Monat: Dezember 2024

• South Korea saw crypto trading volumes spike to $34 billion in 24 hours amid the president’s martial law order.
• The unrest and political chaos catalysed a panic among crypto traders, pushing 24-hour volume to record highs.

South Korea’s brief martial law order saw the crypto trading volume in the country surge to its highest level ever with over $34 billion traded in 24 hours on Dec. 3.

President Yoon Suk-yeol declared an emergency curfew on Tuesday amid a wave of unrest, spooking traders as martial law came into effect.

This saw the leading cryptocurrency exchanges in the country register a massive surge in spot trading volume. Per market data sampling the top five exchanges in the country, trading volumes rose to more than $34 across Upbit, Bithumb, Coinone, Korbit and Gopax.

Why the martial law?

President Yoon Suk Yeol said the situation forced him to take that drastic measure of declaring emergency curfew due to the growing “anti-state” stance by the opposition.

He called their actions posing a threat to national security and freedom. Soldiers pouring onto the streets and chaos at parliament as lawmakers scrambled to undo the events with a vote is part of why panic hit traders.

Crypto price reaction

In the brief period that the curfew lasted, traders rushed to sell assets. The panic did not just lead to the significant surge in crypto trading volume, it also impacted the broader cryptocurrency market.

Bitcoin struggled further with the sell-wall below the $100k level and top altcoins shed recent gains. For instance, XRP pared gains from its latest high above $2.80 as prices retreated to lows of $2.40 before posting a slight recovery as of writing. Ethereum price also shed gains from highs above $3,732 to near $3,540.

President Yoon’s decision has since been reversed and heavily criticised, amid further political unrest. The martial law order could see the South Korean president impeached, observers say.

The post South Korea crypto volume hit record $34 billion: Here’s why appeared first on CoinJournal.

Key takeaways

• On Tuesday, NYSE Arca filed a form on behalf of Grayscale Investments for a spot Solana ETF.
• iDEGEN’s pre-market auction has surpassed the $2 million mark/

Grayscale files for a spot Solana ETF

NYSE Arca, the New York Stock Exchange’s exchange-traded product platform, filed a form for a spot Solana ETF on behalf of Grayscale Investments. The exchange filed a 19b-4 form on Tuesday for the Grayscale Solana Trust. This indicates that the firm wants the SEC to approve a rule change. 

Several companies, including 21Shares, VanEck, Bitwise Asset Management, and Canary Capital, have filed with the SEC to list Solana ETFs.

What is iDEGEN?

The launch of spot Solana ETFs will benefit projects in the Solana ecosystem. One promising project on the blockchain is iDEGEN. This project focuses on the bulging AI and memecoin ecosystems. 

iDEGEN is a sentient degenerate AI memelord. According to the development team, iDEGEN learns, evolves, and adapts based on what the community feeds it on X. Basically, the tool is powered by AI, raised by degens.

It will launch as a memecoin thanks to the fast-growing nature of projects in this space. Meme coins have a combined market cap of over $45 billion and are expected to grow larger in the coming months and years. 

iDEGEN as a tool evolves via interactions on X. According to the development team, users feed the tool their data through tweets, tags, and comments. iDEGEN absorbs that post and adds it to its knowledge base; that’s how it learns.

Furthermore, iDEGEN posts on X every 60 minutes and can generate and post memes. The team pointed out that everything iDEGEN posts is driven by its AI and what it learns from its community, with no human intervention.

iDEGEN’s pre-market auction hits $2m

iDEGEN is currently undertaking a presale for its native token, $IDGN, to raise funds to finance its products and services. According to its official website, iDEGEN has raised over $2 million roughly a week after commencing the pre-market auction. 

According to the team, the pre-market auction leverages an unconventional method to attract more investors. iDEGEN’s presale price adjusts every five minutes based on market activity. If an investor purchases $IDGN tokens within five minutes, the price remains steady for the next period. However, if purchases occur consecutively, $IDGN’s price rises by 5%. Finally, if no one buys the tokens within five minutes, the price drops by 5%.

The pre-market auction will last until January 1, 2025, before the token lists on cryptocurrency exchanges.

Should you invest in the iDEGEN project?

iDEGEN is an interesting project that combines AI and meme coins. It could become one of the leading meme coin projects on the Solana blockchain.

According to the team,$IDGN has a live pre-market listing price on its website, allowing investors to accurately track the token’s progress ahead of its launch on trading platforms. 

Investing in iDEGEN during its presale could be an excellent opportunity for investors to buy the tokens at a discount before they list on major cryptocurrency exchanges.

The post Grayscale files for a Solana ETF: What does this mean for iDEGEN? appeared first on CoinJournal.