Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Binance to support Cardano and Polygon network upgrades

  • Binance will support Cardano and Polygon’s upcoming network events in September 2024.
  • Cardano has its Chang hardfork scheduled for Sept. 1 and Polygon will see its MATIC to POL token transition start on Sept. 4.
  • Binance will delist MATIC trading pairs on Sept. 10 and open POL trading pairs on Sept. 13.

Crypto exchange Binance has announced that it will support the upcoming network upgrades for Cardano (ADA) and Polygon (MATIC).

In separate announcements on Aug. 30, the exchange notified its customers and the broader cypto community that it would support Cardano’s Chang hard fork and Polygon’s MATIC to POL token migration.

Binance to support Cardano hard fork

On September 1, 2024, the Cardano network will activate its highly anticipated Chang hard fork. The upgrade that will introduce voting and treasury systems as part of Cardano’s governance and decentralization initially delayed from an expected implementation date on Aug. 27.

Binance and other exchanges had been unprepared for the hard fork. In a post on X, Cardano founder Charles Hoskinson noted that the delay was to allow these crucial ecosystem players prepare. Exchanges have reportedly reached the required threshold of 85%.

According to an update, the staking pool operators (SPOs) threshold has also been reached. Decentralized applications (dApps) are also ready and a vote to go live is “unanimously” agreed on for Sept. 1.

Binance will disable ADA deposits and withdrawals as part of the support for the hard fork.  

Polygon’s MATIC to POL token swap

Also getting Binance’s support is the upcoming Polygon token migration.

The exchange will delist all MATIC trading pairs on September, 2024 at 03:00 UTC and add support for the new token with ticker POL.  New POL trading pairs will go live on September 13, 2024 at 10:00 UTC, Binance announced.

Polygon expects the MATIC to POL token swap to go live on Sept. 4. Per this earlier announcement, POL will facilitate native gas and staking fuctions on Polygon PoS before expanding to cover other network uses.

The post Binance to support Cardano and Polygon network upgrades appeared first on CoinJournal.

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Floki plummets as dormant whale moves 15B tokens to Binance

  • FLOKI plummeted 17% as a dormant whale moved 15.22B tokens to Binance.
  • The whale’s reactivation after 2.5 years triggered panic and heavy sell-offs.
  • FLOKI’s weak technicals suggest further declines amid broader crypto market struggles.

FLOKI, one of the largest meme coins, saw its value plummet by over 17%, reaching a low of $0.00012658, the weakest point since August 21.

This drop marks a 64% decline from its highest point this year, underscoring the volatile nature of the meme coin market.

Floki’s price decline coincides with a broader bear trend in the cryptocurrency market, as Bitcoin struggles to remain above the $60,000 mark. At press time, BTC price was $59,588.11, down 2.47 over the past week correlating with a drop in the global crypto market capitalization which has dropped from over $2.3 trillion earlier in the week to $2.09 trillion at press time.

Dormant Floki whale reactivated after 2.5 years

The primary catalyst for this sharp decline was the sudden activity of a dormant whale account linked to the team behind Floki. After 2.5 years of inactivity, this account moved 15.22 billion FLOKI tokens, valued at $2.27 million, to Binance.

This dormant account had originally received the tokens from the Floki deployer in early 2022 when the token was priced at only $0.0000307.

The transfer, which occurred just nine hours before the price plunge, created panic among investors, leading to heavy selling activity and significant outflows from both centralized and decentralized exchanges.

Data from Spotonchain revealed that net outflows of FLOKI from centralized exchanges fell to their lowest point since August 21, while outflows from decentralized exchanges hit their highest level in over a week.

Despite its recent struggles, Floki remains a significant player in the meme coin space, with a market cap of over $1.27 billion. The developers have been working to transition Floki from a mere meme coin to an active ecosystem, launching initiatives such as TokenFi, Floki Locker, and the Valhalla NFT metaverse.

However, with weak technical indicators, including a death cross pattern and a negative Percentage Price Oscillator, further declines for the meme coin seem possible in the near term.

The post Floki plummets as dormant whale moves 15B tokens to Binance appeared first on CoinJournal.

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Sony’s Soneium blockchain partners with Transak for fiat on-ramp services

  • Sony’s Soneium partners with Transak for fiat on-ramp into Ethereum Layer 2.
  • Gamers can buy and trade NFTs with traditional payment methods on Soneium.
  • The partnership aims to drive blockchain adoption in the gaming and entertainment sectors.

Sony Block Solutions Labs, the innovation arm behind the recently launched Soneium blockchain, has announced a strategic partnership with Transak, a leading Web3 payments infrastructure provider.

The collaboration aims to simplify the onboarding process for mainstream users into the Soneium blockchain, an Ethereum Layer 2 network, by enabling the use of traditional payment methods.

Empowering gamers and developers

The partnership is poised to make a significant impact on the gaming industry, a sector already familiar with digital assets and in-game currencies.

By integrating Transak’s payment solutions, gamers can now purchase, transfer, and trade in-game assets and NFTs using traditional fiat currencies. This seamless integration is expected to drive broader adoption of blockchain technology within the gaming community, offering new monetization opportunities for both developers and players.

In the press release announcing the collaboration, Transak’s Co-Founder and CEO, Sami Start, emphasized the importance of the partnership, stating that it underscores the company’s “commitment to bridging the gap between Web2 and Web3, empowering industries such as gaming and entertainment with innovative solutions that enhance user experiences and drive digital transformation.”

A step towards broader Soneium adoption

Soneium, developed by Sony Block Solutions Labs, is built on the Op Stack and is designed to support consumer-grade applications. The network is a joint venture between Sony Group Corporation and Startale Labs, with notable early experimenters like Circle, Optimism, Alchemy, The Graph, Chainlink, and Astar Network.

Sota Watanabe, Director of Sony Block Solutions Labs, highlighted the potential of this partnership, stating that Transak’s dedicated solutions for multiple industries will empower developers to build groundbreaking projects on Soneium.

With Transak’s reach across 160 countries and its support for over 350 applications, the partnership is set to bridge the gap between traditional finance and blockchain technology, pushing the boundaries of what’s possible in the gaming and entertainment industries.

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Dogecoin whale inflow surge by 118% as Poodlana gains 148% in a month

  • Dogecoin (DOGE) net flow into whale wallets has surged by 118%, signalling bullish momentum.
  • Poodlana’s price has jumped 148.75% in 30 days, fueled by strategic market moves.
  • Both coins show strong growth potential, with DOGE and POODL gaining investor interest.

In a dynamic week for meme coins, Dogecoin (DOGE) and Poodlana (POODL) have captured significant attention in the cryptocurrency market.

DOGE has seen a remarkable 118% increase in net flow into large holders’ wallets, signalling strong bullish activity, while Poodlana recorded a 148.75% price increase over the past month, reflecting growing investor interest and strategic market positioning.

Dogecoin (DOGE) whale activity signals bullish momentum

Dogecoin (DOGE), the original meme cryptocurrency, has always been a favourite among retail investors and crypto enthusiasts.

However, recent developments suggest that larger players, or “whales,” are also making significant moves.

According to data from IntoTheBlock, the net flow of DOGE into the wallets of large holders surged by an astounding 118%, rising from 67.85 million to 148.36 million tokens. This influx is equivalent to $14.84 million, a considerable sum that underscores the growing confidence among these large investors.

The net flow metric is crucial in understanding market sentiment, particularly among whales who hold more than 0.1% of the total DOGE supply.

A spike in net flow typically indicates that these large holders are accumulating more tokens, which often precedes a price increase. Indeed, this recent surge in net flow was followed by a modest 1.5% increase in DOGE’s price, bringing it to $0.1015.

Interestingly, the real driver behind this bullish momentum seems to be a decrease in outflows rather than a substantial increase in inflows. Outflows from whale wallets dropped by 45.9%, down to 111.41 million tokens, while inflows only saw a minor decrease of 5.13%, remaining at 259.77 million DOGE tokens.

This reduction in selling pressure could be a sign that whales are holding onto their DOGE, anticipating a more significant price movement in the near future.

Poodlana’s meteoric rise as POODL sees 148.75% surge in 30 Days

While Dogecoin has been making waves with its whale activity, Poodlana (POODL), a newer entrant in the meme coin space, has been quietly gaining momentum.

Over the past 30 days, Poodlana’s price has surged by an impressive 148.75% from its presale stage to its price after the exchange listing, a reflection of both strategic market moves and growing investor interest.

Poodlana first captured attention with a highly successful $8 million presale, which set the stage for its subsequent listings on Raydium, MEXC, and Uniswap. These listings were not just about increasing liquidity; they were part of a broader market entry strategy designed to capitalize on the buzz generated during the presale.

With no vesting periods or lockups, early investors had the freedom to trade their tokens immediately, leading to significant buying pressure as the token transitioned to public markets.

The excitement surrounding Poodlana has been further amplified by persistent rumours of a potential Binance listing. Historically, new listings on Binance often result in significant price increase, making the possibility of such a listing a major point of speculation.

In addition, Poodlana’s association with Solana, a blockchain known for its speed and scalability, adds another layer of potential. Solana-based meme coins have seen dramatic price increases in the past, with some tokens appreciating by over 1,000%.

The future of DOGE and POODL

While both Dogecoin and Poodlana have shown strong performance, they cater to slightly different segments of the meme coin market.

Dogecoin, with its established community and broad recognition, continues to attract significant attention from both retail investors and whales. The recent surge in whale activity suggests that large holders are positioning themselves for potential gains, possibly anticipating further price increases driven by market sentiment or broader adoption.

On the other hand, Poodlana’s is unique poodle-themed branding and high-fashion aesthetic appeal to a niche and growing audience and the strategic decision to align with Solana could prove to be a masterstroke, given the blockchain’s reputation for speed and scalability.

Both Dogecoin and Poodlana are poised for potentially significant gains in the near future. Dogecoin’s whale activity and reduced selling pressure could lead to further price appreciation, while Poodlana’s rapid rise and strategic market positioning make it a token to watch closely.

Investors and enthusiasts should keep a close eye on both, as the meme coin market continues to evolve at a rapid pace.

If specifically interested in Poodlana (POODL), it is currently listed on MEXC, Raydium, and Uniswap and you could also visit its official website for more information about it.

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HashKey Exchange adds AVAX and LINK trading pairs for retail investors

  • HashKey Exchange lists AVAX/USD and LINK/USD for retail investors starting August 28.
  • Previously, retail investors in Hong Kong were only limited to Bitcoin and Ethereum.
  • AVAX and LINK deposits and withdrawals are possible via Avalanche and ERC20 networks respectively.

HashKey Exchange, one of Hong Kong’s two fully licensed cryptocurrency exchanges, has expanded its offerings to include Avalanche (AVAX) and Chainlink (LINK) for retail investors. This provides Hong Kong-based investors with more diverse trading options beyond the previously available Bitcoin and Ether.

According to an announcement made by the exchange on Wednesday, the new trading pairs, AVAX/USD and LINK/USD, officially launched on August 28, 2024, at 18:00 (UTC+8).

Hong Kong retail investors can trade AVAX and LINK on HashKey Exchange

HashKey’s move marks a notable shift in the Hong Kong cryptocurrency landscape, where only professional investors had access to a broader range of cryptocurrencies.

Retail investors were previously limited to just Bitcoin (BTC) and Ethereum (ETH).

The inclusion of AVAX and LINK is expected to enhance the trading experience for retail users, offering them access to two more prominent digital assets.

Avalanche, with the ticker AVAX, is the native coin of the Avalanche network and is currently ranked as the 13th largest cryptocurrency by market cap, valued at approximately $9.3 billion. Chainlink (LINK), on the other hand, is the coin of the Chainlink oracle network, holding the 16th spot with a market cap of around $6.9 billion.

Both coins were selected for listing due to their legal clarity, avoiding the regulatory complications faced by many larger cryptocurrencies.

HashKey Exchange will allow deposits and withdrawals of AVAX through the Avalanche network and LINK via the ERC20 network.

However, it’s important to note that HashKey does not exercise voting rights associated with virtual assets on behalf of its users. Those wishing to participate in governance votes must withdraw their assets from the platform.

This listing expansion reflects Hong Kong’s evolving crypto market, accelerated by recent regulatory updates and growing interest in Web3 technologies.

With the Hong Kong Securities & Futures Commission (SFC) having streamlined its licensing processes, HashKey’s move is a promising step towards a more inclusive and dynamic trading environment.

The post HashKey Exchange adds AVAX and LINK trading pairs for retail investors appeared first on CoinJournal.