Binance Megadrop heralds a new era in the digital currency landscape, serving as a novel platform by Binance for launching tokens and furnishing users with exclusive opportunities in the burgeoning Web3 space. It paves the way for enthusiasts to gain early access to tokens from selected Web3 projects before they become available on the Binance Exchange, enhancing their portfolio with potential future gems. This initiative not only nudges users closer to the forefront of the cryptocurrency movement but also leverages the Binance wallet, ensuring a seamless experience in token acquisition and management.
As the gateway to unlocking the treasures of the Binance Megadrop, the Binance Web3 Wallet plays a pivotal role. This article will decode the intricate process of participating in the Binance Megadrop, elucidate the mechanism of unlocking rewards, and underscore the significance of the Binance wallet in navigating the megadrop landscape. Further, it will shine a spotlight on BounceBit—the first project to launch via Binance Megadrop—offering a glimpse into the future innovations that participants can anticipate.
Binance Innovates with Megadrop
Binance has taken the concept of airdrops several steps further with the introduction of the Binance Megadrop. This innovative platform is not just about distributing tokens but is a comprehensive ecosystem that integrates the Binance Simple Earn and the Binance Web3 Wallet, enhancing the user's interaction with Web3 technologies.
Key Features of Binance Megadrop
Integration with Binance Services: The platform combines features of Binance's existing services like Binance Simple Earn and Binance Launchpool, providing a seamless experience for users.Engagement and Education: Binance Megadrop encourages active participation and learning, offering users a deeper understanding of the projects they are investing in.Early Access to Tokens: Users gain early access to tokens of promising Web3 projects before they are listed on the Binance exchange, potentially reaping significant rewards.
Comparison of Old and New Methods
While traditional airdrops focus primarily on token distribution, Binance Megadrop enhances this approach by integrating educational elements and interactive tasks that enrich the user's experience. This not only helps in token distribution but also in building a knowledgeable community around new projects.
Binance's approach reflects a significant evolution from the traditional methods of airdrops, offering a more structured and beneficial experience to its users. This shift not only supports the distribution of tokens but also fosters a comprehensive understanding and engagement with the underlying projects, setting a new standard in the crypto-rewards landscape.
How to Participate in Binance Megadrop
Participating in the Binance Megadrop offers users a unique opportunity to access new tokens and engage with emerging Web3 projects directly through their Binance Web3 Wallet. Here’s a detailed guide on how to get involved:
Step-by-Step Guide to Participation
Set Up Your Binance Web3 Wallet: Ensure you have an active Binance account with a Web3 wallet set up. This wallet must be backed up to qualify for participation in Megadrop.Complete Identity Verification: Verify your identity on Binance to meet the eligibility criteria necessary for participation. This step is crucial to ensure compliance with regulatory requirements.
Click On More :

After That you can see MegaDrop:

Lock Your BNB with Binance Earn: Subscribe to BNB Locked Products through Binance Earn. Locking your BNB is a prerequisite to participate in various quests and earn rewards.Engage in Web3 Quests: Navigate to the Quest section in your Binance Web3 Wallet and start completing assigned tasks. These tasks are integral to earning points that contribute to your total score in the Megadrop.Subscribe to Additional BNB Locked Products (Optional): While not mandatory, subscribing to additional BNB Locked Products can increase your score, enhancing your chances of earning more substantial rewards.Monitor Your Participation and Scores: Keep track of your activities and scores via your Binance account. Ensure you understand how your scores are calculated—factors include the amount of BNB locked, the tasks completed, and the duration of the lock period.Check Reward Distribution: After the Megadrop event concludes, rewards are distributed to participants' Binance Spot Wallets based on the final scores. Stay updated on the distribution schedule announced on the project page.

By following these steps and understanding the requirements, users can effectively participate in the Binance Megadrop, leveraging their Binance wallet to unlock potential rewards and engage with the forefront of cryptocurrency innovations.
Unlocking Rewards with Binance Megadrop
Participating in the Binance Megadrop not only opens up avenues for acquiring new tokens but also allows participants to engage deeply with the latest Web3 technologies. By fulfilling various conditions and completing designated tasks, users can unlock a myriad of rewards, which are meticulously calculated and distributed.

Accumulation of Points and Rewards Calculation
Participants accumulate points by engaging in several activities, primarily through purchasing BNB and completing specific Web3 tasks. These points are crucial as they directly influence the quantity and quality of rewards one can earn. The total airdrop rewards each participant receives are calculated based on the proportion of their points relative to the total points of all eligible users. Although purchasing BNB is not mandatory, it significantly enhances the potential rewards by increasing the number of airdrop tokens one can earn.
Detailed Breakdown of Reward Mechanisms
The rewards are intricately linked to the participants' engagement levels and their prowess in completing the tasks laid out in the Megadrop program. Here’s how the rewards are structured:
BNB Staking and Locked Products: By staking BNB and subscribing to locked products, participants enhance their chances of receiving higher rewards.Completion of Web3 Quests: Engaging in and completing designated Web3 quests not only provides a learning platform but also increases the total score, which is pivotal in determining the reward quantity.Scoring System: The scoring system includes a Locked BNB Score, Web3 Quest Bonus, and a Web3 Quest Multiplier. Completing all designated Web3 quests with the specified minimum requirements boosts the total score significantly through bonuses and multipliers.
Reward Distribution Schedule
The rewards, primarily consisting of tokens from emerging Web3 projects like BounceBit, are distributed after the Megadrop event concludes. For instance, 168 million BB tokens, which represent 8% of BounceBit’s total supply, are earmarked for distribution among participants. These are allocated based on a detailed scoring system that considers the locked BNB points multiplied by factors derived from Web3 task completion.

By understanding these mechanisms, participants can strategically engage in the Megadrop, optimizing their activities to maximize their reward potential. This not only enriches their experience within the Binance ecosystem but also enhances their understanding and involvement in the burgeoning field of Web3 technologies.
Binance Web3 Wallet - Key to the Megadrop
The Binance Web3 Wallet is integral to the Megadrop experience, providing users with a platform to engage directly with new Web3 projects. This wallet facilitates the completion of specific tasks that are crucial for participating in Megadrop events and unlocking potential rewards.
Completing Tasks Through Binance Web3 Wallet
Users can engage with various projects by completing tasks directly through their Binance Web3 Wallet. These tasks are designed to deepen user interaction with emerging Web3 technologies and are essential for accumulating points that lead to rewards.

Firstly you need to deposit $BTCB in  Binance web3.0 Wallet. After that you can click on connect wallet as you can see below:

When you have connected successfully, then you can pop-up sacreen.

 Check mark and approved:

Binance Simple Earn's BNB Subscription Product Details
The Binance Simple Earn program offers a structured way to lock BNB and participate in the Megadrop. The details of the subscription product are as follows:
Lock BNB for less than 59 days - Calculated using a 30-day integration factor.Lock BNB for 60 to 89 days - Calculated using the 60-day integral factor.Lock BNB for 90 to 119 days - Calculated using the 90-day integral factor.Lock BNB for 120 days or more - Calculated based on the 120-day integral coefficient.
Eligibility for Megadrop Rewards
To qualify for Megadrop rewards, users must complete identity verification and maintain at least one active Binance Web3 Wallet. This ensures that only verified and active participants are eligible for the rewards, maintaining the integrity and fairness of the Megadrop process.

Early Access to Tokens
The Binance Megadrop not only allows participants to engage with new projects but also offers early access to tokens from these projects before they are available on the Binance Exchange. This early access is a significant advantage, giving users a head start in exploring and investing in potential Web3 opportunities.
By utilizing the Binance Web3 Wallet, users unlock a gateway to new technologies and rewards, making it a cornerstone of the Binance Megadrop experience.
Highlighting BounceBit: The First Megadrop Project
BounceBit emerges as the pioneering project on the Binance Megadrop, marking a significant milestone in the evolution of cryptocurrency staking. This initiative introduces BounceBit as a BTC re-staking chain, aiming to redefine the utility and value of Bitcoin through innovative mechanisms.
Overview of BounceBit
BounceBit is designed as a public chain that facilitates the re-staking of BTC, creating a unique ecosystem centered on enhancing the value of Bitcoin holdings. The platform employs a dual staking system that utilizes both native BTC and BounceBit (BB) tokens. This approach not only maximizes the potential returns from Bitcoin but also opens up new income avenues for BTC holders.

The First Project: BounceBit (BB)

The inaugural project on Binance Megadrop is BounceBit (BB), a BTC restaking chain, with a maximum token supply of 2,100,000,000 BB and 168,000,000 BB (8% of the maximum supply) allocated for Megadrop token rewards.

A research report on BounceBit will be available within an hour of the announcement.
Getting Started with Megadrop
1.       To participate in Binance Megadrop, users must follow these steps: Have a Binance account and at least one active Binance Web3 Wallet (external wallets imported to the Binance Web3 Wallet are not eligible).
2.       Complete identity verification and meet certain eligibility criteria based on their jurisdiction, as users from certain countries are not eligible .
3.        Log into their Binance account, subscribe to BNB Locked Products and/or complete Web3 Quests to accrue scores.
4.       Complete all designated Web3 Quests to get a Web3 Quest Bonus and Multiplier, which will determine their share of the Megadrop rewards.
 
Users can participate in Binance Megadrop by locking their BNB with Binance Earn and using the Binance Web3 Wallet to complete quests and earn exclusive token airdrops . Only users who meet the eligibility criteria and hold at least one active Binance Web3 Wallet may qualify for Megadrop rewards.
 
 Scoring System and Rewards
 
 The scoring system for Binance Megadrop is designed to reward users based on their participation and engagement with the platform. Users can accrue scores by subscribing to BNB Locked Products on Binance Simple Earn and/or completing designated Web3 Quests.
 
 Scoring Calculation
 
 The Megadrop reward per user is determined by their Total Score, which is calculated using the following formula. Total Score = (Locked BNB Score * Web3 Quest Multiplier) + Web3 Quest Bonus

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Financial Backing and Development
The project has successfully secured a $6 million seed funding round, co-led by notable investors such as Blockchain Capital and Breyer Capital. This financial backing underscores the industry's confidence in BounceBit's innovative approach and its potential to impact the broader cryptocurrency market.
Tokenomics of BounceBit
The total supply of BounceBit tokens (BB) is capped at 2.1 billion, with a strategic allocation across various segments to support its growth and sustainability:
Megadrop Allocation: 168 million BB tokens, representing 8% of the total supply, are dedicated to the Megadrop, rewarding participants and fostering early engagement.Initial Circulating Supply: The initial release of BB tokens into the market amounts to 409.5 million, accounting for 19.5% of the total supply.
Innovative Features and Roadmap
BounceBit introduces several key features that enhance its appeal and functionality:
BTC Re-staking: Allows users to earn returns through sophisticated arbitrage strategies managed by seasoned asset management firms.Dual-currency Proof of Stake (PoS): This feature supports the staking of both BTC and BB tokens, enhancing the liquidity and utility of the tokens.BounceClub: An on-chain venue where users can craft decentralized finance (DeFi) experiences using integrated mini-programs without any coding requirement.Liquid Custody: Ensures that collateral assets remain liquid, providing users with additional opportunities to generate returns.
The roadmap for BounceBit is ambitious, encompassing the expansion of its ecosystem through various initiatives such as the distribution of BounceClub, the launch of premium yield products, and the introduction of more comprehensive CeDeFi products.
Participation Restrictions
It is important to note that Binance has implemented geographical restrictions on participation in the BounceBit Megadrop, affecting residents of countries like Australia, Canada, and Cuba, among others. This measure is in place to comply with local regulations and ensure a fair and secure distribution process.
By integrating cutting-edge technology with a robust economic model, BounceBit sets the stage for a transformative experience in the cryptocurrency domain, making it a cornerstone project for the Binance Megadrop initiative.
What's Next for Binance Megadrop Participants
As Binance continues to innovate and expand the Megadrop program, participants can look forward to several updates and enhancements that aim to improve their experience and potential gains. Here are the key developments and considerations for users involved in the Binance Megadrop.
Updated APRs and Subscription Limits
Binance has made significant updates to the Annual Percentage Rates (APRs) and increased the maximum subscription limits for users engaging with BNB Locked Products. This adjustment means that participants can now invest more in their preferred projects and potentially earn higher returns due to the improved APRs.
Eligibility and Jurisdiction Requirements
It's important for users to ensure that they are from an eligible jurisdiction to participate in the Binance Megadrop. Binance maintains the right to select markets and jurisdictions for conducting the Megadrop and may restrict participation in certain regions at its sole discretion. This measure helps Binance comply with local regulations and ensure a fair participation environment.
Investment Risks and Responsibilities
Participants should be aware that digital asset prices are highly volatile. Each user is solely responsible for their investment decisions. Binance emphasizes that it is not liable for any losses that participants may incur during their engagement with the Megadrop. This reminder serves to encourage users to make informed and cautious investment choices.
Early Access to Tokens
One of the most attractive features of the Binance Megadrop is the early access it offers to tokens from selected Web3 projects before they are available on the Binance Exchange. This early access allows participants to be among the first to invest in potential high-growth tokens, providing a significant advantage in the crypto market.
Engaging with Web3 Technologies
The combination of Binance Megadrop and BounceBit (BB) presents a compelling opportunity for users to deeply engage with Web3 technologies. This initiative is not only about financial investment but also about understanding and participating in the development of new technologies that could define the future of the internet and digital interactions.
The Low-Risk Concept of the Program
Although still in its early stages, the Binance Megadrop offers a low-risk concept for participants to explore. This program allows users to familiarize themselves with the crypto landscape and Web3 technologies with minimal financial exposure, making it an excellent option for both seasoned investors and newcomers to the cryptocurrency world.
By staying informed about these updates and considerations, participants can effectively navigate their involvement in the Binance Megadrop, optimizing their strategies to maximize benefits while minimizing risks. As the program evolves, it continues to offer a unique blend of educational and investment opportunities in the burgeoning field of cryptocurrencies and Web3 technologies.
Conclusion
The exploration of Binance Megadrop unfolds a revolutionary pathway in the realm of crypto rewards, offering an enriching blend of early access to promising Web3 projects, enhanced user engagement through the comprehensive utility of the Binance Web3 Wallet, and a dive into the future of digital currencies with leading innovations like BounceBit. As this initiative bridges the gap between traditional cryptocurrency airdrops and a more interactive, reward-based ecosystem, it not only leverages the Binance platform's robust features but also cultivates a deeper understanding and involvement in the burgeoning Web3 space. This progression indicates not just an evolution in token distribution methods but a significant stride towards inclusive, knowledge-driven participation in the crypto landscape.
Binance's strategic approach in introducing Megadrop underscores a pivotal shift towards more engaging, educational, and potentially lucrative experiences for users in the cryptocurrency domain. By fostering early engagement with emerging technologies and providing a structured pathway for users to maximize their rewards, Binance Megadrop sets a new standard in the crypto-rewards landscape. Moving forward, as participants continue to navigate this promising avenue, the emphasis on informed participation, coupled with the exploration of Web3 technologies, is likely to herald a new era in digital asset investments - marking an exciting phase of growth and innovation within the crypto community.
FAQs
What exactly is Binance Megadrop?
Binance Megadrop is an initiative launched by Binance, the premier global blockchain ecosystem and the largest cryptocurrency exchange by volume. It introduces a new platform for token launches that features a series of airdrop events and Web3 missions designed for users.
How can I earn rewards on Binance Feed?
To earn rewards on Binance Feed, you should focus on producing and interacting with high-quality content. You can increase your rewards by consistently publishing content that is considered excellent, gaining new followers, and receiving high ratings for your posts.
What are the ways to accumulate Binance points?
Binance points can be earned by engaging in various activities such as completing tasks, participating in campaigns, playing games, or taking part in point-based activities found in the Rewards Hub. Once you've collected enough points, you can exchange them for a variety of rewards in the Rewards Shop, including Binance Vouchers, Gift Cards, chances to play games, options to make non-profit donations, and other offerings.
Project Details:Website: https://bouncebit.io/Whitepaper: https://docs.bouncebit.io/X: https://twitter.com/bounce_bitTelegram: https://t.me/bouncebit_ioMedium: https://medium.com/@bouncebit
#BOUNCEBITLAUNCHPOOL #Megadrop

With the FED interest rate decision expected today, the market turned bearish, and Bitcoin crashed by over 5% within a few hours. Let’s examine three different technical indicators that may provide important insights into why the market is currently making new local lows.

Key Support levels: $52,000, $48,500

Key Resistance levels: $57,500, $63,800

1. BTC Price Breaks Key Support

Since April, Bitcoin has been making lower lows, which confirms a bearish trend, at least in a short to medium timeframe. Unfortunately, this did not change in May, as the month started with a new low. BTC just dropped under $57K, and in the process, it broke the support at $58K.

Chart by TradingView 2. Momentum Remains Bearish

Bitcoin reconfirmed the downtrend with today’s price action. Bears have full control as the price appears in a free fall. If this correction continues for another month, then the price can revisit $52K or even $48K, which are the next key levels of support.

Chart by TradingView 3. Weekly MACD Bearish Cross

The warning signals were loud and clear. At the start of this week, the weekly MACD made a bearish cross. This is never a good sign, and the price action was quick to reflect that in the past two days. Yesterday, Bitcoin was under $64K and today it’s at $57K. That’s over a 10% drop in 48 hours.

Chart by TradingView

Looking ahead, as long as Bitcoin remains above 50k, the macro trend remains bullish. If the price goes below that level, even the most optimistic bulls will start to sweat. Such a scenario would likely send many altcoins to their starting positions from early 2023 before the bull run started.

The post The Reasons BTC Price Plunged to $57K Today appeared first on CryptoPotato.

I turned $8k into 2.8 million over the year in crypto.

Anyone can repeat this, starting from $0 right now, the main thing is to have the right plan and knowledge.

Here's my playbook on how to make a million from zero in 2024 👇

Before I begin, I have a favor to ask...

I spent a lot of time writing this thread, trying to make it genuinely useful for you, so if it's not too much trouble, please bookmark it, repost, leave a comment, or simply hit like

The plan shown in the pic led me to such success

I know how hard it is to start knowing nothing

That's why I've made a detailed guide on how I would start from $0 now

You can adjust the steps, but the foundation should be as follows:

1/➮ From $0 to $1k

- Testnet airdrops: Farming airdrops from testnet projects.

- Web3 Job: Trying to find a Web3 job and gaining knowledge about crypto.

- Ambassador program: Join ambassador campaigns, receiving rewards

Costs are zero everywhere

Disclaimer:

make sure to follow me , so you won't lose it later

2/➮ From $1k to $10k

- Mainnet airdrops: Farming airdrops (Scroll, zkSync, etc.)

- Tokensales: Keep track of the new projects launched and join token sales
- Invest in passive income and revenue every day like "EArnWell.xyz"

- Arbitrage: Get involved in what arbitrage is

Portfolio: 40% to airdrops, 40% to token sales, and 20% to arbitrage

4/➮ From $100k to $1M

- Multi accs for mainnet airdrops: Start farming mainnet airdrops from multi accs

- Sniping: Focus on Sniping meme coins + insider trading

- Tokensales: Keep engaging in token sales

Portfolio: 20% airdrops, 40% sniping, 40% token sales

5/➮ From $1M+

- Automated airdrop farming: Create Automated Airdrop Farm

- Private round investments: Join Private KOL round investments

- Building: Start Building your own crypto project

Portfolio: 20% airdrop, 30% investments, 50% building

6/➮ Now that we've gone through the main plan, you can adjust it slightly depending on your needs and start your path to your first $1M

➮ Liked this feed? I write educational threads daily, so don't forget to:

✧ Follow me @Crypto LbaTal

✧ Like, RT, and leave a comment on the first tweet
#HKETF #bitcoinhalving #fomc #NFP

David Schwartz, Ripple's Chief Technology Officer (CTO), has clarified his position on XRP in a recent remark on X (previously Twitter), putting an end to speculation over his cryptocurrency holdings. 

Schwartz made this clarification after an X user claimed he sold billions of XRP to acquire ETH and BTC, adding that the proof was in his SEC statements.

In a move to dispel rumors and provide transparency in the cryptocurrency community, Schwartz disclosed the details of his XRP holdings and his investment history.

Schwartz revealed that at the peak of his holdings, he possessed approximately 26 million XRP, and that, contrary to rumors, he has never sold XRP to buy other cryptocurrencies, except possibly selling small amounts of XRP for some "unusual" purposes. 

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He further explained that while he did sell some Bitcoin (BTC) holdings in the past, it was to acquire more XRP and Ethereum (ETH), not to diversify into other digital assets.

"Me? At my peak holdings, I had about 26 million XRP. I sold BTC to buy XRP and ETH. I don't think I've ever sold XRP to buy another crypto, except maybe small amounts for some unusual purpose," Schwartz responded. 

Me? At my peak holding, I had about 26 million XRP. I sold BTC to buy XRP and ETH. I don't think I've ever sold XRP to buy another crypto except maybe small amounts for some unusual purpose.

— David "JoelKatz" Schwartz (@JoelKatz) April 29, 2024

This statement is significant as it demonstrates Schwartz's long-term confidence in XRP, despite price volatility and the Ripple-SEC legal battle. His decision to convert BTC into XRP and ETH underscores his belief in the utility and potential of these cryptocurrencies.

Particularly, Schwartz's disclosure regarding his XRP holdings puts an end to the ongoing speculation on XRP sales. 

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At the time of writing, XRP was down 1.79% in the last 24 hours to $0.496. 

In positive news, SBI Group will become the first Japanese corporation to use XRP Ledger (XRPL) blockchain supply chain solutions as Ripple enters a strategic partnership with Tokyo-based consulting firm HashKey DX.

TL;DR

The SEC contested Ripple’s request to dismiss new expert materials, claiming they are standard calculations from the firm’s own financial records.

Speculation persists about the lawsuit’s resolution, with predictions of a possible $100 million settlement by this summer, far below the regulator’s initial demands.

The SEC Strikes Again

The trial between Ripple and the US Securities and Exchange Commission (SEC) has already started, with numerous industry participants expecting to see the end of the lengthy legal battle. Instead of a resolution, though, the spat keeps offering additional confrontation.

Most recently, the regulator filed its opposition to Ripple’s motion to strike new expert materials. The endeavor focuses on a testimony from witness Andrea Fox (known as the “Fox Declaration”). Ripple previously argued that the declaration represents an unsolicited expert opinion. 

The SEC repudiated this, describing the process as “standard summary evidence in support of calculations for disgorgement.” 

“It’s not an expert report, does not rely on specialized experience, and does not render any opinions at all, let alone an “expert” one. Nor does it present the testimony of a percipient witness. Rather, it applies basic arithmetic to Ripple’s financial records to streamline the presentation of the evidence to Judge Torres… The court should deny Ripple’s motion,” the SEC insisted. 

The agency also argued that the “Fox Declaration” consists of information derived from documents generated by Ripple itself, including tax returns and financial statements, which can be useful for determining the case’s outcome.

Subsequently, the SEC reminded that Federal Judge Torres already disregarded the same objections the company raises now. 

“As Judge Torres did at summary judgment, the Court here should overrule Ripple’s objection to the Fox Declaration,” the Commission concluded.

Incoming Settlement or a Strategic SEC Move?

The latest development on the Ripple v SEC front was shared on X by James K. Filan, a defense lawyer and former federal prosecutor. Numerous users commenting below the post opined that this is yet another attempt by the regulator to postpone the outcome of the case. 

On the other hand, the American attorney Jeremy Hogan thinks the resolution is just behind the corner, expecting the lawsuit to be officially closed this summer. He also envisioned a $100 million settlement, far less than the $2 billion the SEC sought on Ripple and 10x more than the company suggested. 

“I’m saying that the Judge will order 0 disgorgement but throws the SEC a bone and orders Ripple to pay a $100 million penalty,” Hogan stated.

Those curious to learn more about the lawsuit and its potential impact on XRP’s price and the entire cryptocurrency market, please take a look at our dedicated video below:

The post Important Ripple v SEC Lawsuit Update: Clash Over a Key Witness Testimony appeared first on CryptoPotato.

The cryptocurrency market thrives on constant movement, and recent events surrounding Solana (SOL) exemplify this perfectly. News broke that Solana whales, entities holding significant amounts of SOL, have been offloading a staggering 100 million SOL tokens. 

While the reasons remain unclear, speculation points towards a potential investment shift towards Algotech (ALGT), a rising AI-powered cryptocurrency experiencing a record-breaking presale. This article dives into these developments, analyzing their potential implications for both SOL and ALGT.

Solana (SOL) Under Whale Scrutiny

A recent exodus of major SOL holders, often referred to as “whales,” has sent shockwaves through the crypto community. While the exact reasons behind this mass sell-off remain shrouded in secrecy, speculation points towards concerns about Solana’s long-term viability. 

Critics have raised issues regarding the project’s transaction fee structure and its potential to handle increased network activity – scalability limitations. Additionally, the broader market downturn could be prompting these whales to rebalance their portfolios and seek more stable investment opportunities.

Solana price reflects uncertainty with the news of this whale exodus has undeniably impacted the Solana price. The token has experienced a recent dip, reflecting investor uncertainty. In the past 24 hours alone, SOL price has dropped 2.12%, adding to the steeper 23.69% decline witnessed over the past month. 

However, Solana remains focused on its development roadmap and actively pursues partnerships, suggesting continued confidence in the project’s future prospects.

Rise of the AI Coin: Algotech (ALGT)

Algotech (ALGT) has emerged as a major player in the cryptocurrency space with its focus on using artificial intelligence (AI) to revolutionize algorithmic crypto trading. The project has captured headlines with its record-breaking presale, surpassing its fundraising goals in a remarkably short timeframe. 

This rapid uptake highlights the significant investor interest surrounding Algotech’s innovative platform. Algotech’s platform aims to empower investors with AI-powered tools for automated trading strategies. These tools are designed to analyze market trends, identify profitable opportunities, and execute trades with greater efficiency and precision. The potential benefits of this technology for novice and experienced investors alike are undeniable.

Algotech Rockets Past $4 Million Presale Goal: Is AI the Future of Crypto Trading?

While Solana grapples with the whale exodus, Algotech has emerged as the star attraction, raising a staggering $4 million in its ongoing presale. Currently priced at $0.08 per token (stage 3), Algotech is poised for a price increase to $0.10 in the next stage. The project promises to revolutionize trading and investment through innovative algorithmic strategies and cutting-edge technology.

Fueled by the current AI boom in the crypto space, industry analysts are keeping a close eye on Algotech’s development. One expert even predicts a potential surge of 1200% soon. This optimism stems from Algotech’s focus on utilizing AI algorithms for trading and its dedication to staying ahead of the curve with cutting-edge technology. In the fast-paced world of AI-driven trading, these factors could position Algotech as a frontrunner.

Final Thoughts

The recent news of Solana whales offloading SOL tokens and the record-breaking presale of AI-powered Algotech paints a fascinating picture of the ever-evolving cryptocurrency landscape. While Solana price faces questions about its long-term viability, Algotech emerges as a potential game-changer in the world of AI-powered trading.

The takeaway? Staying informed, conducting due diligence, and adapting strategies are crucial for navigating this dynamic market. The future of cryptocurrency remains uncertain, but one thing is clear: innovation continues to drive the industry forward, presenting both challenges and exciting opportunities for investors.

For more details about this project:

Visit Algotech Presale

Join The Algotech Community

The post Solana Whales Dump 100 Million SOL to Invest in Upcoming Blockchain With Fastest Presale appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

The post Ripple vs SEC Lawsuit Update: SEC Strikes Back at Ripple’s Attempt to Exclude Evidence appeared first on Coinpedia Fintech News

In the ongoing legal tussle between Ripple Labs Inc. and the Securities and Exchange Commission, a new focal point has emerged concerning the nature of evidence presented in court. 

The SEC has opposed Ripple’s motion to exclude certain materials, which Ripple claims qualify as undisclosed expert testimony.

The SEC argues the Fox declaration is summary not expert evidence and Ripple does not dispute the summary of its financial records is correct. The SEC argues that Fox did not give an opinion that some institutional buyers suffered pecuniary harm because she stated what counsel… https://t.co/M7TdDrMO2t

— bill morgan (@Belisarius2020) April 29, 2024

Lawyer Reacts to SEC’s Opposition

Bill Morgan, a noted commentator on legal matters involving technology and finance, recently provided a critical take on this development. 

According to Morgan, “The SEC’s stance seems paradoxical, especially in a landscape marred by major failures in protecting investors from real harms, such as those related to the FTX collapse. Here, the complaint centres around some investors not making as much profit as others due to differential discount rates offered by Ripple.”

At the heart of this controversy is the Fox Declaration, which Ripple contests as improperly categorized summary evidence rather than expert testimony. 

The SEC has countered this claim, asserting that the declaration merely performs arithmetic on Ripple’s financial records to aid the court in understanding the financial transactions involved without relying on any specialized knowledge that would categorize Andrea Fox as an expert witness.

Analysis of the SEC’s Defense

The SEC’s opposition is anchored on several key arguments emphasizing the procedural and substantive appropriateness of the Fox Declaration under Federal Rule of Evidence 1006. This rule allows summaries of voluminous data that cannot be conveniently examined in court, provided the original records are available for examination.

The SEC highlights that using a summary witness was anticipated during the remedies-phase discovery. Ripple had the opportunity to seek discovery related to this but chose not to act until this motion to strike.

The SEC struck that the declaration does not render expert opinions but employs basic arithmetic to summarize Ripple’s extensive financial and sales records. The Fox Declaration was intended to streamline the presentation of these calculations to the court, not to provide expert analysis or opinions on accounting principles.

Citing cases like United States v. Blakstad and SEC v. Treadway, the SEC argues that employing accounting methodologies in calculations does not necessarily confer the status of expert testimony as long as the declarations are confined to summarizing data without offering interpretations that require specialized knowledge.

Morgan points out, “It’s intriguing that the SEC’s argument hinges on what appears to be a straightforward application of arithmetic to provided financial data, yet the implications of these calculations – particularly regarding alleged pecuniary harm to certain investors – seem to venture into interpretations that could influence legal judgments.”

Investor Protection: A Question of Priorities?

Morgan criticizes the SEC’s approach, questioning whether the agency prioritizes investor protection appropriately.

“The issue here isn’t just about whether some investors could have made more money but about the consistency and transparency of financial practices. However, juxtaposing this with the SEC’s failure to mitigate much larger and more direct financial harms, such as those from the FTX scandal, one might wonder if the agency’s priorities are in order.”

This debate raises essential questions about the role of regulatory bodies in ensuring fair market practices and whether the focus of regulatory actions aligns with the overarching goal of investor protection.

Eigenlayer, the restaking protocol that has racked up $15.7 billion in deposits, released its token whitepaper Monday, confirming plans for an EIGEN token.

According to a blog post written by the Eigen Foundation, the non-profit supporting the protocol, there will be a total supply of about 1.67 billion EIGEN tokens, and 45% of those will go toward the EigenLayer community.

EMBED: https://twitter.com/eigenfoundation/status/1785000100315504776

The 45% is divided into three subgroups, with stakedrops, future community initiatives and ecosystem development each receiving buckets of 15%.

In the first season of the "stakedrop," as the team described the planned token release, Eigen Foundation will distribute 5% of the token supply to users based on their staking activities from March 15. The claim for these EIGEN tokens opens on May 10, and will close after 120 days.

According to the foundation, investors will be allocated 29.5% of the token supply, and 25.5% will go towards early contributors. Both groups will have a three-year lock period, “with a full lock in year one, followed by a linear unlock of 4% of their total allocation each month over the next two years.”

In addition, at the launch of the EIGEN token, users will be able to secure EigenDA, Eigenlayer’s Actively Validated Service (AVS) for data availability, with their EIGEN tokens. Other AVSs are expected to follow, the foundation wrote.

EigenLayer is at the core of a new trend known as "restaking," where users’ ether (ETH) tokens that are deposited or "staked" as security on the Ethereum blockchain can be repurposed to secure additional networks or protocols.

That restaked ETH is used collectively to secure these auxiliary AVS networks on EigenLayer.

Read more: EigenLayer and EigenDA Launch on Ethereum Mainnet

Nigerian crypto merchants, traders with large transaction volumes on peer-to-peer platforms, dreaded what would happen next as the country’s fiat currency, the naira, showed renewed weakness in the foreign-exchange market last week.

Those fears weren’t misplaced.

That’s because the Economic and Financial Crimes Commission, or EFCC, Nigeria’s anti-corruption agency, has frozen the bank accounts of 1,146 crypto traders, according to court documents seen by DL News on Monday.

The crypto traders are accused of foreign-exchange racketeering, currency manipulation, money laundering and terrorism financing.

“We have been made aware of your involvement in trading of cryptocurrency,” a Nigerian bank informed one of its customers via an email seen by DL News.

The affected person confirmed to DL News that he is a crypto merchant but wished to remain anonymous.

“We hereby request that you furnish us with a valid order from a court of competent jurisdiction to effect the release of your funds,” the bank’s notice said.

The EFCC, however, may block attempts by customers to retrieve their funds even if a court order allows the customers to do so.

That’s because the order secured by the EFCC said the accounts should be frozen until it completes its investigation. It has 90 days to reach a conclusion.

Since early this year, the EFCC has been part of an interagency task force that is probing alleged manipulation of the naira’s value by crypto traders.

That investigation began with Binance, which was singled out as being responsible for the naira’s worst-ever decline earlier this year. The commission has since charged the crypto exchange and two of its executives with money laundering.

Now, the EFCC appears to be turning its gaze to other crypto exchanges as it escalates its war with peer-to-peer traders.

The commission’s chairman, Ola Olukoyede, said last week that investigators have uncovered foreign-exchange manipulation on other crypto exchanges that was “worse than Binance.”

Nigerian crypto traders are no strangers to having their bank accounts frozen.

Such actions previously happened under a crypto ban regime that prohibited commercial banks from servicing exchanges and traders between February 2020 and December 2023.

In December, Nigeria’s central bank overturned the order and allowed commercial lenders to service crypto exchanges and traders.

The central bank also said last week that it wasn’t planning to reenact the crypto ban. A circular purported to be from the central bank instructed banks to freeze the accounts of cryptocurrency traders. That circular, however, was fake.

Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. To share tips or information about stories, please contact him at osato@dlnews.com.

As XRP charts its course in 2024, intriguing signs are emerging as regards a potential moving average crossover, which may be a death cross or a golden cross. 

With the XRP price currently declining, the market is keeping watch on this development, aware of the consequences for XRP's price trajectory in the next few weeks and months.

A death cross happens when a cryptocurrency's short-term moving average falls below its long-term moving average, indicating a change in momentum and a possible decline. It is determined when the 50-day simple moving average (SMA) crosses beneath the 200-day SMA. The golden cross occurs in reverse and is regarded as a bullish indication. 

XRP/USD Daily Chart, Courtesy: TradingView

In the case of XRP, the convergence of moving averages is raising concerns among traders and analysts, given the cryptocurrency's price outlook. The XRP price is facing selling pressure, raising the likelihood of a potential death cross.

At the time of writing, XRP was down 2.35% in the last 24 hours to $0.505, already down 19.77% in April.

card

In the event of a death cross, it would not be the first time such a bearish indicator has appeared; the cryptocurrency had its first death cross of the year in January. This preceded a bottoming phase for XRP's price, followed by a subsequent recovery. XRP would later reach highs of $0.748 about three months after the formation of the death cross in January.

As history may repeat itself in the realm of cryptocurrencies, traders and investors are considering the possibility of a similar situation occurring if a death cross appears again.

Some analysts consider moving average crossovers to be lagging indicators; the market may have been overbought or oversold before a golden cross or death cross appeared. 

If this is the case for XRP, a subsequent rebound might be expected following the death cross, in line with the view by some analysts that the XRP price might be presently playing out a bottoming fractal. 

The post Ripple vs SEC : Legal Expert Believes SEC May Delay Settlement; Here’s Why appeared first on Coinpedia Fintech News

It has been a week full of drama and negotiations since the Ripple vs. SEC case is nearing a potential settlement, but according to XRP advocate Bill Morgan, the SEC might delay resolution through appeals and injunctions. Will a delay be good or bad for XRP? Let’s see what’s popping for XRP in the coming days. 

The SEC seeking an injunction that would stop ODL sales and the SEC’s intention to appeal on programmatic sales are bigger obstacles to settlement. https://t.co/BSAnhSv6yk

— bill morgan (@Belisarius2020) April 28, 2024

Settlement not in Sight?

Morgan highlights the SEC’s pursuit of an injunction to halt Ripple’s On-Demand Liquidity (ODL) sales and its intention to appeal programmatic sales as significant obstacles to settlement. These actions suggest a prolonged legal dispute and potential challenges for both parties.

The implications of such delays could be significant for both Ripple and the broader XRP market. Ripple’s business operations, particularly its ODL sales, could face disruptions if the SEC wins in obtaining an injunction. This disruption may also impact the price of XRP, which currently hovers around $0.50.

However, if a settlement is reached, XRP supporters anticipate a price surge, with Morgan predicting a $1 valuation post-settlement. Today, XRP saw a 4.48% decrease, settling at $0.5011. Its trading volume surged by 33.42% to $795.94 million in the past 24 hours. Over the week, it shed nearly 7% in value, and over the month, it dropped around 20%. These figures indicate the current volatility and downward trend in XRP’s price.

What Next?

Meanwhile, Judge Sarah Netburn, overseeing the case, has granted the SEC an extension until April 29, 2024, to respond to Ripple’s opposition to the agency’s proposed civil penalties. SEC is also preparing to file its opposition brief to Ripple’s Motion to Strike, due by April 29, and its reply brief to contest Ripple’s opposition brief, due by May 6.

These filings will influence the outcome of the case, where the SEC seeks a $2 billion penalty and injunction against Ripple. However, the outcome is unlikely to affect the SEC’s plans to appeal the ruling on Programmatic Sales of XRP. 

On the other side, Ripple argues for a penalty capped at $10 million, challenging the SEC’s claims as exaggerated and lacking substantial evidence. The response and subsequent counter from both parties will be crucial in determining whether a settlement is imminent in the Ripple vs SEC case.

Other Legal cases

Meanwhile, other crypto cases, such as SEC v Coinbase and Consensys vs. SEC, could impact the SEC’s strategies according to Bill Morgan. Notably, Consensys has filed a lawsuit against the SEC, contesting the classification of Ethereum as a security. A victory for Consensys could potentially impact the SEC’s approach to regulating cryptocurrencies and its appeal against the Programmatic Sales of XRP ruling.

A U.S. presidential candidate is hyped about blockchain technology; Bitcoin’s bull run — post halving — appears doubtful; and regulators are expected to deny spot Ethereum ETF approval. Here’s crypto.news’ weekly recap.

RFK Jr. opines about blockchain

During an April 21 rally in Michigan, U.S. presidential candidate Robert F. Kennedy Jr. said that putting the U.S. budget on the blockchain would allow Americans to access any budget item at any time.

Integrating the budget with blockchain technology will significantly increase transparency, he says, adding, “If somebody is spending $16,000 for a toilet seat, everybody’s going to know about it.”

If the proposal comes to fruition, American taxpayers would be able to track where funds are being spent. The idea was well-received by some corners of the cryptocurrency community, with some claiming it would end corruption.

Standard Chartered doubles down

Geoff Kendrick, head of digital assets research at Standard Chartered, remains confident about the market’s capacity to recover by reiterating Standard Chartered’s statement from last month with a price prediction of $150,000 by year’s end.

A skeptical take: Bitcoin’s halving won’t spark a lasting bull run over the next 12 to 18 months, according to analysts at Paris-based Kaiko. Contrary to earlier expectations, the decrease in miners’ rewards from 6.25 BTC to 3.125 BTC may not serve as the primary catalyst for Bitcoin‘s growth, according to a recent research report.

Miners are also losing money. According to data provided by YCharts, the average transaction fee on the Bitcoin network declined by 28% to about $24.99 between April 22 and April 23.

Spot Ethereum ETF prospects

The U.S. Securities and Exchange Commission (SEC) announced a delay in its decision on the application, extending the review period by an additional 45 days to June 11.

Industry heavyweights, including BlackRock, Grayscale, VanEck, Franklin Templeton and ARK Invest, are contenders in the race to secure approval for their own spot in Ether ETFs.

However, the prospects for these Ethereum-based ETFs gaining approval from the SEC appear to be bleak, with one analyst assessing the likelihood of a spot Ether ETF being approved at about 35%.

Watch your wallets

Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill were arrested by U.S. authorities for laundering over $100 million.

Wasabi Wallet developer zkSNACKs is blocking U.S. citizens from accessing its services.

Phoenix Wallet will also cease operations for U.S. residents starting May 3, removing its app from U.S. app stores.

Legal perspectives

Custodia Bank filed a notice of appeal on April 26, challenging a lower court’s decision from March denying its attempt to officially join the U.S. banking system.

Pro-crypto lawyer John Deaton promised to file an amicus brief in support of Coinbase’s motion for an interlocutory appeal.

The SEC is suing a Bitcoin mining company Geosyn, alleging that the firm engaged in an unregistered securities offering, raising over $5.6 million through deceptive practices.

And MetaMask developer Consensys is suing the SEC over what it describes as the agency’s illegal attempt to reframe its constitutional authority to include oversight on Ethereum (ETH), crypto’s second-largest decentralized network. 

Bullish and bearish takes

The spot Bitcoin ETF sector is again in the red zone, experiencing a capital outflow of $217 million on April 25.

BNY Mellon, the world’s largest custodian bank and the oldest in the U.S., is exposed to BTC ETFs offered by BlackRock and Grayscale, underscoring the growing institutional interest in cryptocurrencies.

Ethereum co-creator Vitalik Buterin recently highlighted that the proof of work (PoW) design held drawbacks that misaligned with the network’s long-term vision

Blockchain developer Movement Labs raised $38 million in venture capital; Polychain Capital led the effort. The news comes as VCs continue to express interest in the cryptocurrency sector. In the first quarter, VC volume saw an uptick for the first time since 2022, hovering at around $2.5 billion.

Read more: Beribit in turmoil after Russian officials contemplate crypto exchange ban

XRP price surged by 2.5% to reclaim $0.5245 but retained a 16% loss in 30 days.

Ripple filed motions contesting the SEC’s $2 billion penalty for alleged securities law violations.

The SEC must submit its opposition brief by Monday, after which Ripple will reply within three days.

On Sunday, XRP reclaimed the $0.5245 price level, advancing by 2.5% from the intra-day low of $0.5119. Despite this registered 24-hour gain, the asset still trades with a 2.3% loss in its one-week trajectory. On a 30-day scale, XRP shoulders a more substantial 16% loss.

Last week, the XRP community witnessed significant developments in the ongoing legal dispute between XRP payment firm Ripple and the U.S. SEC. Ripple submitted two court filings, one of which was a motion to strike out the SEC’s last-minute expert testimony regarding its financial accounts and post-complaint conduct.

The second filing opposes the SEC’s $2 billion penalty against Ripple for violating securities laws through its XRP institutional sales. The SEC proposed this penalty in March during its opening brief. 

Specifically, the regulator requested a civil penalty of $876.3 million, an additional $876.3 million in disgorgement, and prejudgment interest totaling $198.15 million. This brings the total amount to a proposed fine of $1.95 billion.

Moreover, the regulator asserted that Ripple continued violating U.S. securities laws even after the December 2020 complaint. However, Ripple challenged this claim in its filings last week. Ripple contended that it did not persist in breaching U.S. securities laws post-complaint, with testimonies from its executive such as Monica Long, Ripple’s president.

Currently, XRP investors are eagerly anticipating the SEC’s opposition brief to Ripple’s motion to strike expert testimony. The SEC is required to submit its opposition brief by Monday, April 29, after which Ripple must file its reply brief within three days.

Notably, these forthcoming court filings are expected to be the final submissions before the court makes the ultimate decision on this prolonged legal dispute.

The post XRP Army: Here’s What to Expect in SEC-Ripple Case This Week appeared first on Coin Edition.

Shiba Inu is currently flirting with its 50-day exponential moving average (EMA) at $0.00002486, currently trading for $0.00002470 amid the ongoing market uncertainty. SHIB is currently down 19.68% this month, but optimism among market watchers remains high.
As a result, price projections to audacious targets have prevailed despite SHIB’s current downward trajectory. One of the catalysts behind the sustained confidence is Shiba Inu’s ability to close last month with an impressive 144.75% increase, holding firm above $0.000030.
Earlier this month, The Crypto Basic spotlighted a report from crypto exchange platform projecting timelines for Shiba Inu to reach $0.0002, $0.002 and $0.02. According to Changelly analysts, SHIB could reach $0.02 by December 2040, essentially 24 years later.
If this materializes, investors eyeing various profit margins must strategize accordingly. For those aiming for a $50,000 gain, they would need to hold 2.5 million SHIB, entailing an initial investment of around $61 based on current prices. 
Achieving a $100,000 return would necessitate doubling that amount, totaling 5 million. SHIB. This equates to $123 at present rates. Meanwhile, to hit the $250,000 mark, investors would need a substantial investment of about 12.5 million SHIB, worth $308 at prevailing rates.
It bears mentioning that Shiba Inu recorded a massive 884,400% rally from January to October 2021 shortly after the Bitcoin halving of that year. This rally saw it hit $0.00008845. If it replicates this trajectory following the latest halving, it could reach $0.19, according to a report from The Crypto Basic.

In this scenario, the investment landscape shifts significantly. Investors targeting a $50,000 profit would require a meager 263,157 SHIB, commanding an initial investment of approximately $6.5.

Doubling the investment for a $100,000 return would entail holding 526,315 SHIB, reflecting an initial investment of roughly $13 at current market rates. Finally, to reach the coveted $250,000 mark, investors would need a notable 1,282,051,282 SHIB, which would translate to an investment of approximately $250,000.

In essence, as Shiba Inu’s token value escalates, investors must adapt their investment strategies to meet their desired profit targets. However, it is important to note that these targets are highly audacious, and SHIB might never reach them. As a result, these projections should not be considered investment advice.

The operation of the #Megadrop is very simple, you have to block your $BNB , the blocked quantity is multiplied following its multiplier (as shown in the image).
The total score (197.12 in my case) is multiplied by WEB3 )1.5 and added an additional 1k points for completing all the missions on WEB3.
Total locked 1.66 BNB, 1295.68 points accumulated.
#bouncebit forecasts will be $0.04 per token.
Calculating that, at the same time as this, I am also accumulating #REZ thanks to the #rezlaunchpool

In a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.” 

These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others. 

XRP And Ethereum Classic In The Spotlight

Ripple Labs, the company behind XRP, was highlighted as a prominent crypto zombie. Despite XRP’s active trading volume of around $2 billion daily, Forbes asserts that the token’s primary purpose remains “speculative” and “lacking meaningful utility.” 

However, Ripple Labs and XRP are not alone in this regard. Forbes reveals that 50 blockchains, excluding Bitcoin (BTC) and Ethereum (ETH), currently trade at values surpassing $1 billion, with at least 20 of them classified as “functional zombies.” Collectively, these 20 blockchains hold a market value of $116 billion, despite having “limited user bases.”

The top 20 crypto “zombie” projects according to Forbes. Source: DeFi Ignas on X

According to Forbes, an example of a “functional zombie” is Ethereum Classic, which maintains the distinction of being the original Ethereum chain. 

While ETC has a market value of $4.6 billion, its fee generation in 2023 was less than $41,000, raising questions about the blockchain’s viability for the news organization.

Another crypto project in Forbes’ report is Tezos, which raised $230 million through an initial coin offering (ICO) in 2017. 

Tezos’ XTZ token currently holds a market capitalization of $1.2 billion. However, the blockchain’s fee earnings were meager, with $5,640 in February 2024 and a total of $177,653 for all of 2023. 

Algorand, once hailed as an “Ethereum killer” due to its capability of processing 7,500 transactions per second, faces similar challenges. 

Despite a market cap of $2 billion and a treasury holding of $500 million, Algorand earned $63,000 in blockchain transaction fees throughout 2023. For Forbes, this casts doubt on its actual adoption and utility.

Crypto ‘Zombie’ Blockchains

The zombie blockchains are categorized into two groups by Forbes: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum. 

Spin-off zombies include Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic. 

These blockchains, collectively valued at $23 billion, reportedly emerged from “disagreements” among programmers regarding the governance and direction of the original chains. 

Forbes notes that when such conflicts arise, hard forks occur, resulting in new networks that share the same transaction history as their predecessors. The agency claims that their market value “often exceeds” their real-world usage.

Overall, The report highlights a growing disparity between the valuations of certain projects in the cryptocurrency industry and their actual utility and usage. Consequently, Forbes refers to these projects as “zombies.”

The daily chart shows the total crypto market cap’s valuation at $2.2 trillion. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead appeared first on Crypto Breaking News.

Arkham Intelligence has provided data on the accounts holding the most Shiba Inu (SHIB) tokens. The blockchain analytics firm also revealed each account’s current balance.

Meanwhile, Shiba Inu developers have announced that the Shibarium layer 2 solution will undergo a transformative hard fork on May 2. 

Meet Top Shiba Inu Holders

Arkham Intelligence has disclosed that the top wallet holding the biggest amount of the second-largest meme coin is the burn SHIB address. It holds 410,418,817,200,312.1 SHIB valued at around $10.33 billion. This figure represents around 41.04% of the total circulating supply of SHIB in the market. Notably, this is one of the wallets where all the burned Shiba Inu tokens are sent and then automatically locked.

One of the major exchange Crypto.com’s hot wallets, with its SHIB holdings of 37,570,344,005,265.1 ($950.5 million), sits in the second position — 3.76% of the circulating supply.

Third place is held by a Binance cold wallet, which currently holds 3.5% of the circulating SHIB supply—35,570,818,784,448.26 SHIB, equivalent to $885.5 million. Binance has previously confirmed in its Proof-of-Fund (PoF) report that it maintains a robust reserve of Shiba Inu.

Popular brokerage platform Robinhood ranked fourth, with its cold wallet holding 31,753,251,930,362.97 Shiba Inu, which is 3.18% of the supply worth $803 million. The Shib team’s wallet occupies the 10th spot on this list, holding 6,397,162,264,908 SHIB meme coins worth $164,920,000.

Huge Benefits Of Imminent Shibarium Hard Fork

In other related news, the Shiba Inu development team announced in a recent X post that the Shibarium hard fork is scheduled to go live on May 2.

The team noted that this hard fork would introduce several significant changes to the Ethereum L2 network, Shibarium. The hard fork aims to drastically improve transaction processing speeds. After the upgrade is activated, the network is expected to allow faster block production on Shibarium, thus decreasing the waiting time for confirmations. This is important for improving the efficiency and competitiveness of the layer-2 protocol.

Transaction fees will become more stable, especially during periods of high network traffic, after the hard fork is integrated. This modification is intended to prevent fee hikes that might discourage users from conducting transactions. In other words, the incoming upgrade will make Shibarium network fees more predictable — making it affordable and accessible for all users.

Shiba Inu is trading for $0.00002549 at press time, down 1.2% in the past 24 hours.

Binance, the leading cryptocurrency exchange, has recently completed its 27th quarterly token burn, a significant milestone in its efforts to reduce the total supply of its native token, BNB. The token burn, a process of permanently removing tokens from circulation, is a crucial part of Binance's strategy to maintain the scarcity and value of the BNB token.
The latest token burn saw the removal of 2,141,487.27 BNB tokens from circulation, equivalent to approximately $636 million in USD. This burn was executed through the BNB Chain's Auto-Burn mechanism, an independently auditable and objective process that adjusts the amount of BNB to be burned based on the token's price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.
The ultimate goal of this process is to gradually decrease the total supply of BNB tokens until it reaches 100 million. Currently, the total supply stands at 149,532,856 BNB tokens, indicating that Binance is halfway through its goal of removing 100 million tokens from circulation.
Impact of the BNB Burn on Binance Price
The BNB coin price has displayed a neutral trend, trading in a closed range between $278 and $345.5 until mid-February. However, as the volatility in the market grew, this altcoin jumped approximately 110%, before facing rejection at $635. Since then, the price has been trading in a consolidated range between $506.5 and $635.
Positively, the Binance token has added 11.43% within the past seven days and 10.12% over the past 30 days. Moreover, its Year-to-Date (YTD) stands at 94.58%, indicating a strong bullish price action for the Binance coin price during the upcoming months.
The technical indicator, MACD, shows a rising green histogram, indicating increased buying pressure in the crypto market. Furthermore, the averages display a bullish convergence, suggesting a positive outlook for the BNB price in the coming time.
Will Binance Coin Price Rise Back Up?
If the bulls continue gaining momentum, the BNB coin price will test its resistance level of $635 by the upcoming weekend. Moreover, if the market holds the price at that level, the Binance token will attempt to test its previous all-time high (ATH) of $690.9.
Conversely, if a trend reversal occurs, the BNB token will lose momentum and fall to test its support level of $569.5. Further, if the bears continue to dominate the market, the Binance token will plunge and prepare to test its lower support level of $506.5 during the upcoming weeks.
In conclusion, Binance's commitment to reducing the total supply of BNB tokens through its quarterly token burn process is a significant factor in maintaining the scarcity and value of the token. As the company continues to execute these burns, the impact on the BNB price remains a closely watched metric by the crypto community.
$BNB

#BinanceLaunchpool #BullorBear #HotTrens #TrendingPredictions

TL;DR

The trial between Ripple and the SEC has advanced, with Ripple set to respond to SEC motions by early May following a new scheduling order by Judge Sarah Netburn.

Attorney Jeremy Hogan anticipates a potential summer conclusion to the lawsuit, with the company possibly facing a $100 million settlement.

What’s Coming Next?

The legal dispute between Ripple and the US Securities and Exchange Commission (SEC) entered into its trial phase last week, with numerous industry participants expecting a resolution or a mutual agreement in the near future.

Most recently, American attorney James K. Filan revealed that Magistrate Judge Sarah Netburn has entered a new scheduling order. The action is focused on the motion for remedies and entry of final judgment. Judge Netburn ruled that the regulator should file its response by April 29, whereas Ripple is granted three business days thereafter to reply.

The latest action on the case follows Netburn’s recent nomination as District Judge in the Southern District of New York. She has previously shown a rather favorable stance toward Ripple’s native token, giving the XRP army hope that a decisive court win for the company might be on the horizon.

“My understanding about XRP is that not only does it have a currency value, but it has a utility, and that utility distinguishes it from bitcoin and ether,” the judge said in 2021 (according to attorney Jeremy Hogan).

The Possible Scenarios

Hogan recently suggested that the lawsuit might be officially closed sometime this summer, envisioning a $100 million settlement:

“I’m saying that the Judge will order 0 disgorgement but throws the SEC a bone and orders Ripple to pay a $100 million penalty.”

Previously, the SEC sought a $2 billion fine on the firm, alleging certain XRP sales violations. For its part, Ripple argued that its native cryptocurrency should not be classified as a security and, thus, not fall under the agency’s jurisdiction. The company’s chief legal officer, Stuart Alderoty, outlined several important reasons why the penalty should be no more than $10 million.

If you are curious to learn more about the legal spat and its potential impact on XRP and the entire cryptocurrency market, feel free to check our dedicated video below:

The post Ripple v. SEC Lawsuit Update: The Next Key Dates to Wait for appeared first on CryptoPotato.

#bouncebit #Megadrop #BinanceWeb3Wallet

Up to now, more than 14 thousand users have participated in the Bouncebit Megadrop Quest using their Binance Web3 Wallet and TVL has reached 9.7 million USD. The quest opened at 00:00 UTC on April 26, meaning those numbers were reached in just 10 hours (as of press time). So impressive!

The most notable thing here is that, according to TK Research, 60% of the total participants made their first transaction on the BNB chain through the Binance Web3 Wallet, which means that this campaign attracted many users to use the Web3 Wallet on Binance, which can be considered a success for both Bouncebit and Binance Web3 Wallet.

Dashboard link for further information (https://flipsidecrypto.xyz/tkvresearch/bouncebit-megadrop-binance-web3-quest-MTzoq3 )

What are you waiting for? Start creating your Binance Web3 Wallet and complete the quest NOW (cost you only 10$ maximum) 
Link: https://www.binance.com/en/megadrop?ref=KCLHB03N 
How to participate? 

Create Binance Web3 Wallet:
In Wallet -> Click on Web3 -> Create WalletBack up with both icloud and QR code

Transfer BNB to Web3 Wallet (for gas)
Buy BNB on Binance ExchangeIn Web3 Wallet -> TransferSelect withdrawal amount ($3 should be enough)Confirm

Transfer BTC to Web3 Wallet (Must use BEP20)
Buy BTC on Binance ExchangeTransfer in Web3 Wallet → Choose BTC in BEP20 NetworkSelect withdrawal amount (Must receive at least 0.0001 BTC)Confirm

Stake BTCB in Bouncebit
In Web3 Wallet -> DiscoverSelect Bouncebit in Trending Dapps -> OpenConnect Wallet -> Stake only 0.0001 BTCB to get points. Stake more will NOT give you more points.If success -> Done

Stake BNB in Simple Earn
In Binance Exchange -> MoreChoose Simple Earn -> Select LockedSelect BNB poolChoose any pool from 30D to 120D. More locking period gives more multiplier.Select BNB amount -> Confirm. Do not unstake before the event ends, it will lower your points.

What are you waiting for? Start creating your Binance Web3 Wallet and complete the quest NOW (cost you only 10$ maximum) 👇

Link: https://www.binance.com/en/megadrop?ref=KCLHB03N 

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