crypto
Despite starting the day on a decline, Pyth Network (PYTH) has regained and is currently trading 20% higher over the past 24 hours. Today’s price swing was influenced by a major token unlock and the release of a new LISUSD/USD price feed. Pyth Network (PYTH) token unlockIn the morning, PYTH price experienced a significant price dump due to a voluminous token unlock event. The token dropped to a low of $0.3552 before resurging. Data from tokenunlocks.app shows that the Pyth Network unlocked $935.52 million worth of tokens (2.13 billion PYTH tokens) on 19 May at 2:00 PM UTC as part of a cliff un...
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Ethereum related tokens are expected to extend their gains this week as anticipation of a Spot Ether ETF brews among market participants in the US. Bitcoin Spot ETF approval ushered an injection of large volumes of institutional capital into the asset, pushing BTC to its new all-time high in 2024. ETH holders expect a similar response if the US SEC approves a Spot Ethereum ETF. Layer 2 tokens Polygon (MATIC), Immutable (IMX), Mantle (MANTLE), Stacks (STX) and Optimism (OP) have posted gains in the past 24 hours. MATIC price could make or break Layer 2 rallyThe largest Ethereum scaling token is...
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Eldarune just announced a strategic collaboration with Immutable that will see it receive a grant of 50,000 IMX tokens from the Web3 games development platform as well. Details of Eldarune-Immutable partnershipThe milestone-based grant from Immutable is exclusive to Heroes of Eldarune – a flagship trading card game (TCG) of the Web3 game studio. Immutable will release the grant in three stages. The full grant will be unlocked upon achieving a total trading volume of $9.3 million for Eldarune NFTs on ImmutableX zkEVM, as per a press release on Monday. Teaming up with Immutable is a significant ...
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A large-scale investor has attracted the attention of crypto players with massive investments in memecoin Dogwifhat (WIF). The whale has strategically accumulated over 200K WIF coins, worth over $600K at a $2.6 average price. The transaction intrigued many players due to the massive amount involved and timing. Further, WIF was among the altcoins that exploded in the latest broad market rallies, a move that saw it attracting listing on Robinhood and Binance. The wallet completed the series of purchases when WIF traded around the $2.60 mark – offering a lucrative entry after the token’s sharp di...
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In a significant effort to combat fraudulent activities in decentralized finance (DeFi), LayerZero Labs has flagged 803,093 addresses as potential sybils. The targets “airdrop farming,” where users create multiple fake accounts to unfairly benefit from token distributions. LayerZero’s sybil self-reporting successThe flagging of the 800k addresses took place after LayerZero announced the conclusion of its sybil self-reporting phase on May 18. During the self-reporting phase, which began on May 3, users were allowed to self-report sybil addresses in exchange for 15% of their planned token airdro...
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XRP, the cryptocurrency backed by Ripple Labs, has caught the attention of crypto market participants today, May 20, as significant whale transactions have created a buzz. These movements come amid a period of highly volatile price action for XRP, prompting traders and investors to speculate on potential gains. Whale activity: major transactions recordedOn-chain data from Whale Alert reported a substantial 283 million XRP moved in a series of transactions over the past 24 hours. Among these, a notable transaction involved 33 million XRP, valued at $16.76 million, transferred to Bitstamp by a w...
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The burn rate of Shiba Inu (SHIB) has skyrocketed by over 500% today, according to data from Shibburn. This significant increase in the burn rate has generated optimism among traders and investors about potential positive price movements for the meme coin, often dubbed the “Dogecoin killer.” Massive token burn despite trading slumpDespite the impressive burn rate hike, SHIB traded in the red, indicating that the immediate price reaction has not yet mirrored the positive sentiment. The token saw a substantial decline in its supply with the burning of 9.83 million tokens, primarily from two spec...
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The U.S. Congress has passed a bill targeting the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This action marks the first standalone crypto legislation seeking to reverse the requirement that crypto assets be recorded as liabilities on balance sheets. Passed last week, the legislation under the Congressional Review Act (CRA) seeks to repeal SAB 121. The bill mandates that entities holding crypto assets for clients recognize these assets and corresponding liabilities at fair value in their financial statements. SAB 121 faces criticismThis requirement has been heavily criticized for poten...
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Bitcoin Layer-2 (L2) platform Mintlayer has announced an upgrade to its staking program, enhancing the user interface (UI) to make it more accessible and easier to use. The simplified staking program is integrated into Mintlayer’s blockexplorer and Mojito wallet browser extension, enabling users to stake their ML tokens and earn substantial rewards. Industry-leading APY attracts usersThe launch of Mintlayer’s enhanced staking program is set to empower more users to stake their ML tokens, with an impressive annual percentage yield (APY) currently around 198%. This attractive staking program is ...
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Bitfinity Network has announced a groundbreaking development in the blockchain space by enabling Ethereum Virtual Machine (EVM) compatibility on the Internet Computer (ICP) platform. This move allows for seamless integration of Ethereum’s smart contract functionality with Bitcoin-based assets, marking a significant milestone in cross-chain interoperability. The Bitfinity Ethereum Virtual Machine (EVM)The protocol’s Execution Layer launch introduces the Bitfinity Ethereum Virtual Machine (EVM), a Bitcoin sidechain built on the Internet Computer’s tech stack. This innovation enables Solidity-bas...
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