouts and substantial price increases.

ADA to $1 by August

In assessing Cardano’s prospects of reaching the $1 mark from the observed bullish signal, Gambardello first examined the asset’s historical performance. 

Specifically, he explored the timeframe it took for ADA to surpass the $1 level following the third Bitcoin halving cycle.

The analyst noted that ADA’s present consolidation pattern is reminiscent of the 2019/2020 phase. During this period, ADA traded with a leading zero, ranging from $0.03 in early 2019 to $0.08 in late 2020.

In parallel, Gambardello mapped out the chart pattern that Cardano displayed after its breakout in late 2020 and into early 2021 when it eventually hit the $1 milestone. By theoretically superimposing this pattern onto Cardano’s current chart, he deduced that ADA could potentially return to the $1 price point by August this year.

Notably, ADA’s attainment of $1 from its price of $0.4632 implies that the asset must have grown by 116% in the next 12 weeks.

XRPL-Based Coreum Secures Listing on Latin American Exchange Bit2Me

Albert Brown
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XRPL-Based Coreum Secures Listing on Latin American Exchange Bit2Me

Coreum (CORE), an XRPL-based token, secures a listing on leading Latin American Exchange Bit2Me alongside a partnership with the University of California.

Coreum (CORE) has recently been integrated into Bit2Me, an exchange in Spain and Latin America. This integration is part of Coreum’s ongoing efforts to enhance interoperability within the crypto sector.

With its listing on Bit2Me, Coreum is now accessible to a wider audience in the burgeoning markets of Spain and Latin America. Bit2Me offers a suite of services that complement Coreum’s offerings, including the ability to conduct instant transfers via email or phone number, and the facilitation of cryptocurrency payments for e-commerce.

On the same day, Coreum also announced a partnership with the University of California, Santa Barbara through its University Ambassador Program. This collaboration will feature during the upcoming UCSB Blockchain Summit, further highlighting Coreum’s commitment to fostering education and engagement in the blockchain community.

Fast Transactions Meet Modern Finance Needs

Coreum, built on top of Tendermint and Cosmos SDK, is designed to handle enterprise-scale operations with a transaction speed capability of up to 7,000 transactions per second (TPS). Its architecture is compliant with ISO20022 standards, facilitating efficient cross-border settlements.

As earlier reported by The Crypto Basic, Coreum launched a bridge to the XRP Ledger (XRPL), allowing seamless transactions between the two chains and enhancing liquidity for its users. There was a surge in volume of XRP tokens bridged to the Coreum network by market participants in April. 

Bit2Me on its hand supports multi-currency operations, allowing users to manage both Coreum and traditional money efficiently. The platform’s flexibility extends to creating multiple wallets in different currencies, tailored to various spending needs such as holiday savings or monthly budgeting.

Coreum Suffers Market Decline

Despite these technological strides and market expansions, Coreum’s market price has faced downward pressure. Currently priced at $0.0951, with a 24-hour trading volume of $1,834,419.43, it has experienced a 2.66% decline in the last day and a 6.40% fall over the past week. 

These figures indicate a challenging environment for Coreum, especially when contrasted with the broader cryptocurrency market’s slight downturn of 0.10% and other similar cryptocurrencies, which have collectively risen by 5.70%. On the social engagement front, Coreum’s visibility in cryptocurrency-related discussions has shown fluctuations correlating with its market activity, per Santiment data.

At its peak in December 2023, Coreum achieved a high trending rank on social platforms, indicating a spike in public interest and discussion during that period. However, this interest has seen a decline following the peak, as evidenced by a downward trend in social volume and engagement metrics.

Shiba Inu: K9 Becomes Shibarium Validator, Launches 420M KNINE Giveaway

Lele Jima
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Shiba Inu: K9 Becomes Shibarium Validator, Launches 420M KNINE Giveaway

Shiba Inu’s partner K9 Finance DAO has launched a giveaway campaign to celebrate its emergence as a node validator on famous L2 blockchain solution Shibarium. 

The giveaway contest features a prize pool of 420 million KNINE tokens worth $15,246 at the time of writing. K9 revealed in a recent X post that any pup can win a share of the 420M KNINE tokens following the completion of specific social media and trading tasks. 

According to K9, the contest, which commenced on May 8, will be ending on May 22nd at 3 PM (EST). 

How to Participate in the Contest 

To participate in the giveaway, crypto enthusiasts are required to log into TaskOn, a Web3 task collaboration platform. Interested participants can log in to the platform using either their social media accounts or Web3 wallets. 

First Task 

After a successful login, you have the option of choosing from any of the two tasks. In the first task, you will be required to purchase a minimum of $1,000 worth of KNINE tokens on Uniswap v3. Following the buy action, a mandatory social media task will surface, which involves quoting a tweet on X. By completing the task, you could emerge as the winner of the grand prize of 300 million KNINE tokens. 

Second Option 

The second task is for traders with limited funds. Here, you are required to make a minimum purchase of $100 worth of KNINE on Uniswap. Afterward, the social task is the next requirement, where you get to retweet an X post. 

Five participants will receive 20 million KNINE each. Additionally, other prizes associated with the second task include $500 in USDT and other K9 partner tokens, including BONE, SHARBI, and BAD. 

Winners are selected based on raffles. As a result, you can improve your winning chances by performing additional voluntary tasks available on the contest page. 

K9 Becomes Shibarium Validator 

As stated earlier, the sweepstakes are part of K9’s effort to celebrate its emergence as a Shibarium node validator. K9’s emergence as a Shibarium validator would contribute immensely to securing the network – an essential role of validators. 

The development comes days after Shibarium completed its highly anticipated hard fork focusing majorly on the Bor and Heimdall components. 

Notably, the upgrade introduced new features, including stabilizing transaction fees irrespective of high network traffic. It also ushered in faster transactions and bolstered security. 

K9 & Shiba Inu Relationship 

Shiba Inu and K9’s relationship has continued to skyrocket to unprecedented levels. K9 officially became Shiba Inu’s partner in February. Following the collaboration, K9 became the official liquid staking and derivative partner of the Shibarium network. 

K9 reciprocated the gesture by appointing prominent members of the Shiba Inu ecosystem team as its official advisors. The list includes top developers Shytoshi Kusama and Kaal Dhairya. 

Shiba Inu ecosystem team recently joined K9’s recent X Spaces, where it officially addressed SHIB enthusiasts in speech for the first time. 

In the meantime, K9 is working round the clock to roll out its liquid staking platform on Shibarium, thus bolstering the network’s total value locked (TVL) and allowing stakers to receive massive rewards. As reported earlier, K9’s staking dApp will launch this year. 

Just In: XRP of Southeast Asia Skyrockets 358%

Abdulkarim Abdulwahab
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Just In: XRP of Southeast Asia Skyrockets 358%

VELO token, recognized as the XRP of Southeast Asia, has now emerged at the forefront of the market narrative, growing by 358% in the past few weeks.

Market intelligence platform Santiment confirmed this development in its latest update about VELO. Santiment emphasized that VELO has been garnering notable attention among crypto traders lately while being likened to the “XRP of Southeast Asia.“

The surge in interest is reflected in the 30% increase in the trading volume for VELO over the past day. Notably, after dipping to a 24-hour low of $0.02458, VELO has witnessed a significant uptick of 16.88%. At the latest check, it has climbed to $0.02873. 

XRP of Southeast Asia Records 358% Gains

Zooming out to the seven-day scale, the supposed XRP killer has registered a substantial 57% gain. Furthermore, while VELO bottomed at $0.008826 within the last 30 days, the asset is now up by 225.51% with its market value of $0.02873. 

More remarkably, Santiment observed that in the past six weeks, the price of “XRP of Southeast Asia” has increased by 358%. 

Why VELO is on the Rise Amid Dip

This significant positive gain for VELO over the last month contrasts with the current market situation. Specifically, most assets continue to shoulder double percentage losses amid the latest bearish downturn.

The market intelligence platform reported that “VELO” has become a buzzword in the crypto sphere due to conversations around securing VELO tokens in reputable self-custody wallets such as Ledger, Lobstr, and Freighter.

Notably, Velo Labs, the project’s team, is a company based in Southeast Asia. Crypto influencers have promoted VELO as an “XRP killer” or XRP Southeast Asia as the project joins XRP in revolutionizing the international remittance market. 

However, a distinguishing feature of the Velo project is its incorporation of smart contracts, an element that the XRP blockchain currently lacks.

Should You Long VELO?

Meanwhile, Santiment pointed out reasons for market participants to be bearish or bullish about the Velo project. It highlighted that the bearish outlook for VELO stems from the market’s speculative state and doubts about its adoption in Asia.

Conversely, the bullish perspective on the Velo project is bolstered by its decentralized financial framework with smart contracts, which promises a peer-to-peer network for more cost-effective and rapid financial transactions.

Alongside VELO, the UMA token has also seen a surge in interest. The analytics platform noted that UMA has experienced a significant increase in attention following its gain of over 50% in the past 36 hours.

Whales Move 705,917,885,653 Shiba Inu Out of Exchanges in 24 Hours

Sam Wisdom Raphael
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Whales Move 705,917,885,653 Shiba Inu Out of Exchanges in 24 Hours

Whale addresses move 705.9 billion Shiba Inu worth over $16.5 million out of cryptocurrency exchange platforms in a 24-hour timeframe.

On-chain analytics resource Arkham Intelligence indexed these massive fund flows, which come up at a time when Shiba Inu is displaying signs of an imminent price rebound. This rebound emerges on the back of a mild resurgence that has enveloped the broader market.

Notably, on-chain data sourced by Arkham Intelligence reveals that whale addresses have shifted more than 1.3 trillion Shiba Inu tokens over the last 24 hours. Of these transactions, some involved movements across unknown wallets and others witnessed fund flows into cryptocurrency exchanges.

Shiba Inu Highest Flows in 24H Arkham Intelligence
Shiba Inu Highest Flows in 24H | Arkham Intelligence

Investors Withdraw 705B Shiba Inu from Exchanges 

Meanwhile, the analytics platform identified five transactions showing the transfer of assets out of exchanges, a trend viewed favorably by market analysts. This pattern signals investors’ commitment to retaining their tokens on self-custodial solutions, thereby mitigating selling pressures.

The largest of these exchange outflows involved the movement of 343,551,693,521 (343.5 billion) valued at a whopping $7.92 million out of a Coinbase hot wallet. The U.S.-based crypto exchange leverages this wallet to redeem withdrawal requests, and the 345 billion SHIB outflow is the largest withdrawal over the last 24 hours.

Arkham Intelligence also spotlighted two large whale movements out of crypto trading platform and market maker B2C2 Group. The larger of these two transactions saw the transfer of 100 billion SHIB worth $2.31 million out of a B2C2 wallet yesterday at 16:59 UTC. The other transaction involved 88.1 billion SHIB moved to Robinhood.

Meanwhile, Kraken has also witnessed two large whale outflows from its wallets over the past 24 hours. While one of these movements saw an outflow of 87.4 billion Shiba Inu worth $2 million from one of its hot wallets, the other involved the withdrawal of 86.7 billion SHIB valued at $1.99 million from a Kraken deposit address.

A Trend of Exchange Outflows

With a total cumulative value of $16.5 million, some of these five transactions were carried out by the exchanges themselves as a balancing effort, while others saw outflows executed by market participants to other addresses.

Further data from Arkham Intelligence shows that exchanges have witnessed outflows totaling 120.8 billion Shiba Inu tokens this month despite recording three consecutive days of inflows from May 6 to 8. On May 1, market participants withdrew 265 billion SHIB from exchanges, the largest daily outflow since April 17.

Shiba Inu Exchange Flows Arkham Intelligence
Shiba Inu Exchange Flows | Arkham Intelligence

The Crypto Basic has called attention to some of these whale movements in recent times. For instance, on May 1, a whale address amassed a whopping 1.75 trillion SHIB from trading platform Robinhood. Last month, three new wallets procured nearly 184 billion SHIB from exchanges. 

The latest exchange withdrawals come up when Shiba Inu is pushing to recover the latest losses. Currently trading for $0.00002347, SHIB has gained by 3.3% over the last 24 hours. While this appears minimal, it surpasses Bitcoin’s (BTC) 2.65% increase. The recent exchange outflows could bolster the ongoing recovery.

Blaze Token Founder Reveals His Top 3 Altcoins

Lele Jima
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Blaze Token Founder Reveals His Top 3 Altcoins

Levi Rietveld, popular crypto entrepreneur and Blaze Token (BLZE) founder, has revealed his top three crypto projects, featuring HBAR, XRP, and KASPA.  

The Blaze Token founder joined other crypto community members to highlight his favorite top three crypto projects, which he believes have strong prospects for growth.  

Specifically, the top three most preferred crypto projects on Rietveld’s list include Hedera Hashgraph (HBAR), XRP (XRP), and Kaspa Network (KASPA). The list only features Rietveld’s top three preferred crypto projects and does not serve as investment advice. 

Hedera Hashgraph (HBAR) 

At the top of the list is Hedera Hashgraph (HBAR). This crypto project offers a decentralized public network where developers can create powerful, fast, and secure decentralized applications (dApps). 

The founders of the project raised funds for its development by conducting an initial coin offering (ICO) for its native token HBAR in August 2018. Following the ICO, the team granted the public access to the network’s mainnet in September 2019. 

HBAR is currently ranked as the 26th-largest cryptocurrency, with a market cap of $3.96 billion. The token surged to an all-time high of $0.57 in September 2021. Ever since, HBAR’s price has plunged by 80.64%, as a unit of the token changes hands at $0.11.

The token has witnessed a 29.3% spike year-to-date (YTD) and a 104.32% surge over the past year. Meanwhile, experts at Changelly do not expect HBAR to register a new ATH until February 2029 when its price could hit $0.57.  

XRP (XRP) 

Notably, Rietveld highlighted XRP as his second-most preferred crypto project. XRP is the native token of the popular open-source decentralized blockchain XRP Ledger (XRPL). Since its launch in 2013, XRP has been affiliated with Ripple and integrated into the company’s payments solution. 

In particular, XRP is fully integrated into ODL (now Ripple Payment), allowing users to utilize the coin as a bridge asset between two fiats for faster and cheaper cross-border remittances. 

The coin is currently embroiled in a legal tussle between the SEC and Ripple. This lawsuit significantly impacted XRP’s performance in the 2020/2021 bull season. 

Unlike other crypto assets, XRP could not register a new ATH in 2021 due to the lawsuit. XRP’s previous all-time high of $3.84 was recorded in January 2018. 

At the current exchange rate of $0.5176, XRP has plunged 86.5% from the ATH. Nevertheless, crypto market watchers expect XRP to embark on a major price recovery this bull season, with its price projected to reach $5.2 this bull market. 

These analysts are confident in their prediction because the coin now has legal clarity in the U.S. Also, the SEC v. Ripple lawsuit, which has cast a dark cloud on the coin’s performance, is fast approaching its end. At press time, XRP was ranked as the seventh-largest cryptocurrency, boasting a market cap of $28.65 billion. 

Kaspa Network (KASPA) 

The last project in Rietveld’s list of the top three most preferred crypto projects is Kaspa Network. Launched in November 2021, Kaspa Network utilizes the proof-of-work (PoW) consensus algorithm. It incorporates the Block Directed Acyclic Graph (blockDAG) architecture, allowing the co-existence of multiple blocks in parallel. 

As of January, Kaspa processes one block per second, according to Technopedia. Nevertheless, its development team eyes an ambitious target of 10 or 100 blocks per second in the future. 

KASPA is the native token of the Kaspa Network and is currently standing as the 38th-largest crypto by market cap. The coin registered its previous ATH of $0.189 this year, specifically on February 20. 

At press time, KASPA is down 30.55% from its ATH, with a unit of the coin priced at $0.131. Analysts from Changelly expect KASPA to hit a whopping $0.412 by September 2024. This represents a 214% increase from its current price. 

Canada Imposes $4M Fine on Binance for AML Violations

Mark Brennan
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Canada Imposes $4M Fine on Binance for AML Violations

FINTRAC, a financial regulator in Canada, fines Binance $4 million for breaching anti-money laundering and anti-terrorist financing laws.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced a 6 million CAD fine, equivalent to $4.4 million, for Binance Holdings Limited’s violation of the country’s anti-money laundering and anti-terrorist financing laws in a press release on May 9. 

According to the regulatory body, Binance breached the law in two instances. Initially, the exchange failed to register as a foreign financial service provider. On a second note, Binance neglected to report digital transactions exceeding $10,000 between June 2021 and July 2023.

Recall that Binance announced its exit from the Canadian market last May, citing new cryptocurrency legislation surrounding stablecoins. The Canadian Securities Administrators (CSA) disclosed a ban on stablecoin deposits and purchases without prior approval.

Speaking on the latest development, Sarah Paquet, the director of FINTRA, stated that Canada’s regulations on Anti-Money Laundering and Anti-Terrorist Financing are designed to safeguard Canadians and the economy’s stability. She added that FINTRAC will persist in helping businesses comprehend and meet their duties.

FINTRAC ensures that entities operating in Canada adhere to the Money Laundering and Terrorist Financing Act. FINTRAC also collects and analyzes financial data to support law enforcement and national security efforts against money laundering and terrorism financing.

Binance Strikes Plea Deal Amid Regulatory Crackdown, CZ Faces Penalties and Resignation

Meanwhile, this recent development adds to Binance Holdings Limited’s multiple regulatory issues. Recall that the digital asset service provider agreed to a settlement with the US Department of Justice that involved the forfeiture of $2.51 billion and a fine. 

As part of the deal, Binance’s Founder and former CEO Changpeng Zhao (CZ) was penalized $50 million and asked to resign. CZ was later handed a four-month sentence after he was found guilty of money laundering charges. 

In addition, Binance is currently battling regulatory issues in Nigeria, Africa’s most populous nation, where two of its representatives were arrested. Binance faces allegations of violating Anti-Money Laundering laws and contributing to the devaluation of the Naira. However, Binance CEO Richard Teng recently accused Nigerian authorities of seeking bribes to close the case.

Here’s When Holding 100K Cardano Will Yield $1M

Abdulkarim Abdulwahab
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Here’s When Holding 100K Cardano Will Yield $1M

In this bull season, Cardano investors with 100,000 tokens will become millionaires if ADA soars by 2,054%.

Cardano has not lost its position among the most prominent cryptocurrencies despite revisiting a four-month low ten days ago. ADA sank to $0.4195 on May 1 as Bitcoin retreated to $56,555K. 

Although Cardano briefly recovered from the substantial collapse, its trajectory has remained underwhelming compared to the performance in the first quarter of the year. Nonetheless, ADA remains a favorite digital asset in the crypto market, with many investors eyeing it as their potential ticket to millionaire status.

As such, understanding the price target that could potentially turn one’s Cardano holdings into a million-dollar portfolio is crucial. We recently evaluated the prospects of wallets holding 100,000 ADA to become millionaires in the ongoing bull market.

When 100K Cardano Will Turn $1M

At press time, ADA is trading at $0.4642. Based on this value, wallets holding as much as 100K Cardano tokens have a current monetary balance of only $46,420, a considerable distance from the coveted $1 million target.

To elevate this portfolio to a million-dollar fortune, the market value of ADA must expand by 2,054%. This substantial percentage growth implies that Cardano must surge by over 20 times from its current value of $0.4642, reaching $10, for 100,000 ADA tokens to be worth $1 million.

Cardano Reach $10?

As illustrated above, Cardano has a considerable journey to reach the $10 milestone. Market analysts have debated its feasibility, but the likelihood remains uncertain, especially considering ADA has never approached such a threshold. 

In the previous season, ADA peaked at $3.10, but it is currently 85% below that mark. Essentially, hitting $10 would mark uncharted territory for Cardano.

Meanwhile, ADA has yet to reclaim the $1 target throughout the last seven months of this bull market. However, this has not suppressed the optimism surrounding its potential to reach unprecedented price levels in a full-blown bull market.

Market observers like Ali Martinez, who argue for the possibility of $10 by next year, grounded their outlook solely on Cardano’s history.

Significantly, after the 2017 surge, ADA lingered at low values for a while before rallying in late 2020. In September 2020, ADA was priced at $0.08, but it crossed the $1 mark by February 2021. It continued its ascent to $2.3 in May 2021 and reached an all-time high of $3.10 by September 2, 2021. 

This trajectory represented an over 3,700% increase from its $0.08 low in September 2020 to its peak a year later. If Cardano mirrored this trajectory, the price could approach $20. However, the likelihood of this scenario remains uncertain.

Here are 3 Solana Meme Coins to Consider this Week

Abdulkarim Abdulwahab
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Here are 3 Solana Meme Coins to Consider this Week

Three Solana-based meme coins to watch this week as the market prepares for another bullish round.

The crypto market is about to enter the second phase of this ongoing bull season after the past weeks of downturn. With the recent recoveries, investors may be wondering which altcoins are worth the buy as the bull gradually emerges.

Typically, meme-based altcoins come to mind as they have repeated histories of leading the frenzies in a bull market. However, meme coins launched on the Solana blockchain stood out in the initial phase of this bull cycle.

According to a research report by market tracker CoinGecko, the top ten leading meme coins on Solana surged cumulatively by over 801.5% in the first quarter of the year. In perspective, the Solana meme coins added $8.32 billion to their market cap in three months, compared to the earlier figure of $1.04 billion.

This data establishes the bullish capability of Solana meme coins. As the green market rolls in, The Crypto Basic pinpoints a few meme coins worth considering from the Solana ecosystem this week.

Cat in a Dogs World (MEW)

Over the last week, Cat in a Dogs World (MEW) printed an impressive 48.44%. However, with a market price of $0.003765, MEW has invalidated most of last week’s gains. Despite this, it remains a meme coin to monitor this week, especially following endorsements from influential personalities within the crypto community.

Widely followed X user Xremlin claimed to have transformed $5,000 to pricy $200K twice with meme coins. As a result, he recommended that crypto enthusiasts study MEW, among other meme coins.

CoinMarketCap data highlights that MEW experienced a dramatic rise from its all-time low of $0.000844 on March 27 to a high of $0.01034 on March 31. This trajectory marks an extraordinary gain of 1,125% in just four days. 

Popcat (POPCAT)

Despite a 7.85% drop in value over the past 24 hours, POPCAT still holds onto over 23% of the gains it accumulated in the last week. POPCAT is garnering attention as it is currently among the assets spearheading the narrative in the meme coins space.

This is supported by the fact that the Solana-based meme coin has sustained a significant 54% increase over its 30-day performance, even as many others face losses. Market observers anticipate that POPCAT will make a substantial move as it has continued to demonstrate resilience in the face of Bitcoin’s recent pullback.

 

BONK

BONK remains a noteworthy meme coin, especially considering its position as the premier Solana meme coin. Last year, BONK experienced a meteoric rise of over 17,000% during a period of intense airdrop activity.

Even with the arrival of new competitors, BONK has maintained its position with a market capitalization surpassing $1.53 billion. In the past two weeks, BONK has orchestrated impressive rallies that have reversed all its losses from the last 30 days, resulting in a now positive one-month performance.

As of the latest update, BONK is trading at $0.00002401, preserving 13% of its one-week gains despite a 24-hour decline of 4.27%.

Shiba Inu Team Unveils Main Reason Why It Created BONE

Lele Jima
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Shiba Inu Team Unveils Main Reason Why It Created BONE

Shiba Inu marketing strategist Lucie has taken to X to explain the major reasons behind the creation of Bone (BONE), ShibaSwap’s governance token.

The X post is part of an ongoing effort to educate the community about the roles of all Shiba Inu ecosystem tokens. In her recent analysis, Lucie shed light on the reason why the Shiba Inu ecosystem team created BONE.

Here’s Why BONE Was Created 

Lucie said BONE was initially created as a reward token for SHIB holders. It essentially provides incentives for people who hold onto SHIB – the primary token of the Shiba Inu ecosystem. 

However, she pointed out that the motive behind BONE’s creation was later modified to include other functions. In particular, she stated that BONE now burns SHIB on Shibarium, Shiba Inu’s layer-2 scaling solution. 

BONE Utility on ShibaSwap 

The modification of BONE’s purpose indicates an adjustment in ecosystem priorities. By playing the role of a reward token, BONE is used to reward liquidity providers who stake their SHIB on Shiba Inu’s decentralized exchange, ShibaSwap.

ShibaSwap users who stake SHIB can receive a reward of up to 33% annual percentage yield (APY) in BONE. Since BONE is the main token of the ShibaSwap ecosystem, the token can be used to create and vote on proposals within the DEX.

BONE Contributes to SHIB Burns Via Shibarium

Following the inception of Shibarium, the team introduced more utility for BONE. The team selected BONE as the official gas fee token for Shibarium. Consequently, Shibarium users are required to pay transaction fees in BONE. 

Notably, a portion of the transaction fees generated on Shibarium is set aside to burn SHIB. Here, the team uses some of the BONE tokens obtained from Shibarium transaction fees to buy and burn SHIB.

This process has led to the incineration of a staggering 56 billion units of SHIB. The number of Shibarium-powered burns surged to 56 billion following the incineration of 13.4 billion SHIB in March. At the current exchange rate of $0.00002336, the 56 billion tokens were worth $1.3 million.

Shiba Inu Ecosystem Tokens Fulfills Unique Function 

Meanwhile, Lucie stressed that each Shiba Inu ecosystem token, including SHIB, BONE, and the upcoming TREAT, fulfills its unique function.

While BONE serves as a reward and governance token on ShibaSwap, with its use case extended to facilitate SHIB burns, SHIB remains the primary token of the Shiba Inu ecosystem, mainly used for staking and transactional purposes.

Last month, Lucie revealed the utility of the upcoming TREAT token, noting that the asset would essentially function as the reward token for the Shiba Inu ecosystem. Additionally, TREAT will become the governance and gas fee token of Shiba Inu’s upcoming layer-3 blockchain solution.

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