Cryptocurrencies To Watch

Author: Sincerity Jahswill

  • MicroStrategy Has Done It Again! Purchases 15,400 BTC Worth $1.5B

    MicroStrategy Has Done It Again! Purchases 15,400 BTC Worth $1.5B

    The America-based publicly traded company MicroStrategy has made another massive investment in Bitcoin, purchasing an additional 15,400 of the pioneer crypto worth $1.5 billion. This marks the company’s fourth consecutive weekly purchase, bringing its total Bitcoin holdings to 402,100 worth $39 billion.

    Interestingly, this recent purchase has contributed to the company’s impressive BTC yield, with a 38.7% return quarter-to-date (QTD) and a 63.3% return year-to-date (YTD). This move demonstrates MicroStrategy’s continued commitment to investing in Bitcoin.

    MicroStrategy Purchases More BTC

    The Virginia-based firm made the latest purchases between November 25 and December 1, as reported in a United States Securities and Exchange Commission (SEC) filing. Since November 11, MicroStrategy has invested over $13.5 billion in Bitcoin, solidifying its position as a significant player in the crypto market.

    MicroStrategy’s co-founder and Chairman, Michael Saylor, has been instrumental in transforming the enterprise software maker into a “Bitcoin Treasury” company. This bold move has captured the attention of Wall Street and the crypto industry, with the company’s shares surging over 500% this year, outperforming almost every other major stock.

    MicroStrategy has been relying on the sale of convertible notes and at-the-market share offerings to fund these massive purchases. The company’s commitment to Bitcoin is evident in its actions, and the crypto community is interested in seeing how this strategy plays out in the long run.

    Four Purchases in One Month

    MicroStrategy has made four significant BTC purchases in just one month, reminding the crypto industry of Saylor’s statement. The Bitcoin Maximalist revealed that the company’s vision is to be the world’s leading Bitcoin bank.

    MicroStrategy’s Bitcoin purchases in one month totaled 149,880 BTC, making its stash precisely 2% of the crypto’s total supply. The acquisitions include 27,200 BTC for $2.03 billion, 51,780 BTC for $4.6 billion, 55,500 BTC for $5.4 billion, and the latest 15,400 BTC for $1.5 billion.

    Meanwhile, MARA (formerly Marathon Digital), a Bitcoin mining company, plans to raise up to $805 million to purchase more BTC. The education-focused company Genius Group has also recently invested $1.8 million in the pioneer crypto. As more institutions vie for a share of the digital asset, it could do more numbers and surpass the $100,000 zone, as predicted by several analysts.

  • BNB Tumbles out of Top Five Largest Crypto, Is It Over?

    BNB Tumbles out of Top Five Largest Crypto, Is It Over?

    The Binance-affiliated digital asset and native coin of the BSC network, BNB, has dropped out of the top five largest cryptos by market capitalization. According to current rankings from the aggregator platform CoinMarketCap, the top five spots are now occupied by Bitcoin (BTC), Ether (ETH), Tether (USDT), Ripple (XRP), and Solana (SOL), respectively.

    BNB Ranks Sixth

    BNB’s market capitalization reached its 2024 peak in June and is currently at $91.2 billion, putting it in sixth place. This shift in rankings may be attributed to various market factors, including market correction and increased competition among rival digital assets. In all cases, such a move usually reflects changes in investor sentiments.

    The performance of the Binance exchange also plays a crucial role in BNB’s value. Negative news or declining trading volumes on the platform may affect the asset’s price. As the crypto industry grows, market participants closely watch BNB’s price movements and adjust their strategies accordingly.

    While BNB is ranked 6th, XRP has surpassed several tokens and competes with Tether for the third spot. XRP’s remarkable performance has led to a significant shift in the rankings as investors are now eyeing the token. Meanwhile, Bitcoin is struggling to reach the $100,000 mark.

    Is It Over?

    BNB’s recent tumble out of the top five largest crypto assets has raised concerns about its future. However, the broader market context and the token’s historical performance must also be considered.

    The coin has been among the strongest non-meme altcoins, with a quarterly auto-burn mechanism and a consistently positive Moving average convergence/divergence (MACD) indicator. While its market capitalization is lower than XRP’s and SOL’s, its overall trend remains bullish. Some analysts predict that BNB could surge to over $1,000 if the newly established support holds.

    Even though BNB’s current situation may seem uncertain, it is likely far from “over.” The crypto market is known for its volatility, and BNB is not immune. As with any investment, it’s crucial for investors to critically research and set realistic expectations while considering multiple perspectives before making any investment decisions.

    Meanwhile, its price performance has seen significant growth, with a year-to-date increase of over 180% and a surge to over $710. The Binance-affiliated token trades at $639 and has experienced a 3.28% price decrease over the past 24 hours.

  • Pump.fun Daily Revenue Slumps Over 45% After Halting Livestream

    Pump.fun Daily Revenue Slumps Over 45% After Halting Livestream

    The revenue of the Solana-based memecoin creator platform Pump.fun has taken a significant hit, decreasing by 48.7%. According to DeFiLlama, the platform’s revenue skyrocketed to $5.31 million on November 24 but plummeted to $3.76 million the next day after the community backlash and halt of the controversial livestream feature.

    As you may recall, Pump.fun’s live streams had gotten wild, with some token developers even harming themselves on stream for money. The halt on the livestream feature has likely led to a decline in user engagement and, subsequently, revenue. Since then, The platform has maintained a daily revenue range of over $3.5 million.

    Regarding this rapid turn of events, DL News reported that Min Jung, a research analyst at Presto Labs, said:

    “Many users have expressed fatigue with Pump.fun memecoins, and negative sentiment towards the platform has reached an all-time high.”

    What Drives Pump.fun’s Revenue?

    Interestingly, during the X (formerly Twitter) Space session last month, Pump.fun announced plans to launch a native token. The team further revealed that a portion of the token supply will be airdropped to early adopters to reward them for their support. However, no specific timeline for the token launch was provided.

    The news was met with excitement within the community, with some believing that a well-executed airdrop could greatly enhance liquidity. Some crypto analysts have suggested that the airdrop should target top traders, developers, and other key participants, using metrics like trading volume and token performance to determine eligibility.

    The anticipation of a potential airdrop drew many Solana users to Pump.fun, leading to increased volume and revenue for the token launch platform. However, the momentum was disrupted by the livestream saga.

    Additionally, like the crypto market, the platform has been impacted by the United States political climate. Many Nationfi tokens, often associated with U.S. politics, have been created using Pump.fun. Other generated tokens like GOAT and PNUT have been listed in top exchanges, further increasing users’ interest in the platform.

    Pump.fun Keeps Growing

    Data from CoinMarketCap reveals that Pump.fun’s ecosystem tokens have reached a market capitalization of over $5 billion. The platform has also become the third-highest project by monthly revenue, closely approaching the levels of industry giants like Circle.

    The team behind Pump.fun has consistently cashed out its revenue of over 1.52 million SOL, worth approximately $362 million. This significant revenue stream hints at the platform’s popularity and success in the crypto industry.

  • Jupiter Exchange to Hold Second Vote on $1.6B Token Airdrop

    Jupiter Exchange to Hold Second Vote on $1.6B Token Airdrop

    Solana’s decentralized exchange, Jupiter, is planning to hold another voting round for its 1.4 billion token airdrop plan. The reward worth $1.6 billion was rejected by 42% of voters who showed discomfort with the proposal via the protocol’s DAO platform.

    Why a Second Voting Round?

    The decision to hold a second round of voting stems from the team’s desire to achieve a 70% supermajority on their current proposal. This threshold hints that the team wants broad support from the community before moving forward, believing it will increase its chances of success.

    The plan for the second vote involves addressing the concerns and opposition raised during the initial vote. Over the next few days, the team will review feedback from all sources, tackle the main areas of concern, and put up a revised proposal. Jupiter claims the process will be transparent, with live reviews of the proposal’s progress over the weekend.

    Meanwhile, according to Dune, an on-chain analytics platform, Jupiter has processed over $1.9 trillion in trading volume since its inception. Its governance token, JUP, has a total supply of 10 billion, with 40% allocated for community rewards. At press time, the token was trading at $1.17 and has experienced a 3.92% increase over the past 24 hours.

    Jupiter Assures Users

    Jupiter co-founder Meow acknowledged the uncertainty surrounding the airdrop plans but assured users that the team remains steadfast in its commitment to long-term growth. He believes the team and community share the same goal of establishing clarity and working towards driving the project vision forward.

    The upcoming vote will be a crucial test for the community and its leadership. However, the co-founder claimed that with the team’s dedication to Jupiter’s ecosystem’s (Jupiverse) success, there is every reason to be confident in a positive outcome. He further noted that unity and collaboration will be essential in overcoming any challenges that lie ahead.

    Another project developer, Hyper Foundation, completed the genesis distribution of the HYPE token, airdropping over $1.6 billion worth of tokens to users. Following the launch, the native token surged to a peak price of $6.21. Most Hype airdrop participants flaunt their rewards online, as the reward seems to have exceeded their expectations.

  • Russia President Signs Bill Recognizing Crypto as Property

    Russia President Signs Bill Recognizing Crypto as Property

    Russian President Vladimir Putin has signed a bill into law that recognizes crypto, including Bitcoin, as property. This landmark legislation brings a clear taxation framework to the digital asset industry in Russia, providing much-needed clarity and reassurance to digital asset investors.

    Implications of Crypto “as Property”

    According to the law, mining and selling digital assets are exempt from value-added tax (VAT). Services related to crypto transactions are also exempt from VAT. However, operators of mining infrastructure must inform tax authorities about who is using their services to mine crypto.

    The law also outlined how crypto will be taxed. Digital assets obtained through mining will be considered income and taxed accordingly for individuals. The tax rates, set at 13% for income up to 2.4 million rubles ($22,643) and 15% for income above that amount, are reportedly designed to ensure a fair and just treatment of crypto income.

    The crypto law further introduced some restrictions on tax structures for organizations and individual entrepreneurs involved in crypto mining and sales. Meanwhile, the crypto regulations will be officially published on a government website or other official channel. Once they are formally published, they will become enforceable and legally binding.

    Notably, some parts of the law may have a delayed implementation or a phase-in period to allow for a smooth transition. These provisions will provide temporary relief or exceptions to help individuals or organizations adapt to the new law.

    Why the Crypto Law?

    Russia has been exploring using crypto for international trade to bypass Western sanctions and reduce its reliance on the US dollar. In response to the expanded U.S. sanctions in June, the Russian parliament passed bills in July to test digital assets for cross-border payments under central bank supervision, which President Putin signed into law.

    In a similar move, Hong Kong also wants to strengthen its position as a crypto-friendly hub. However, while Russia taxes individuals and organizations, its authorities will do the opposite. The government recently proposed a plan to exempt certain establishments, including hedge funds and private equity funds, from paying taxes on gains made from crypto trading and investments.

  • Japanese Firm Metaplanet to Spend $62M on Bitcoin

    Japanese Firm Metaplanet to Spend $62M on Bitcoin

    Japanese investment firm Metaplanet is about to make another shopping move in the crypto industry. It publicized its plans to acquire more Bitcoin worth $62 million. The company’s recent BTC purchases are part of its strategy to bolster its Bitcoin reserves, hedge against the yen’s decline, and capitalize on the crypto’s surging value.

    Metaplanet to Purchase $62M BTC

    Metaplanet will issue its 12th series of Stock Acquisition Rights (SARs), offering 29,000 units to investment entity EVO FUND. Each unit grants the right to purchase 100 shares, priced at $4  per right. If all rights are exercised by December 16, 2024, Metaplanet will secure approximately $62 million.

    The company has also set rules for exercising stock acquisition rights, including adjusting the exercise price daily starting from January 2025 to 97% of the average price of the company’s stock over the previous 13 trading days. The Japanese firm believes its scheduled allotee has a good track record of supporting fundraising efforts.

    While this SARs financing method may diluent existing shareholder rights, the company believes it is in the long-term best interests of all shareholders. The development highlights  Metaplanet’s commitment to BTC, which is a key component of its financial strategy. The firm’s “Bitcoin first” approach continues to mirror that of MicroStrategy, a US-based company known for its Bitcoin investments.

    While commenting about the company’s latest plans, CEO Simon Gerovich noted that the firm’s move will not only add to its Bitcoin stash but also drive the adoption of the pioneer crypto. He further expressed gratitude to the company’s investors via X post where he said: “Thank you for your continued support.”

    Metaplanet Makes Other Moves

    Prior to its recent plans to accelerate Bitcoin accumulation, Metaplanet moved to promote crypto awareness in Japan. The company launched the Japanese edition of Bitcoin Magazine, a leading global publication focused on Bitcoin and crypto news, education, and insights.

    The launch will further facilitate the company’s delivery of its shareholders’ benefit program, which promises to discount purchases from the Bitcoin Magazine store for select investors. Meanwhile, the company currently holds a total of 1,142 BTC.

  • Binance U.K. Faces Lawsuit from Ex-Employee Over Unfair Dismissal

    Binance U.K. Faces Lawsuit from Ex-Employee Over Unfair Dismissal

    A former Binance executive, Amrita Srivastava, has sued the crypto exchange’s United Kingdom office, alleging unfair dismissal due to whistleblowing. She claims that a colleague asked for a bribe from a customer in exchange for preferential treatment “under the guise of providing consultative services” to speed up the customer’s integration into the exchange.

    Whistleblowing refers to reporting information about corruption or unethical behavior within an organization, government, or institution. It usually promotes accountability and transparency while encouraging integrity. Whistleblowers often face challenges, including job loss; hence, to counter this, many countries have set up laws to protect such ones.

    Binance Faces Lawsuit

    Srivastava was a senior employee based in London who worked remotely on Binance’s Link platform, which connects external brokers and customers to the exchange. She reported the alleged bribery to management in April 2023 but was dismissed a month later. The ex-executive is now suing Binance for unfair dismissal over whistleblowing.

    On the other hand, Binance denied the allegations, stating that the staff was dismissed due to poor performance. According to the exchange, the bribery incident was already known and under investigation by Binance’s internal audit team. It further claims that Srivastava’s dismissal was unrelated to her reporting of the alleged bribery.

    Srivastava is seeking compensation for unfair dismissal and damage to her career reputation. Notably, the case outcome may have implications for Binance’s operations in the U.K. and its handling of employee whistleblowing claims.

    The case is ongoing at a U.K. employment tribunal, which has different compensation limits for whistleblowing and unfair dismissal claims. For whistleblowing claims, tribunals can award unlimited compensation, allowing them to provide as much money as they deem fair and reasonable. In contrast, unfair dismissal claims have a capped award of approximately $133,914.

    Not the First Lawsuit

    Binance and its former CEO, Changpeng Zhao, faced an antiterrorism complaint in the Southern District of New York. The complaint, filed by 270 victims, alleged that Binance knowingly facilitated the transfer of crypto to and from terrorist groups, including Hamas.

    The plaintiffs argued that the $4.3 billion penalty paid by Binance is insufficient and that they should be held accountable to the victims of terrorist attacks they allegedly aided.

  • Morocco to Lift Crypto Ban, Regulatory Law Already Drafted

    Morocco to Lift Crypto Ban, Regulatory Law Already Drafted

    Morocco is taking a significant step towards regulating crypto, with a draft law currently undergoing adoption. This move comes after a ban on digital assets, which has been in place since 2017 despite their continued underground use by the public.

    Morocco Drafts Crypto Regulatory Law

    According to a Reuters report, Abdellatif Jouahri, the governor of Bank Al Maghrib, Morocco’s central bank, stated that it had prepared the draft law to regulate crypto assets. This marks a shift in the country’s stance on digital assets. The decision to regulate crypto is likely driven by the growing adoption of digital assets in Morocco despite the ban.

    Introducing a regulatory framework for crypto in Morocco could have significant implications for the country’s finances. As the central bank governor hinted, it may increase financial inclusion and provide a more secure environment for crypto transactions.

    While the Morocco crypto community is expecting the unban of crypto, Jouahri mentioned that the central bank is also considering developing a central bank digital currency (CBDC), which would be controlled by the central bank, unlike decentralized crypto.

    Meanwhile, the North African country has been cautious in its approach towards crypto over the years, fearing the loss of economic and monetary sovereignty. However, with the recent rise and hype surrounding crypto, the country is now exploring ways to harness its potential while maintaining control.

    Other Countries Make Similar Move

    While Morocco plans to regulate crypto, other African countries like Ghana have recently made a similar move. The West African nation is poised to enter the crypto industry, with the Bank of Ghana (BoG) planning to introduce a regulatory framework to guide digital asset adoption in the country, marking a significant shift from the BoG’s previous stance.

    The United Kingdom is also set to officially regulate crypto by 2026 to provide clarity and protection for consumers while promoting innovation in the industry. The regulators have published a roadmap outlining plans, which include proposals for stablecoin regulation, trading platforms, and decentralized finance (DeFi) activities.

    While other countries are becoming more crypto-friendly, China, which imposed a blanket ban on crypto transactions in 2021, has yet to lift the restriction officially. Although rumors of a possible lifting of the ban have been circulating, no official announcement has been made to confirm or deny these claims. Nonetheless, some Chinese residents still get involved in secret crypto transactions.

  • Memecoins Are Getting “A Little” Weird: CZ

    Memecoins Are Getting “A Little” Weird: CZ

    Changpeng Zhao (CZ), the co-founder of Binance, has expressed concerns over the growth of memecoins. In a recent post via X (formerly Twitter), he acknowledged support for memes but emphasized that the current meme sector is “getting a little weird.”

    The crypto mogul further urged developers to harness the potential of blockchain technology to create meaningful solutions by prioritizing practical applications over memecoins. The post hints that CZ desires to promote a more mature and innovative crypto ecosystem. Worthy of note is the fact that he had earlier unfollowed the famous meme lord Elon Musk on X.

    While CZ advocates for more attention to be given to utility projects instead of memes, some crypto users backlashed him, claiming Binance is not living up to his statement as it keeps listing memes. Meanwhile, in a recent post, CZ expressed his intentions to focus on education and transition to a more passive role in the crypto industry, prioritizing compliance and personal growth.

    Is the Memecoin Sector Getting Weird?

    The memecoin sector has taken a disturbing turn, as evidenced by the recent controversy surrounding Pump.fun, a Solana-based memecoin creation website. The platform’s livestream feature, intended for community engagement and entertainment, has devolved into a haven for explicit and violent content.

    Reports of live streams featuring pornography, drug use, animal abuse, and even acts of terrorism have raised serious concerns about the platform’s moderation capabilities. The situation has become so dire that some users have threatened to harm themselves if their invested token fails to reach a specific market cap.

    These disturbing incidents have resulted in calls for the platform to be regulated or shut down, further hinting that CZ may be right about memes becoming weird. The sector’s interest in irreverence and humor has escalated to a toxic culture that ignores the well-being of its participants. 

    Notably, CZ’s comment comes after the Pump.fun team disabled the livestream feature amid the recent developments. Nonetheless, the platform has been making waves. Recently, the team sold off some of its revenue, realizing over $6 million. The protocol has also generated significant volume for Solana, playing a role in the blockchain’s surpassing $100 million in DEX volume.

  • Tron Founder Justin Sun Becomes Largest Investor in Trump’s WLFI

    Tron Founder Justin Sun Becomes Largest Investor in Trump’s WLFI

    The founder of Tron blockchain, Justin Sun, has recently invested $30 million in World Liberty Financial (WLFI), a decentralized finance (DeFi) project backed by President-elect Donald Trump, making him the largest investor.

    Notably, WLFI initially aimed to raise $300 million but later reduced its target to $30 million due to disappointing sales. Sun’s investment significantly boosted the project, and his involvement may attract more investors and attention to WLFI.

    Why Invest in WLFI?

    Sun publicly announced via X (formerly Twitter) that his reasons for investing in WLFI are rooted in the growing significance of the United States as a blockchain hub. He seized the opportunity to praise Trump for the recent Bitcoin development, which was mainly attributed to his election win. The crypto entrepreneur said, “Bitcoin owes it to Donald Trump.”

    He also expressed that the investment is a strategic move that aligns with Tron’s commitment to innovation and making America great again. The post hints that Sun’s support is likely driven by WLFI’s potential to play a vital role in the United States’ blockchain and crypto involvement.

    On the other hand, World Liberty Financial tweeted Sun’s post and expressed gratitude for his $30 million investment, stating they are “honored to have the support” of the Tron founder.

    Sun Keeps Making Industry Moves

    Sun is known for being vocal and active on social media, sharing his achievements in the crypto industry and beyond. Between 2018 and 2020, he acquired a Maltese residency card through investment, and in 2021, he participated in a $65 million funding round for Animoca, a Hong Kong-based blockchain gaming company.

    The entrepreneur also made notable investments in ether, becoming the largest individual staked ether holder with a balance of $500 million in February 2023. Furthermore, he launched SunPump in August, enabling users to create tokens. The crypto mogul is also associated with the exchange HTX, formerly known as Huobi.

    Last week, he purchased Maurizio Cattelan’s “Comedian” artwork, a duct-taped banana, for $6.2 million at a Sotheby’s auction in New York. He plans to take his ownership to the next level by consuming the banana, which he believes will make him a part of the artwork’s history. However, other crypto users think this may be a bullish move for NFTs, which have lost initial hype.