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Solana: Leading The Blockchain Race With Key Developments In The Past 48 Hours

Solana continues to dominate as the top Layer 1 blockchain in the market, with significant developments over the last 48 hours bolstering its position. Stablecoins Surge on Solana In a major move, Circle, the issuer of the USDC stablecoin, minted $250 million worth of USDC via its treasury wallet on Solana, sending ripples through the ecosystem. USDC now represents about 70% of the stablecoin supply on Solana, despite its share being only around 30% on Ethereum. Notably, PayPal’s PYUSD, launched less than two months ago, now makes up approximately 11% of Solana's total stablecoin supply. The dominance of USDC on Solana can be attributed to the collaborative efforts of Circle and the Solana Foundation, which have been actively incentivizing developers and integrating trading platforms. Additionally, Circle's Cross-Chain Transfer Protocol (CCTP) on Solana has further improved USDC's liquidity and usability. On-Chain […]

Will Izuchukwu August 9, 2024

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BNB Chain Reclaims Fourth Spot As Leading Cryptocurrency

Just hours after Solana surpassed BNB Chain in market capitalization, BNB Chain has reclaimed its position as the world's fourth-largest cryptocurrency. The rapid flip in rankings underscores the volatility and fierce competition within the crypto market. Adding to the excitement, the top MEMEcoin on BNB Chain, $WHY, has reached new highs. The token now boasts a liquidity of $18 million and a fully diluted valuation (FDV) of $129 million. In a notable transaction today, a newly created wallet withdrew 321 BNB (approximately $186,000) from Binance to purchase 628.3 billion $WHY at a price of $0.0000002944 each. https://twitter.com/lookonchain/status/1817074993903325282?t=v8snEiINBVc96F3I0Hk0-A&s=19 BNB Holder Deposits Huge Amount On Exchange In a contrasting move, a long-term BNB holder made a significant deposit. The holder, who has maintained their BNB for seven years, deposited their entire 3.85K BNB into Binance. This wallet, 0x1b9b, originally received 3.85K BNB […]

Will Izuchukwu July 27, 2024

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Solana’s Q2 2024 Report: Explosive Growth In Revenue and Ecosystem Expansion

Solana's Q2 2024 financial report showcases a period of remarkable growth and expansion for the blockchain platform. In this quarter, Solana's fees and revenue soared, generating over $26 million, a staggering increase of more than 42 times compared to the same period last year. This impressive growth highlights the platform's rising adoption and the increasing value users find in its services. The total trading volume of SOL also saw a significant surge, reaching $292 billion. This is nearly seven times higher than the trading volume in Q2 2023, underscoring the growing confidence and participation in the Solana ecosystem. The network and ecosystem metrics for Q2 2024 reveal further insights into Solana's expanding influence. The platform processed over 15.3 billion transactions, both vote and non-vote, indicating robust activity and engagement. Total Value Locked (TVL) on Solana's network hit $3.4 billion, a […]

Will Izuchukwu July 7, 2024

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Rug-Pull On $DOREA Token Devastates Solana Investors

In a shocking turn of events, the $DOREA token on Solana has been identified as the latest victim of a rug-pull, leaving investors reeling. Just seven hours ago, the wallet 3TQYN, presumably belonging to a developer, purchased 2.5 million $DOREA for $41,000. Four hours later, this wallet began offloading all its tokens, raking in $1.4 million and causing the $DOREA price to plummet from $2.1 to a mere $0.01. https://twitter.com/OnchainDataNerd/status/1805884142619644103?t=-iRemvOTvLqDuS-pQ_EMfA&s=19 The fallout from this rug-pull has been catastrophic for new investors. In just half an hour, a wallet described as Wealth Evaporation lost $756,000 after buying $DOREA at its peak. This individual, identified as the owner of the BrFjj...pgjCc wallet, spent 5710 $SOL (approximately $747,000) to acquire 350,000 $DOREA at $1.936 per token. Tragically, within five minutes, $DOREA's value crashed nearly 99%, forcing the investor to sell all their holdings […]

Will Izuchukwu June 26, 2024

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Controversy Surrounds Egypt Cat ($SPHYNX) Launch Amid Insider Trading Allegations

The recent launch of Egypt Cat ($SPHYNX) has been marred by accusations of unfair practices. An insider reportedly manipulated the market by using 10 newly created wallets to purchase 496.2 million $SPHYNX, which accounts for 49.62% of the total supply. These 10 wallets were set up just one hour before the token's launch and funded with $SOL withdrawn from Binance. The insider spent 3,890 $SOL (approximately $670,000) to acquire the 496.2 million $SPHYNX within a single second of trading commencing. Subsequently, the insider distributed the $SPHYNX tokens across nearly 300 different wallets. https://twitter.com/lookonchain/status/1798788193988514058?t=ZGiKBAzMd-FdojwuuAAMsA&s=19 Another Whale Earned 3,137 SOL In Just An Hour Further scrutiny from Lookonchain uncovered another instance of rapid profit-making. A trader managed to earn 3,137 $SOL ($540,000) in just one hour. This trader successfully spent 120 $SOL to buy Egypt Cat ($SPHYNX) within one second of trading […]

Will Izuchukwu June 8, 2024

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TheRoaringKitty’s Livestream Sparks Dramatic Surge In GME, KITTY, and AMC

The June 8th livestream by @TheRoaringKitty has set off a dramatic rally in the stocks $GME, $KITTY, and $AMC. Leading the pack, $GME skyrocketed over 70% today, reaching an all-time high of $0.032. This surge was accompanied by a 531% increase in its 24-hour trading volume. A notable transaction occurred just hours ago, where a trader invested 6,460 $SOL (approximately $1.1 million) to purchase $GME and $KITTY on the Solana blockchain. This included an expenditure of 5,000 $SOL ($850,000) to acquire 35.99 million $GME at $0.02362 per token, and 1,460 $SOL ($248,000) to buy 8.6 million $KITTY at $0.02891 per token. https://twitter.com/lookonchain/status/1798893647330676926?t=mYNJSLqA6ZzZK6fyC_et4A&s=19 Whale Makes $1.4 Million Unrealised Profits From $GME Investment  In another significant move, a trader who previously spent 12,110 $SOL ($2 million) to purchase 135 million $GME in a single transaction is now sitting on an unrealized profit […]

Will Izuchukwu June 8, 2024

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King $PEW Skyrockets 144x Since Launch, Early Investor Nets 6755% Return

In a remarkable surge, King $PEW has skyrocketed 144 times since its opening. One savvy investor, identified by the address 0xFC0...b8B85, has notably capitalized on this meteoric rise.  This trader initially invested 3 ETH, which is now floating a profit of $780,000, translating to an astounding return rate of 6755%. Within just ten minutes of the token's launch, this investor acquired 36.7 billion PEW tokens at an average price of $0.0000003138. Demonstrating strategic trading acumen, the investor has already sold 420 million tokens—about 1.1% of his total holdings—recouping his initial investment. The remaining tokens, all in profit, contribute to the impressive $780,000 floating profit. https://x.com/ai_9684xtpa/status/1795361881345179730?t=Mf2Gy3-IKC-IUQJjWImDRA&s=19 Notably, this address currently holds the top position in PEW's holder rankings, underscoring the substantial impact of early and strategic investments in the volatile world of cryptocurrencies. The dramatic rise of King $PEW and the […]

Will Izuchukwu May 28, 2024

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GameFi Investments Surge In 2024 Despite Market Cap Decline

Venture capital interest in GameFi is on the rise in 2024, with investments increasing steadily. In the first four months of the year, both the number of funded projects and total raised funds have shown significant growth.  The GameFi sector now boasts 3,763 protocols, with BNBChain, Ethereum, and Polygon leading in the number of active games. BNBChain is at the forefront, followed by Klaytn, Sui, Flow, and Optimism, where all games are currently active. The number of active GameFi users has surged month-on-month, with an increase of over 41 million users by the end of April 2024 compared to the beginning of the year. Ronin, despite having fewer games, has attracted the most gamers, with 972,000 users in just the first four months of the year. https://twitter.com/Coin98Analytics/status/1792956836146188630?t=P-vgqrSAr_9T0vkEiI5eFg&s=19 The GameFi market cap, however, has seen a notable decline, decreasing by 44% […]

Will Izuchukwu May 22, 2024

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Solana Surges Above $180, Leading DEX Activity Among Top Blockchains

Solana has regained its footing, trading above the $180 mark today, driven by a 6% value gain. Over the past seven days, Solana has seen a remarkable 22% increase, accompanied by a 51% rise in its 24-hour trading volume. This performance highlights Solana's resilience and growing dominance in the blockchain ecosystem. A recent report on decentralized exchange (DEX) activity reveals that Solana outperforms other top blockchains in terms of transaction volume and user engagement. Over the past month, Solana led with 210 million DEX transactions, showcasing its superior network efficiency and scalability. Notably, Solana doesn't just lead in transaction numbers. Its total DEX volume reached an impressive $47.75 billion, and it attracted 11 million unique traders. These metrics underscore Solana's growing appeal and effectiveness in handling large-scale trading activities. https://twitter.com/Coin98Analytics/status/1792437360984256764?t=NAvPYiNDmwBZm8rquDWn7g&s=19 BNB Chain And Arbitrum Comes In Second And Third In […]

Will Izuchukwu May 21, 2024

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ETH Layer 2 Transaction Surge Post Dencun Upgrade, Base Tops Solana

Since the Dencun upgrade, Ethereum layer 2 (L2) transactions have experienced a remarkable surge, marking a 196% increase to reach 5.67 million transactions settled on the top L2 platforms. https://twitter.com/intotheblock/status/1777628786470560245?t=XztHo7XQ4i7bmEJtJmkQMQ&s=19 Among these platforms, Base has emerged as a frontrunner, handling approximately 57% of these transactions. Arbitrum follows closely behind, accounting for 31% of the transactions, while Optimism captures 11%. Despite Base's dominance in transaction volume, Arbitrum maintains its position as the leading Ethereum L2 in terms of Total Value Locked (TVL), boasting an impressive $19 billion. Optimism secures the second spot with a TVL of $8 billion, while Base ranks third with a TVL exceeding $4 billion. https://twitter.com/niftyinvest/status/1777832796423426283?t=qQoDr_v0XnuNeWdmlBNBAg&s=19 Base Tops Solana As Regards Transaction Speed And Performance An interesting development is that Base now demonstrates superior speed compared to Solana, with zero failed transactions reported. This enhanced performance is attributed […]

Will Izuchukwu April 10, 2024

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