Category: Market Insights

D3 Global Unveils .APE Domain Names for ApeCoin Community

Summary

D3 Global has released .APE domain names providing ApeCoin holders to create a new web3 identity through newly created ApeChain. This initiative is part of an effort to make an interoperable name service for for the Apecoin ecosystem.

.APE Domains Go Live on ApeChain

D3 Global, which is a worldly known company for their specialization in web3 domain has officially launched .APE domain names for ApeCoin community which started as a memecoin. This initiative was announced on October 22, these domains will allow ApeCoin users to create their own tokenized web3 identities with the help of ApeChain layer-2 network.

Proposal Backed by ApeCoin Community

The launch follows a community-approved proposal that is in symmetry with the Internet Corporation for Assigned Names and Numbers (ICANN)‘s rollout of new generic top level domains (TLD)s. This effort is part of a larger initiative to enhance the utility and branding of ApeCoin users.

Multiple Uses for Tokenized .APE Names

ApeCoin holders can use these tokenized .APE names for several purposes, including email addresses, wallet addresses, decentralized identifiers, and as usernames across web3 platforms. This brings added functionality and personalization to ApeCoin’s growing ecosystem.

Building the Future of Web3

Gerard Hernandez of the APE Foundation expressed his excitement about the partnership with D3 Global stating:

“There is an imminent need for a comprehensive, all-in-one name solution that not only facilitates the growth of the APE brand and community, but also ensures futureproof utility for users.”

The domains will be available first to ApeCoin holders, with public availability set to follow soon.

Revolve Labs Proposes $60M Bitcoin Mining Data Center in Minnesota

Summary

A Colorado–based mining company, Revolve Labs is planning to build a $60 million data center in Glencoe, Minnesota. This facility aims to boost bitcoin production and processing capacity, address noise concerns and support local blockchain ecosystem.

Plans for a New Data Center

Colorado-based Revolve Labs is planning to establish $60 million data center in Glencoe, Minnesota. This project will have various features including AI data centers, cooling system, backup generator and lower noise concerns.

X ( formerly Twitter) post about AI Data Center.

Project Scope and Employment

The proposed facility is in early planning stages and will cost between $40 million and $60 million. It is expected to create 10 jobs and sit on a 6.2-acre site, also housing a new power substation.

Noise Concerns from Bitcoin Mining

Locals have raised an issue about possible noise pollution from mining, with reports of equipment noise reaching upto 85 decibels. This is not new for Revolve Labs as it has already faced similar complaints in other locations.

Economic Impact on Glencoe

Despite the noise issues, Revolve Labs’ operations have brought in $500,000 in net annual revenue, supporting local infrastructure projects and keeping electrical rates steady for residents.

TON Blockchain Sees Sharp Drop in Daily Active Users

Summary

The Open Network (TON) has seen a steep drop in daily active users, according to data provided on IntoTheBlock. The blockchain which showed a promising future in september has suddenly declined into abyss in october. This decline shows a broader market trend and specific challenges faced by a network.

TON’s Active Users Plummet

It is surprising that TON has seen its daily active users nosedive, TON at its peak had over 5 million active users. According to a chart shared on X (formerly Twitter), analysts believe this sharp decline on daily active users started in recent weeks. This raises suspicion on crypto space, can new blockchain projects ever reach the heights of Bitcoin and Ethereum ?

TON’s Daily Active Users Chart, Posted on X by IntoTheBlock

September Surge Quickly Fades

Toncoin powered network, TON had its moment in the spotlight earlier this year, especially in september when crypto gaming on telegram-based decentralized applications like Catizen and Yescoin saw hugs boost in users. On September 27, TON hit its peak active user count of 5.18 million and that number fell down to just 1.58 million by ghe 21st October, showcasing turbulence in Blockchain space.

New Addresses Also Decline

Alongside this, new addresses and zero-balance addresses on TON also took a hit, dropping from 2.58 million and 346,000 to under 650,000 and 68,000, respectively. It seems the market slowdown wasn’t the only factor at play. Events like the arrest of Telegram’s founder Pavel Durov and other network challenges have seemingly influenced the dip in user engagement.

Hope on the Horizon?

Historically, spikes on crypto projects have led to major events. While the numbers might look grim there’s still hope, seeing how Near Protocol is managing 3 million active users during current crypto turbulence. TON also has integration plans with Alchemy Pay, which fuel a rebound in users activity and provide us with a generational comeback.

Ethereum Accumulation Addresses Double Since January 2024: CryptoQuant

Summary

The number of Ethereum (ETH) being held in accumulation has nearly doubled since January 2024, now crossing 19 million ETH. The high accumulation rate is due to approval of Ethereum Spot ETFs earlier this year.

Ethereum Accumulation Grows

According to CryptoQuant, Accumulation means holding Ethereum, where the holders aren’t actively spending or moving their assets. The number of said holders have grown significantly in 2024 for Ethereum. In January, the number of ETH being held was 11.5 million, but by October 18,this number reached 19 million ETH. Experts and Analysts believe that this number might cross 20 million by the end of 2024.

Ethereum ETFs Drive Interest

This rapid growth in accumulation is speculated to because by the approval of Ethereum Spot ETFs in early 2024, which boosted investors confidence. One CryptoQuant analyst noted:

“In early 2024, Ethereum Spot ETFs were officially approved, marking a new era. Regulations boosted confidence, making Ethereum mainstream.”

This has increased interest from both institutional and retail investors towards Ethereum.

Value of Accumulated Ethereum

Ethereum’s value in accumulated address is expected to hit $80 billion by the end of the year. This suggests that the value of Ethereum will reach $4,000. This would position Ethereum on par with some of the largest companies in terms of value.

Ethereum Holders in Profit

IntoTheBlock reveals that around 71% of Ethereum holders are in profit right now, with over 74% of holders having held their coin for over a year now.

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Source: IntoTheBlock

The steady growth in accumulation, coupled with rising prices, signals confidence in Ethereum’s long-term value.

Could This $0.035 AI Crypto Be the Next Ethereum Challenger?

Summary

CYBRO, an AI crypto priced at just $0.035 is catching major hype currently. Even experts have come forth saying this could blow up to $100 by 2025. While OGs like XRP and ADA seem to be on a losing streak, this new coin may shake up the market.

CYBRO is a new player in the DeFi space that offers an AI-powered platform designed to simplify user portfolios. Its main attraction is cashbacks, airdrops and reduced trading fees. Its AI tools will help users select the best vaults based on various aspects. Its presale made a lot of transactions, almost $3million which led to experts believing a potential of 1200% return of investment in the near future. That’s the reason its been listed on one of the top AI with potential in 2024. In addition to their tokens, CYBRO is giving away different ways to earn more such as specil points, referral programs, CYBRO airdrops and much more. Holders of CYBRO are able to enjoy lucrative staking rewards, exclusive airdrops, reduced trading and lending fees and cashback on purchases within the platform.

With such facilities provided to users and new projects being introduced constantly, experts believe this coin could amount to $100 by 2025. While a portion remains hesitant in investing on it.

SUI Network Announces AI Integration Plans

Summary

SUI network has just dropped its plans for mixing AI with blockchain to boost security and efficiency in their next projects. SUI foundation has also denied every accusations regarding insider token sales.

On X, Kostas Kryptos promoted this act by sharing a sample screenshot. If this continues on, people believe SUI will out AI everyone else.

VC giant Andreessen Horowitz (a16z) explained how integrating blockchain and Artificial Intelligence could be beneficial. Furthermore, he also noted that the number of crypto projects offering AI services and functionalities has surged from 27% in 2023 to 34% in 2024. He also said how Near Protocol is a great example of a project that successfully addresses  “content verification and intellectual property” issue within the AI sector. Other altcoins, like technical setup in Aptos (APT), are also looking for SUI like rally ahead.

Last week, SUI Foundation faced some serious accusations of $400 million in insider selling of the SUI tokens. In defense, SUI claims that neither insiders nor Mysten Lab employees or Mysten Lab investors had sold anything near $400 million worth of tokens. They assured the public that reportedly, no early token sales had occurred.

SUI Performance Lately

SUI has surged by nearly 500% over the past year, making it one of the top performers in the market. As of October 21, 2024, SUI’s market price is $2.12 with a 24 hour trading volume of $796,002,450. This shows it has increased by 3.44% in the last 24 hours but if we consider 7 days it has dropped by 5.29%. Regardless, with a circulating supply of 2.8 Billion SUI and a market cap of $5,871,067,161, it is comfortably placed at top the 22th position in the market.

Learn more about SUI’s market rollercoaster here.

What is Goatseus Maximus (GOAT) and why is it trending?

Summary

Goatseus Maximus is the most talked about crypto platform right now and rightfully so because it has been moving up continuously. This simple crypto token has made people millionaires.

Goatseus Maximus ($Goat) is a meme token that operates on Solana blockchain. Its recent attention in memecoin market is all thanks to an ai bot called Truth Terminal, which helped propel it to a peak market cap of $150 million in just few days. It is also the reason Truth Terminal has become a millionaire. The token operates on solana market and has been traded on several active markets.

The token reportedly grew by 12,000% in the first 24 hours of its launch. More importantly, it is showing no signs of falling out with its rising demands among crypto enthusiasts. GOAT price has surged to a new ATH of $0.4664 just a few hours ago, and much more might come with this popularity. The creator of this coin is unknown, however the AI bot that has been caretaking it has become the first AI to become a millionaire. It really did make this token into a super memecoin. The creator of truth terminal said he wanted to develop a meme themed cryptocurrency one day and interestingly so that dream turned into reality.

The bot began posting about the GOAT singularity and revealed that he had an idea, that “I have an idea for a new species of goatse,” later naming it Goatseus Maximus. With this idea, someone created the memecoin and tagged Truth of Terminal, which decided to endorse it in its posts. The bot also invested lots into GOAT tokens and now is a millionaire. With continuous promotions, both the ai bot and GOAT helped each other become multi-million dollar owners. One can buy Goatseus Maximus on Lbank, Raydium and Orca.

As of October 20, the price of Goatseus Maximus (GOAT) is $0.384 with a 24 hour trading volume of $207,013,769. This does represent a 4.42% price decline in the last 24 hour but it is still increasing considering the past 7 days. With a circulating supply of 1 Billion GOAT, Goatseus Maximus is valued at a market cap of staggering $388,063,586.

Hyve Unveils High-Throughput Data Availability Protocol, HyveDA

Summary 

Blockchain infrastructure company, Hyve has released a Data Availability Protocol, HyveDa. This project aims to provide faster services with throughput of 1 gigabyte per second, which is 100 times faster than current solutions.

Revolutionizing Data Availability

Protocols like HyveDa are crucial for decentralized applications to get reliable and necessary data without being controlled by centralized system. HyveDa offers high speed permissionless network connections where anyone can join without approval, which removes the bottleneck of decentralized system also enhancing scalability and decentralization.

Scaling for High-Volume Applications

Currently capable of 1 GB/s, Hyve plans to scale HyveDA’s throughput to 50 GB/s as the network expands. This positions the protocol to handle data-heavy applications such as artificial intelligence, decentralized finance, and Web3 gaming. Its permissionless design aligns with the core principles of decentralized ecosystems, providing flexibility and accessibility.

Strategic Partnerships and Funding

HyveDa is in mutually beneficial relationship ecosystem aiming for reliable security. Hyve raised $1.15 million in pre-seed funding, to grow and improve its team, enhance layer-2 blockchain system and other platforms. This project aims to solve digital challenges related to large scale data handling in decentralized system.

Future Outlook

HyveDa is showing a great promise in blockchain environment but it’s real success will be determined by it’s scalibility in real world environment. It provides High speed permissionless network which does solve network issues but might cause security problems as anyone can access data without approval. However, the protocol’s focus of handling high-throughput, data intensive applications puts it in positive blockchain space.

Bitfinex Backs Plasma to Expand USDT Payments on Bitcoin

Summary

Bitfinex has invested in Plasma, a Bitcoin focused payment and decentralized finance (DeFi) system. This aims to improve the usage of Tether on Bitcoin, creating fee-free global transaction.

Plasma’s Payments Vision

Plasma is innovating a fee-free payment system where users can send U.S. dollar-backed assets like USDT globally. This leverages Bitcoin’s infrastructure. Plasma focuses on stable coins like USDT instead of BTC as their payment asset. This platform also supports paying gas fees in BTC due to its Native unspent transaction output support, while still being compatible with Ethereum Virtual Machine (EVM).

The Bitfinex team announced via X on Oct. 18 that it had invested in Plasma

Hybrid Architecture for DeFi

Plasma provides a combination of traditional and digital system where users can stake and access other benefits, integrating Bitcoin’s secure system with decentralized finance. Plasma aims to enhance and boost global payments for Real World Assets (RWA) and DApps.

Bitfinex and Tether’s Strategic Support

Bitfinex’s investment aligns with its broader vision to strengthen the Bitcoin ecosystem. Paolo Ardoino, CTO of Bitfinex and CEO of Tether, stated:

“With the uncertainty that covenants will come to fruition, it’s very important to explore different avenues to build on top of the most secure, decentralized, and resilient money and speech network ever built by humanity: Bitcoin.“

Plasma’s Investor Backing

Plasma has secured backing from Apeiron Investment Group founder Christian Angermayer and venture capital firms like Split Capital, Manifold, and Anthos Capital.

Mysten Labs Rolls Out Walrus Protocol Public Testnet for Decentralized Storage

Summary

Mysten Labs has launched an official public testnet for Walrus Protocol. It is a new digital and decentralized storage network capable of handling large files such as videos, images and audio.

Introducing Walrus Protocol

Walrus Protocol is a fresh approach to decentralized Storage which aims to enhance every Blockchain experience. This storage network offers various features including, the ability to delete files, staking system and an explorer tool to manage stored data. Unlike cloud storage which is dependent on a single company, Walrus distributes stored data on different nodes on different locations ensuring greater security and reliability.

How it Works

The protocol breaks large files into smaller chunks and spreads them across various locations. Even if some pieces are lost, the file can still be put back together, ensuring users never lose access to their data.

Powered by Sui Blockchain

Walrus works on the basis of Sui Blockchain, which makes the system more effective and efficient. Walrus also supports testnet token called WAL, which can be staked by users to earn rewards. The goal is to run the network system smoothly and to provide faster, more reliable storage for apps that manage large media files.

Industry Partners

Innovative concept of Walrus has attracted several partners. Akord is moving its secure storage from Arweave to Walrus and Decrypt Media is using it to store its media files. These partnership shows early sign of Walrus getting recognition in decentralized storage space.

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