24/7 Cryptocurrency News
BANANA Token Hits Weekly High Post $8.68M Burn and 50x Leverage Futures Launch
Published
3 months agoon
By
adminBanana Gun, the platform behind the BANANA token, has conducted a large token burn that removed 200,000 tokens from the market. This burn corresponds to 2% of the total supply worth around $8.68 million. The burn, the first in five months for the project, intends to reduce the supply and possibly increase the worth of the tokens.
BANANA Token Hits Weekly High Post $8.68M Burn
On August 14, the platform made a significant announcement regarding the destruction of 200,000 tokens. This action leads to a decrease in the total number of BANANA tokens, ‘burning’ which is often employed in the cryptocurrency market to increase scarcity of the token and, consequently, its value.
Following the burn, BANANA’s price surged to a weekly high within 24 hours, reflecting a positive response from the market.
“How was your day honey?”
– “Good, burnt $8.6M worth of $BANANA. 🍌🔥”2% of total supply destroyed forever.https://t.co/uVVwWDanke pic.twitter.com/O4hZehHRWQ
— Banana Gun 🍌🔫 (@BananaGunBot) August 13, 2024
This burn is the first in several months which may suggest that the platform is trying to rekindle the interest in the token. Given this reduction in supply, the remaining tokens may experience higher demand, and hence, higher prices in case of favorable market conditions.
Listing on Binance Futures with 50x Leverage
Concurrently, Binance has revealed that clients may start trading the tokens’ futures with up to 50x leverage from August 15, 2024. This listing is expected to enhance the trading volume in the token since the futures contracts enable traders to engage in price prediction of the token.
High leverage may also encourage more investors to invest in the token, increasing trading volume and market attention.
Earlier in July, Binance revealed that it was launching the Banana Gun project on the newly established Airdrop portal where the token will also be listed. Consequently, the listing of the token futures is another sign of the token’s growing presence on the crypto exchange, which may help support long-term interest.
Increased Trading Volume and Open Interest
Following the burn announcement and upcoming futures listing, BANANA has seen a notable increase in trading volume. The trading volume surged by 129.79%, reaching $154.51 million, indicating heightened activity and interest in the token.
Additionally, open interest in the token’s derivatives increased by 3.82%, totalling $8.54 million. This rise in open interest suggests that new positions are being established, indicating expectations of future price volatility or movement.
Source: Coinglass
Meanwhile, with the bullish momentum in play, the token price swayed between an intra-day high and low of $48.91 and $41.21, respectively. At press time, the price was exchanging hands at $45.13, a 4% surge from the support level and 37% rally in the last week.
Kelvin Munene Murithi
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
You may like
Analyst Sets $320,000 Target As Wave 5 Begins
Bitcoin Hash Ribbons Indicator: Miners Show Unwavering Optimism as Hash Rate Hits New Highs
DeFi Technologies creates SolFi to be its ‘MicroStrategy for Solana’
Shibarium Crosses 500 Mln Transaction Milestone, SHIB Reacts
Dogecoin (DOGE) Leads Crypto Market Resurgence With Explosive Move As Traders Eye $1 Price Target
The Digit Addiction Pandemic
24/7 Cryptocurrency News
Shibarium Crosses 500 Mln Transaction Milestone, SHIB Reacts
Published
4 hours agoon
November 12, 2024By
adminShibarium, the Ethereum-based Layer-2 scaling solution backed by the Shiba Inu (SHIB) ecosystem has recorded a huge mainnet milestone. According to data from Shibarium scan, the total transactions processed on the platform has crossed the 500 million milestone. As of writing, the total transaction is pegged at 500,623,178.
Shibarium and the Obvious Growth Catalyst
The Shiba Inu-backed layer-2 scaling solution launched in August 2023. For a protocol with a largely rocky start, the new milestone has sparked series of debates on X. Shibarium got a major boost less than a month ago when Shiboshi-linked NFT update triggered enhanced ecosystem adoption.
With the NFT bridge feature on the mainnet, transaction count jumped to millions per day from a few thousands. At the time of writing, the daily transaction count comes in at 4.69 million. Despite this figure, the protocol records at least 2,227 transctions in hours. The new milestone has triggered a comment from Kaal Dhairya, one of the ecosystem’s lead developers.
PAW-some news! 🐾 Shibarium just fetched 500M transactions—proof of pack is unstoppable! 🚀 Here’s to more tail-wagging milestones ahead. #ShibArmy #Shibarium https://t.co/1gBzGyY85E
— Kaal (@kaaldhairya) November 12, 2024
Per the Shibariumscan data, the protocol now have a total block of 7,849,660 with wallet adresses coming in at 1,889,496. With the consistent growth, the protocol hopes to match with some of its peers like Base and Optimism soon.
Shiba Inu Reacts, Will This Boost Market Value?
The memecoin has reacted to the update within the ecosystem as it underscore the relative growth overall. At the time of writing, SHIB price was changing hands for $0.0000264, down by 3.39% in 24 hours. Within this period, the token has traded within a low price of $0.00002457 and a high of $0.0000303.
While the token ought to print a rally, SHIB has recorded an extreme growth trend amid the boom in the price of Bitcoin. In the past week, the token has retained a more than 48% rally overall. With the token’s price largely linked to the broader market trend, it’s recovery might come faster than projected.
Meanwhile, lead developer Shytoshi Kusama has set his sight on his SH.I.B proposal to create the Silicon Valley destination for crypto. He recently pitched this idea to Elon Musk in a bid to get the Donald Trump administration to consider the prospects.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
24/7 Cryptocurrency News
How A Simple Wallet Error Cost $25 Million To This Crypto User?
Published
11 hours agoon
November 12, 2024By
adminIn an unfortunate situation, a crypto user faced investors’ scariest dreams. He lost $25M worth of crypto while transferring from one wallet to the other. The user wished to transfer to the liquid restacking platform called Renzo. However, with a simple wallet error, the user transferred all the cryptos to the platform’s wrong address, bearing millions worth of losses.
When the rest of the market is busy grabbing all the gains, as Bitcoin surpassed Silver after a new ATH, this one user is bearing a loss.
Crypto User Sent Cryptos To The Wrong Wallet Address
The person lost $25 Million on Sunday while transferring the Renzo Restaked ETH to Renzo’s safe wallet. However, instead of the safe wallet, which is a primary wallet that allows full access to funds, the users pasted the wrong address link, which led to the transfer to a safe module. As a result, all those tokens are now locked in a Smart Contract and cannot be retrieved due to the transaction’s decentralized nature.
Urgent Request for Help!
To all skilled hackers and white hats out there: I’ve lost a significant sum of funds in a contract and urgently need help recovering it. If you can successfully retrieve the funds, I’ll immediately offer a 10% reward, which is approximately $2.5 million…
— 我有一个狗王梦 (@qklpjeth) November 10, 2024
The user has approached people on X, describing his story to the community members. He has pleaded with hackers and white hats to help with this situation in return for a 2.5% reward ($22.5M), which is quite high. Many people have replied to support, and a few even attempted to recover, but the person has sent it to the safe module, making it almost impossible to retain these tokens without changing the Smart Contracts code.
A few readers have advised reaching out to the platform’s team and conveying the needed changes to retrieve the assets. Even the DeFiLlama founder 0xngmi has suggested that the crypto user should connect with the Renzo team to edit the contract code and retrieve his tokens.
Renzo Fails To Help Due to Compliance Issues
Renzo is a staking platform designed to simplify restocking on popular blockchains like Ethereum and Solana. Despite the possibility of updating the code, the team has declined to assist in this matter. The crypto user explained that Renzo could not help due to compliance issues.
A few community members further advised the victim to take legal action to solve this issue. This is because, on many occasions, the court has ordered to resend the cryptos in case of hacks and similar situations. However, the crypto user has declined to do so due to his good relations with the company, saying,
I haven’t considered the legal process. I’m good friends with the Renzo team and don’t want to go through legal procedures.
How To Protect Your Crypto?
This unfortunate event is a big-time reminder that trading in digital assets comes with multiple challenges other than thefts and hacks. Even a minor mistake could lead to losing your crypto forever, as this crypto user did, as he sent all the tokens to a safe module instead of a safe wallet. As a result, the user has lost $25M worth of Renzo Restaked ETH and is approaching crypto hackers to retrieve the tokens. Till now, no solution has come out, and even Renzo’s team failed to help out on this due to compliance issues. With this, it has become an important lesson to double-check the details and understand the platform protocol to protect cryptos. More importantly, every user should have a strategic trading strategy to help with losses and grabbing profits, as this crypto investor turned $1.2M to $9.36M.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
24/7 Cryptocurrency News
Bitget Re-Launches UK Platform With Over 150 Tokens Ready for Trading
Published
14 hours agoon
November 12, 2024By
adminBitget cryptocurrency exchange and Web3 provider has announced the re-launch of its platform in the UK, now offering British users access to a wide selection of digital assets. The re-launch is in line with the Financial Promotions Regime, and the exchange’s offerings exceed 150 tokens, making it one of the most comprehensive crypto platforms in the UK.
Bitget Launches in the UK, Doubling Token Access For Crypto Traders
Bitget has officially re-launched its UK website, providing British users with access to over 150 tokens for trading. This extensive offering surpasses the token variety available on many global exchanges. It is a reflection of the exchange’s commitment to delivering a broad range of options for UK crypto investors.
More so, the diverse token selection positions the Seychelles-based platform among the top exchanges in the UK.
The re-launch comes in response to the growing demand for diverse digital assets within the UK. Bitget’s expansion aligns with the UK Financial Conduct Authority’s (FCA) Financial Promotions Regime, ensuring all promotional activities meet transparency and fairness standards.
Additionally, the exchange’s offerings demonstrate the platform’s strategy to provide UK crypto investors with ample choice within a compliant framework.
Archax Approval Enables Custody Services for UK Crypto Users
With Archax’s approval, Bitget users in the UK now can access a range of cryptocurrency trading and custody services, including tokenized real-world assets. Archax, a regulated digital securities exchange will provide the necessary local endorsement that allows operations within the UK’s regulatory environment.
Moreover, the endorsement will facilitate Bitget’s UK entry, as it meets the requirements of the Financial Promotions Regime for offshore exchanges operating in the region. Archax’s role in vetting offerings strengthens the exchange’s efforts to maintain a high standard of security for UK users.
Notably, the Head of Regulation at Archax, Julia Loder, emphasized their support stating,
“We are dedicated to upholding high standards of the Regime, providing UK investors with access to a transparent trading experience.”
This re-launch reflects the platform’s approach of incorporating local compliance requirements into its expansion plans. Gracy Chen, CEO at Bitget, added,
“At Bitget, compliance is the core of our expansion strategy. The entrance into the UK market under the regime allows us to bring users a wide variety of digital assets within the ever-changing crypto landscape. This launch is a step towards establishing Bitget as a long-term, compliant partner in diverse markets, providing investors with a platform to explore digital assets.”
More so, the extensive range of digital assets addresses and the diverse interests of UK investors highlight market adaptability. The UK crypto market, known for its advanced financial environment will solidify the exchange growth in the crypto sector. With over 45 million users in more than 150 countries, this expansion adds to Bitget’s global presence.
Meanwhile, the crypto exchange recently launched the “Pitch n Slay” initiative under its Blockchain4Her program to support women entrepreneurs in Web3. With up to $100K in funding, the program provides mentorship, guidance, and exposure.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
Analyst Sets $320,000 Target As Wave 5 Begins
Bitcoin Hash Ribbons Indicator: Miners Show Unwavering Optimism as Hash Rate Hits New Highs
DeFi Technologies creates SolFi to be its ‘MicroStrategy for Solana’
Shibarium Crosses 500 Mln Transaction Milestone, SHIB Reacts
Dogecoin (DOGE) Leads Crypto Market Resurgence With Explosive Move As Traders Eye $1 Price Target
The Digit Addiction Pandemic
AI startup Genius Group picks Bitcoin as main treasury asset
Cryptocurrencies That Soared to All-Time High, Rewarding Investors with Massive Returns
AI Startup Hugging Face is Building Small LMs for ‘Next Stage Robotics’
Kraken launches ATH and APU token listings on Nov. 12
How A Simple Wallet Error Cost $25 Million To This Crypto User?
Shiba Inu price pumps over 45% and these meme coins might explode next
Ether (ETH) ETF Inflows Hit Record, Bitcoin ETF Inflows Soar as BTC Price Eyes $90K
Bitget Re-Launches UK Platform With Over 150 Tokens Ready for Trading
Great Scott! If Only We Could Go Back to 2009 to Buy Bitcoin!
182267361726451435
Top Crypto News Headlines of The Week
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin Open-Source Development Takes The Stage In Nashville
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Washington financial watchdog warns of scam involving fake crypto ‘professors’
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Trending
- 2 months ago
182267361726451435
- 24/7 Cryptocurrency News3 months ago
Top Crypto News Headlines of The Week
- Donald Trump4 months ago
Why Did Trump Change His Mind on Bitcoin?
- News2 months ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin4 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Opinion4 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin4 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Price analysis3 months ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
✓ Share: