TronWeekly

Crypto World News

You are here: Home / All Posts

All Posts

Solana’s DeFi Token Becomes New Social Media Sensation

by


JITO, a staking initiative built on the Solana network, has made a stellar entrance into the spotlight as its native token, JTO, secures a prominent position on the trending tokens roster across various social media platforms including X, Reddit, Telegram, and 4Chan. The Solana decentralized finance [DeFi] community is jubilant following the introduction of JITO’s JTO token, which offers an opportunity for eligible users to acquire a portion of the 90 million tokens over 18 months.

As per JITO’s announcement, the JTO token serves a dual purpose, enabling users to engage in the governance of the protocol while also facilitating the acquisition of goods and services on decentralized finance platforms throughout the Solana blockchain.

JTO holders are encouraged to start participating in governance to help steer the direction of Jito Network…You will [also] be able to use your JTO on various DeFi platforms across the Solana network. We are launching a tool soon to help you find those opportunities.

Solana
Solana's DeFi Token Becomes New Social Media Sensation 2

In the context of Solana, its native cryptocurrency, SOL, has emerged as one of the standout performers throughout the year, defying market expectations and undergoing a remarkable surge of over 500%. Since May 2022, SOL has experienced an 8% increase, reaching $69, following a three-week cooldown period since its local peak in mid-November. Arthur Hayes, a crypto investor and founder of the BitMex exchange, has contributed to the bullish outlook by hinting at a $100 price target.

Solana Leads Alt-Season Rally

Hayes’s forecast suggests the possibility of such a rise occurring as early as over the weekend, grounded in the anticipation of an “alt-season” in the cryptocurrency market. It is evident that, amid these favorable market conditions, Arthur Hayes envisions further growth in the value of Solana [SOL]. The last instance of SOL trading above $100 dates back to April 2022, coinciding with the infamous collapse of Terra [LUNA].

As of the current writing, SOL is trading at approximately $71, reflecting an impressive 12% surge in the past 24 hours and an 18% increase over the weekly index. Additionally, SOL has solidified its position as the sixth-largest cryptocurrency by market capitalization, standing at $27 billion. This market cap slightly surpasses that of its closest blockchain competitor, Cardano, which holds a market value of $15.4 billion.

Solana’s Ascending Triangle: Potential for $90 Bullish Breakout

by

Solana (SOL) is currently at a crossroads, teetering on the edge of a potentially bullish breakout or a pullback, as analysts share their divergent perspectives. According to market analyst Ali, Solana’s 12-hour chart displays an ascending triangle formation, a bullish continuation pattern hinting at potential gains for SOL. 

However, Ali issues caution, emphasizing the importance of a sustained close above the $68.2 mark to trigger a bullish breakout towards $90. The $60 support level also looms large, with any signs of weakness potentially causing a surge in profit-taking, pushing SOL down to $47.

image 24 3

Cryptonary’s Analysis: Is Solana Due for a Pullback?

Adding to the discourse, analyst Cryptonary takes Twitter to ponder if SOL is due for a pullback. The open Interest (OI) for SOL has surged to new highs, and funding is aggressively rising, suggesting a significant influx of long positions. Despite SOL’s apparent technical strength, recovering to $61 and breaching the local resistance at $65, Cryptonary also issues a cautious stance.

Delving into the technical analysis, SOL has found support at $61, a positive signal that invalidates the previously bearish structure. The key lies in SOL’s ability to claim levels above $65, as retesting $69 becomes possible. The cautionary flag is raised again with a substantial support range of $59 to $61. A breach of this level could spell a more pronounced decline.

Market mechanics further complicate the scenario. Open Interest has surged to new highs, indicating increased market activity. The OI-Weighted Funding Rate has reset but is now escalating alongside rising prices, suggesting an accumulation of long positions. Cryptonary warns that the market is overheated, with longs potentially outweighing the market balance.

image 24

Cryptonary’s outlook suggests a potential short-term pullback to flush out excessive long positions, with a critical eye on the $61 support level. Short-term trades are not on the radar unless funding continues to rise, pushing the price to $66; at this point, a reversal to short positions may be considered. 

image 24 1

For Dollar-Cost Averaging (DCA) enthusiasts, the strategy is to put DCA on a pullback to $52, with a more aggressive approach if SOL dips below $48. As Solana’s fate hangs in the balance, investors brace themselves for a decisive move in either direction.

Related Reading | Robinhood’s European Impact: Free Crypto Trading App Revolutionizes Markets

Binance’s Global Shift: Abu Dhabi Withdrawal Amidst U.S. Settlement Fallout – Report

by

According to the latest report, Binance’s Abu Dhabi unit has withdrawn its application with the Emirate’s Financial Services Regulatory Authority (FSRA). The move, announced on December 7th, comes as Binance claims to be reevaluating its “global licensing needs.” Notably, the decision is said to be unrelated to the recent $4.3 billion settlement with U.S. authorities, an agreement that saw Changpeng “CZ” Zhao, the former CEO, plead guilty to a felony charge and step down from his role.

Initially submitted by BV Investment Management, the application aimed to grant Binance the authority to manage a collective investment fund. Despite the withdrawal, Binance Limited, as per its website, retains permission for financial services related to crypto custody in the Abu Dhabi Global Market.

Richard Teng, Binance’s new CEO and former head of regional markets, who assumed the CEO role after CZ’s departure, emphasized that the exchange had undergone significant changes following the settlement. Teng said that today’s Binance is “totally different.”

Binance Ex-CEO CZ’s Restricted Movement 

While the exchange reassures its commitment to collaborating with global regulators, including those in Dubai and other nations, the company faces legal challenges in the United States. U.S. officials announced a $4.3 billion settlement on November 21st, requiring CZ and Binance to pay penalties. CZ, who had been free on bail, now faces a new development. According to Reuters, U.S. District Judge Richard Jones approved the government’s motion requiring CZ to stay in the United States until his sentencing on February 23rd, 2024.

52075968856 407210d092 o

Despite earlier indications that CZ could return to the United Arab Emirates (UAE), where he resides, the Justice Department argued that he poses a flight risk. The judge agreed, stating that CZ had not convinced the court he was unlikely to flee if allowed to return to the UAE. CZ, however, remains free under the conditions of his bail and can travel within the United States.

Nevertheless, for now, the leading exchange finds itself navigating complex regulatory landscapes globally, making strategic decisions that impact its operations and partnerships worldwide. The cryptocurrency exchange remains a focal point in the ever-evolving regulatory discussions surrounding the crypto industry.

Related Reading | Shiba Inu’s Scaling Marvel: 3-Month Triumph Unveiled

Chainlink Surges: 17,000 Addresses Acquire $47M in LINK Amidst Key Support Zone

by

The crypto market has witnessed a surge in Chainlink’s (LINK) price, as more than 17,000 addresses seized the opportunity to acquire a whopping $47 million worth of LINK tokens within a strategically defined support range of $14.4 to $14.8. Analyst Ali points out that the current trading levels above this crucial support zone might trigger a rebound, but caution is advised, as any indications of weakness could prompt investors to shed their LINK holdings to avert potential losses.

As per the latest data from CoinMarketCap, LINK has made significant strides, boasting a 9% gain in the weekly chart, currently trading at $15.85. The daily chart, on the other hand, shows a commendable 1.09% gain. The 24-hour trading volume has surged by 36.58%, underscoring the heightened activity surrounding the digital asset. The cryptocurrency currently holds the #12 spot on CoinMarketCap, commanding a market cap of $8 billion.

LINK 7D graph coinmarketcap 10
CoinMarketcap

Early Access To Chainlink Staking v0.2 Goes Live

The driving force behind this surge can be traced back to the recent announcement that Early Access to Chainlink Staking v0.2 has gone live, witnessing impressive participation as over 11 million LINK tokens were staked within the first 30 minutes of the launch. This development follows the nine-day “priority migration” period last month, during which existing v0.1 stakers seamlessly transitioned their staked LINK and rewards to the new version. Notably, Chainlink Staking v0.2 boasts an expanded pool size of 45 million LINK.

In a tweet from ChainLinkGod.eth, a prominent Community Ambassador for Chainlink, it was revealed that the LINK community demonstrated its unwavering support by staking over half a billion dollars worth of LINK, with a significant portion staked within a mere 7 hours after the Early Access launch. The tweet emphasized the LINK community’s unique combination of deep understanding of Chainlinked smart contracts and active engagement in shaping the future of decentralized finance.

Chainlink, renowned as crypto’s leading Oracle network for providing real-world data to blockchain applications, introduced staking a year ago, thereby enhancing the utility of the LINK token and enabling holders to support the performance of Oracle services while earning rewards.

The latest version of Chainlink Staking, v0.2, brings forth a more flexible unbinding mechanism, allowing stalkers to withdraw their staked tokens more efficiently. Additionally, the update aims to bolster security guarantees and boasts a modular architecture for enhanced adaptability.

Related Reading | Cathie Wood’s Ark Invest Continues Selling Spree: Offloads $27.8 Million

Ethereum January 2024 Hard Fork Unveiled

by

In the latest community meeting, Tim Beiko, Ethereum’s lead developer, provided insights into the upcoming developments for the network. Beiko highlighted the anticipated Dencun hard fork of the Goerli testnet, revealing plans for its execution in January 2024, contingent on the smooth progression of preparations. Most teams involved are reportedly ready for the testnet fork trial, and there are plans to conduct a Goerli shadow network fork in the ensuing weeks.

Dencun, encompassing EIP-4844, marks the imminent network upgrade for Ethereum and is slated to be the final fork deployed on Goerli. Although there is no definitive mainnet deployment date, the core developers are currently eyeing January for the transition from the Goerli testnet to Dencun. Some community members speculate that the mainnet shift might occur in March or April.

Ethereum
Ethereum January 2024 Hard Fork Unveiled 9

About Devnet 12, recently launched, it was reported that nearly all clients are operational on the new platform. Multiple errors at various clients, including Reth and Lighthouse, were identified and subsequently rectified. Notably, the Prysm Ethereum Client team is still absent from Devnet 12, focusing on ongoing work related to Blob caching and verification. They aim to join Devnet 12 within the next one or two weeks.

The development team is well-prepared for the upcoming testnet fork, with plans for a substantial Goerli shadow fork in the coming weeks. There is unanimous agreement among developers that, should these processes unfold smoothly, the Goerli fork date will be finalized early in 2024, with aspirations to activate Dencun on the network in January. The last ACDE meeting of 2023 is scheduled for December 21 at 22:00 Beijing time.

Ethereum: Shadow Fork On The Horizon

Looking ahead, discussions during the meeting centered on the teams’ readiness to progress toward forking testnets. A significant Goerli shadow fork is on the horizon, and pending any unforeseen issues, forking Goerli itself is deemed to provide the most valuable testing insights.

Prior statements from Ethereum client developers confirmed that the highly anticipated Dencun upgrade would not undergo deployment through a network hard fork before the close of 2023. Meanwhile, Ethereum has experienced notable price momentum, reaching $2,370, its highest point since June 2022. This surge is attributed to growing institutional interest in the second-largest cryptocurrency by market cap, propelling Ether’s price by 25.7% over the past 30 days. The sustained trading above $2,300 suggests an increasing focus on Ether, with a year-to-date price increase of 96.5%.

PEPE Awakens: Surges To Second-Highest Profit Ratio Among Top Memecoins

by

In a recent tweet from IntotheBock, the crypto community was alerted to the awakening of $PEPE, a meme-inspired cryptocurrency that has garnered attention with a substantial price surge. The latest data reveals that an impressive 63.2% of PEPE holders are currently in profit, marking it as the second-highest profit ratio among the leading meme coins in the market.

The surge in profitability is not the only positive sign for the coin. Active addresses have witnessed a remarkable uptick, peaking at nearly three times the number recorded just last week. Transaction activity is also on an upward trajectory, with large transactions experiencing a significant spike from a monthly low of approximately 10 daily to an impressive 160, while the total number of daily transactions has soared to over 5.6k.

image 24 5

PEPE Price Analysis and Market Position

At the time of reporting, the cryptocurrency is trading at $0.000002 with a 24-hour trading volume of $206 million. Over the past 24 hours, the coin has demonstrated a 2.08% increase; in the weekly chart, it has surged by an impressive 37.65%. It currently holds the 87th position on CoinMarketCap, boasting a market cap of $641 million. The circulating supply stands at 417,481,332,889,206 PEPE coins out of a maximum supply of 420,690,000,000,000 PEPE coins.

PEPE 7D graph coinmarketcap 3
Source: CoinMarketcap

Over the last month, the coin has experienced a notable 25.9% price increase, adding an impressive $0.00000037 to its value. This sudden growth has positioned the coin as a potential solid asset, provided the positive momentum continues. In the past 30 days, Pepe Token has recorded 16 out of 30 (53%) green days, reflecting a 9.58% price volatility.

Analysts and enthusiasts are looking towards the future with optimism for the coin. The latest price forecast suggests a potential 5.27% increase, reaching $0.000001579 by December 09, 2023. Technical indicators are signaling a bullish market sentiment of 85% for PEPE, while the Fear & Greed Index is displaying a score of 72, indicating a prevailing sentiment of greed among investors.

PEPE 1M graph coinmarketcap 1
Source: CoinMarketcap

Looking further ahead, predictions for the end of December indicate a price range between $0.00000128 and $0.00000166. This forecast underscores the prevailing confidence in PEPE’s potential for continued growth and stability in the crypto market. 

Related Reading | Fidelity’s Bitcoin ETF Finds A Spot On DTCC, Boosting Approval Prospects

Ethereum Hits Highest Since June 2022: Bullish Trends in Whale Wallets

by

Ethereum (ETH) has surged to $2,349, marking its highest point since June 2022, as reported by Santiment. The cryptocurrency’s ascent is accompanied by a notable trend in which top non-exchange whale wallets accumulate wealth while top exchange whale wallets demonstrate decreased sell-off power. This convergence of factors paints a promising picture of Ethereum’s continued market climb.

image 24 7

Analysts Debate Ethereum’s Future: Will It Swim or Sink?

Cryptocurrency analysts are closely scrutinizing ETH’s current position, debating whether it will swim to further highs or sink under potential pressures. A recent analysis by a cryptonary analyst sheds light on the critical juncture ETH finds itself in, with a pennant pattern forming that could pave the way for a significant market move.

At present, Ethereum faces a crucial decision point. The mechanics seem favorable, with Open Interest (OI) experiencing a decrease while Funding hovers just above 0.010%. According to technical analysis, the outcome of this pivotal moment could see Ethereum either reaching $2,340 before a potential rejection or dipping to $2,130.

Looking closely at the technical aspects, ETH remains outside the primary upward trajectory despite a recent positive uptrend, typically considered unfavorable for its price. The emerging pennant pattern introduces the possibility of a volatile move, with $2,340 acting as horizontal resistance and $2,130 as horizontal support.

image 24 6

The Relative Strength Index (RSI) maintains positivity across various timeframes, except for the 3D chart, indicating that there might be room for further growth before reaching concerning levels. Analysts anticipate a potential breakout to $2,340, followed by a short-term rejection in that zone.

Examining market mechanics, ETH’s Open Interest has decreased from $8.47 billion to $7.82 billion, a relatively healthy adjustment that suggests the market is not overheated. The OI-Weighted Funding Rate has shown a growing bias towards Long positions, at 0.013%. Despite the bias, it remains at a level considered relatively healthy, without an overweight position in Longs.

Cryptonary’s analysis of ETH’s current status emphasizes the positive market mechanics, highlighting the resilience of the cryptocurrency at the $2,250 level. Despite less favorable technical analysis setups, Ethereum’s price performance has been robust.

Cryptonary foresees the potential for Ethereum to break up to $2,340 before encountering resistance and undergoing a pullback. While short-term trades may not be on the horizon, the analysts plan to move the Dollar-Cost Average (DCA) into the $2,130 area if a pullback occurs. Additionally, they express readiness to implement aggressive DCA orders below $2,000, although they deem the likelihood of the price reaching that level to be low. 

Related Reading | Solana (SOL) Bulls Gain Momentum: Analyst Envisions a 600% Surge, Eyeing $453 Price Level

Bitcoin’s Transition: Exploring the Path Ahead Beyond Satoshi’s Era

by

Over 1,000 bitcoins mined in the early phases of the Bitcoin network, commonly known as the “Satoshi era,” were recently transferred. According to information provided by CryptoQuant, an on-chain analytics company, this transfer occurred on December 4, representing a seldom-seen occasion where assets generated in the initial stages of BTC changed ownership.

These BTC’s, mined between August and November 2010—over thirteen years ago—as part of block rewards, are estimated to have a total value of approximately $100.

Bitcoin’s Spectacular Surge: Transferred Sum Hits $43 Million

The address 35BRV3y2tEJNCHbmVtAe3kXNckYgu8X7av received exactly 999.99 BTC’s in a single transaction, subsequently dispersing the holdings among various addresses. Eventually, these BTC’s were consolidated in the address 1CzBL1pEudgqeTtoyPLtrVQHo7nYAZxmKZ, which currently boasts a balance of 1,028 bitcoins. At current market prices, the total value of these BTC’s holdings is estimated to be around $43 million.

Bitcoin
Bitcoin's Transition: Exploring the Path Ahead Beyond Satoshi's Era 16

Analysts at CryptoQuant suggest that the individual who moved these BTC’s, possibly an early miner, may have sold them, potentially channeling the proceeds into an over-the-counter (OTC) or custodian service. This recent transaction aligns with other occurrences of “Satoshi-era” BTC’s becoming active in 2023. In July, a wallet inactive for 11 years transferred $30 million worth of bitcoin to other wallets, and in August, another wallet moved 1,005 BTC to a new address. The movement of these early-mined BTC’s coincides with a period of renewed optimism for BTC. As the Bitcoin halving is scheduled for April, analysts also predict a potential surge in prices.

In preparation for the upcoming BTC halving event, a pivotal moment for BTC, which historically influences market sentiments through its impact on supply dynamics, WatcherGuru has introduced a live Bitcoin halving countdown. This tool allows anyone to track the live countdown of the halving event.

Solana (SOL) Bulls Gain Momentum: Analyst Envisions a 600% Surge, Eyeing $453 Price Level

by

Solana (SOL) experienced a 5.1% surge in the last 24 hours and a 9% increase over the preceding week. Additionally, its monthly charts show a remarkable ascent of over 58%. In 2023, SOL has positioned itself as one of the top-performing cryptocurrencies, achieving a staggering surge of more than 530% since January. This notable performance has outshone Bitcoin (BTC), which has seen a comparatively modest increase of around 164% during the same period.

Solana
Solana (SOL) Bulls Gain Momentum: Analyst Envisions a 600% Surge, Eyeing $453 Price Level 18

Furthermore, Solana’s (SOL) Total Value Locked (TVL) has surpassed the $655 million milestone, marking a substantial 211% surge since January. Despite these impressive gains, the ongoing rally for SOL may still have room to continue.

Solana Target Set: Analysts Predict a Bullish Surge, Aiming for $453

Cryptocurrency analyst InvestAnswers suggests that during the next bull run, SOL has the potential to achieve 10% of Ethereum’s (ETH) market capitalization. If ETH reaches $8,000, SOL might see an approximate value of $231, marking a substantial 266% increase from its current levels. Alternatively, InvestAnswers offers a more optimistic scenario where Solana (SOL) could reach 20% of ETH’s market cap, propelling SOL’s price to $453.

This more bullish projection implies a remarkable 615% surge from its present value. Notably, other analysts share this optimism for SOL. ARK Invest CEO Cathie Wood has expressed support for the altcoin, and even OpenAI’s AI chatbot, ChatGPT, has forecasted a bullish future for SOL, predicting a $500 valuation by 2024. Investment firm VanEck also paints a positive picture for Solana (SOL), projecting a potential price of $3,211.28 by 2030.

It is worth noting that SOL rebounded impressively in 2023 following its significant decline in November 2022, triggered by the collapse of FTX. FTX founder Sam Bankman-Fried, an early SOL supporter, played a pivotal role as one of the token’s major holders through his exchange.

Bitcoin Mining Pool Ocean Refutes Claims Of Transaction Censorship By Samourai Wallet

by

Bitcoin mining pool Ocean denies allegations of censoring specific Bitcoin transactions, refuting claims made by Samourai Wallet. The wallet provider accused Ocean of censoring Whirlpool CoinJoin transactions and BIP47 notification transactions as of December 6. Despite these accusations, Ocean’s top executive, Luke Dashjr, denied the claims and urged Samourai Wallet to address a bug in their software.

On December 7, Samourai Wallet asserted that a new policy implemented by Ocean’s mining pool censored certain Bitcoin transactions. The wallet provider also leveled accusations against Jack Dorsey, co-founder of X (formerly Twitter) and Block, who is an investor in Ocean, accusing him of engaging in “hostile action.”

Bitcoin Core Developer Luke Dashjr Accused Of Past Transaction Censorship By Samourai Wallet

In the ongoing dispute, Samourai Wallet additionally accused Luke Dashjr, a Bitcoin Core developer and founder of Ocean, of past instances of censoring transactions and implementing blacklists. The wallet provider suggested that Dashjr had a longstanding intent to carry out such actions.

The latest accusation against Dashjr involves the imposition of a 46-byte limit on the OP_RETURN function instead of the 80 bytes specified in Bitcoin Core version 0.12. Samourai Wallet alleges that this decision by Ocean results in the exclusion of privacy-enhancing transactions, advising miners to consider redirecting their hash power to another mining pool.

Dashjr rejected the claims made by Samourai Wallet against Ocean, asserting:

This is a bug in your software, not an intentional policy on our end.

Furthermore, he expressed uncertainty regarding the concerns raised by the wallet provider, posing the question, “What is this data even for? I’ve explored attempts to find a solution, but I cannot locate any technical details.” Dashjr absolved himself of responsibility and suggested that Samourai Wallet should address the issue on their end.

This exchange of statements divided the crypto community, with some supporting Samourai Wallet’s perspective of “80 Bytes is 80 Bytes,” while others advised fixing the alleged bug.

In the midst of the controversy, a former ASIC and iOS developer within the community believed that Ocean’s new policy enforcing censorship was unintentional. Brad Mills from Nostr Wallet also weighed in, stating, “There’s no policy to censor Whirlpool or privacy-preserving transactions.”

Despite these counterarguments, Samourai Wallet continued to accuse Dashjr of dishonesty, alleging that he was deflecting blame and deceiving community members. The wallet provider urged the community not to let Ocean get away with their actions.