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Avalanche Dominates Top 10 Amidst 97% Surge

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In the late 2023 crypto rally, Avalanche’s AVAX token emerged as a star performer, securing a coveted spot in the top 10 biggest crypto assets by market cap. According to data from CoinMarketCap, AVAX has experienced a remarkable surge, boasting gains of over 22% in the week and sustaining a 14% increase in the daily index. Alongside a select group of altcoins like Polkadot’s DOT, AVAX has witnessed substantial growth in market capitalization.

Overall, AVAX has skyrocketed by an impressive 97%, marking the most significant surge among large-cap digital assets in the last month. The cryptocurrency’s surge is attributed to news that financial giants JPMorgan and Apollo are utilizing the Avalanche network to conduct real-world tokenization experiments.

Avalanche’s blockchain has not only seen a surge in its token’s value but also in transaction volumes. According to a report by blockchain analytics firm IntoTheBlock, the blockchain recorded its highest weekly traffic in a year, with transactions totaling $2 billion.

The report also highlighted substantial inflows to Avalanche during the last two quarters of the year, amounting to $79 million in net inflows in Q3 and an additional $56 million in Q4 through late November. These inflows have contributed to the revitalization of the Avalanche ecosystem.

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Avalanche Dominates Top 10 Amidst 97% Surge 2

Taking a closer look at Avalanche’s ecosystem stats, the network has witnessed over 1 billion total transactions, with more than 2.8 million AVAX tokens burned. The blockchain boasts 1.5k total validators responsible for verifying transactions, and it achieves sub-second transaction finality, emphasizing its efficiency and scalability.

Avalanche-Based Blockchain Subnet

The surge in AVAX also coincides with the recent launch of the GUNZ official testnet. In conjunction with this launch, the Gunz crypto and NFT wallet have been introduced for both iOS and Android. The multiplayer shooter game GUNZ has innovatively integrated its entire economic structure and progression on the blockchain. The GUNZ subnet has undergone rigorous testing, executing an impressive tally of over 840,000 transactions across 60,000 wallet addresses.

Vlad Korolev, CEO of Gunzilla Games, explained the choice of Avalanche, stating, “We chose Avalanche because we couldn’t make it work on any other chain,” emphasizing the blockchain’s ability to support the wide-ranging features of the game. The integration of GUNZ into the AVAX network marks a significant milestone, showcasing the platform’s capability to support innovative blockchain applications.

Crypto Adoption In Emerging Markets Driven by Speculative Motives, ECB Research Finds

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In a recent report released by the European Central Bank (ECB), research highlights the increasing role of cryptocurrencies, particularly Bitcoin, as speculative alternatives in emerging market countries where traditional finance is limited. The study emphasizes that these digital assets, including stablecoins, could become more widely adopted by individuals and companies in the future, offering alternatives in the face of financial constraints.

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 Drivers Of Crypto Adoption In EMDEs

The report notes that the popularity of cryptocurrencies, especially Bitcoin, has evolved into a global phenomenon, transcending economies with varying levels of economic development and financial literacy. Emerging and Developing Economies (EMDEs) are notably at the forefront of crypto adoption, with several potential drivers identified by the researchers.

Firstly, cryptocurrencies serve as speculative assets, attracting investors from countries with restricted investment options due to regulatory or institutional factors. Secondly, in countries experiencing high inflation and currency depreciation, digital currencies may present a more stable value store than domestic currencies. Additionally, residents in EMDEs might utilize cryptocurrencies for cross-border transactions to bypass capital controls or reduce remittance costs.

The research overcomes data constraints by analyzing fiat currency transactions against Bitcoin, assuming that traders using non-major international currencies are residents of the issuing countries. The study focuses on peer-to-peer (P2P) exchanges, particularly LocalBitcoins and Paxful, which primarily cater to small retail users, ensuring more reliable analysis due to larger bid-ask spreads and reduced susceptibility to market manipulation.

Examining trading volumes from January 2018 to April 2022, the report identifies a global crypto cycle in Bitcoin trading against fiat currencies. The crypto-asset market’s momentum, volatility, and international financial market conditions influence Bitcoin trading. Notably, Bitcoin offers transactional benefits in EMDEs, where the depreciation of domestic currencies, especially post-COVID-19, increases Bitcoin trading.

The study implies that despite its price volatility, Bitcoin may be appreciated as a store of value or medium of exchange in countries facing macroeconomic instability. This finding underscores potential differences in the fundamental value of Bitcoin between Advanced Economies (AEs) and EMDEs.

Furthermore, the report highlights the negative correlation between proxies of banking depth and digitalization with the extent of each currency’s involvement in global Bitcoin trading volumes. It suggests that digital currencies could serve as a speculative alternative to traditional finance, particularly in EMDEs with a higher proportion of young, risk-prone populations.

Nevertheless, the complex relationship between financial development, macroeconomic instability, and the risk of cryptoization calls for further investigation, marking a significant step in understanding these dynamics.

Related Reading |  Ethereum’s Resurgence: Whale Transfers $90 Million To Kraken, Stirring Crypto Markets

Bitcoin Takes Center Stage: GTA 6 Trailer Leak Sparks Digital Currency Frenzy

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The GTA 6 trailer surfaced 15 hours before the official Rockstar Games launch on December 5, 2023, prompting an unexpected early release of the trailer. Despite its poor quality, the leaked footage, which appeared on Monday, featured a prominent watermark displaying the message “Buy #BTC” (Bitcoin). The reason behind the inclusion of the “Buy #BTC” watermark in the GTA 6 trailer remains shrouded in mystery.

This occurrence is not the first instance of Bitcoin and cryptocurrencies being linked to GTA 6, as there were earlier rumors suggesting that the individual responsible for leaking the GTA 6 gameplay the previous year was involved in Bitcoin transactions on the DarkWeb. However, details surrounding the alleged connection between Bitcoin, cryptocurrencies, and GTA 6 remain vague.

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Bitcoin Takes Center Stage: GTA 6 Trailer Leak Sparks Digital Currency Frenzy 5

Furthermore, speculations abound regarding the potential integration of an in-built Bitcoin or cryptocurrency payment system in GTA 6. Unverified rumors suggest that anonymous billionaires within the game might utilize cryptocurrencies for mission completion payments. To ascertain the validity of these speculations, we will need to wait until the game’s release in 2025. If such features are indeed present, GTA 6 could mark an innovative intersection of virtual gaming and cryptocurrency.

Virtual Thrills, Crypto Spills: GTA 6’s Journey into Bitcoin Territory!

On Tuesday, Rockstar Games officially announced that GTA 6 is set to launch on the PlayStation 5 and Xbox Series X|S in 2025. The PC version, however, is scheduled for a delayed release, and the specific timeline for its availability is still pending disclosure. Accompanied by Tom Petty’s ‘Love Is A Long Road,’ the 90-second trailer provides a glimpse into the upcoming game.

“Grand Theft Auto VI continues our efforts to push the limits of what’s possible in highly immersive, story-driven open-world experiences,” Rockstar founder Sam Houser said in the release. “We’re thrilled to be able to share this new vision with players everywhere,” he summed it up.

Société Générale Launch EUR CoinVertible Stablecoin

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Société Générale, France’s third-largest bank, is poised to make waves in the cryptocurrency space by introducing its stablecoin, marking a groundbreaking move as the first major bank to offer digital tokens linked to hard currencies for a broad spectrum of investors. The bank’s stablecoin, named EUR CoinVertible, is scheduled to commence trading on the Luxembourg-based cryptocurrency exchange Bitstamp.

This strategic entry into the cryptocurrency trading domain, traditionally dominated by specialized digital asset firms, signals a noteworthy step for a conventional financial institution. Stablecoins, which are gaining increased scrutiny from regulators, are digital currencies designed to mirror the value of sovereign currencies, streamlining crypto trading activities for investors. The majority of cryptocurrency trading, particularly in assets like bitcoin, is facilitated through stablecoins pegged to the US dollar.

Société Générale
Société Générale Launch EUR CoinVertible Stablecoin 7

Société Générale asserts that EUR CoinVertible will be fully backed by euros, distinguishing it from existing stablecoins largely denominated in US dollars. Jean-Marc Stenger, CEO of SocGen Forge, the bank’s digital assets unit, emphasized the need for diversity in stablecoins, stating that there is a market for a euro-denominated stablecoin beyond the concentration on a few existing US dollar-dominated stablecoins.

While some major investment banks, including JPMorgan, have introduced their stablecoins, these are typically limited to small groups of institutional clients. In contrast, Société Générale’s stablecoin aims to be widely accessible for trading, with the potential to settle trades in digital bonds, funds, and other assets.

Société Générale Aims for Regulatory Compliance

Stenger highlighted the bank’s commitment to compliance with the EU’s flagship digital assets regulation, Mica, set to take effect next year. He emphasized that very few stablecoins currently align with Mica’s regulations. The move towards tokenizing assets such as bonds and funds has gained traction among asset managers and banks, and Société Générale’s stablecoin is positioned to play a pivotal role in this evolving landscape.

Addressing concerns about exposure risk, Stenger assured that token holders would face no direct exposure to Société Générale. Instead, they would have “direct recourse on the collateral asset of the stablecoin,” as the euros backing the stablecoin would be held in a trust managed by a third party. The stablecoin is designed to be versatile and usable across different platforms and among various financial services players, reflecting Société Générale’s commitment to fostering widespread adoption and integration within the digital financial ecosystem.

Ethereum’s Resurgence: Whale Transfers $90 Million To Kraken, Stirring Crypto Markets

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Ethereum Takes Center Stage as a Long-Dormant Whale, holding a substantial $90 million in ETH, unexpectedly re-emerges in the crypto landscape. This week, the dormant Ethereum wallet, dormant for over five years, has created a buzz by transferring its entire balance to the Kraken exchange, sparking speculation and intrigue among industry observers.

Ethereum’s Dormant Whale: A Tale from 2017 To Kraken’s Doorstep

The genesis of this intriguing tale can be traced back to 2017 when blockchain analysis revealed that the whale address initially received 47,260 ETH, valued at just over $11 million at that time.Following this initial transaction, the wallet maintained complete dormancy until the early hours of Tuesday morning, when a single transaction deposited the entire balance of 39,260 ETH into Kraken.

The transfer, detected by the on-chain analytics tool Lookonchain during Asian morning trading, raised eyebrows as prior transactions from the address did not align with any known exchange storage wallets. However, further blockchain analysis hinted at a possible connection to the trading firm Cumberland.

The fascination surrounding crypto whales stems from their potential to influence markets significantly. When whales accumulate tokens, it can signal strength and stability in a particular asset. Conversely, transfers to exchanges often precede selling activities or conversions to alternative cryptocurrencies, impacting pricing dynamics.

As of now, Kraken boasts sufficient liquidity to accommodate a $5 million Ethereum trade without causing substantial market swings. However, a $90 million sell-off has the potential to introduce increased volatility. Notably, experienced whales often break down large orders into smaller chunks to mitigate disruption.

The resurgence of this dormant Ethereum holder, making a substantial move after five years of silence, underscores the extraordinary wealth concentration and influence wielded by crypto whales over market prices, both for better or worse.

Shiba Inu Unleashes Fire: 8.24B SHIB Burn Ignited

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Shiba Inu, the meme-powered cryptocurrency beloved for its playful mascot and passionate community, has taken a significant step towards its goal of curbing token supply and boosting value. The team behind the project has ignited the Shibarium burn engine, sending a staggering 8.24 billion SHIB tokens (worth over $75,000) to the dead wallet in a single transaction. This marks the first-ever burn on Shibarium, a layer-2 blockchain designed to enhance scalability and transaction efficiency for the Shiba Inu ecosystem.

The monumental news broke on X (fka Twitter), where Vet Kusama, the Shibarium Tech Telegram group admin, declared the achievement to the crypto world. Lucie, the Shiba Inu marketing manager, further fueled the excitement, highlighting the team’s relentless pursuit of innovation.

This burn event comes on the heels of Shibarium surpassing 34 million transactions, showcasing its rapidly growing adoption. The network processed a remarkable 7.82 million transactions in the past 24 hours alone, solidifying its position as a thriving platform within the SHIB universe.

Shibarium Burns Hot: 70% Fee Feeds the Shiba Inu Bonfire

The Shiba Inu team, adhering to their earlier commitment outlined in the Shibarium document, allocated a portion of the network’s fees to burn SHIB tokens. Notably, a generous 70% of the base fee is dedicated to repurchasing and burning SHIB, effectively reducing its circulating supply and potentially driving up its price.

Shytoshi Kusama, the mastermind behind Shiba Inu, shed further light on the burn mechanism, clarifying that Shibarium will automatically execute burn transactions whenever the burn contract accumulates $25,000 in BONE, the native gas token of Shibarium. This automated approach ensures a consistent and predictable burn rate, keeping the community informed and engaged.

Interestingly, the burn unfolded sooner than anticipated. While Lucie previously mentioned an eight to twelve-month timeframe for the initial burn, Shibarium’s impressive transaction volume accelerated the process. This unexpected turn of events is a testament to the platform’s burgeoning activity and its potential to become a potent burn engine for Shiba Inu.

Experts are now buzzing with excitement, envisioning Shibarium incinerating a staggering 5 trillion to 20 trillion SHIB tokens monthly. This potential for large-scale burns could fundamentally alter the Shiba Inu landscape, potentially propelling the token towards greater value and mainstream adoption.

With Shibarium’s fire ignited, the Shiba Inu community eagerly awaits the next inferno. As more users migrate to the platform and fuel its transaction engine, the burn rate is poised to skyrocket, potentially transforming Shiba Inu into a force to be reckoned with in the ever-evolving cryptocurrency space.

Dogecoin Deputizes Doge Army, Captures $88B in Fury

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Dogecoin has captured the imagination of the internet and the financial world alike. Born as a lighthearted joke in 2013, DOGE has defied expectations, growing into a community-driven powerhouse with an $88 billion market cap. Here at Changelly, we take DOGE seriously, recognizing its potential as a testament to the power of online communities.

Dogecoin’s journey is nothing short of remarkable. Created by software engineers Billy Markus and Jackson Palmer, DOGE was intended as a satirical commentary on the hype surrounding cryptocurrencies. Its playful logo and association with the popular “Doge” meme resonated deeply with internet users, propelling it into the viral stratosphere.

Dogecoin’s success story is largely fueled by its passionate and dedicated community. The “Doge Army,” as they affectionately call themselves, has rallied behind DOGE, driving its adoption and value. From charity initiatives to online campaigns, the community’s unwavering support has been instrumental in DOGE’s rise.

Dogecoin: Market mover with a playful bite

Today, Dogecoin stands as a legitimate player in the crypto landscape. Its price, currently at $0.09, has shown a bullish trend, increasing by 14.77% over the past week. Technical indicators suggest continued growth, with a predicted 0.88% rise by December 6th.

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Source: Changelly Blog

The analysis suggests that DOGE’s price will continue its upward trajectory throughout 2023, with a minimum of $0.0753 and a maximum of $0.0827 in December. Looking further, 2024 might see DOGE trade between $0.0481 and $0.0639, with an average price of $0.0797.

Dogecoin’s story is more than just a meme-fueled investment frenzy. It’s a testament to the power of online communities and their ability to shape the digital landscape. As Dogecoin continues its journey, one thing remains clear: the “Doge Army” is here to stay, and they’re ready to bark their way to the top.

Shiba Inu Core Developer Discredits Speculations Around 32M Shibarium Transactions Milestone

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Shiba Inu, the renowned cryptocurrency, has witnessed a recent development where its core developer, Kaal, addressed and discredited speculations surrounding the legitimacy of the reported 32 million transactions milestone on the Shibarium network.

Data sourced from Shibariumscan indicates that the total transactions on the Layer-2 network have surged to 35,580,919, marking an increase of approximately 3 million since Kaal’s previous announcement.

Kaal’s clarification became imperative to dispel any doubts about the authenticity of SHIBDAO transactions, countering perceptions that they might be misleading and deviating from actual reality.

Shibarium Surpasses Its Previous Records

Since its inception in August, SHIBDAO has strategically surpassed its own records. Initial transaction figures, which were in the range of a few thousand, have now escalated to an average of 7 million daily transactions.

Commenting on this milestone, Kaal emphasized that these transactions should not be dismissed as spam, clarifying that despite a 1,000% increase in gas fees, normal transaction costs remain at “a tenth of a penny,” with more complex transactions costing “less than a dime.” The developer expressed enthusiasm about the consistently high speed despite these challenges.

Kaal also highlighted a noteworthy observation that the spike in gas fees resulted in a substantial accumulation of BONE, leading to Shibarium’s inaugural SHIB burn. Importantly, the SHIBDAO network demonstrated resilience in the face of heavy traffic, with network utilization staying below 60%, underscoring its scalability.

Despite the current achievements, Kaal hinted at even more ambitious plans for the SHIBDAO protocol. Confirming an ongoing initiative to develop the SHIB decentralized operating system for the network state, the developer teased a significant upgrade for the transition of the testnet Puppynet from Goerli to Sepolia. This move is necessitated by Ethereum’s impending phase-out of Goerli later this month, marking the end of its pioneering testnet use.

To complement Shibarium’s staggering growth, the development team unveiled a dual-mode burn mechanism set to integrate manual and automatic burning by January 2024. With a well-defined roadmap, Kaal challenged developers to articulate what they are “building with SHIB on Shibarium,” hinting at the continued evolution and innovation within the Shiba Inu ecosystem.

Tether Records Staggering $1.1 Billion Profit Amid Bitcoin Boom

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Tether, the leading issuer of the world’s largest stablecoin, USDT, has capitalized significantly on the recent surge in Bitcoin (BTC) prices, reaping substantial profits. With its current Bitcoin holdings valued at an impressive $2.4 billion, USDT has accrued a profit exceeding $1.1 billion.

The remarkable ascent of BTC prices, reaching an astonishing $41,750, has been a pivotal factor in Tether’s financial triumph. Rather than merely keeping pace with the cryptocurrency market’s upward trajectory, Tether has strategically invested a substantial portion of its profits in Bitcoin, further amplifying its gains.

Tether’s Strategic Bitcoin Holdings

Tether’s Bitcoin holdings, totaling an impressive 57,575, are divided into two segments. The first comprises 53,492 BTC, secured before March of this year, while the second, amounting to 4,083 BTC, was gradually acquired from May 2023 onward, utilizing 15% of USDT net profits. This dual-pronged approach underscores USDT increasing confidence in the cryptocurrency space and its unwavering commitment to fortifying the broader ecosystem.

Executing shrewd moves at an average purchase price of $22,480 per Bitcoin during the recent surge, USDT not only showcases financial acumen but also demonstrates steadfast belief in the enduring growth potential of the cryptocurrency market.

In a departure from conventional practices, USDT is reshaping its investment strategy by prioritizing realized profits over unrealized gains, channeling them into strategic Bitcoin acquisitions. This shift underscores Tether’s dedication to long-term growth and transparency in its financial decisions.

Beyond its substantial BTC holdings, USDT Group is directing attention towards enhancing communication infrastructure, leveraging cutting-edge peer-to-peer technologies such as Holepunch. Concurrently, the company is delving into energy infrastructure to support Bitcoin mining initiatives. USDT overarching vision centers on maintaining stability and security while actively exploring innovative opportunities.

XRP Doubts Smashed: Analysts Now Bullish on 53% Price Surge

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XRP, the native token of the Ripple payment network, has had a rollercoaster ride over the past few years. From its dizzying heights as the second most valuable cryptocurrency in 2018 to its painful decline and subsequent struggle to regain its footing, the token’s journey has been nothing short of dramatic.

But could 2023 be the year XRP finally takes flight again? Recent signs suggest a potential for a bullish run. After a long slumber, the token has shown promising signs of life, buoyed by the broader crypto market boom of early 2021. While it hasn’t quite recaptured its past glory, the embers of its former dominance are flickering back to life.

As of today, XRP sits comfortably at $0.62, a testament to its gradual but steady climb. Analysts predict a further 17.24% surge by tomorrow, pushing its value to $0.72. Technical indicators paint a picture of cautious optimism, with a neutral bullish sentiment and a “greed” score of 74.

XRP’s historical data reveals a promising narrative. Ranked fifth among all cryptocurrencies, it boasts a circulation supply of over 33 billion tokens and a market capitalization exceeding 53 billion of the token. Over the past 24 hours, it’s seen a modest but positive nudge upwards, and in the last week, it’s climbed an impressive 2.93%. This recent surge, coupled with its strong performance over the past month, paints a picture of a potentially resurgent asset.

XRP’s December Forecast

Looking ahead, the XRP price predictions for 2023 are cautiously optimistic. Experts anticipate a minimum price of $0.618 and a maximum of $0.713, with an average trading price hovering around $0.807. December specifically is expected to see an average price of $0.713, with a minimum and maximum of $0.618 and $0.807, respectively.

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Source: Changelly Blog

While the future remains uncertain, the data whispers of potential. XRP’s gradual but steady climb, coupled with positive analyst predictions and favorable market sentiment, suggests that the phoenix may finally be rising from the ashes. Whether it soars to the moon as it once did remains to be seen, but one thing is certain: XRP’s story is far from over.