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NPC token gains 32% following Elon Musk post

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4 months ago

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A seemingly innocuous post by X owner Elon Musk seems to have helped propel the price of the little-known non-playable coin (NPC) by more than 32%.

On July 20, Musk posted a video by popular reporter and influencer Mario Nawfal on his X handle. In the video, Nawfal engages in a discussion about NPC, exploring how it stands out from other meme coins. 

NPC analysis

The impact has been immense. Since that post went out, the price of NPC spiked 32.1% at the time of this writing. Its market cap soared to an impressive $195 million in a matter of hours.

The push also meant that NPC gained over several other timeframes. For instance, the current NPC price is a massive 67% improvement across seven days and a 21% increase over two weeks. However, it is still nearly 20% below its all-time high price of $0.03003, recorded on June 23. 

NPC token gains 32% following Elon Musk post - 1
NPC 24-hour price chart | Source CoinGecko

Today’s performance also means that NPC is now substantially outperforming the global cryptocurrency market, which is up 11% according to CoinGecko.

Furthermore, it is also doing better than similar cryptocurrencies on the Ethereum network, which have registered an overall improvement of about 12%. 

The NPC token is an NFT-meme hybrid inspired by the non-playable character meme. It can be traded as either a non-fungible token or a meme coin, with each NPC token backed by an NFT of the NPC meme.

The coin is available on Ethereum via Uniswap and on Coinbase’s layer-2 network, Base. It has a total supply of 8,050,126,520 NPC tokens, all of which were circulating at launch.

The price uptick was accompanied by a similar jump in the coin’s 24-hour trading volume, which went up 55% to $7,464,829.



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Coinbase Brings Bitcoin to Solana with cbBTC

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6 hours ago

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November 7, 2024

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Coinbase has just announced cbBTC, the very first Bitcoin-backed token on Solana. The newly minted SPL token is backed 1:1 by Bitcoin and held in Coinbase custody. It provides an easy way for users to access BTC directly on the Solana blockchain.

According to the announcement on X, cbBTC by Coinbase brings the power of Bitcoin onto Solana’s high-speed network, expanding the availability of BTC to decentralized applications and traders worldwide.

Bitcoin Now Accessible on Solana with Coinbase’s cbBTC

Coinbase has officially launched cbBTC on the Solana blockchain to increase access to Bitcoin within Solana’s fast-growing DeFi ecosystem. cbBTC, issued as an SPL token, is backed 1:1 by native Bitcoin held by Coinbase.

The addition will join the variety of other wrapped options for Bitcoin on the chain. Some include tBTC, WBTC via Wormhole, and soon-to-be-listed zBTC and sBTC. This further rounds out the Bitcoin offering on Solana.

On the first day, it was integrated into major DeFi platforms, including Jupiter Exchange, Meteora, Kamino Finance, Jito Sol, PhoenixTrade, DriftProtocol, Raydium, Orca, Save Finance, ManifestTrade, and Loopscale Labs, where it also presents users with most of the liquidity and collateral opportunities presented on Solana’s DeFi applications.

In the meantime, Solana (SOL) price appears poised for a breakout as bullish momentum gains traction. It also lifts the cryptocurrency to a three-month high. Some experts think it could soon reach $300 and surpass BNB token.

cbBTC Making Inroads in Global Crypto Markets

On September 12, Coinbase introduced the cbBTC customers in Singapore, Australia, the UK, and the US – apart from New York. This is its wrapped Bitcoin product, first available on Ethereum and Base. It is fully backed at a 1:1 ratio by Bitcoin and held in Coinbase custody.

One more notable thing is that cbBTC will be operated without order books or trading pairs dedicated explicitly to itself within the Coinbase platform. This is how it makes its usage seamless over multiple chains.

According to CryptoQuant, cbBTC has emerged as the third most used wrapped Bitcoin asset in just one week. The token has leapfrogged long-standing competitors such as Huobi BTC, HBTC, and renBTC, RENBTC to compensate for lost ground in the wrapped Bitcoin market.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

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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Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep

Published

22 hours ago

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November 7, 2024

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“It’s hard to think how the election outcome could have landed better for the industry, and expectations of key regulatory improvements are likely to build in the coming months and quarters,” David Lawant, head of research at crypto prime brokerage FalconX, said in a Wednesday report. “Such clarity could open room for additional crypto ETF products, covering the main crypto assets and potentially also a broader crypto index, and give entrepreneurs and investors more comfort in U.S. token launches.” However, Lawant warned of short-term risks in the meanwhile, which may include “last-minute enforcement actions by departing officials.”



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Fairshake discloses $78m crypto donation war chest

Published

3 days ago

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November 4, 2024

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Crypto leaders and Silicon Valley giants have boosted Fairshake’s funds for the U.S. 2026 mid-term election cycle, even as America prepares to decide its next president.

The crypto super PAC Fairshake has raised $78 million from blockchain supporters and businesses for mid-term lobbying in 2026, according to CNBC.

U.S. mid-term elections, held two years into a president’s term, determine many congressional seats, potentially favoring digital asset regulations. Coinbase and Andreessen Horowitz are among the backers funding pro-crypto candidates in Congress.

America’s largest centralized crypto exchange, Coinbase, pledged to donate $25 million. Earlier, crypto.news reported that a16z crypto committed $23 million to Fairshake, as announced by managing partner Chris Dixon.

Crypto industry firms and blockchain-friendly companies have contributed a total of $170 million to Fairshake, a super PAC founded by over a dozen entities. Fairshake’s numbers, along with other crypto-aligned PACs, made up nearly 50% of corporate donations for the 2024 general elections.

A16z, Coinbase, Jump Crypto, and Ripple donated most of Fairshake’s $170 million crypto lobbying war chest this cycle. Fairshake has spent around $135 million, targeting legislators and state policymakers.

Long-term crypto lobbying commitments floated on hours before the final voting between Republican Donald Trump and Democrat Kamala Harris for president. On prediction platforms like Polymarket, Trump had a higher winning probability at 57.9% against Kamala’s 42.3%. But national polls implied a tight race between the rivals.

Presidential election results may be announced on Nov. 5. However, protracted vote counting could cause delays. Polymarket’s presidential contract crossed $3.1 billion volume as traders placed stoppage time wagers.

The largest presidential prediction market will resolve when the Associated Press, Fox, and CNBC all declare a single winner. If not, Polymarket’s betting pool would remain open until the inauguration in January.



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