PRESS RELEASE. In a remarkable show of solidarity and community support, Slerf, in partnership with LBank, has initiated a donation campaign that has garnered extraordinary attention. Within just 12 hours of its launch, the campaign’s dedicated blockchain address, fCuw5ppJ9aZYzjm8EsT2fHwxV1h5JwUfqXM44iX3Pzb, has received over 2600 SOL, roughly valued at 0K USD. This address is publicly available on […]
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Bitcoin Cash Soars 40% in 24 Hours as Market Eyes Upcoming Halving and Adaptive Block Size Upgrade
On Saturday, March 2, the valuation of bitcoin cash witnessed a significant increase, climbing over 40% within a 24-hour span to reach a peak of 1 each. This upward trend is attributed to the anticipated halving event, set to happen in 16 days, and the forthcoming 2024 upgrade, which is expected to implement an adaptive […]
Bitcoin News
ERC-404 Sector Plunges: Market Capitalization Drops By 29% In 24 Hours
Surprisingly, the newly introduced Ethereum (ETH) token standard, ERC-404, made an impressive debut in the crypto market, outperforming many other digital assets.
However, as Bitcoin (BTC), the dominant cryptocurrency, began to rally, investors swiftly shifted their focus to the king of crypto. Consequently, this shift led to notable price drops and market capitalization declines across the ERC-404 ecosystem and its associated tokens.
From Skyrocketing Surges To Sharp Corrections
According to data from CoinGecko, the ERC-404 sector has experienced a significant decline, with an overall market capitalization drop of 29% in the past 24 hours.
Key tokens within this sector, including PANDORA, DeFrogs, RUG, Froggy Friends, and Crystal, have all witnessed substantial price decreases. PANDORA, which had garnered attention and speculation, surged by a staggering 12,000% within a week.
Opening at 0 on February 3, 2024, its value skyrocketed to over ,000 per token by February 9, 2024. However, it dropped by 38% from its all-time high (ATH) in just 24 hours.
On the other hand, Crystal suffered the most significant losses, with its price plummeting by 28.4% and trading volume declining by over 35%. These figures indicate a stark decline in market activity for the token. Currently, Crystal is down more than 51% from its ATH of 2.74, exemplifying the inherent volatility of the ERC-404 sector.
Following closely behind, Froggy Friends experienced a 16% drop in trading volume and an 81% decrease in price from its peak of 3. CoinGecko data reveals that Froggy Friends currently trades at 0 per token.
But what are the ERC-404 token standards? And what is causing the price and market capitalization to drop?
Navigating The ERC-404 Ecosystem
Ethereum, known for its smart contract platform, has been a breeding ground for various token standards. While ERC-20 and ERC-721 gained widespread adoption for fungible and non-fungible tokens (NFTs), a new contender emerged: ERC-404.
Named after the popular website error code “404,” ERC-404 introduces the concept of “semi-fungibility” to Ethereum. It combines the divisibility of ERC-20 tokens with the uniqueness of ERC-721 tokens, bridging the gap between these two types.
ERC-404 tokens are associated with specific NFTs, allowing fractional transfers of linked NFTs. Full ownership results in minting the linked NFT to the holder’s wallet, while fractional transfers trigger the burning of the associated NFT. New NFTs are automatically minted when sufficient fractions are accumulated to form a complete token.
DN-404 Prepares To Challenge ERC-404’s Dominance?
According to a recent report by The Block, transaction fees increased as ERC-404 tokens gained traction, prompting developers to work on an alternative implementation called Divisible NFT (DN-404).
This new standard aims to optimize code and reduce transaction fees, addressing the rising costs associated with ERC-404 tokens. The DN-404 implementation is set to be released soon, potentially alleviating network congestion caused by the influx of ERC-404 tokens.
While there were initial discussions between the Pandora team, the creators of ERC-404, and the developers working on DN-404, the two groups did not reach an agreement and are not collaborating, according to the report.
This introduces uncertainty for traders and investors who navigate between supporting the original ERC-404 or the upcoming DN-404 implementation.
Overall, the introduction of ERC-404 brought excitement and volatility to the crypto market. While semi-fungibility and fractional transfers of linked NFTs hold promise, challenges such as rising transaction fees and the emergence of DN-404 have impacted the ERC-404 ecosystem.
Traders and investors now face the dilemma of choosing between the original implementation and the upcoming alternative. As the market evolves, it will be interesting to see how the ERC-404 sector adapts and whether it can regain stability and investor confidence.
Featured image from Shutterstock, chart from TradingView.com
$867 Million Erased — Grayscale’s GBTC Experiences Record 20,803 Bitcoin Reduction in 24 Hours
Recent data from Grayscale’s GBTC spot bitcoin exchange-traded fund reveals a significant reduction in its holdings, with 20,803.83 bitcoin, valued at 7.98 million, being withdrawn from the fund’s reserves. This substantial outflow, occurring over the past 24 hours, marks the most considerable decrease in GBTC’s reserves since it transformed into a publicly-listed ETF on Jan. 11, 2024.
Grayscale’s Latest GBTC Bitcoin Withdrawal Amounts to 7M, Remains Top ETF Holder
Grayscale’s GBTC holds a significant position with 502,712.60 BTC in its reserves, valued at approximately .10 billion. Still, this figure reflects a reduction of 20,803.83 BTC from its holdings on Friday morning, which then amounted to 523,516.43 BTC. Since Jan. 12, 2024, GBTC’s bitcoin holdings have decreased by 114,367.39 BTC, equivalent to .77 billion, based on the BTC exchange rates as of Jan. 27, 2024. The fund has also seen substantial trade activity, dominating the market on Friday with 9.74 million out of the .68 billion total trade volume across all ten spot bitcoin ETFs.
GBTC has led the market in all 11 trading sessions since the launch of the ten new spot bitcoin ETFs. Its highest trading volume was recorded on Jan. 11, reaching .29 billion, while its lowest was on Jan. 25, with a volume of 1.49 million. To date, these ten ETFs have accumulated a total trading volume of .36 billion, with GBTC’s transactions contributing .15 billion, accounting for 63.68% of the total since Jan. 11, 2024.
Despite competition from new entrants like Blackrock and Fidelity, Grayscale’s trust remains the largest bitcoin-holding fund. The Canadian Purpose Bitcoin ETF (BTCC) holds 33,062 BTC as of Jan. 27, and the ETC Group Physical Bitcoin fund (BTCE), traded on Germany’s Börse Frankfurt, holds 24,856 BTC as of Jan. 25. Even with the presence of these international ETFs and smaller U.S. counterparts like IBIT and FBTC, Grayscale’s trust still surpasses them all in size.
What do you think about the outflows Grayscale’s GBTC has seen since it was transformed into a publicly-listed spot bitcoin ETF? Let us know what you think about this subject in the comments section below.
Grayscale’s GBTC Sheds Over 13,700 BTC in 24 Hours Amid Rising Bitcoin ETF Competition
Prior to Wednesday’s market opening, Grayscale’s exchange-traded fund, GBTC, reported holding 605,890.87 bitcoin in reserves. However, according to the company’s most recent update, there has been a significant decrease in GBTC’s holdings, with a reduction of 13,793.09 bitcoin, valued at approximately 1 million.
Major Outflows Hit Grayscale’s GBTC
This recent decline in reserves marks another 13,793.09 BTC withdrawal from Grayscale’s assets since Bitcoin.com News covered its reductions on Wednesday. Analyzing data from Jan. 14, 2024, records show that Grayscale’s Bitcoin Trust had a total of 617,079 BTC. Consequently, within a span of just four days, a staggering 24,981.22 BTC has been withdrawn from the fund. This substantial outflow, occurring from Jan. 14 to Jan. 17, represents a removal of over billion in value from the fund’s bitcoin holdings.
Currently, as of 2:38 p.m. Eastern Time (ET) on Thursday, the GBTC holdings stand at roughly 592,097.78 BTC. Calculated at the prevailing exchange rate prices at same moment in time, the value of the fund’s BTC cache is estimated to be around .5 billion. GBTC once held an edge on the market when it was traded over-the-counter (OTC) and before it recorded a discount to net asset value (NAV), in 2019 it witnessed a significant premium.
When it became a discount in February 2021, the discount to NAV widened a great deal and lasted up until the fund was converted into a publicly accessible spot bitcoin ETF. The market may be feeling the brunt of these sales, but at the same time, several newly approved spot bitcoin ETFs are stacking BTC reserves. Blackrock’s IBIT now holds 25,067 BTC and the Fidelity Wise Origin Bitcoin Fund (FBTC) holds 20,507 BTC.
Bitwise’s BITB, with 8,309 BTC, secures its position as the third-largest (excluding GBTC) among bitcoin ETFs in terms of BTC reserves. Ran Neuner, the founder of Crypto Banter, recently shared insights about the GBTC outflows on the social media platform X. “The GBTC overhang will be around for a while. I don’t see any way that the other ETF’s absorb it,” Neuner remarked. “If Blackrock had huge immediate buyers, they would be in already. I suspect and have been warning that we are due for a correction and we may be midway through it. My first downside target is ,600 to close the CME gap,” he added.
JPMorgan market strategists led by Nikolaos Panigirtzoglou detailed in a note sent to investors on Thursday that an additional .5 billion might still depart from the bitcoin ETF market through GBTC profit-taking. This scenario could exert “further pressure on bitcoin prices over the coming weeks,” Panigirtzoglou wrote. Analysts had earlier projected a decrease of billion in GBTC’s value, and to date, approximately half of this anticipated reduction has materialized. By 4:11 p.m. (ET) on Thursday, BTC was trading for ,838 per unit, after hitting a 24-hour low of ,600 at 3:00 p.m. during the afternoon trading sessions.
What do you think about the GBTC outflows since the exchange-traded fund started trading publicly last week? Share your thoughts and opinions about this subject in the comments section below.
Robinhood Goes Shiba Crazy, Buys 230 Billion SHIB In 24 Hours – Here’s The Scoop
On the widely-used trading platform Robinhood, Shiba Inu, frequently hailed as the “Dogecoin slayer,” has sparked a surge of enthusiasm within the cryptocurrency realm.
In a remarkable turn of events, Robinhood amassed a staggering 231 billion tokens within a mere 24 hours, boldly proclaiming its presence in the crypto arena.
This surge in popularity, according to crypto enthusiast Lola in her latest analysis, has catapulted SHIB to the coveted third position on Robinhood’s crypto podium, leaving established players like Litecoin and XRP trailing in its wake.
Robinhood Stuffs More SHIB To Its Cart
The Robinhood platform is not the sole arena where Shiba’s charm is proving irresistible. Based on insights from the crypto intelligence firm Arkham, in alignment with Lola’s observations, Robinhood’s SHIB holdings have expanded significantly to a jaw-dropping 36.684 trillion tokens, with an estimated value of approximately 0 million.
My #Robinhood Tweet yesterday shows 36.454 Trillion #SHIB by Robinhood from data provided by Arkham
and now in less than 24 hours , they have 36.684 Trillion $SHIB . 231 Billion Shiba INU added on that exchange
They are accumulating while #TRADEFI accumulating #Bitcoin…
— Lola (@CryptoLollla) January 17, 2024
This data, coupled with information from IntoTheBlock, paints a vivid picture of a full-blown Shiba stampede that is reshaping the crypto landscape.
Whales, considered the apex predators in the vast ocean of cryptocurrencies, seem to have fallen head over flippers for the meme coin. IntoTheBlock’s metric tracking “Large Holders Netflow” has recorded an astonishing spike of 1,542%, indicating a substantial accumulation of SHIB by these influential market players.
Whale Appetite Soars
This whale enthusiasm extends to a remarkable 181% surge in “Large Holder Inflow” and a staggering 551% increase in the “Whale Activity Index.” The collective movement of these whales resembles a synchronized swimming routine of the crypto elite, all with their synchronized wallets pointed towards SHIB.
Fresh whale wallets accumulated $SHIB, #BIGTIME, $MKR and $RNDR today!
0xF633 withdrew 1.44T $SHIB(.36M) and 3M #BIGTIME(.2M) from #Binance and #Gateio in the past 2 days.https://t.co/OkHSaNTFV9
0xAdf5 withdrew 1,075 $MKR(.9M) from #Binance 4 hours ago.… pic.twitter.com/b83nvDsP8g
— Lookonchain (@lookonchain) January 9, 2024
The feeding frenzy intensifies with the emergence of a new Shiba whale, devouring a substantial 1.44 trillion tokens.
The Robinhood-Shiba rendezvous and the orchestrated dance of the whales suggest a potential boom for the canine coin. Yet, the sustainability of this upward climb remains uncertain.
Shiba Inu, with the backing of Robinhood, Arkham, and the formidable whales, is no longer merely chasing Dogecoin’s tail. It is emphatically staking its claim on the crypto landscape, capturing the attention of the entire world.
Will Shiba Inu continue its upward climb? Only time will reveal the answer. Nevertheless, in the unpredictable realm of crypto, this underdog has undeniably earned its place at the table and is unafraid to bare its teeth in the face of potential growth and challenges alike.
Featured image from Shutterstock
ARB Soars 25% In 24 Hours As Arbitrum Preps For Major Projects In 2024
In the tumultuous world of cryptocurrency, few names have resonated as powerfully in 2023 as Arbitrum (ARB). The crypto juggernaut has rapidly ascended the ranks, outpacing industry stalwarts and marking its territory in the competitive landscape.
As the demand for its network reached a fever pitch, developers flocked to Arbitrum, surpassing the likes of Polygon, Optimism, Avalanche, and even the formidable Solana.
The meteoric rise of ARB isn’t just a spectacle; it’s a testament to its resilience and adaptability. In the latest twist of the crypto bull run, ARB has displayed an impressive recovery, trading at an enviable .62.
ARB Shows Mettle With 42% Rally In Weekly Charts
A formidable 25% surge in the last 24 hours and a solid 42.4% increase over the past week underscore the coin’s enduring strength as Arbitrum buckles up for major partnerships in 2024.
The journey from its yearly low has been remarkable, witnessing an 80% surge that catapulted its market cap beyond the .6 billion mark. It’s a stark contrast to the all-time high of .67, a summit conquered just nine months ago.
Arbitrum’s allure extends beyond price dynamics; it boasts a burgeoning ecosystem teeming with renowned developers. According to DeFi Llama, its Total Value Locked 24.3% surge in the last 24 hours
Arbitrum Unveiled: Ethereum’s Scaling Prodigy
Specifically created to support Ethereum’s scalability, Arbitrum is a decentralized platform. By scaling Ethereum, Arbitrum provides users with an Ethereum-like platform where they may engage in on-chain activities at a lower cost than what they would pay on the Ethereum mainnet.
The Ethereum submodules known as Arbitrum rollups power Arbitrum. The rollups remove the requirement for Ethereum nodes to validate arbitrum transactions, suggesting that Ethereum will accept the Arbitrum layer’s credibility for on-chain operations from the standpoint of “innocent until proven guilty.”
With over 50% YoY growth in developer headcount, the Arbitrum chain is among the fastest-growing Layer 2 solutions, according to the 2023 Developer Report. The ecosystem currently consists of a wide variety of components as a result of this exponential expansion in development.
On March 23rd, Arbitrum orchestrated a groundbreaking airdrop, disbursing 1.27 billion ARB tokens to over 600,000 eligible wallets. This spectacle coincided with a surge in daily transactions, hitting a single-day high of 2.73 million, as reported by Arbiscan.
With Ethereum sentiments being in the dumps right now, I’d just like to say working with Arbitrum (@arbitrum) has been a great experience
Expect more projects that combine Arbitrum with @cardano and @MinaProtocol in the 2024
— Sebastien Guillemot (@SebastienGllmt) December 26, 2023
Meanwhile, DCSpark and Paima Studios co-founder Sebastien Guillemot have discussed the possibility of working together in 2024. A member of the Cardano community and software engineer Guillemot wrote on X, predicting additional projects in 2024 that integrate Arbitrum with Cardano and Protocol.
Guillemot thinks that merging both platforms will be beneficial, especially given Ethereum’s current market conditions.
Featured image from Freepik
Grow Protocol Raises Over $15k In First Hours Of ICO Start
PRESS RELEASE. Token preseal is currently live – 11/17/23
Coinscribble – December 1st, 2023 / In a pioneering development in the Web3 realm, GROW Protocol announces its debut as the “world’s first real blockchain passive income coin”.
Signifying a radical shift in earning techniques, GROW merges conventional revenue sources with the power of blockchain technology to create a protocol that ensures long-term viability and growth.
Addressing Common Challenges
The GROW Protocol addresses the common challenge of inflation in the staking landscape, offering an unmatched 25% annual percentage rate in USDT through external revenue sources, expertise from seasoned traders with more than two decades of experience, and the strategic implementation of fee structures and real-world applications.
The Ethereum blockchain network forms GROW’s backbone, owing to the network being cherished for its quick transaction times, flexibility, and strong scaling capabilities. The protocol’s native token, $GROW, is essential for accessing the platform’s features, ensuring a sustainable and balanced growth model with a carefully engineered supply of 100 million tokens.
When compared to traditional passive income projects that depend on community participation for upholding payments, GROW Protocol is a significant breakthrough.
Buy GROW
GROW Protocol’s Path to Success
The roadmap ahead for GROW Protocol symbolizes its commitment to growth and stability, encompassing KYC verification, security audits, DEX testing features, community growth initiatives, and numerous presale stages to ensure no one misses out.
Additionally, the roadmap extends to other innovative endeavors in the pipeline, including the launches of ‘GROW Exchange’, ‘Grow AI Trading Bot’ and a professional trading platform on Signal and Telegram.
The team behind GROW Protocol is dedicated to ensuring complete adherence to all relevant regulations to not only safeguard the project’s operations but also build trust among investors and stakeholders.
In a nutshell, the project’s mission is to pioneer a dependable and secure passive income stream that offers exciting investment opportunities for everyone – democratizing security and growth. With its revolutionary staking model, commitment to regulatory compliance, and vision for ongoing developments, GROW Protocol is set to reshape the economic destinies of investors worldwide.
Be sure to check out GROW Protocol on Telegram and Twitter to keep up-to-date with the pioneering blockchain project’s latest happenings and achievements.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Shiba Inu Burn Rate Skyrockets Close To 500,000% in 24 Hours
Shiba Inu (SHIB), an Ethereum-based altcoin has recently garnered the attention of the cryptocurrency community and investors as the token’s burn rate experienced a massive surge.
Shiba Inu Burn Rate Increases Significant
The Shiba Inu burn rate recently increased significantly by 499,416% in a 24-hour period between Sunday and Monday. Data from Shibburn – the platform that tracks SHIB token burns, shows this marks a new record for the token’s burn initiative. It also highlights the renewed strength of the community’s attempts to manage its token total supply.
Furthermore, the data also shows that over 264.20 million SHIB tokens were burned on the same day. The recent uptick in the SHIB burn rate can be traced back to several burn transactions. However, a single transaction that was carried out by an unknown wallet address is believed to have buttressed the surge.
According to the data available, the unknown wallet address transferred approximately 261.4 million SHIB tokens to a burn wallet on Monday. An important turning point in the SHIB burn initiative was reached with this transaction alone. This is because the transaction made up about 98% of all the tokens burned during this time.
Another transaction also garnered significant attention in the community. The wallet transferred approximately 21.52 million SHIB tokens to a burning wallet.
These kind of transactions are significant because it reduces the total supply of SHIB tokens in circulation. Over 410.66 trillion SHIB tokens have been burned from its total supply in circulation. Currently, the total supply of SHIB tokens in circulation is sitting at approximately 589.35 trillion tokens, according to CoinMarketCap.
The Importance Of SHIB Revealed
A Shiba Inu community member has recently revealed the importance of the SHIB tokens in the Shiba Inu ecosystem. The member suggests that people need to read the Shibpaper to know the role of the token.
They took to X (formerly Twitter) to share a screenshot of the project’s whitepaper on the role of the SHIB token. According to the screenshot, the tokens serve as the ecosystem’s legislative instrument as it states that SHIB tokens “propels legislative machinery.” It also grants every Shibizen an equitable voice in molding the project’s journey.
The screenshot read:
The Shib token allows for symbolically propels our legislative machinery. Embodying our democratic fabric, it grants every Shibizen an equitable voice in molding our shared journey. From council elections to legislative votes, the Shib token guarantees transparency and participative democracy.
The recent spike in burn rate has provided the SHIB community with a newfound hope, even though the road to a significant price gain appears long. With over 500 trillion SHIB tokens still in circulation, the community is still positive about potential price gains ahead.
Is Apecoin On Your Radar? APE Soars By 30% In 48 Hours, Signaling A Potential Bull Run
In a month marked by heightened volatility, Apecoin (APE) has been a battleground for bulls striving to prevent a dip below the crucial mark.
This tug-of-war between bulls and potential downward pressure underscores the intense market dynamics surrounding Apecoin, leaving investors on the edge as they monitor the crypto’s price movements in this volatile November landscape.
The latest data from the spot market reveals a resolute stance from bullish traders, as orders for more than 11 million APE tokens have beern strategically placed around the current price.
APE has increased by 30% to surpass .70 following a decline to a weekly low of .30 on November 21. On-chain data projects long-term Apecoin investors’ resilience might reenergize APE price possibilities.
Apecoin Price Rebounds From All-Time Low
On October 9, the price of Apecoin plunged to an all-time low and narrowly avoided breaking below the support level. However, the APE token has now increased by 40%, and as of November 24, the meme coin was trading at about .45.
The market situation that APE is now operating in is difficult. The recent price increases of the token are at risk due to bearish on-chain indicators.
Over the last few months, the amount of APE coins available on exchanges has almost doubled to a little over 50 million, which may signal an increase in buyer demand.
The combination of a decrease in active addresses and an increase in supply on exchanges indicates a pessimistic deviation, which may indicate an impending decline in the price of the meme currency.
Two notable corrections have occurred in APE during its current surge. The 61.8% Fibonacci level marked the first retracement, and 50% marked the second corrective.
These retracements are getting thinner, which is a bullish indication of increasing momentum and more buyer conviction.
Taking this into consideration, investors may use the 38.2% and 50% Fibonacci levels as a helpful guide when placing stop-loss orders, acting as a buffer against any market volatility.
Apecoin’s price is now bouncing between .063 and .506, indicating that it is in a volatile market. There are some indications of stability from the 10-Days Moving Average at .410 and the 100-Days Moving Average at .303.
Nonetheless, it’s important to keep an eye on the resistance levels at .695 and .139 and the support levels at .365 and .808. These levels will be crucial in influencing the short-term price movements of APE.
Shift In Address Dynamics
Meanwhile, as reported by IntoTheBlock, a positive trend divergence is evident between the long-term and short-term holder addresses for APE. Illustrated in the Addresses by Time Held chart, the count of long-term addresses has surged by 6,060 wallets since the beginning of November.
Concurrently, the Apecoin network has experienced a decrease of 3,800 in the number of trader/short-term wallets over the same period, highlighting a noteworthy shift in address dynamics.
The forthcoming week holds significant importance for investors in APE, as it will serve as a crucial assessment of the durability of this meme coin and its prospects for more upward movements.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Pexels