Day: November 6, 2023

Arbitrum price surging as Arbitrum DAO approves staking proposal

ARB price is surging after Arbitrum DAO greenlights token staking proposal.
ARB holders can stake tokens, funded by the treasury, with an annual yield of 7.84%-78.43%.
The staking proposal creates varied staking tiers, promoting community engagement.

The price of Arbitrum (ARB) has seen a notable surge after the Arbitrum decentralized autonomous organization (DAO) approved a token staking proposal.

Arbitrum’s move has brought about significant excitement in the cryptocurrency community, as it introduces a new way for ARB token holders to potentially earn rewards.

Arbitrum price movement

Arbitrum, a blockchain platform that aims to enhance the scalability and efficiency of decentralized applications, has witnessed a surge in its price following the DAO’s decision.

The price of ARB currently stands at $1.13, representing a 3.14% increase over the last 24 hours. This bullish momentum is likely linked to the positive news of the staking proposal’s approval.

Arbitrum price chart

 

The price of Solana has been on a very strong bullish trend since mid-October and the bullish trend is projected to continue as indicated by the MA crossover and the MACD as seen in the above chart.

The cryptocurrency’s market capitalization is now valued at $1,439,342,086, ranking it 39th in terms of market cap. Additionally, the 24-hour trading volume of ARB has reached $358,674,886, indicating a surge in trading activity.

The Arbitrum token staking proposal

The Arbitrum DAO’s approval of the staking proposal opens up a new opportunity for ARB token holders. Stakers will have the option to lock up their holdings in exchange for a yield, which will be distributed over a 12-month period through a smart contract.

The proposal initially presented different tiers for token allocation, offering stakers the choice to receive 1%, 1.5%, or 1.75% of the total 10 billion ARB supply as staking rewards. A majority of over 66% of DAO members voted in favour of the lowest tier, allocating 1% (100 million tokens) towards staking, while 33% voted against the proposal, revealing a community disagreement regarding the use of treasury funds for staking incentives.

With an estimated annualized yield ranging from 7.84% to 78.43%, this staking mechanism is expected to be an attractive option for ARB token holders to earn additional tokens. Unlike other staking mechanisms, where tokens are typically used for network security or revenue distribution, this arrangement allows stakers to earn tokens directly from the treasury.

The DAO is now poised to consider a subsequent proposal that will focus on the specifics of the staking implementation, including the selection of technology service providers, associated contracts, and the appointment of an auditor to ensure the process’s integrity. A two-week review period will follow, during which the community can assess the implementation details before they are put into practice.

The post Arbitrum price surging as Arbitrum DAO approves staking proposal appeared first on CoinJournal.

XRP surging as major institutions adopt Ripple

Following the recent XRP price surge, Ripple (XRP) has become the fourth-largest cryptocurrency.
Ripple’s milestones in Dubai and Georgia are some of the main boosters of XRP’s performance.
Trading volumes and leverage have also impacted XRP’s price rally.

XRP, the cryptocurrency closely associated with Ripple, witnessed a significant surge in its price, climbing over 8% in the past 24 hours.

This surge propelled XRP to become the fourth-largest cryptocurrency by market capitalization, temporarily displacing Binance Coin (BNB) from its position.

XRP price chart

 

Positive Ripple developments

XRP’s sudden price rally appears to be a reaction to two key developments concerning Ripple, the company behind the cryptocurrency. Despite Ripple’s historical distinction from XRP, positive news related to the company tends to influence XRP’s performance.

Last week, Ripple achieved significant milestones that contributed to the recent bullish sentiment. These are:

Ripple’s approval by the Dubai Financial Services Authority

The Dubai Financial Services Authority (DFSA) granted approval for XRP under its virtual assets regime. This regulatory green light permits licensed financial institutions within the Dubai International Financial Centre to incorporate and offer XRP to clients as part of their cryptocurrency services.

This move opens doors for the broader adoption of XRP within Dubai’s financial sector.

Collaboration with the National Bank of Georgia

Simultaneously, Ripple announced a partnership with the National Bank of Georgia (NBG) to launch the Digital Lari (GEL) pilot project. This initiative will leverage Ripple’s central bank digital currency (CBDC) platform to explore the possibilities of a digital Lari.

Ripple’s platform, previously adopted by the Hong Kong and Taiwan governments, allows institutions to manage and customize various aspects of the CBDC’s lifecycle, including minting, distribution, redemption, and token burning. This collaboration demonstrates the practical application of Ripple’s technology within the central bank digital currency realm.

The post XRP surging as major institutions adopt Ripple appeared first on CoinJournal.

$MEME’s new contender: Memeinator soars past $1M raise in under 4 weeks

London, UK, November 6th, 2023, Chainwire

Memeinator, the meme coin on a mission to reach a $1B market cap, is going from strength to strength, with the presale having already raised $1M in under 4 weeks. Stage 5 tokens look to be selling out imminently and will see the price increase from $0.0125 to $0.0133 for stage 6.

This puts Memeinator on track for an early 2024 listing, with several rumors circulating further the recent Blockchain Live conference of prominent exchange listings in the pipeline.

The team has also announced the release of the much-anticipated referral programme that pays out investors up to 15% on referral fees, much to the delight of the Memeinator “Resistance” community”; a cohort of crypto degens hoping to stir up a revolution in the meme coin trading market.

In a recent statement the community manager Dylan Lee, shared that:

“we’re really happy with the explosive growth of the Memeinator brand as it’s exactly what is needed to drive this presale to close and to get us out and traded on the biggest exchanges. Our roadmap is 100% on track and we’ve just released our referral program, merch store, and the creative team just dropped a rather special product concept video as part of our viral marketing strategy. Seeing the presale pass the $1M has only increased the drive in our team. We can’t wait to share more updates on the presale progress.”

 

 

A mission to become a crypto disruptor

Memeinator makes no secret that its goal is to disrupt the meme coin trading space and has publicly stated that the project team’s goal is to hit a $1 billion market cap, which would put it up there with its rivals Dogecoin and Shiba Inu.

The team’s strategy, as outlined in their whitepaper, is to use powerful marketing techniques to drive international investment and eventually list the project on Tier 1 exchanges. The community manager Dylan Lee has also been actively promoting the project at recent blockchain conferences in London and Dubai.

The project is not without utility, but this is paired back as an antithesis to the many meme coins overpromising on complex tech that has not as yet been delivered. The project is developing an AI based on sentiment analysis that will fuel the meme coin ‘enemies’ forecasted to appear in the upcoming game launch due in early 2024 “Meme Warfare: Episode 1 – The Memeinator Chronicles”. The action-packed game will reward MMTR token holders with a variety of exclusive features, but also generate rewards from what is hoped to be a heavy web2 presence that can feed back into the project in its journey to the top traded meme coin charts.

This makes strategic sense, given the enormous popularity in the growing GameFi space that is expected to exceed $90 billion in revenue over the next 7 years. If the Memeinator can grab a slice of the pie, it might certainly indicate a long-term potential for MMTR that could see a positive impact on the market cap in the next bull run.

The efforts have been noticed, with prominent influencers including the well-respected No BS Crypto channel having published reviews including the recent “The Only Meme Coin Worth Buying In 2023? (Pepe Coin Killer!)” video on YouTube.

In order to guarantee the project’s trustworthiness and security, Memeinator underwent a thorough audit conducted by Solid Proof. Since 2020, Solid Proof has been diligently auditing emerging blockchain projects. Operating from Germany, the audit specifically evaluates project protocols, reliability, smart contracts, and performs KYC assessments for the project team. This places Memeinator in the company of esteemed audits conducted for projects such as UNCX, Shopping.io, and ZyberSwap.

The project is currently in Stage 5 of its raise, and MMTR tokens are priced at $0.0125. The price will increase to $0.0485 – an overall increase of 288% – before listing on exchanges; this is due in early 2024. The explosive growth of the brand has seen Memeinator make it to position one on a number of news sites including Banklesstimes and CoinJournal in their crypto rankings.

About Memeinator

Memeinator is the antidote to the hundreds of throwaway meme coins that lack any legitimate utility. With its deflationary token, engaged community, expertly crafted NFT collection, and AI-powered video game, it offers real innovation instead of just hype. Its purpose is to eclipse its rival meme coins. And, on the way, deliver strong returns to its community via both trading its MMTR coin and staking, before smashing the $1 billion market cap.

For more information and to buy Memeinator (MMTR) visit the website.

Website
Whitepaper
Socials

 

Contact

Memeinator Team
Memeinator
pr@memeinator.com

The post $MEME’s new contender: Memeinator soars past $1M raise in under 4 weeks appeared first on CoinJournal.

FTX seeking approval to sell funds from Grayscale and Bitwise

FTX seeks to sell $744 million in Grayscale and Bitwise assets amid its bankruptcy proceedings.
The asset sale aims to prepare for creditor payouts and minimize price volatility risks.
FTX founder Sam Bankman-Fried was recently found guilty of all the charges that had been levelled against him.

In a move to address its financial obligations and recover from bankruptcy, the troubled crypto exchange FTX, along with its debtors, has submitted a proposal to the US bankruptcy court in Delaware seeking to sell trust assets.

The proposal outlines the sale of trust assets, consisting of funds from Grayscale and Bitwise, with a combined estimated value of $744 million.

Upcoming creditor payouts

FTX, once a major player in the crypto exchange industry, filed for bankruptcy in November the previous year after reports revealed the misappropriation of customer funds. The proposed sale of “trust assets” is aimed at preparing the estates for forthcoming distributions to creditors and streamlining the sale of these assets at the most opportune time.

The assets earmarked for sale include approximately $691 million held in five Grayscale Trusts and an additional $53 million managed by Bitwise. These valuations are based on market values as of October 25, 2023. These trusts offer investors a means to gain exposure to digital assets without direct ownership.

The rationale behind this proposed sale is to proactively manage the risk associated with price volatility, thereby safeguarding the value of the trust assets. This approach is designed to maximize returns for creditors and facilitate a fair distribution of funds within the debtor’s plan of reorganization.

The proposal not only involves the use of an investment adviser but also the establishment of a pricing committee where all stakeholders will be represented. The investment adviser will be mandated to obtain a minimum of two bids from different counterparties before the sale of assets, ensuring transparency and fair market value determination.

Sam Bankman-Fried’s conviction

The founder of FTX, Sam Bankman-Fried, was recently found guilty of all the charges that had been levelled against him related to the collapse of the FTX crypto exchange.

A tentative sentencing date has been set for March 28, 2024, with potential implications of a significant prison term, though estimates vary between 15-20 years according to experts.

This development bears significance not only for FTX and its creditors but also for the broader cryptocurrency industry, shedding light on the challenges and risks faced by participants in the ever-evolving digital asset landscape.

The post FTX seeking approval to sell funds from Grayscale and Bitwise appeared first on CoinJournal.

MetaBID unveils unprecedented 1 x Bitcoin (BTC) auction as user engagement skyrockets

Seoul, South Korea, November 6th, 2023, Chainwire

MetaBID, the groundbreaking digital asset auction platform that went live on November 4, is thrilled to report unparalleled user engagement and activity just two days after launch. The platform is attracting an ever-growing number of users eager to participate in these auctions set to transform the Web3 auction landscape.

Remarkable start, outstanding auction lineup

The auctions that have already kicked off have seen a surge in user participation. In particular, auctions for highly coveted assets XMR and BNB Coins, Crypto Punk #6995 worth more than 6800 USDT and the iPhone 15 Pro Max have seen high amounts of traffic since the launch of the platform on Saturday, November 4, 2023.

A wide array of highly sought-after assets are currently up for auction, with more scheduled to begin in the coming days (all times in UTC):

10 XMR Coins: November 6, 2023 at 09:00 am
1 ETH Coin: November 6, 2023 at 11:00am
Bored Ape Kennel Club NFT #3810: November 7 at 12:00 pm
1 Bitcoin (BTC): November 7 at 2:00 pm
Mutant Ape Yacht Club NFT #14730, November 10, 2023 at 09:00 am
Rolex Daytona Original: November 15, at 10:00 am

And many more, promising an eclectic and high-value auction experience for all involved.

The game-changer: 1 BTC auction on November 7th

The defining moment everyone has been waiting for: MetaBID announced the auction of 1 BTC, starting November 7th at 2:00 pm UTC. With the starting bid set at only 1 USDT, this auction represents an unparalleled opportunity for digital asset enthusiasts. The value of this Bitcoin asset is currently estimated at approximately 35,000 USDT, making this the pinnacle event on the MetaBID calendar during launch week.

User engagement soars

Since the platform went live, user participation has not only met but exceeded expectations. The competitive yet accessible starting bids are empowering a broader demographic to own high-value assets.

Why MetaBID continues to impress

Ease of Participation: The low-entry barrier has democratized the auction process, encouraging more users to join.
Transparency and Fairness: With each auction being fully auditable on-chain, MetaBID reaffirms its commitment to transparent operations.
Community Engagement: The increasing number of users and active bidding around the clock underline the success of the platform’s user-first approach.
Audited Auctions: The MetaBID bidding process has been audited by Certik, one of the world’s leading smart contract auditors.

MetaBID is setting a new standard in how digital assets can be acquired, owned, and transferred. By offering a seamless, fair, and thrilling auction experience, MetaBID is quickly establishing itself as the go-to platform for high-value asset auctions.

About MetaBID

MetaBID is on a mission to democratize digital wealth, making it accessible to all individuals regardless of their financial situation.

MetaBID is an online auction platform that leverages blockchain technology to bring transparency and fairness to auctions. As a product of MetFi DAO, MetaBID is redefining the auction experience with its innovative approach to pricing, customizable bidding bots, and community-centric focus. The first auctions went live on November 4, 2023 and BID packs are available for purchase now.

For more details, please visit MetaBID’s: Official Website | Twitter | Telegram, or reach out to the press relations contact.

Contact

Metfi DAO
info@metfi.io

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