Day: October 14, 2023

As the Sandbox usage slows, is Memeinator the next big thing?

The Sandbox is one of the most prominent players in the crypto industry. Together with Axie Infinity and Decentraland, the network were the leading players in the gaming and NFT industry at their peak. 

The Sandbox users slow

Recently, however, the ongoing crypto winter has affected the crypto gaming industry, with prominent platforms seeing slow user metrics. The most recent data by DappRadar shows that the network had just 2.85k Unique Active Wallets (UAW) interact with its platform in the past 30 days. 

The number of transactions in the ecosystem jumped by more than 28% to 3.6k while the overall volume crashed by 15.5% to $2.26 million. Another crucial data shows that the total fiat value of coins in its platform has dropped by 0.58% to over $23 million. These numbers pale in comparison to what it had during it peak.

The Sandbox is not alone. Decentraland, a pioneer in its industry has done even worse. It had just 2.28k in Unique Active Wallets and handled 40.24k transactions. The total volume in its platform was just $19 million.

There are several reasons why Sandbox and Decentraland have seen their users crash over time. First, unlike during the pandemic, many people have now gone back to work and have less time to play.

Second, many Decentraland and Sandbox players have been disappointed by the relatively weak returns in the sector. MANA and SAND prices have plunged by over 80% from their peak.

Most importantly, interest rates have jumped to a multi-decade high as the Fed battles with high inflation. Riskier assets like Sandbox and Decentraland underperform in a period of high-interest rates.

Memeinator continues to outperform

Meanwhile, Memeinator, an upcoming meme coin has continued to defy gravity. The platform has raised over $695k in the past few weeks as investors continues accumulatioon. Their goal is that the price will surge once it is listed in key exchanges like Binance and OKX.

Memeinator is a meme coin that will combhine the aspects of gaming and artificial intelligence. These technologies will help to create utility in the ecosystem, making it one of the top-performing platforms.

Memeinator aims to take advantage of the hype that has pushed meme coins like Shiba Inu and Dogecoin to become the biggest players in the industry. It also aims to use technologies like AI to boost its market share and defeat existing tokens.

Most importantly, there is a likelihood that the MMTR token will do well in the next crypto bulll run. This run willl be triggered by a Bitcoin ETF, Bitcoin halving, and a change of tune by the Federal Reserve. You can buy MMTR token here.

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Liquity, Loom Network Surges as Shiba Memu Token Sale Continues

Cryptocurrency prices have been in a deep slumber in the past few weeks as investors move back to stocks and other safe havens like short-term bonds and money market funds. Bitcoin has remained stagnant betweeen $25k and $30k while the total market cap has remained stuck above $1 trillion.

Loom Network, Liquity surge

Not all cryptocurrencies have remained in this consolidation phase in the past few weeks. As I wrote hereLoom Network price has surged by more than 500% in the past few days, making it the 92nd biggest cryptocurrency in the world. The rally happened after Gate.io, a leading exchange listed the cryptocurrency. 

And this week., Loom Network’s futures were added to leading exchanges like Binance and LBank. As all this happened, the coin entered the so-called markup stage of the Wyckoff model where demand is usually higher than supplies. 

The other top mover was Liquity, a platform that operates the Liquity US dollar stablecoin known as LUSD. Users can take loans using the stablecoin after staking ether as collateral. LQTY price has surged to $1.35, higher than last month’s low of $1.35. 

Liquity’s price action was mostly due to the increased activity in its ecosystem. The latest data shows that users who staked in the protocol received $625k in the last month even as the crypto winter continued. 

Shiba Memu token sale continues

The other big winners in the past few weeks has been Shiba Memu, which has continued raising additional capital in the past few months. The token has raised over $3.8 million, making it one of the most successful token sales in the world. 

For starters, Shiba Memu is a meme token that aims to disrupt the industry that is now dominated by the likes of Shiba Inu and Dogecoin. It aims to do that by combining two of the most popular technologies in the market.

The first technology is artificial intelligence (AI), which has grown rapidly because of the success of ChatGPT and other companies like Anthropic. Analysts believe that AI will be the most disruptive industry in the market.

Shiba Memu will use some of the top building blocks of AI like predictive modelling, data analysis, and image analysis. The end goal is to have a meme coin that evolves over time and markets itself.

The other technlogy is the meme coin, which is mostly hype driven. But in this case, Shiba Memu will have a clear utility as the network grows.

Therefore, analysts believe that investing in Shiba Memu in its presale gives you an opportunity to make a fortune when it gets listed on key exchanges. You can buy the Shiba Memu token here.

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Ferrari embraces crypto payments, partners with BitPay in the US

The luxury carmaker partners with BitPay to facilitate cryptocurrency transactions.
Ferrari is responding to growing customer demand and dealer requests.
The luxury car maker will start by accepting crypto payments in the US and later Europe.

In some interesting crypto news, Ferrari, the iconic luxury sports car manufacturer, has officially announced its plans to accept cryptocurrency payments for its high-end vehicles in the United States.

This groundbreaking decision, spurred by increasing customer demand and the rise of digital currency investments, represents a significant shift in the automotive industry. Here’s what you need to know:

Crypto payments for iconic Ferraris

Ferrari’s chief marketing and commercial officer, Enrico Galliera, has confirmed the brand’s intention to accept cryptocurrency payments in the US and later in Europe. This move was primarily driven by a surge in market demand and repeated requests from their dealers. Notably, Ferrari has observed an influx of young, tech-savvy investors who are enthusiastic about digital currencies.

While the exact number of vehicles Ferrari expects to sell through cryptocurrency payments remains undisclosed, the company’s order portfolio is entirely booked until 2025, reflecting a strong demand for their luxury cars. This strategic adoption of cryptocurrencies aims to explore new avenues of connecting with potential buyers who are keen to use their digital assets for high-end purchases.

BitPay partnership for seamless transactions

For its initial foray into the cryptocurrency market in the United States, Ferrari has joined forces with BitPay, a major cryptocurrency payment processor. BitPay will facilitate the entire transaction process, ensuring a smooth experience for both buyers and sellers.

Importantly, BitPay will offer conversions from popular cryptocurrencies, such as Bitcoin and Ethereum, into traditional fiat currencies, like the US dollar. This conversion mechanism is designed to protect Ferrari and its dealers from the inherent volatility of cryptocurrencies, ensuring that the value of the vehicles remains consistent.

BitPay’s involvement doesn’t stop at currency conversion. They will also play a crucial role in verifying the legitimacy of the digital currency used for payments. This measure ensures that the funds do not originate from illegal activities, money laundering, or tax evasion, reinforcing the security and compliance aspects of the transactions.

Ferrari’s decision to embrace cryptocurrency payments marks a pioneering step within the luxury automobile industry.

While some large corporations have hesitated to integrate cryptocurrencies due to concerns about price volatility and environmental issues, Ferrari’s forward-thinking approach demonstrates its commitment to meeting the evolving preferences of its clientele. The company intends to introduce cryptocurrency payments in Europe during the first quarter of 2024, with potential expansion into other crypto-friendly regions.

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FTX Estate stakes $122M Solana (SOL) tokens, alleviating investor concerns

FTX Estate stakes $122 million worth of Solana (SOL) tokens.
The FTX Estate has strategically delegated 5.5 million SOL with a Solana network validator.
The move alleviates concerns about the estate’s potential liquidation of SOL holdings.

In a significant move within the cryptocurrency landscape, the FTX estate has staked over 5.5 million Solana (SOL) tokens, amounting to a substantial $122 million, with Figment, a prominent validator on the Solana network as reported by on-chain data from SolanaFM.

This development comes amid ongoing discussions and speculations within the crypto community regarding the estate’s handling of its substantial Solana holdings. Here’s an overview of the recent events and implications.

FTX Estate’s strategic staking of Solana tokens

The move of staking such a huge amount of Solana tokens with Figment has captured the attention of industry observers, particularly in light of concerns regarding potential sell-offs of the estate’s significant holdings, which could have adversely impacted the market value of SOL.

This staking activity, worth $122 million, signifies a proactive approach from the FTX estate and suggests a bullish stance on the long-term prospects of the Solana blockchain. At press time, the SOL token was trading at $21.96 after surging by 2.08% following the news.

FTX’s asset recovery

In a recent court filing dated September 11, 2023, the FTX estate disclosed that it has successfully recovered assets totalling approximately $7 billion. Notably, this includes a substantial portion of staked SOL tokens amounting to over $1 billion, along with a significant holding of $560 million in Bitcoin (BTC).

The estate also revealed additional asset classes, including $200 million in real estate holdings in the Bahamas and $1.9 billion in illiquid assets. These disclosures underscore the FTX estate’s substantial financial holdings and continued asset recovery and management efforts.

As the former CEO of the collapsed exchange, Sam Bankman-Fried, navigates through a legal battle involving fraud charges, the recent strategic staking by the FTX estate presents a promising outlook for the Solana network. With the unlocking of SOL tokens scheduled to continue, market observers will keenly monitor the estate’s future moves, which could significantly influence the crypto market dynamics.

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