Monat: Mai 2024

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Dogecoin (DOGE) price takes a bow as Shiba Inu Kabosu dies

  • Kabosu, the Shiba Inu behind Dogecoin (DOGE) has passed away at age 18.
  • Dogecoin’s price fell over 5% to $0.1535 following the news of Kabosu’s death.
  • Kabosu’s legacy endures through Dogecoin’s charitable impact and community tributes.

In a poignant moment for the cryptocurrency community, Kabosu, the Shiba Inu dog that inspired the iconic Dogecoin (DOGE) meme, has passed away at the age of 18.

The news, announced by her owner Atsuko Sato on May 24, 2024, has reverberated across the globe, sparking a wave of condolences and reflections on Kabosu’s remarkable impact on internet culture and the crypto world.

From a shelter dog to the face of a viral crypto sensation

Kabosu’s journey from a shelter dog to the face of a viral sensation began in 2010 when Sato posted photos of her newly adopted pet online.

One image, capturing Kabosu’s skeptical yet curious expression, quickly went viral, giving birth to the “Doge” meme.

Accompanied by humorous, broken English phrases, this meme became a staple of internet humor and eventually the official logo of Dogecoin (DOGE) cryptocurrency.

Over the years, Dogecoin has transcended its meme origins, contributing to various philanthropic causes, such as funding clean water projects and sponsoring the Jamaican bobsled team and Kabosu’s image became a symbol of these efforts, reinforcing the positive social impact of the Dogecoin community.

Impact on Dogecoin (DOGE) price

The death of Kabosu has not only evoked emotional responses but has also influenced the financial markets specifically the crypto market.

Following the announcement, Dogecoin’s price dipped over 5%, trading at $0.1535. Although it has slightly recovered, Dogecoin (DOGE) price was still about 3% down at $0.1627.

Shiba Inu (SHIB), another Shiba inu-themed meme coin, also experienced a similar downturn, dropping 5.5% to $0.00002422 highlighting the deep connection between the sentiment surrounding Kabosu and the performance of related cryptocurrencies.

Amid the DOGE price decline following Kobosu’s death data from IntoTheBlock reveales a surge in large DOGE transactions, with the value of significant trades more than doubling to $3.01 billion within 24 hours.

Additionally, a dormant Dogecoin whale holding 893,303 DOGE became active after a decade, transferring a portion of their holdings to Binance.

Dogecoin community moan Kobosu’s lose

The Dogecoin community has been vocal in their tributes. The official Dogecoin account on X acknowledged Kabosu’s profound global impact, describing her as a source of happiness and limitless love.

Many in the Web3 community including Kabosu’s owner have also shared their condolences, underscoring Kabosu’s role in fostering a lighthearted and charitable spirit within the crypto sector.

Kabosu’s farewell party is scheduled for May 26 in Narita City, Japan.

As the world bids adieu to this beloved Shiba Inu, her spirit and the joy she brought will undoubtedly continue to inspire and shape the digital landscape for years to come.

The post Dogecoin (DOGE) price takes a bow as Shiba Inu Kabosu dies appeared first on CoinJournal.

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Here’s why Ondo Finance (ONDO) price is soaring

  • Ondo Finance (ONDO) price surges to a new all-time high above $1.15.
  • The Ondo price surge is driven by SEC approval of Ethereum ETFs and strong institutional backing.
  • Ondo Finance (ONDO) lists on Coinbase boosting its visibility an trading volume.

Ondo Finance (ONDO), the native token of the tokenized real-world asset (RWA) platform Ondo Finance, has been experiencing a remarkable price surge recently.

ONDO token recently hit an all-time high of $1.16 and despite experiencing a slight decline, it seems to have regained its footing.

At press time, ONDO was priced at $1.10, reflecting a 10.45% increase over the past 24 hours, a 16.66% increase over the past week, and a 24.00% rise over the past month.

Since its launch, ONDO price has skyrocketed by an impressive 577.86% from its IEO price of $0.055 in January 2024.

These figures highlight ONDO’s strong upward momentum and growing investor interest.

Key catalysts for Ondo price surge

1. SEC Approval of Spot Ethereum ETFs

One of the most significant factors contributing to ONDO’s recent price surge is the U.S. Securities and Exchange Commission (SEC)’s approval of spot Ethereum exchange-traded funds (ETFs).

This landmark decision has fueled market optimism, suggesting a more favorable regulatory environment for cryptocurrencies.

The approval has not only boosted Ethereum (ETH) but also positively impacted Ethereum-related tokens like ONDO, which is considered a strong Ethereum-beta asset and a key player in the “real-world asset” narrative.

2. Coinbase Listing

Another major catalyst for ONDO’s rally is its recent listing on Coinbase’s perpetual market.

The inclusion of ONDO-PERP, along with PYTH-PERP and ZETA-PERP, on Coinbase has provided greater accessibility and trading flexibility for investors.

This move has significantly increased ONDO’s visibility and trading volume, which surged by 130% to reach $455,519,046.

3. Strong institutional backing

Lat but not least is Ondo Finance’s strategic partnerships and investments by major venture capitals that have played a crucial role in boosting investor confidence.

In Aprill 2022, Ondo Finance received $20 million in a Series A investment from several leading venture capitals including Pantera Capital, Coinbase Ventures, Tiger Global Management, Wintermute, and GoldenTree Asset Management among others. These institutional supports are a positive indicator for long-term growth prospects.

In late March 2024, Ondo Finance transferred $95 million of its assets to BlackRock’s tokenized fund, BUIDL, to facilitate instant settlements for its U.S. Treasury-backed token, OUSG.

While this specific transaction might not have directly triggered the recent price movement, the association with BlackRock, a dominant force in the ETF market, has certainly bolstered ONDO’s market perception.

Pantera Capital’s backing further adds to ONDO’s credibility, providing the financial muscle and strategic support needed to navigate the volatile crypto landscape.

On-chain Ondo Finance (ONDO) data insights

According to DeFiLlama, Ondo Finance achieved a peak total value locked (TVL) of $444 million on May 24.

In addition, data from IntoTheBlock also indicates a significant surge of 52.3% in large transaction volume, with 84% of ONDO holders currently in a profitable position and 15% at breakeven.

Furthermore, the concentration by large holders remains notably high at 92%, with approximately 63% of holders retaining their tokens for durations between one to twelve months.

Going by the above on-chain data Market sentiment around ONDO remains bullish, with several analysts and traders predicting further gains.

The post Here’s why Ondo Finance (ONDO) price is soaring appeared first on CoinJournal.

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Ripple CEO signals potential for an XRP ETF following Ethereum ETFs approval

  • Ripple CEO hints at potential XRP ETFs following Ethereum ETF approvals by SEC.
  • Brad Garlinghouse’s endorsement aligns with his optimistic outlook for XRP in 2024.
  • Regulatory challenges and Ripple’s SEC lawsuit impact the timing of potential XRP ETFs.

Ripple CEO Brad Garlinghouse has indirectly hinted that XRP could be the next cryptocurrency to see the launch of exchange-traded funds (ETFs).

This follows the recent approval of eight spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC).

Spot XRP ETF prospects post Ethereum ETFs approval

Garlinghouse’s subtle nod to the possibility of XRP ETFs came via his reaction on X (formerly Twitter) to a comment on his post celebrating the US SEC’s approval of all Ethereum ETF applications. Among the approved ether ETF applications were those from prominent financial entities such as BlackRock, Grayscale, VanEck, and Fidelity.

Describing the week’s events as “momentous” for the crypto industry, Garlinghouse likened the SEC’s approvals and the passing of the FIT21 crypto bill to a “hell freezes over” scenario, a sentiment that resonated with many in the community, who have long anticipated similar advancements for their favored cryptocurrency.

Earlier on in an interview in February, Garlinghouse had expressed his belief that an XRP spot ETF was inevitable.

He emphasized the importance of such an investment product for diversification purposes but refrained from committing to a specific timeline, citing regulatory uncertainties as a major factor.

When questioned about potential collaborations with asset managers like BlackRock for an XRP ETF, Garlinghouse remained non-committal, acknowledging the complexities involved.

Ripple legal battles standing in the way of an ETF approval

Despite Garlinghouse’s enthusiasm, the path to an XRP ETF is fraught with challenges.

The ongoing lawsuit between Ripple and the SEC, which has accused Ripple of selling unregistered securities, remains a significant hurdle. The outcome of this legal battle will likely play a crucial role in determining the feasibility and timing of an XRP ETF.

While Ripple CEO is optimistic of an EXP ETF approval, Bloomberg ETF analyst James Seyffart suggested that Solana (SOL) might be a more probable candidate than XRP.

Seyffart argued that Solana’s market position and broader appeal make it a strong contender, though he cautioned that a Solana ETF might not materialize until 2026, contingent upon regulatory developments and the establishment of a CFTC-regulated futures market.

While no other crypto ETF applications have been made so far, the approval of Ethereum spot ETFs and the legislative advancements marked by the FIT21 crypto bill signify significant progress for the cryptocurrency sector.

The post Ripple CEO signals potential for an XRP ETF following Ethereum ETFs approval appeared first on CoinJournal.