Day: December 15, 2023

Bitget’s 2024 Bitcoin report: ORDI’s high potential and Lightning Network’s crucial role

Victoria, Seychelles, December 15th, 2023, Chainwire

Bitget Research, the research arm of Bitget, the world’s leading cryptocurrency exchange and Web3 company, has released a research analysis delving into macro and micro trends within the Bitcoin ecosystem. This report offers insights for investors and outlines potential future technological and financial trends for Bitcoin and its assets within the network for 2024.

Given the future macroeconomic environment and market conditions, the Bitcoin ecosystem presents a promising outlook. Not only do popular cryptocurrencies like BTC and ORDI have significant potential for appreciation, but there will also be new exciting opportunities for coins within the Bitcoin ecosystem. While the trading volume in the Bitcoin NFT market has surged, its current scale remains relatively small, indicating the anticipated potential for growth in the future. Simultaneously, the Lightning Network is expected to serve as the primary technological support for the broader adoption of Bitcoin payments in the short to medium term.

Combining the above analyses, Ryan Lee, Chief Analyst at Bitget Research makes some major predictions of future trends in the Bitcoin ecosystem. He predicts,

“If the Bitcoin ecosystem continues to expand, the surge in demand for Bitcoin may drive the price of BTC to surpass its previous highs in the upcoming bull market, potentially reaching as high as $100,000. As the leading coin of the Bitcoin ecosystem, ORDI will rank in the top 30 by market cap in the next bull market. “

“Protocols like Bitcoin, Ordinal, Atomical, and Taproot have significant potential for growth, with new opportunities arising for 100x coins and NFTs within these ecosystems. And in the short term, the Bitcoin ecosystem will retain the ‘one project, one protocol solution’ status, fostering a variety of Bitcoin protocols. In the long run, a BTC virtual machine will emerge within the ecosystem, unifying developer compile environments. On the other hand, the Lightning Network will be the largest technical foundation supporting the continued adoption of BTC payments, with more assets to be issued on it.” He continues.

Key Takeaways:

ORDI: Currently, ORDI’s market cap stands around $400 million, suggesting a high potential when compared to the $4.9 billion market cap of SHIB, one of the leading ETH memecoins. However, the introduction of the Ordinals protocol, while offering new functionalities to the BTC network, also brings challenges. Ordinals function by embedding data into individual Bitcoin transactions, occupying considerable block space and increasing the complexity of using the Bitcoin network as Ordinals map BRC-20 and Ordinals NFT to specific Satoshis. These hurdles require collective attention from the community and developers.
Improved Miner Revenue: The launch of the Ordinals protocol has significantly boosted Bitcoin miners’ earnings over the past three months, with the proportion of earnings from on-chain fees rising gradually from 1.7% in August to a peak of 19.57% on November 10. These improvements to miners’ earnings will, in turn, lead to further support for the BRC-20 asset class and the Bitcoin ecosystem from the heavily capitalized miner community.
The Lightning Network: The Lightning Network is poised to be the primary technological support for the broader adoption of Bitcoin payments in the short to medium term with its almost instantaneous transaction processing and new micropayment options in the digital economy. However, setting up and maintaining channels on the Lightning Network is more complex than conducting simple Bitcoin transactions. Therefore, users need to understand how to open, manage, and close channels, raising the entry barrier for the wider adoption of Bitcoin payments.
Potential Bottlenecks: The question of whether the Bitcoin ecosystem can sustain its current growth trajectory is challenging to predict, but data hints at potential shifts. As a global cryptocurrency, Bitcoin strengthens its consensus with increased acceptance. Yet, bottlenecks may emerge within the ecosystem for two main reasons. Firstly, Bitcoin’s limited scalability impedes application implementation, causing bottlenecks at this stage and potentially affecting the ecosystem’s overall development pace. Secondly, Bitcoin’s core developers, mostly conservative, hold reservations about various asset protocols within the Bitcoin ecosystem. If prices drop or innovation stalls, this stance could hinder ecosystem development.

Overall, considering the future macro environment and market conditions, the Bitcoin ecosystem shows promising development prospects. Assets like BTC, ORDI, and Bitcoin NFTs have potential for growth, with new opportunities arising for various coins within the Bitcoin ecosystem. The Lightning Network is poised to act as the primary technical backbone facilitating the wider adoption of Bitcoin payments.

“This in-depth report is an invaluable source, providing historical insights into the development of the Bitcoin network and unique perspectives on potential future scenarios. The profound insights from the report will play a pivotal role in guiding Bitget’s comprehensive plan for product and platform enhancement,” said Gracy Chen, Managing Director of Bitget. “Bitget remains steadfast in its commitment to supporting and advancing these trends within the evolving Bitcoin ecosystem and the Web 3 industry.”

In line with Bitget’s efforts to support the development of the BTC ecosystem, Bitget Wallet is strategically focused on expanding its support for the Bitcoin ecosystem. Apart from offering basic functionalities like providing support for BTC asset management, swaps, and on-ramping, Bitget Wallet also offers Taproot compatibility together with asset transfers for BRC-20 tokens and NFTs.

Users can track market trends on Bitget Swap and interact with popular projects on Bitget Wallet’s DApp browser. In the future, Bitget Wallet will place its focus on medium to long-term market prospects of the Bitcoin ecosystem, and work to enhance both its technological infrastructure and product features. This also includes increased investments in key areas such as Lightning Network, Nostr and Taproot Assets, BRC-20, and ARC-20 inscriptions.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving over 20 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

To safeguard users’ funds on the platform, Bitget adopts top-notch security and protection measures including a $300 million Protection Fund, a Fund Custody service, pledged to be fully reserved back by the Merkle Tree Proof of Reserves model.

For more information, visit:

Website
Twitter
Telegram
LinkedIn
Discord

BitGet is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 

Contact

Rachel Cheung
media@bitget.com

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Bitget announces listing of TonUP on Launchpad

Victoria, Seychelles, December 15th, 2023, Chainwire

Bitget, the world’s leading cryptocurrency exchange and Web3 company, announced it will list the initial exchange offering (IEO) of the high-potential blockchain project TonUP on its Bitget Launchpad platform.

TonUP is an outstanding Launchpad running on the TON blockchain dedicated to discovering and fostering projects that present new opportunities to the community. Since launching, TonUP has received support from the TON Foundation, TONcoin.Fund, and ForesightX. TonUP’s mission is to support assets with great potential on TON and contribute to the ecosystem’s development.

During the commitment period, users can commit Bitget’s native token BGB to participate in the TonUP IEO. The BGB swap price will be announced after the holding calculation period ends. Upon closing the commitment window, TonUP tokens will be allocated to each user based on their committed BGB.

Gracy Chen, Managing Director of Bitget, highlighted the company’s commitment to supporting development across various blockchains and ecosystems, stating,

“This project demonstrates TON’s innovative potential and the support it offers, aligning with our dedication to providing users access to cutting-edge opportunities. Bitget has consistently expanded its market share in both spot and derivatives trading among centralized exchanges. The platform aims to provide valuable investment opportunities by diversifying its offerings.”

To participate in the TonUP launch on Bitget Launchpad, users can visit this link for more details. Bitget remains dedicated to advancing support for promising blockchain sector development.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit:

Website
Twitter
Telegram
LinkedIn
Discord
Bitget Wallet

For media inquiries, please contact: media@bitget.com

 

Contact

Rachel Cheung
media@bitget.com

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Revolutionary blockchain competition platform, Metawin, counts down to massive $1 million dollar prize draw

London, UK, December 15th, 2023, Chainwire

The countdown has begun as MetaWin, the pioneering blockchain competition platform, approaches the climax of its extraordinary MetaWin Millionaire event. With just 7 days remaining until the grand prize draw on December 22nd, 2023, the excitement is palpable.

Time is Ticking: $1 million USDC awaits one lucky winner

The highly anticipated MetaWin Millionaire prize draw is set to award one fortunate participant an astonishing $1 Million USDC (USD-based stable coin). The competition is scheduled to close its doors on December 22nd at 16:00 EST, leaving participants with just a week to secure their chance at this life-changing windfall.

Influencers amplify the buzz

The MetaWin Millionaire competition has sparked a viral frenzy across social media platforms, including X, where prominent influencers have taken the spotlight. Notably, the well-known NFT collector and Web3 ambassador, @Pranksy, boasting 440k followers, recently threw his hat into the ring, igniting a flurry of entries and heightened excitement.

Blockchain technology: Unveiling a new era of transparency

MetaWin stands apart from traditional prize draws by operating on the Ethereum blockchain. This groundbreaking approach ensures that all users, entries, total contributions, and free entries are visible to the public. The winning Ethereum address will receive the prize within seconds of the draw’s conclusion, allowing the global community to witness the moment and congratulate the victor. Participants can continuously monitor their odds of winning until the competition’s final moments.

Blockchain technology empowers MetaWin to lead the charge in transparency, redefining the landscape of competition platforms.

Unlock free entries

MetaWin Millionaire also offers a chance at victory without any financial commitment. Users can opt for the online free entry method by paying a nominal Ethereum network gas fee, allowing them to participate without contributing to the prize pool. Additionally, MetaWin’s smart contract system enables users to scale up their entries, affording multiple chances to win for the same gas fee as a single entry.

Limited time remaining

With the countdown clock ticking and the draw date fast approaching, MetaWin invites all potential participants to seize the moment and secure their opportunity to join the ranks of millionaires created by MetaWin.

Users can claim their free entry today and hope for a life-altering win, via this link MetaWin’s official competition page today.

MetaWin extends its best wishes to all entrants and anticipates celebrating alongside the fortunate victor.

About MetaWin

MetaWin stands at the forefront of on-chain competition platforms, revolutionizing the landscape of digital contests. Through harnessing the power of blockchain technology, MetaWin delivers a competition experience characterized by transparency, fairness, and excitement. With a track record of substantial giveaways and an unwavering commitment to innovation, MetaWin is shaping the future of online competitions.

This article is provided for informational purposes only and is not intended to be construed as legal, financial, or tax advice. Readers should not rely solely on the information presented herein and should consult with their own legal, financial, or tax professionals regarding their specific situations. The author(s) and publisher make no representations or warranties concerning the accuracy or completeness of the information contained in this article. Reliance on any information provided in this article is solely at your own risk.

 

Contact

MetaWin Team
press@metawin.inc

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Namada Shielded Expedition testnet participants to get 3% of token supply

Namada’s “Shielded Expedition” testnet offers 3% token rewards in a multiplayer game.
Participants compete in an “Asteroid Mining Competition,” accumulating ROID points.
30 million NAM tokens (3% of supply) up for grabs, driving engagement and network testing.

Namada, the proof-of-stake Layer 1 blockchain protocol developed by the Anoma Foundation, has kicked off its “Namada Shielded Expedition,” an incentivized testnet promising participants 3% of the total token supply as rewards. The multiplayer role-playing game serves as a prelude to Namada’s mainnet launch in early 2024. Let’s dive into the details of this cutting-edge initiative.

This strategic move aims to engage users in a multiplayer role-playing game while rigorously testing the network’s capabilities.

Asteroid Mining Competition 

In this innovative testnet, participants, including validators and users, are thrust into an exciting “Asteroid Mining Competition.” The objective is simple yet profound: accrue ROID points by navigating the intricacies of Namada’s consensus algorithm, CometBFT, and proving its resistance against Sybil attacks.

A total of 30 million NAM tokens, equivalent to 3% of Namada’s one billion total token supply, are up for grabs. Participants will be ranked based on their accumulated ROID points, fostering a competitive environment and encouraging users to explore Namada’s features. The testnet, commencing on January 15, will run throughout the month, providing a window for users to test and contribute to the network’s refinement.

Namada’s strategic initiatives

This recent testnet launch follows Namada’s announcement of a community airdrop, earmarking 65 million tokens (6.5% of the total supply) for researchers, developers, and stakers on Cosmos Hub and Osmosis blockchains. These initiatives underscore Namada’s commitment to community involvement and development as it positions itself within the broader Cosmos ecosystem.

Namada’s proof-of-stake Layer 1 blockchain, scheduled for a first-quarter 2024 mainnet launch, promises asset-agnostic multichain privacy. Leveraging zero-knowledge proofs and featuring a native Ethereum bridge, Namada is poised to play a crucial role in enhancing privacy and interoperability across different blockchain networks.

The dynamic approach to testing and community engagement underscores Namada’s dedication to refining its protocol and building a robust and innovative blockchain ecosystem.

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SEC denies rulemaking petition filed by Coinbase

The Securities and Exchange Commission (SEC) has denied the rulemaking petition filed by Coinbase.
SEC Chair Gary Gensler says current laws enough for investor proections.
Commissioners Hester Peirce and Mark Uyeda have released a statement disagreeing with the Commission’s decision.

The Securities and Exchange Commission (SEC) has denied a crypto rulemaking petition filed by US-based crypto exchange Coinbase.

SEC Chair Gary Gensler said in a statement published on Friday that he supports the Commission’s decision. He cited three reasons for his outlook on the agency’s latest course of action in relation to the quest for clear regulatory rules.

I was pleased to support the Commission’s decision for three reasons,” Gensler stated. 

First, existing laws and regulations apply to the crypto securities markets. Second, the SEC addresses the crypto securities markets through rulemaking as well. Third, it is important to maintain Commission discretion in setting its own rulemaking priorities.

Gensler says current laws apply to crypto

The SEC Chair’s comments, on the back of the government agency’s push back against new tailor-made crypto rules, follows recent enforcement actions and lawsuits against major crypto companies and players for alleged securities violations. 

These include Coinbase, Binance and Kraken among others.

Meanwhile, the industry, in the wake of the collapse of crypto exchange FTX, has accused the SEC of doing nothing to protect investors amid its crackdown on exchanges. But Gensler says the existing laws are sufficient for investor and industry players’ protection.

There is nothing about the crypto securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws. Congress could have said in 1933 or in 1934 that the securities laws applied only to stocks and bonds. Instead, Congress included a long list of 30-plus items in the definition of a security, including the term “investment contract”,” the SEC Chair noted.

Gensler has maintained that most crypto assets are investment contracts and therefore subject to federal securities laws. This year, a US court declared that XRP, which the Commission alleged to be a security, was not. But despite the legal losses against Ripple, subsequent lawsuits by the watchdog have listed multiple tokens as unregistered securities.

Noting that the SEC’s rulemaking as it addresses crypto securities, Gensler said he disagrees with Coinbase’s assertion that “now is the right time” for a change to the rulemaking.

According to the SEC Chair, several crypto-related cases and undertakings are underway and results of these could inform whether or not a change to the regulatory regime is needed.

In a separate statement, SEC Commissioners Hester Peirce and Mark Uyeda said they “disagree with the Commission’s decision.” 

Commissioner Uyeda and I responded to today’s denial of Coinbase’s rulemaking petition: https://t.co/uBC9Bujhqd

— Hester Peirce (@HesterPeirce) December 15, 2023

The two Commissioners note that the petition raises key issues related to new technologies and that addressing them is “a core part of being a responsible regulator.”

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First Trust seeks SEC approval for Bitcoin ‘Buffer ETF’ to safeguard investors

First Trust files for Bitcoin Buffer ETF with SEC, aiming to mitigate risk via options.
Buffer ETFs gaining momentum, 139 trading on US markets, $32.54B AUM.
Buffer ETFs don’t guarantee complete protection, or assess risks.

Financial services firm First Trust has recently submitted a filing with the US Securities and Exchange Commission (SEC) to launch a groundbreaking investment product – the First Trust Bitcoin Buffer ETF.

Unlike traditional spot Bitcoin ETFs, this innovative fund aims to provide investors with a unique risk mitigation strategy, utilizing options to safeguard against potential market downturns. Let’s delve into the details of this latest development in the cryptocurrency investment space.

First Trust’s Bitcoin Buffer ETF filing

First Trust’s move to file for the Bitcoin Buffer ETF signals a shift in the cryptocurrency investment landscape. This ETF is distinct from spot Bitcoin offerings, as it utilizes options to pursue a defined investment outcome. Acting as a buffer, it imposes a limit on potential losses during market drops.

First Trust’s ETF is structured to participate in the positive price returns of the Grayscale Bitcoin Trust or other Bitcoin-related exchange-traded products (ETPs), providing investors with a unique approach to risk management.

Rise of Buffer ETFs in the market

Buffer ETFs have been gaining traction globally, with 139 such funds currently trading on U.S. markets, amassing a total asset under management of $32.54 billion.

BlackRock, a major player in the ETF space, introduced its iShares buffer ETFs earlier this year. These funds offer investors a specified level of downside protection while capping potential upside gains. Analysts anticipate more entrants in this space with diverse strategies, contributing to the growing trend of innovative investment products aimed at addressing market uncertainties.

While the concept of buffer ETFs provides a novel approach to risk management, investors must understand that these funds do not guarantee complete protection.

First Trust’s filing emphasizes potential risks, including the risk of losing some or all invested capital. Investors should carefully evaluate the suitability of buffer ETFs for their portfolios, recognizing that these products may not be suitable for everyone, and success in providing downside protection is not guaranteed.

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Filecoin completes Watermelon Upgrade (nv21) as investors flock to Memeinator’s presale

Filecoin upgrades efficiency as the nv21 upgrade boosts commitment to 3.5 Years and introduces synthetic PoReps.
Memeinator’s presale gains traction as it teams up with Virgin Galactic for a $250k space flight.
Crypto enthusiasts anticipate Filecoin’s future and Memeinator’s unfolding journey.

Filecoin has announced the completion of its Watermelon Upgrade (nv21), introducing pivotal changes to enhance the network’s capabilities.

Meanwhile, Memeinator, a rising meme coin, captures attention with its presale and an exciting $250k space flight opportunity in collaboration with Virgin Galactic. Let’s delve into the specifics of these groundbreaking updates.

Filecoin’s Watermelon Upgrade (nv21)

Filecoin’s successful implementation of its Watermelon Upgrade (nv21) signifies a leap forward in Filecoin’s protocol and functionality.

The arrival of the nv21 Network Upgrade on mainnet is here!

This upgrade codenamed ‘Watermelon,’ just landed on Tuesday, 12/12. Learn more about it 🍉↓

This upgrade brings a wave of enhancements and new features aimed at bolstering the network’s efficiency and robustness.… pic.twitter.com/7JVKAzEsvS

— Filecoin Foundation (@FilFoundation) December 14, 2023

One of the major overhauls includes a significant increase in the maximum sector commitment from 1.5 years to 3.5 years. This strategic move aims to encourage storage providers (SPs) to commit to longer terms, fostering improved storage capabilities and potentially boosting demand. Before this upgrade, SPs were limited to a 1.5-year commitment, hindering long-term investments despite substantial demand.

Additionally, the implementation of Synthetic PoReps, or proof-of-replication, streamlines the data storage process. The upgrade reduces the size of temporarily stored data from 400 GiB to 25 GiB without compromising protocol security. This optimization allows Filecoin to achieve an extra 25% sealing throughput, ultimately leading to cost savings in sealing Capacity Commitment (CC) sectors.

Filecoin future outlook

Despite Filecoin (FIL) trading at $4.76 with a recent 6.35% 7-day loss, traders are optimistic. 

The newly introduced upgrade is anticipated to positively impact Filecoin’s market standing, bringing about increased efficiency, security, and cost-effectiveness.

Memeinator’s presale and Virgin Galactic space flight

Shifting gears to the meme coins frontier, a new memecoin called Memeinator is emerging as a formidable player in the realm. With a futuristic vision, Memeinator aims to dominate the market with innovative product launches, powerful marketing, and an action-packed Memeinator Game.

Memeinator is currently in its presale stage, offering enthusiasts an opportunity to get involved before the coin’s price escalates.

The tokenomics of Memeinator involves strategic allocations, including presale, marketing, development, exchange liquidity provision, and a competition pool. The roadmap outlines key phases, from team formation to eventual meme domination on the world’s biggest exchanges.

In a groundbreaking move, Memeinator has announced a collaboration with Virgin Galactic, offering its presale participants a chance to win a $250k space flight. This ambitious giveaway adds a unique dimension to Memeinator’s journey, captivating the crypto community and extending beyond the digital realm.

Conclusion

Filecoin’s Watermelon Upgrade (nv21) marks a significant stride in decentralized storage technology, enhancing both commitment duration and sealing throughput. On a parallel track, Memeinator’s presale and collaboration with Virgin Galactic showcase the dynamism within the meme coin space.

As both platforms continue to evolve, the crypto community eagerly anticipates the unfolding chapters in these exciting crypto projects.

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SOL dips 10% but recovers as GFOX cruises to $1 million

Solana ($SOL), had a sharp increase in value and momentarily approached the $80 threshold before running into bearish resistance. As the cryptocurrency is now experiencing a drop, investors are closely monitoring the $65 support level.

Meanwhile, the new altcoin Galaxy Fox ($GFOX) reached a phenomenal milestone — raising $1 million in the first few weeks of the presale. Why is selling pressure hitting $SOL, and why are so many investors rushing to $GFOX? Let’s find out.

Solana price analysis

Solana has had a significant upswing in the last few days, breaking over the critical $65 barrier level. This surge followed the same upward trend seen in Ethereum and Bitcoin, highlighting the strength of positive sentiment seen in the crypto industry.

$SOL even broke beyond the $72 barrier during this time, peaking at around $77.72. But finally, the bears rallied, and the price of $SOL fell as a correction. The digital currency fell below $72 and is now trying to test the support level at $70.

Nevertheless, if we look at the broader picture, Solana’s platform growth has remained consistent in 2023. This, naturally, increased demand for $SOL. After a challenging 2022 marked by outages, its TLV has increased by more than 300% this year. Overall, looking at the current metrics, the future of $SOL, one of the top 10 altcoins, seems bright.

What makes $GFOX the best ICO crypto of 2023?

One problem with $SOL is that considering how aggressively traders have been cashing out profits recently, it might need a few months of down before seeing growth again.

In light of this, investors seeking short-term returns may need to look into other options. And among the finest places to get above-average earnings in 2023 is via presale tokens.

One of the largest presales now taking place is for Galaxy Fox, a deflationary ERC20 coin that has raised $1 million in only a few weeks.

This crypto combines the fun of meme currencies with the excitement of P2E games. In doing so, Galaxy Fox aims to establish a new class of meme currencies that can be used in practical ways.

The main focus of the game is on distinct fox characters fighting in the space-themed universe. Players will set out on an incredible adventure after choosing their special foxes for the intriguing Web3 game. For their skills and achievements, the top players will get in-game goods and $GFOX tokens.

Additionally, $GFOX is establishing a reputation as the greatest crypto for passive income. A stargate, which collects 2% of every $GFOX transaction and uses it to create a fund pool that rewards staked $GFOX tokens, is the foundation of the coin’s ecosystem.

Also, $GFOX offers a selection of 3,000 distinct NFTs, each based on a character from the $GFOX universe. The $GFOX website will shortly provide these NFTs for minting. Once they have been minted, you may begin trading them on different marketplaces like OpenSea.

Looking at the positive response toward $GFOX in the crypto market during the ongoing presale, experts predict that this new ICO crypto has a bright future. 

Conclusion

Currently, $GFOX costs $0.001122. You can participate in the presale via the official Galaxy Fox website. However, fast action is advised, as during the ten-step presale, the price is increased at every step, meaning the earlier you join, the higher gains you secure. 

So far, $GFOX has already brought a 70% price increase to first-stage investors, and considering seven more stages and, naturally, seven more price increases on the horizon, the profit rates from $GFOX are expected to outperform the top 10 altcoins easily.

To learn more about $GFOX, visit Galaxy Fox Presale or join the community.

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SafeMoon files for bankruptcy amid legal woes and executives arrest

SafeMoon, once promising, files Chapter 7 bankruptcy amid SEC fraud charges.
SEC alleges executives diverted $200 million for personal use; arrests follow.
Safemoon (SFM) token value drops 54% post-bankruptcy, market cap plunges from $1B to $17.18M.

In a startling turn of events, decentralized finance protocol SafeMoon has filed for Chapter 7 bankruptcy amid a cascade of financial and legal challenges.

This move follows the arrest of key company members by the US Department of Justice (DoJ) over allegations of misappropriating clients’ funds. The Securities and Exchange Commission (SEC) had already charged SafeMoon and its executives for defrauding customers.

SafeMoon’s Chapter 7 Bankruptcy filing 

The move by SafeMoon to officially file for Chapter 7 bankruptcy signals a grim outlook for the embattled cryptocurrency venture. The bankruptcy filing, submitted to the United States Bankruptcy Court in the District of Utah, comes in the wake of mounting financial and operational challenges for SafeMoon.

A leaked email addressed to the company’s team revealed that the decision to file for Chapter 7 bankruptcy was prompted by an inability to sustain business operations. As a result, all current employees have been terminated with immediate effect.

SEC charges against Safemoon and executive arrests

SafeMoon’s financial woes are compounded by legal troubles stemming from allegations made by the US Securities and Exchange Commission (SEC).

Last month, the SEC charged SafeMoon and key executives, including Thomas Smith, John Karony, and Kyle Nagy, with defrauding customers of over $200 million and selling unregistered securities.

The SEC complaint accuses the executive team of failing to deliver promised profits to investors, diverting funds for personal gains, and engaging in deceptive practices. The legal saga took a criminal turn when CEO John Karony and CTO Thomas Smith were arrested by the US Department of Justice, while founder Kyle Nagy remains at large. This dual legal onslaught has sent shockwaves through the cryptocurrency community and further fueled scepticism surrounding SafeMoon.

This sequence of events highlights the fragility of the cryptocurrency space, urging investors to exercise caution and due diligence in an industry known for its volatility and regulatory uncertainties. SafeMoon’s precipitous fall from grace serves as a stark reminder of the risks inherent in speculative ventures within the crypto landscape.

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Solana phone sold out in the US amid BONK-driven demand

The Solana Mobile team has announced that its crypto phone Saga is officially sold out in the US, with only a few of these suddenly indemand devices left for the European market. The Android phone was launched in May.

Why did Solana Saga see this much hype and selling?

On December 13, the price of BONK, a meme coin on Solana, skyrocketed to a new all-time high as crypto exchange Coinbase announced trading support. Binance is also listing BONK as the meme coin craze catches on again.

Amid the meme coin’s price hike, traders out to benefit from a free 30 million bonk airdrop for anyone purchasing the phone, FOMO’ed into frenzied buying.

Solana tried to make it possible for as many people as possible to buy its crypto phone by “limiting” sales to one device per household.

We’re here to share the Saga experience with everyone. In light of the overwhelming response, we’re limiting Saga purchases to one per household. This ensures that more of our community can enjoy the Saga,” they noted.

A few hours later, the Solana Mobile team posted on X that Saga was “officially sold out” for the US market.

Wow, what a day 🔥🔥🔥

We’ve officially SOLD OUT of Saga phones in the US! A huge thanks to everyone who’s been part of this journey ♥️

To our frens in Europe, we’ve still got a few left for you.

Stay tuned for what’s next 🫡

— Solana Mobile 🌱 (@solanamobile) December 15, 2023

The phone’s sales went from unfancied numbers to tenfold figures in 48 hours. Solana co-founder Raj Gokal noted in a post on X early Friday that the phone was on the verge of being sold out. According to Gokal, less than 5,000 are available (only for Europe).

~5,000 Sagas left (Europe only)
US is sold out 🫡 https://t.co/ma5ST8UDjP

— raj 🖤 (@rajgokal) December 15, 2023

BONK price gains

BONK’s meteoric price gains have the meme coin nearly 100% up in the past 24 hours and over 980% in the past 30 days.

According to details on the Saga store, the phone is available at a low price of $599, down from the price tag of $999 in August.

With prices at $0.00002981 as of writing, the 30 million BONK on offer translates to about $894. That would be a profit of over $290 if a Saga buyer in the past 48 hours had to cash in on their airdropped BONK.

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