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NEAR Protocol (NEAR) Rockets 10% On New Governance Proposal, Here’s All

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4 months ago

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NEAR Protocol has presented a major governance proposal, created in partnership with Gauntlet and the NEAR Foundation. This announcement has led to a 10% increase in the value of NEAR token. The proposal seeks to deepen the decentralization of the NEAR ecosystem through a comprehensive plan that ensures better governance, accountability, and performance.

New Governance Framework for NEAR Protocol Ecosystem

NEAR Protocol has recently launched a new governance proposal which is dedicated to increasing the decentralization level of the NEAR ecosystem. The proposal entails that one uses a stake-weighted voting system instead of the traditional one person one vote. Thus, this system is planning to grant NEAR token holders with more control in direct correlation to the stake they hold in order to encourage passive and active holdings.

Also, the proposal presents recommendations for changes in the governing nodes with an aim of enhancing effectiveness. This includes forming a Screening Committee to manage the selection of delegates and prescreening of grant proposals hence keeping up the evaluation of governance effectiveness.

The other major aspect is the Endorsed Delegate Mechanism which includes the description of the functions and the procedures of the delegates crucial for the operational governance.

Funding Structure and Incentive Mechanisms

In this regard, the proposal recommends a new funding model to support the new governance model. This entails new funding types and guardrails as well as incentives for delegates and veNEAR holders. The veNEAR tokens, which are a key component of the NEAR voting mechanism, enable the staking of NEAR tokens for three months to four years. The longer the stake, the higher the voting rights in order to encourage long term commitment and enhance the governance role.

The proposal also looks into the matter concerning the 0. 5% annual inflation rate and reverting 50% of it to fund governance proposals and encourage ecosystem stakers. This is the strategic allocation of resources in a bid to ensure that there are proper on-chain activities taking place.

At the same time, the proposed governance framework represents a major evolution in the NEAR ecosystem’s decentralization process. This is through increasing the delegate membership and the conducting of periodic reviews by the Screening Committee to enhance the review of strategies based on the performance and effectiveness continually.

This dynamic approach is designed to ensure that the governance framework continues to be effective and relevant to the objectives of the NEAR protocol in the long term.

NEAR Token Price Surge

After the introduction of the new governance proposal, the price of NEAR token also rose by 10%. This rise is due to the market response to the proposed changes that are expected to have positive effects on the further development of the ecosystem. At press time, NEAR was trading at $6.22, a 7.81% surge from the intraday low of $5.61.

NEAR/USD (Source: TradingView)

During the rally, NEAR’s market capitalization and 24-hour trading volume soared 7.93% and 85% respectively to $6,851,091,519 and $535,805,328.

Backing this uptrend, the Moving Average Convergence Divergence (MACD) shifted in the positive region. With the developing higher histogram bars, buying pressure is increasing.

However, the RSI rating of 78 suggets that the price may be nearing a pullback. This abnticipation is because an overbought RSI is a signal of a colling bullish momentum.

Read Also: BONK Price Prediction Signals 55% Rally By July End, But There’s a Twist

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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.

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.





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The Story Behind a Crypto Trader Turning $378K into $35.2M

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1 hour ago

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November 21, 2024

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In the last 15 years, the crypto trading industry has grown exponentially and impressively, facilitating hundreds of billions in daily trading volume. Bitcoin has played the biggest role in this, especially with its constant growth. It has attracted millions of crypto investors and cryptocurrencies, and some trades stand out from the rest due to their unique placement, creating impressive stories for the community. One such story talks about this crypto trader who has turned $378k into $35.2M in just eleven months, clearly portraying the power of the crypto market.

Crypto Trader Made $34.8M in Profits

The crypto market has rallied in the last two weeks, pushing many cryptocurrencies to new peaks. This is happening with a bullish sentiment among investors following Donald Trump’s win in the US elections and the Bitcoin price attaining new ATH at $97,862.64. With that, BTC has surged more than 130% since the beginning of the year.

Meanwhile, this bullishness was established, and a crypto trader built a fortune with crypto trading in OM, one of the most popular cryptos. As the Lookonchain post reveals, the trader turned his $378k investment into $35.2M within a year. This happened when the trader bought 9.33M OM tokens with three crypto wallets at $0.04 and kept holding all these tokens for 11 months before depositing 4M OM on Binance a few hours ago. More importantly, he still holds 5.33M OM, worth $19.86M, bringing the total to $35.2M.

Without trading #memecoins, the whale turned $378K into $35.2M in just 11 months, a massive profit!

The whale(related to #ManifoldTrading) accumulated 9.33M $OM($378K) at $0.04 11 months ago and deposited 4M $OM($15.32M) to #Binance 4 hours ago, leaving 5.33M $OM($19.86M).… pic.twitter.com/9JlS3ZOW0y

— Lookonchain (@lookonchain) November 21, 2024

Though the crypto trading industry has created opportunities where crypto traders earn millions in just a few hours or days, this trader clarified how slow and steady wins the race. More importantly, he ditched the memecoins trend and opted for a utility-based altcoin Mantra (OM). As a result, he has bagged $3.48M in profits in just 11 months.

OM Price Attained an ATH With a 6089% Surge

OM is the 35th biggest cryptocurrency on CoinmarketCap, with a market capitalization of $3.27B. This happened after the token grew 6089% in YTD, attracting more and more investors with its growth potential. In the last two months alone, the Mantra token has achieved multiple ATH peaks, rewarding its holders. One token holder made $6M in profits, benefitting from the constant price rally.

OM Price PerformanceOM Price Performance

Even recently, the OM price attained a new ATH of $4.47 just three days ago. However, since then, the token has entered a consolidation phase, with the investor pushing the token to an overbuying zone, leading to a trend reversal. As a result, the token price has decreased 19% in three days, currently at $3.61. However, there is hope with the strong buying pressure on the token.

More importantly, the recent Binance announcement confirmed the OM/USDC pair listing on November 22, which might push the demand for the token even higher.

Bottom Line

With accurate crypto trading strategies, this crypto trader has made $34.8M in profits with just one token. The trader has spent $378K and bought 9.33M OM tokens when the price was just $0.04. However, over the 11 months, the OM price surged $6089%, making heavy profits for its holders. The crypto investor has impressed the crypto community with the focus on HODL and the right time trading. More importantly, he still has a major portion of his tokens in his personal wallet, which suggests he is awaiting even a bigger rally.

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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.





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BTC Reaches $97K, Altcoins Gains

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4 hours ago

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November 21, 2024

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Cryptocurrency Prices Today: Bitcoin touched a new all-time high of $97K, while major altcoins saw slight increase from the last day. Meme coins showed mixed trends; however, FLOKI emerged as the top gainer with a 16% jump in the last 24 hours.

The global cryptocurrency market cap reached $3.16 trillion as prices surged today. Trading volume remained steady at $184 billion in the past 24 hours. Here’s an overview of the top crypto by market cap and their performance on November 21.

Cryptocurrency Prices Today: BTC Hits New ATH

Bitcoin soared to a new all-time high, reaching $96K. It maintained its recent strength, breaking the $87K-$93K range. Meanwhile, major altcoins like XRP, ETH, and SOL showed little movement in the last 24 hours, reflecting a mixed market sentiment.

FLOKI became the top performer among meme coins with a 16% surge. However, other meme coins showed declines, struggling to keep up in the past day.

Bitcoin Price Today

Bitcoin (BTC) is trading near $97,000 reflecting a 5% increase from the previous day. Its 24-hour low and high are $91,981 and $97,000, respectively. The market cap stands at $1.91 trillion, with a 24-hour trading volume of over $89 billion and a dominance of 60.63%.

According to Sosovalue data, BTC ETFs recorded an inflow of nearly $750 million on Wednesday. BlackRock (IBIT) saw $627.7 million in inflow.

Ethereum Price Today

Ethereum (ETH) is trading at $3,072, marking a 1% decline over the past 24 hours. Its 24-hour low and high are $3,032 and $3,159, respectively. ETH’s market cap stands at $370 billion, with a 24-hour trading volume of $30 billion and a dominance of 11.88%.

ETH ETFs saw an outflow of $47 million, with the market still awaiting updates from BlackRock and Grayscale. Despite the minor dip, ETH continues to hold a significant share of the market, maintaining its position as the second-largest cryptocurrency by market capitalization.

Solana Price Today

Solana (SOL) is currently trading at $233.90, reflecting a 1% increase in the last 24 hours. Its 24-hour low and high are $230.34 and $242.10, respectively. SOL has a market cap of $111.2 billion, making it the 4th largest cryptocurrency by market capitalization. The 24-hour trading volume stands at $6.41 billion, with a market dominance of 3.57%.

XRP Price Today

XRP price is currently trading at $1.09, reflecting a 2% increase from the last 24 hours. Its 24-hour low and high are $1.0637 and $1.146, respectively. The 24-hour trading volume stands at $6.54 billion. XRP is the 6th largest cryptocurrency by market cap, with a market dominance of 2%.

Ripple-partner Archax added State Street, Fidelity International and Legal & General Investment Management (LGIM) funds to tokenized offerings. The tokenized funds will initially be available on XRP Ledger (XRPL), Hedera and Arbitrum blockchains.

Meme Crypto Prices Today

Dogecoin (DOGE) is down by 1% and trading at $0.3768, with a 24-hour low and high of $0.3665 and $0.3995, respectively. It has a market cap of $55.47 billion and a 24-hour trading volume of $8.06 billion. Dogecoin has surged by 162% in the last week, making it the 7th largest cryptocurrency by market cap.

Similarly, Shiba Inu (SHIB) is down by 2% in the last 24 hours, currently trading at $0.00002372. Its 24-hour low and high are $0.0000231 and $0.00002477, respectively. SHIB has a market cap of $13.93 billion and a 24-hour trading volume of $1.14 billion. The coin’s performance remains stable despite the slight dip.

Top meme coins have also shown dips, with PEPE, BONK, and WIF down by 2% to 14%. However, FLOKI is one of the exceptions, up by 16%, continuing its strong performance in the market.

Top Cryptocurrency Gainers Prices Today

FLOKI Price Today

FLOKI has seen a 16% increase in the last 24 hours, currently trading at $0.0002775. Its 24-hour low and high are $0.0002268 and $0.0002879, respectively. The coin’s 24-hour trading volume stands at $1.21 billion, leading cryptocurrency prices today. FLOKI has surged by 19% over the past week, continuing its strong upward momentum in the market.

Raydium Price Today

Raydium (RAY) is up by 10% in the last 24 hours, currently trading at $5.70. Its 24-hour low and high are $5.202 and $5.827, respectively. RAY has a market cap of $1.66 billion and a 24-hour trading volume of $127 million, reflecting strong trading activity in the past day.

Bittensor Price Today

Bittensor (TAO) is currently trading at $489, up by 6% over the last 24 hours. Its 24-hour low and high are $451 and $503, respectively. TAO has a market cap of $3.6 billion, reflecting its strong performance in the market.

Top Cryptocurrency Losers Prices Today

Goatseus Maximus Price Today

Goatseus Maximus (GOAT) is down by 21% in the last 24 hours, currently trading at $0.9171. Its 24-hour low and high are $0.8605 and $1.174, respectively. The coin has a 24-hour trading volume of $367 million, reflecting the significant volatility in the past day.

Peanut the Squirrel Price Today

Peanut the Squirrel (PNUT) is down by 17% in the last 24 hours, currently trading at $1.133. Its 24-hour low and high are $1.276 and $1.647, respectively, showing a notable decline in its price during this period.

BONK Price Today

BONK is down by 13%, currently trading at $0.00004864. Its 24-hour low and high are $0.00004679 and $0.00005915, respectively. The coin has a market cap of $3.63 billion and a 24-hour trading volume of $2.26 billion.

Besides, BTC and ETH hourly time frame charts show bullish momentum, with both coins up by 2%, sparking further bullish movement in cryptocurrency prices today. The overall trend indicates a massive positive sentiment in the cryptocurrency market, driving optimism for a continued surge in prices today.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.





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Elon Musk, Vivek Ramaswamy Outline Bold D.O.G.E US Workforce Plan: Details

Published

7 hours ago

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November 21, 2024

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Elon Musk and Vivek Ramaswamy recently presented a comprehensive strategy aimed at reducing the federal workforce under the guidance of President-elect Donald Trump. Their proposal emphasizes a large-scale reduction of federal employees, which they argue will become feasible through the elimination of numerous regulations.

Elon Musk and Vivek Ramaswamy Unveil Plan To Slash US Workforce

In a recent Wall Street Journal, Elon Musk and Vivek Ramaswamy, appointed co-heads of the newly proposed Department of Government Efficiency (D.O.G.E), detailed their plan to streamline the federal workforce. This ambitious plan proposes the conversion of some federal employees to “Schedule F,” stripping them of traditional job protections. The move will ultimately reduce the size of the federal workforce. 

The Wall Street Journal op-ed coincides with Supreme Court decisions that the duo argues give the incoming administration the executive power to make sweeping changes.

The plan as outlined ties directly to the Trump administration’s broader goals of cutting federal spending and reducing governmental bureaucracy. The Tesla CEO and Ramaswamy suggest that by slashing federal regulations, many federal jobs would naturally become obsolete.

The duo expressed their commitment to the task ahead stating, 

“We will serve as outside volunteers, not federal officials or employees. Unlike government commissions or advisory committees, we won’t just write reports or cut ribbons. We’ll cut costs.”

In addition, they mentioned that a collaboration with Trump’s transition team is in progress. This partnership will recruit a group described as “small-government crusaders.” These individuals will collaborate with the White House Office of Management and Budget. 

Regulatory Reduction and Its Impact on Federal Employment

Elon Musk and Ramaswamy assert that reducing the number of federal regulations will directly impact the number of federal employees. They argue that fewer regulations will require fewer employees to enforce them. This in turn will lead to reductions in the federal workforce. 

The strategy relies heavily on recent Supreme Court rulings that support the president’s authority to rescind regulations that exceed the powers granted by Congress.

Further elaborating on their D.O.G.E strategy, Elon Musk and Ramaswamy referenced two specific Supreme Court cases: West Virginia v. Environmental Protection Agency (2022) and Loper Bright v. Raimondo (2024). These cases, according to the duo, underscore the limitations on federal regulatory agencies’ powers.

The implementation of Elon Musk and Ramaswamy’s plan will lead to one of the most significant restructurings of the government. A recent report indicates that Ripple CLO Alderoty’s plea to D.O.G.E. might prompt a thorough investigation into the SEC’s financial activities.

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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.





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