Veröffentlicht am

Floki DAO outlines proposal to burn 190 billion tokens

  • New proposal seeks to burn 190 billion FLOKI tokens.
  • Over $11 million worth of FLOKI tokens to be permanently removed if vote passes.
  • Will FLOKI price explode?

A new Floki DAO proposal seeks to reduce the cryptocurrency project’s total supply by a staggering 190 billion tokens.

The FLOKI developer team  says the massive burn will account for 2% of the circulating supply.

“We would like to put forward a proposal for another massive $FLOKI token burn, similar to the one we had in January 2023. This time around, we’re proposing a burn of 190,918,585,431.84 $FLOKI tokens. That’s around 2% of the token’s current circulating supply, which is currently worth around $11 million,” the proposal reads.

According to details of the new DAO proposal, the token burn will help with the long-term security and stability of the Floki network. By burning these tokens, it ensures they are permanently removed.

The tokens in question are held in a multisig wallet since Floki “narrowly” escaped the implosion that hit the cross-chain bridge Multchain after a $130 million exploit. The team says burning these $190 billion FLOKI tokens is the “only trustless way to guarantee that they NEVER enter into circulation.”

A community vote on the proposal runs from February 29, 2024 to March 2, 2024. A snapshot of the vote shows 84% of votes are so far in favour of the burn.

“If the Floki DAO votes in favor of burning these tokens, they will be burned within a week of the DAO vote passing. If the Floki DAO votes against burning these tokens, they will be kept in the Floki treasury for future use,” the developer team said.

FLOKI price

In January 2023, Floki burned more than $124 million worth of its native tokens. The price of the meme coin jumped more than 70% following the historic burn. In recent weeks, the FLOKI price has also jumped as meme coins rally amid Bitcoin’s uptick to a multi-year high of $64k.

Also notable was reports that digital asset firm DWF Labs was to market-purchase $10 million of FLOKI over the next two years. FLOKI price soared after the news before paring some of the gains.

Prices are however 67% up in the past week at the time of writing.

The post Floki DAO outlines proposal to burn 190 billion tokens appeared first on CoinJournal.

Veröffentlicht am

Crypto.com teams up with BTG Pactual for BTG Dol stablecoin listing

  • Crypto.com partners with BTG Pactual to list BTG Dol stablecoin in Latam.
  • The collaboration aims to bridge traditional banking with the crypto market.
  • BTG Dol is to be traded against BTC and ETH on the Crypto.com platform.

According to a recent announcement, Singapore-based Crypto Exchange, Crypto.com, has joined forces with BTG Pactual, Latam’s leading investment bank, to expand cryptocurrency accessibility in the region.

The collaboration focuses on listing BTG Dol, BTG Pactual’s dollar-pegged stablecoin, on Crypto.com’s platform, facilitating seamless trading against major cryptocurrencies like Bitcoin and Ethereum.

Expanding Latam’s crypto reach

The Crypto.com and BTG Pactual strategic alliance aims to bridge the gap between traditional banking and the burgeoning crypto market.

By listing BTG Dol, BTG Pactual’s stablecoin, on Crypto.com’s platform, both institutions seek to facilitate easier access to digital assets for customers in the region.

BTG Dol trading pairs on Crypto.com

The collaboration also entails the establishment of trading pairs between BTG Dol and significant cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). This move is geared towards promoting BTG Dol as a viable medium for transactions between traditional finance and the crypto sphere.

Andre Portilho, Partner and Head of the Digital Assets Unit at BTG Pactual highlighted the importance of providing customers with unparalleled access to the evolving digital asset landscape, emphasizing the significance of this initiative in expanding crypto adoption in Latin America.

Since its foray into the cryptocurrency sector in 2022, BTG Pactual has been actively exploring avenues to integrate digital assets into its offerings. The issuance of BTG Dol in 2023 marked a significant milestone, positioning BTG Pactual as one of the first institutions to introduce a bank-issued stablecoin in the region.

With this latest partnership with Crypto.com, BTG Pactual continues to spearhead innovation in the finance industry, catering to the evolving needs of its clientele.

The post Crypto.com teams up with BTG Pactual for BTG Dol stablecoin listing appeared first on CoinJournal.

Veröffentlicht am

SEC opposes Terraform’s $166M Dentons retainer amid legal battle

  • SEC legal battle with Terraform Labs over TerraUSD collapse continues to unfold.
  • Funds allegedly diverted from investors and creditors to an “opaque slush fund” for lawyers.
  • Terraform Labs faces intensified scrutiny as the SEC challenges the allocation of resources.

The U.S. Securities and Exchange Commission (SEC) has raised objections to Terraform Labs’ allocation of a $166 million retainer to the law firm Dentons.

This development comes amidst an ongoing legal tussle between Terraform Labs and the SEC, stemming from the collapse of TerraUSD and the subsequent bankruptcy filing by Terraform Labs in January 2024.

Alleged fund diversion

The SEC contends that the substantial retainer payment to Dentons represents a diversion of funds that should rightfully be allocated to investors and creditors involved in Terraform’s bankruptcy proceedings. The commission has characterized this allocation as an attempt by Terraform Labs to establish an “opaque slush fund for its lawyers,” rather than addressing the financial obligations owed to stakeholders.

The SEC’s objections extend beyond the retainer payment, as it also disapproves of Terraform’s intention to engage Dentons for legal representation and cover litigation expenses for its employees. According to the SEC, this move by Terraform Labs may be construed as an effort to circumvent potential future judgments in the SEC’s lawsuit.

Legal battle and bankruptcy

Terraform Labs and its founder, Do Kwon, are currently embroiled in a legal battle with the SEC following the collapse of TerraUSD and the LUNA token in May 2022. The fallout from these events resulted in significant losses for investors, prompting Terraform Labs to file for Chapter 11 bankruptcy protection in Delaware.

The SEC’s stance underscores the contentious nature of the legal proceedings, with the commission asserting that diverted funds could have been utilized to provide restitution to investors and creditors affected by Terraform’s bankruptcy. Despite requests for comment from CoinDesk, neither Terraform Labs nor Dentons have immediately responded to the SEC’s objections.

As the legal dispute between Terraform Labs and the SEC unfolds, the allocation of significant financial resources to legal representation remains a point of contention. The SEC’s objections to Terraform’s $166 million retainer payment to Dentons highlight the complexities involved in navigating the aftermath of TerraUSD’s collapse and subsequent bankruptcy filing.

Moving forward, stakeholders will be closely monitoring developments in the legal proceedings, as the outcome could have far-reaching implications for Terraform Labs, its investors, and the broader cryptocurrency ecosystem. With the SEC’s scrutiny intensifying, Terraform Labs faces heightened pressure to address the allegations surrounding the allocation of funds and navigate the legal challenges ahead.

The post SEC opposes Terraform’s $166M Dentons retainer amid legal battle appeared first on CoinJournal.

Veröffentlicht am

Ethereum and Bitcoin drive crypto market surge; Pullix PLX token presale nears end

  • Ethereum (ETH) surged above $3400, driven by Bitcoin’s rise.
  • Pullix pre-sale ending soon; PLX to list on Uniswap, BitMart.
  • Investors eying Ethereum (ETH) and Pullix (PLX) amid the bullish crypto market.

The cryptocurrency market is experiencing a significant surge, propelled by impressive gains in Ethereum (ETH) and Bitcoin (BTC). Ethereum has seen a remarkable increase of over 17% in the last week, reaching $3,470.73.

Ethereum’s price surge can be attributed to the generally bullish sentiment in the crypto market largely attributed to the positive performance of Bitcoin, which has surged by 21% since Monday, trading at $62,807.02 at the time of writing.

As the cryptocurrency market witnesses a bull cycle, the presale of Pullix’s native token is a few days to its end awaiting listing on two crypto exchanges.

Ethereum’s price surge and market dynamics

Ethereum’s recent price surge is a testament to its resilience and growing popularity in the cryptocurrency market.

With a surge of over 10% in the past two days, ETH has demonstrated strong momentum, driven by bullish market sentiment and increasing demand from investors. The major driver behind Ethereum’s rise, as with other altcoins, remains Bitcoin, which continues to dominate the market and influence price movements across the board.

Factors such as the growing adoption of decentralized finance (DeFi) applications and the upcoming Ethereum 2.0 upgrade, which aims to improve scalability and security, have also contributed to Ethereum’s positive performance.

Additionally, Ethereum’s role as a platform for decentralized applications (dApps) and smart contracts further enhances its utility and value proposition, attracting both developers and users to the ecosystem.

Pullix: introducing a new hybrid crypto trading platform

Amid the cryptocurrency market surge, Pullix emerges as a promising player in the space.

Pullix is a new DeFi protocol that is launching a hybrid exchange, seamlessly blending the strengths of centralized and decentralized exchanges into one unified platform. The platform introduces the concept of “Trade-to-Earn,” empowering users to earn a portion of the daily revenues generated by the exchange through its native token, PLX.

Pullix aims to disrupt the status quo in the crypto trading industry by offering innovative features such as passive income through staking PLX tokens, trading discounts, and exclusive rewards from daily revenue. The platform’s roadmap outlines ambitious plans for development, including completing the presale, launching the PLX token on decentralized and centralized exchanges, and beta launching the platform for users.

PLX presale nears end; listing on Uniswap and BitMart await

As the presale for the PLX token nears its end, investors have an opportunity to participate in Pullix’s vision and secure their stake in the platform’s ecosystem. The presale, which accepts various cryptocurrencies including Bitcoin, Ethereum, USDT, and others, has garnered significant interest from the community, reflecting confidence in Pullix’s potential.

The presale, which is currently in its last presale round dubbed ‘Bonus Round’ offering PLX at $0.14, has successfully raised $8,700,672. The last stage is over 47% sold out and investors still have an opportunity to participate with three days remaining. to participate, visit the Pullix website.

The PLX token, designed as the utility token of the Pullix ecosystem, offers a range of benefits to holders. These include passive income through staking, trading discounts of up to 60%, and exclusive rewards derived from the daily revenues generated by the Pullix exchange.

The anticipation builds as the PLX token is set to launch on Uniswap on March 4th, 2024, followed by a listing on BitMart on March 7th, 2024. After the Uniswap launch, the team plans to lock the liquidity pool for 24 months, ensuring stability and mitigating potential risks.

Is it the right time to invest in Ethereum and Pullix?

With Ethereum and Bitcoin leading the market surge and Pullix presenting an innovative approach to crypto trading and investment, investors may be wondering if now is the right time to invest. While past performance is not indicative of future results, the positive momentum and promising developments in both Ethereum and Pullix suggest potential growth opportunities.

As always, investors should conduct thorough research, assess their risk tolerance, and consider their investment goals before making any decisions. With the cryptocurrency market’s inherent volatility, it’s essential to approach investment opportunities with caution and diligence.

The post Ethereum and Bitcoin drive crypto market surge; Pullix PLX token presale nears end appeared first on CoinJournal.

Veröffentlicht am

Bitcoin hits $63k as Memeinator’s stage 16 presale nears completion

Key takeaways

  • Bitcoin topped the $63k level for the first time since December 2021.

  • Memeinator’s presale has raised more than $5.2 million. 

Bitcoin approaches its all-time high price

Bitcoin, the world’s leading digital currency by market cap, has performed excellently since the start of the week. It is up by 22% during that period, outperforming other major cryptocurrencies. 

BTC hit the $63,700 mark on Wednesday, its highest level since December 2021. At press time, the price of Bitcoin stands at $62,969, up by 10% in the last 24 hours. It is now getting closer to its all-time high price of $69k.

What is Memeinator?

Memeinator is a meme Web3 project that is still in its presale stage. The project seeks to provide service to content creators who use memes. 

According to the whitepaper on the official Memeinator website, the development team laid out a series of strategies to help them turn Memeinator into one of the leading meme coins in the crypto space. What makes it an interesting project is the value proposition it offers to investors and content creators.

The project launching as a meme coin is because the team intends to leverage the recent growth in trading volume and popularity of meme coins. The team wants Memeinator to reach a market cap of $1 billion, which would make it one of the leading meme coins in the crypto space. 

What makes Memeinator interesting is that it offers real-world utility to users, unlike most of the meme coins available. The primary function of the Memeinator tool is to destroy worthless memes on the internet, allowing users to have access to only quality memes. This ensures that Memeinator provides utility to the users and incentives to the token holders. 

Memeinator presale raises over $5.2 million

The Memeinator presale is currently in its 16th stage and has already crossed an important milestone. The project has raised more than $5.2 million and is close to the $5.4 million target set for this current stage. 

The native token, MMTR, was sold for $0.01 in the first presale stage and is now going for $0.0233. The price will rise to $0.0485 by the end of the presale, giving early investors a massive 264% ROI at listing. 

It is easy to purchase the MMTR tokens as investors can do so using ETH, USDT and USDC stablecoins. According to the team, the MMTR token will only be available on the BNBChain and Ethereum networks once it starts trading on crypto exchanges. However, the team intends to launch the token on other blockchains as it seeks to reach a wider audience. 

Click here to read more about the Memeinator presale.

Should you buy MMTR before the presale ends? 

The Memeinator presale is drawing closer to its end as the team has sold more than 70% of the total tokens earmarked for ICO. according to the team, there are only 172,413,793 tokens left for the presale.

The Memeinator presale is selling fast thanks to the unique value proposition the project offers to investors. This tool appeals to content creators as it allows them to eliminate worthless memes. MMTR will power various activities within the ecosystem. 

Per the team, most of the funds raised from the presale round would go towards developing the Memeinator AI technology. This technology will see Memeinator leverage AI to analyze and evaluate memes on the internet. 

In addition to that, the MMTR token comes with some excellent features, including deflationary mechanisms and rewards for holders. The tokenomics show that 20% of the tokens are allocated for marketing, CEX listing and liquidity. 

The project offers a unique value proposition to users and could become one of the leading meme coins in the crypto space with the right level of adoption. 

The post Bitcoin hits $63k as Memeinator’s stage 16 presale nears completion appeared first on CoinJournal.