Monat: August 2023

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Is it safe to buy the SEI token after exchange listing?

  • SEI is an upcoming layer-1 network in Binance launchpool.

  • Data by Aevo shows that investors are pricing in a market cap of $500 million.

SEI token will be in the spotlight next week as Binance is scheduled to list it on its platform. Data published by Aevo, a new crypto futures platform shows that the token will likely open at 26 cents. If this happens, it means that the token’s market cap will be over $500 million, making it one of the most successful launches this year.

SEI is the 36th project coming from Binance launchpool. The other blockchains to come from the ecosystem are Sui and Bella Protocol. According to its website, Sei is a layer 1 network that specifically focuses n trading. It will enable developers to build projects that are at the intersection of centralized and decentralized exchanges.

Sei uses the Twin-Turbo consensus and multiple degrees of parallelization to reduce latency and boost throughput. Its website identifies several projects in its ecosystem, including Alpha Venture DAO, Apollo DAO, and Astroport.

The challenge for SEI and other new layer-1 and layer-2 networks – including Coinbase’s Base, is that the industry is highly saturated, with most activity happening in Ethereum. For example, PayPal selected Ethereum as its blockchain for the new PYUSD stablecoin.

Many developers are also moving to layer-2 networks like Arbitrum, Optimism, and Polygon. Most importantly, many of the recently launched layer 1 networks like Aptos and Sui have not gained traction among developers.

Therefore, there is a likelihood that SEI token price will likely rise shortly after listing and then retreat shortly after that.

The post Is it safe to buy the SEI token after exchange listing? appeared first on CoinJournal.

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SoFi Bank holds $170 million in crypto

  • SoFi Bank’s second quarter earnings report indicated crypto holdings of $170 million.
  • It includes Bitcoin, Ethereum, Litecoin, Dogecoin and Cardano.

San Francisco-based SoFi Bank, which has over 6.2 million customers, has revealed it holds up to $170 million worth of crypto, Trustnodes reported.

SoFi Bank holds BTC, ETH, DOGE

Per details in the bank’s Q2 earnings report, the holdings include $82 million in Bitcoin (BTC), over $55 million in Ethereum (ETH), $5 million of Dogecoin (DOGE) and $4.5 million of Cardano (ADA). 

The filing also showed the bank held $3.5 million worth of Litecoin (LTC), $2.1 million of Solana (SOL) and $2.9 million in Ethereum Classic (ETC) at the end of the quarter.

SoFi Bank did not begin its operations as a bank, but rather transitioned into one after making a strategic acquisition in the US. The company launched its crypto offering in September 2019, but became a bank after its double acquisition of Golden Pacific Bancorp and Golden Pacific Bank in February 2022.

The bank’s growth has seen it add Federal Reserve stocks to its offering. Its crypto products are offered via a partnership with leading US-based crypto exchange Coinbase.

Customers can start trading BTC and other cryptocurrencies with as little as $10. However, its crypto platform is not a crypto wallet and does not support staking.

The post SoFi Bank holds $170 million in crypto appeared first on CoinJournal.

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PayPal launches its stablecoin: What it means for Shiba Memu presale

Key takeaways

  • PayPal launched its stablecoin pegged to the US Dollar earlier this week. 

  • Shiba Memu’s presale has now raised more than $1.7 million. 

PayPal, one of the leading payment service providers in the world, announced earlier this week that it had launched its stablecoin.

With PayPal entering the stablecoin market, it could attract more institutional investors to enter the crypto market.

Shiba Memu’s presale continues to move as expected, with the team raising more than $1.7 million so far.

PayPal enters the stablecoin market

Payments giant PayPal announced earlier this week that it had launched its stablecoin called PYUSD. The stablecoin is pegged to the US Dollar, and PayPal users can use the stablecoin to make purchases online and convert to and from other cryptocurrencies. 

With PayPal’s entry into the stablecoin, more than 400 million users could soon have access to PYUSD and, by extension, cryptocurrencies. The move could spark a major adoption of cryptocurrencies over the coming months and years. 

What is Shiba Memu?

Increased adoption of cryptocurrencies could benefit projects such as Shiba Memu, which has shown to be a promising Web3 project.

Shiba Memu is still in its presale stage, but the team has already garnered interest among investors. 

As a project, Shiba Memu seeks to combine the powers of AI and blockchain technology to create an unstoppable, entirely self-sufficient marketing powerhouse.

According to their whitepaper, Shiba Memu is designed to handle the work of numerous marketing agencies. As an AI-based platform, Shiba Memu will operate 24/7, eliminating the restrictions imposed by traditional marketing agencies. 

Shiba Memu’s platform will always be active, creating advertisements superior to what traditional marketing platforms can generate. 

Shiba Memu is launching as a meme coin thanks to the recent popularity of meme coins. The meme coin industry grew into a multi-billion dollar industry within a few years. The market cap of meme coins grew from practically $0 in 2020 to reach the $20 billion mark in 2022. 

Shiba Memu differs from the other thousands of meme tokens in the market because it offers real-world utility. 

It has self-sufficient marketing capabilities powered by AI technology. This feature makes it a project investors could be interested in. As a marketing platform, Shiba Memu will develop its own marketing strategies, write its own PR, and promote itself in relevant forums and social networks.

At the moment, Shiba Memu operates on the Ethereum and BNBChain blockchains. 

Shiba Memu’s presale tops $1.7M

Shiba Memu’s presale continues to generate waves, with the team raising more than $1.7 million so far. 

The surge in investment can be attributed to more investors entering the project and the team’s recent announcement that SHMU, the native token of Shiba Memu, will be listed on BitMart.

BitMart is one of the leading decentralised exchanges in the world and listing SHMU on the platform could make the token available to thousands of investors. 

The funds generated from the presale will be challenged towards the development of Shiba Memu products. 

Click here to find out more about Shiba Memu’s presale event. 

When is the best time to buy Shiba Memu?

Investing in a project depends on the decision of the investor. However, the best time to invest in a project is in its presale. 

Tokens are usually sold at a discount during the presale stage, and their prices tend to surge higher once they get listed on cryptocurrency exchanges. 

With the cryptocurrency market also performing well since the start of the year, this might be a good time to invest in Shiba Memu. 

The post PayPal launches its stablecoin: What it means for Shiba Memu presale appeared first on CoinJournal.

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Crypto markets largely flat despite SEC’s move to appeal XRP ruling

  • Crypto market cap was at $1.22 trillion, just 0.7% in the past 24 hours.
  • Bitcoin and Ethereum remained near key areas, while XRP was holding above $0.62.
  • The SEC files letter in court seeking an interlocutory appeal on XRP programatic sales.

The total cryptocurrency market capitalization has declined by about 0.7% in the past 24 hours to around $1.22 trillion.

While some altcoins in the top 20 by market cap category have posted 1-2% in losses within the 24-hour timeframe, many are trading flat even as the sector digests the latest crypto news related to the US Securities and Exchange Commission (SEC) and its case against Ripple.

XRP price shows resilience amid SEC’s court appeal

Bitcoin (BTC) and Ethereum (ETH) continue to hover near key support levels on Thursday, trading just above $29.5k and $1,850 respectively. XRP is also showing resilience with prices hovering above $0.62, and about 2% down in the past 24 hours.

The outlook suggests the crypto market is largely unfazed by SEC’s filing of a notice seeking an interlocutory appeal against last month’s ruling that XRP was not a security. The partial victory saw crypto explode higher, with XRP leading the charge with over 100% in gains.

Several altcoins, including Solana, Cardano, NEAR and Polygon, which the SEC identified as securities in its lawsuits against Binance and Coinbase, rallied to new year-to-date highs.

The news of SEC’s push for an appeal hasn’t rattled markets as such, and market observers say sentiment could be that the summary ruling already did the damage to the SEC. That the regulator is seeking “a stay of all proceedings pending its appeal is not unexpected,” said ex federal prosecutor James K. Filan.

Stuart Alderoty, Ripple’s Chief Legal Officer, noted late Wednesday that the company will file a response to SEC’s motion next week.

The post Crypto markets largely flat despite SEC’s move to appeal XRP ruling appeared first on CoinJournal.