Monat: Dezember 2023

Crypto has shocked the world yet again, and as open interest heats up, it is clear that risk-on market participants will thrive in the coming two years. Speculative appetite is up, and following the Bitcoin (BTC) Spot ETF approval anticipation, a dramatic industry repricing will occur.

According to many, anybody who bought a Solana (SOL) Saga, which recently sold out in the US, should HODL the phone! If Bonk (BONK) can 10X the Solana phones will be worth $7,000. But the real top crypto to buy now is Galaxy Fox ($GFOX), which heads for $2 million and promises one of the best price discovery phases of any token in 2024.

Saga sales turnaround: a strange success story

Saga, a mobile phone released by Solana, was the first piece of hardware created by a layer one blockchain. Although sales were dismal and founder Anatoly even backpedalled on the product, stating it was an experiment in a podcast, the enormous surge of $BONK has breathed new life into the market. 

Each phone comes loaded with an airdrop of 30 million $BONK, and if Bonk can 10x, the Solana phones will be worth nearly $7,000. Not bad for a phone that costs $599! The rampant increase in BONK’s valuation has single-handedly reversed the fortune of the Saga and driven the phone from a lack of sales to being sold out. A secondary market has even emerged, with people paying thousands of dollars for new, unopened Sagas.

Will Bonk become retrospectively the best crypto to buy in 2023? For those early enough, certainly, but memecoins have a pre-ordained life cycle, and when Tier 1 centralized exchanges list them (Binance and Coinbase), the trade is already over. For those that missed $BONK, the top crypto to buy now and the next big opportunity is $GFOX.

Galaxy Fox ($GFOX) aims at $2 million next step $5 million

Galaxy Fox continues raising and has blown past its competitors when it comes to funding. Steadily closing in on $2 million and with $5 million as the next target, the natural question is just how high this P2E token can go. Early momentum paints a wonderfully accurate picture of future performance and judged on this metric, $GFOX is the top crypto to invest in before the end of 2023.

This play-to-earn token is expanding the boundaries of what it means to be a P2E project. Instead of just the top-ranked players earning rewards, Galaxy Fox has enabled the entire community to earn thanks to its introduction of staking rewards. 

Beyond this, the ecosystem provides novel ways for skilled market actors to generate profit, including an NFT marketplace. NFTs grant in-game stat bonuses, and logic dictates that as the prize pool for its runner game grows larger, the floor price of NFTs will climb as the stat boosts they confer grow more valuable. Mint an NFT early and flip it as the prize pool climbs? Could it be the best meta-trade within this cosmic ecosystem?

Analysts have already forecast 100x gains in 2024, citing the protocol’s intricate taxation system, which funds staking payouts, the liquidity pool, and the Treasury. Taxes funding staking rewards means no long-term inflation. Tokenomics are deflationary, allowing value to accrue steadily over time. The Treasury funds ecosystem development initiatives, meaning more activity will equate to more new users, and a flywheel will activate. 

Closing thoughts: memecoins & P2E tokens primed to explode in 2024

The meta in the last quarter of 2023 has certainly been memecoins, and Bonk’s outrageous performance offers testament to this statement. Heading into 2024 this trend will remain intact, and GameFi is expected to become another dominant market vertical. 

To learn more about $GFOX, visit Galaxy Fox Presale or join the Community.

The post If BONK can 10x, Solana phones will be worth $7000; meanwhile GFOX heads for $2 million appeared first on CoinJournal.

• Mt. Gox creditors confirm Japanese Yen refunds via PayPal after a decade-long wait.
• Mt. Gox’s 2014 collapse, losing 950,000 Bitcoins, triggered years of legal battles.
• The extended repayment timeline could influence 2024 market dynamics.

After a decade of anticipation, creditors of the infamous Mt. Gox Bitcoin exchange are finally receiving repayments for their locked-up funds. Recent reports on social media, particularly Reddit, suggest that Mt. Gox has initiated the distribution of Japanese Yen-denominated refunds through PayPal. This comes a few months after Mt.Gox hinted at making BTC payouts before the end of 2023.

The development marks a significant development in one of the largest cryptocurrency exchange collapses, where approximately 950,000 Bitcoins worth $450 million vanished in 2014, leaving creditors in limbo for years.

A decade-long wait

On December 25, users on the mtgoxinsolvency Reddit page shared their experiences of receiving Japanese Yen-denominated refunds via PayPal. Among them, Free-end254 posted a screenshot of a PayPal receipt, confirming the receipt of funds. Another user, initially sceptical, later verified the legitimacy of the payment in their PayPal account.

This development follows an announcement in late November by Mt. Gox trustee Nobuaki Kobayashi, revealing plans to initiate repayments in cash in 2023, with expectations of ongoing payments throughout 2024.

While official confirmation from Mt. Gox is still pending, these user reports suggest a significant step forward in compensating affected creditors.

Mt. Gox’s complex history of loss and legal battles

In February 2014, Mt. Gox, once among the largest Bitcoin exchanges, faced a catastrophic event, losing around 950,000 Bitcoins, valued at $450 million. The exchange’s claim of an additional 100,000 missing Bitcoins further exacerbated the crisis. The exact reasons behind the theft remain unclear, but a combination of poor security measures and potential insider involvement was suspected.

The loss had a profound impact on Mt. Gox’s creditors, who deposited their Bitcoins with the expectation of easy withdrawals. However, the exchange’s collapse left these funds trapped for almost a decade.

Creditors resorted to legal actions against Mt. Gox and its former CEO, Mark Karpeles, in an attempt to recover their losses.

Mt. Gox repayment process

In late November, Mt. Gox creditors received an email from trustee Nobuaki Kobayashi, outlining the plan to initiate repayments. The distribution process involves utilizing funds from asset sales and recovered Bitcoin. Although the repayment timeline extends into 2024 due to varying processing times, this marks a significant stride toward closing the chapter on a complex and protracted legal battle.

The extended repayment period may potentially impact the Bitcoin market, as creditors, finally gaining access to their assets, could choose to sell or exchange their crypto holdings. With the court allowing an extension until October 31, 2024, Mt. Gox creditors are now on the cusp of reclaiming a portion of their long-lost investments.

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