Kategorie: Altcoin News

• The US government has issued a notice on the sale of over $130 million in BTC linked to Silk Road.
• Court documents indicate this includes 2,874 BTC seized from drug trafficker Ryan Farace and 58 BTC from convicted law enforcement agent Sean Bridges.
• BTC price remained near $40k, but market is watching Ethereum, Solana.

Crypto news today is dominated by the US government’s notice about its plans to sell over $3,200 Bitcoon (BTC) worth more than $130 million. Documents show that these bitcoins are part of the forfeitures related to the infamous darknet marketplace Silk Road.

While the news has had no major impact on BTC price as of writing, the market is abuzz with what the outlook for the top crypto by market cap could mean for altcoins. Elsewhere, the potential resurgence in meme coins has traders eyeing the next gem. Could Memeinator (MMTR) be one of the tokens to watch?

US government to sell BTC worth $130 million

On Thursday, January 25, the United States government filed a notice seeking to sell more than $130 million in Bitcoin (BTC) seized from two individuals connected to the Silk Road darknet.

According to court documents filed in the U.S District Court in Maryland, the government plans to sell 2,874 bitcoins seized from Ryan Farace and Sean Bridges in February 2021 and 58 bitcoins seized from Farace in May 2021.

At the time of the government’s notice, the approximate value of the first batch was $129 million, while the second carried a market value of about $3.3 million.

The BTC forfeitures followed Farace’s conviction over drug trafficking. Bridges, a former Secret Service agent, was convicted of stealing the bitcoins during a Silk Road investigation. The public have 60 days (from the notice’s initial filing date of January 10, 2024) to file a petition if anyone other than the defendants has an interest in the forfeited BTC.

In March last year, the US government announced it had sold 9,861 BTC for $215 million and would liquidate another 41,500 BTC in four batches over the course of the year.

Documents filed in court at the time showed the bitcoins in were from the 51,351 BTC authorities seized from James Zhong in November 2022. Zhong was arraigned over wire fraud charges related to Silk Road marketplace.

Altcoins to watch amid BTC price outlook: Ethereum, Solana, Memeinator

The latest BTC sale from the US government comes as crypto battles downside pressure, with GBTC outflows having decimated retail sentiment in recent weeks.

Bitcoin remains near the $40k level though, and as JPMorgan analysts said on Thursday, the Grayscale sell-off pressure may be ending. What does this mean for the broader market?

Experts opine that a potential rebound from current levels could put BTC on track for a retest of recent peak at $49k. Long term, the bullish outlook is helped by the upcoming block reward halving, with predictions that Bitcoin price could break above $100k by the end of the year or early 2024.

This has the altcoin market also bullish long term, with top altcoins likely to see fresh traction including Ethereum and Solana. While BTC could dip to new 2024 lows following this week’s dive to $38,600, ETH and SOL could seek support levels below $2k and $80 respectively. 

These levels or lower could provide great buying opportunities.

A look at Memeinator (MMTR)

Solana’s 2023 surge was helped by a spike in meme coin activity, with the likes of Bonk skyrocketing to reignite a meme coin resurgence. BONK price has dropped significantly as SOL struggled. 

This means the market may be on the hunt for a new meme coin gem.

With fresh momentum building up amid broader market interest in its presale, the Memeinator (MMTR) could be one of the tokens to explode in coming months. Boosting of genuine utility, laced within a play-to-earn ecosystem, Memeinator is designed to return meme culture to the industry.

As a meme coin on a mission to end the menace of poor quality copycat meme tokens, this project could be poised to challenge top dog-themed coins Dogecoin and Shiba Inu. 

Memeinator’s presale has raised over $3.9 million and is currently in stage 13. The MMTR price of $0.0197 at this stage is likely to be a major bargain should the project go on to dominate the meme market as projected.

Find more about Memeinator from its whitepaper or visit the presale page.

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• ALT token on Binance surged 5,380% from $0.006 to $0.3288 in minutes.
• AltLayer’s six-day farming schedule and airdrop preceded the explosive surge.
• Binance swiftly integrated ALT into Simple Earn and Convert, with plans for Margin, Futures, and Auto-Invest.

In a staggering turn of events, AltLayer’s native token, ALT, witnessed an unprecedented surge on the Binance trading platform, skyrocketing by an astonishing 5,380% within minutes of its listing.

This meteoric rise comes hot on the heels of a successful six-day farming schedule and a strategic airdrop, propelling AltLayer into the spotlight of the crypto world.

The explosive rise of AltLayer (ALT)

AltLayer’s ALT token, designed for decentralized rollups, opened for trading on Binance at a modest $0.006. However, the crypto asset defied all expectations, quickly reaching $0.3288 with a trading volume of $43.78 million in under one minute.

The surge reflects immense market interest and confidence in AltLayer’s protocol.

This unprecedented growth on Binance is attributed to the culmination of a six-day farming schedule that concluded last Friday, offering 500,000,000 ALT tokens through an airdrop. Participants staked their BNB and FDUSD tokens in separate pools during this period. Following the farming schedule, ALT was listed against various pairs, including Bitcoin, BNB, TRY, and stablecoins USDT and FDUSD.

AltLayer’s Binance integration

Binance, recognizing the potential of AltLayer, swiftly integrated ALT into its Simple Earn and Convert services. This move is set to enhance ALT’s accessibility and utility for a broader range of users. Moreover, Binance has ambitious plans to include ALT in its Margin, Futures, and Auto-Invest services between January 25 and January 27, marking a significant step in the token’s journey.

AltLayer’s unique concept of “Restaked Rollups,” which bolsters the security and crypto-economic finality of rollups from various software stacks, is a testament to its commitment to addressing scalability challenges in the blockchain space.

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• MANTA, SUI, and PLX defy market downturn, showcasing resilience amid Bitcoin’s decline.
• Manta Network surges on Bithumb listing and successful airdrop, capturing investor interest.
• Pullix’s PLX presale gains momentum, offering an innovative “Trade-to-Earn” concept.

In the midst of a crypto market downturn triggered by Bitcoin’s recent price decline, some altcoins are defying the trend and experiencing significant growth. Manta Network (MANTA), Sui (SUI), and Pullix (PLX) have emerged as standout performers, showcasing resilience amid the broader market challenges.

Read along as we delve into the reasons behind Bitcoin’s slump and explore the notable rises of MANTA, SUI, and the ongoing presale of PLX.

Bitcoin’s decline and crypto market plunge

As Bitcoin faces increased volatility, the entire crypto market has witnessed a notable downturn. Bitcoin briefly dropped leading to millions in liquidations. Although BTC price has regained $40,000, the recent decline in Bitcoin’s price, coupled with broader market uncertainties, led to double-digit losses for various altcoins.

Investors are grappling with the impact of these market movements, which have contributed to a cautious sentiment and a temporary loss of support for many cryptocurrencies.

Manta Network (MANTA): defying the odds

Amid the crypto market turmoil, Manta Network (MANTA) stands out with a remarkable surge. Recent positive developments, including a listing on Bithumb and a successful airdrop for early supporters, have contributed to MANTA’s significant price increase. The token has seen a 30% surge in a single day.

SUI token: a rising star

SUI, another altcoin in focus, has experienced notable growth despite the broader market uncertainties. The recent achievement of surpassing Bitcoin in Total Locked Value (TVL) following the approval of a spot Bitcoin ETF has propelled SUI into the spotlight.

With a surge of over 8% in the last 24 hours and more than 70% in the last 30 days, SUI is capturing the interest of investors looking for promising opportunities beyond the traditional crypto heavyweights.

Pullix, an innovative player in the crypto space, is currently in its presale stage, challenging the status quo of traditional exchanges. PLX, the native token of the Pullix ecosystem currently in its presale stage, introduces a novel concept of “Trade-to-Earn,” enabling users to earn rewards from the platform’s daily revenues.

The platform’s hybrid approach, combining the strengths of centralized and decentralized exchanges, aims to address liquidity issues and provide a comprehensive trading experience.

The PLX presale is gaining momentum and attracting investors in droves. As of the latest update, Pullix has raised $4,364,732, with a remaining supply of 15.1%. In the current presale stage, the PLX token is going for $0.08, with a price increase expected in a couple of days.

The presale, scheduled to progress through stages, offers users the opportunity to participate in the early growth phases of the platform. With a fixed supply of 200,000,000 PLX tokens and a strategic allocation across presale, rewards, team, exchange listings, and marketing, Pullix aims to create a robust and sustainable ecosystem.

Conclusion

In a crypto market characterized by fluctuations, Manta Network (MANTA), SUI, and Pullix (PLX) emerge as notable players exhibiting resilience and growth.

While Bitcoin’s recent decline has created a challenging environment, these altcoins showcase the dynamism and diversity within the crypto space. As investors navigate uncertainties, the unique features and positive developments surrounding MANTA, SUI, and Pullix contribute to their standing as intriguing options in the evolving landscape of digital assets.

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Altcoins are showing great signs of life. Now that Bitcoin’s ($BTC) moment in the spotlight has ended and the Ethereum ($ETH) rally is taking shape (despite the current market retracement), it is only a matter of time before altcoins start to make those famous daily double-digit gains. But not all altcoins are created equal, and when searching for the best cryptocurrency to buy now investors have to pay attention to tokenomics and token unlocks.

There is a minefield of hidden sell pressure heading into 2024, with more and more major unlocks for leading tokens. Injective ($INJ) unlocked $139 million in tokens of January 21st, which could hamper chances of a strong recovery once the carnage has passed for the broader market. Presale investors are eyeing the Galaxy Fox ($GFOX) presale, betting on deflationary tokenomics this year.

Injective ($INJ) Last Round Of Token Unlocks: $139 Million Of Sell Pressure?

Injective has been among the strongest performers in the final quarters of 2023 and the early parts of this year. However, despite being a top crypto to buy, token unlocks have made investors jittery with a cliff unlock occurring on the 21st of January.

A total of 4.33% of the circulating supply was unlocked, with the bulk going to the team and a portion going to advisors – two of the most likely groups to sell the token. $139 million of sell pressure will be making its way to the Injective order books over the coming weeks, and retail will be the ones charged with absorbing it. That’s a tall order, given the devastation of the market over the past week from Grascale and FTX dumping their $BTC.

Unlocks are always a tough time for price action. The team deserves to enrich themselves after building this top-of-the-line blockchain. Built using the Cosmos SDK, Injective has been custom-built for financial applications, including basic primitives such as an on-chain order book and MEV resistance. Still, this doesn’t change the fact that retail bidders will be the ones buying the team’s bags and eating the loss. 

Galaxy Fox ($GFOX) Presale Crosses $2.9 Million

Galaxy Fox has been attracting increased attention and capital over recent weeks as investors begin to understand the upside of holding deflationary assets in the bull market. Funding recently crossed $2.8 million, and nothing will stop this new hybrid token from smashing the $5 million milestone in the coming weeks. Could it be the best cryptocurrency to buy now in a sea of token unlocks?

The token burn, and fair launch mechanism leveraged by Galaxy Fox have driven most of this engagement as investors wake up to the reality of looming unlocks for almost all of the top ten cryptocurrencies and major altcoins. At the TGE, the majority of $GFOX tokens will be live, and presale participants will own 70%. This distributed ownership ensures no large wallets dumping.

Another leading feature in this ecosystem is staking rewards. Galaxy Fox has implemented a unique taxation system that funds staking payouts, allowing all $GFOX holders to earn yield on a deflationary asset. Early stakers can enjoy passive income while relaxing. The burn ensures a constantly decreasing supply, and this powerful combo is something to watch headed into the bull market.

Deflationary tokens could easily become the breakout stars this year. As demand for tokens increases during the bull market, especially tokens with passive income like $GFOX, and the total supply decreases, it will naturally cause a price spike. More capital chasing fewer tokens is excellent for early holders. 

Closing Thoughts: Experts Overweight Deflationary Tokens In Bull Market

Experts always dive into tokenomics, which is, unfortunately, not something many crypto investors take the time to do. Tokenomics play a massive role in figuring out the best cryptocurrency to buy now, and investors who ignore them put themselves at a disadvantage.

Solid deflationary tokenomics models are already starting to attract a premium, as seen with the recent rise in interest for $GFOX ownership. Get an allocation while it is still undervalued by participating in the presale today!
 

Learn more about $GFOX here:

Visit Galaxy Fox Presale | Join the Community

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• Ondo Finance, backed by Coinbase, expands into Asia Pacific, capitalizing on 73% weekly ONDO token surge.
• Company opens its first APAC office and appoints Ashwin Khosa as VP for Business Development in the region.
• The strategic move aligns with Ondo’s dominant position in tokenized securities, targeting APAC’s digital asset fervour.

Ondo Finance, a prominent US-based issuer of tokenized securities backed by Coinbase, is making headlines with its strategic expansion into the Asia Pacific region.

This move comes amidst a remarkable 73% weekly surge in the value of its ONDO token, showcasing the platform’s growing influence. The company’s entry into the dynamic APAC market is set to capitalize on the region’s fervent interest in digital assets, fueled by a thriving crypto community and evolving regulatory frameworks.

Ondo Finance’s footprint in Asia Pacific

While officially announcing its strategic expansion into Asia Pacific, Ondo Finance also announced the inauguration of its first office in the Asia Pacific region, marking a calculated move to tap into the escalating enthusiasm for digital assets.

While the specific location remains undisclosed, the company’s founder and CEO, Nathan Allman, expressed his enthusiasm for the expansion. He highlighted the active and rapidly growing crypto community in the Asia Pacific, emphasizing the appeal of Ondo’s tokenized exposure to U.S. assets.

To spearhead this strategic move, Ondo Finance has enlisted the expertise of Ashwin Khosa as the Vice President of Business Development for Asia Pacific. Khosa, with a decade of institutional business development experience in Hong Kong, brings valuable insights into the nuances of on-chain finance and the Asia Pacific market.

This expansion aligns seamlessly with Ondo’s existing dominance in the tokenized securities realm, boasting nearly 40% of the global market share. The platform’s three main tokenized products—OUSG, OMMF, and USDY—enable global investors to access key US-based asset classes in a tokenized format.

ONDO token price movement

The expansion into Asia Pacific comes on the heels of a remarkable 73% weekly increase in the value of Ondo Finance’s ONDO token. At press time, ONDO was trading at $0.2812, up 3% in 24 hours.

This surge reflects growing confidence and interest in the platform and its tokenized offerings.

Ondo Finance has been actively shaping its future landscape with strategic collaborations. Notably, partnerships with Mantle Network and Solana have gained attention, emphasizing the collaborative efforts to bring USDY to their respective blockchain networks.

Additionally, the Ondo Foundation’s recent announcements, including a points program and a proposal to unlock the ONDO token, further underline the platform’s commitment to advancing on-chain finance and expanding its global influence.

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