Monat: September 2022

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KuCoin commits to support Terra Classic 1.2% Tax Burn

KuCoin has joined the list of centralized exchanges that have committed to support the 1.2% tax burn proposal by the Terra Luna Classic community. Other CEXes that have committed to support the LUNC tax burn include MEXC, CoinInn, and Gate.io. MEXC was the first CEX to indicate that it will support the tax burn.

The proposed tax burn will result in a tax on all on-chain transactions between wallets and smart contracts involving USTC and LUNC tokens.

In an official announcement, Kucoin said:

“Dear KuCoin Users, KuCoin will support the 1.2% tax burn proposal of the Terra Classic (LUNC) community.”

According to the announcement, KuCoin will fully support the 1.2% tax burn once it is officially approved and implemented.

LUNC price surging

Recent proposals and the introduction of LUNC burning and staking have pushed the price of the LUNC token up by more than 37,000% since its lows after the TerraUSD (UST) crash.

The implementation of the 1.2% tax burn is expected to add more impetus to the momentum and hopefully help drive the price of LUNC above $0.0005. According to the proposal, the tax burn will make LUNC a deflationary coin.

A vote on the tax burn proposal is scheduled not less than September 10 with an implementation slated to begin on September 20 if the proposal is adopted by a majority of the community.

The post KuCoin commits to support Terra Classic 1.2% Tax Burn appeared first on CoinJournal.

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Sorare partners with NBA for a free-to-play fantasy basketball game

Web3 game developer Sorare has partnered with the National Basketball Association (NBA) and National Basketball Players Association (NBPA) to launch a free-to-play fantasy basketball game this fall. The game will feature NBA’s 2022-2023 season.

According to a press release by NDA, the new fantasy basketball game will include digital collectables.

NBA commissioner Adam Silver in a statement said:

“Our partnership with Sorare will give NBA fans an entirely new way to engage with our teams and players. With Sorare’s emerging NFT fantasy platform, we see significant opportunities to broaden our community of fans and grow NBA basketball around the world.”

What is Sorare?

Sorare is an Ethereum-based Web3 game developer. Currently, it offers digital collectables for a fantasy soccer game and the addition of a fantasy basketball is a big step for the NFT platform.

NBA is not new to the non-fungible token (NFT) world in March 2021 the NBPA and NBA partnered with Dapper Labs’s NBA Top Shot to launch handpicked highlights from the 2020-2021 basketball season. Following its launch, the NBA Top Shot collection accounted for the majority of weekly NFT transactions for months although its popularity has since declined.

Last year, Sorare was able to raise $680 million to reach $4.3 billion in valuation.

In January, Sorare signed a deal with Serena Williams to assist the firm to expand into new sports categories.

The post Sorare partners with NBA for a free-to-play fantasy basketball game appeared first on CoinJournal.

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PIVX price pumps after forming a falling wedge. Is it a buy?

PIVX price jumped sharply on Wednesday even as the prices of other cryptocurrencies nosedived. The token rose to a high of $0.2265, which was the highest level since August 28. At its peak, the coin was up by more than 44% from its lowest level this week.

What is PIVX and why is it rising?

PIVX price defied gravity on Wednesday even as the prices of other digital coins crashed. Bitcoin dropped to a low of $18,000 while the total market cap of all digital cryptocurrencies dropped below $1 trillion.

For starters, PIVX is a privacy-focused cryptocurrency that emerged as a hard fork of Dash. Dash, on the other hand, was created from a hard fork of Litecoin, one of the oldest cryptocurrencies in the world.

There are four main types of transactions in PIVX. First, there is transparent transactions where the sender and recipient’s address are all public. Second, there are de-shielding transaction, where a shield address sends funds to a transparent one. 

Third, there is a shielding transaction where a transparent address sends to a shield one. Finally, there is a shield transaction, where a shield sender sends to another shield address.

Another PIVX feature is that it rewards its users for just holding the token. According to its website, the average daily reward for the token is 2.52 PIV while the estimated annual yield is 9.18%. The total supply locked in masternodes has risen to 24.53%.

It is unclear why the PIVX price is soaring as other cryptocurrencies crash. A possible reason is that this could be a pump and dump scheme. In 2021, users complained after losing over $112 million in a pump and dump scheme of the token. 

PIVX price prediction

The four-hour chart shows that the PIVX price jumped to a high of $0.3450 on August 27 of this year. This was a 140% increase from the lowest level during the month. It then had a freefall as demand for the coin crashed and after it moved to a distribution phase. 

As the coin dropped, it formed a falling wedge pattern that is shown in black. In price action analysis, this pattern is usually a bullish sign, which explains why its price rose. Still, with volume still low, there is a likelihood that the coin will resume the bearish trend in the near term.

The post PIVX price pumps after forming a falling wedge. Is it a buy? appeared first on CoinJournal.