Cryptocurrencies To Watch

Category: Crypto News

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  • Solana Sees $11.84M in Daily Transaction Fees as Memecoin Frenzy Surges

    Solana Sees $11.84M in Daily Transaction Fees as Memecoin Frenzy Surges

    Solana’s daily transaction fees soared to $11.84 million on November 19, marking a new single-day record driven by a surge in memecoin activity.

    According to on-chain data from DeFiLlama, the network’s revenue reached $5.92 million. With the latest $11.84 million fee transaction, Raydium (RAY), Solana’s largest decentralized exchange (DEX), also recorded roughly $15 million in fees for two consecutive days, with daily revenue of about $1 million.

    The report further noted that Solana MEV infrastructure Jito (JTO) achieved a new milestone as its fees soared to $15.55 million, generating $622,000 in revenue and setting a record high. Additionally, Solona’s meme coin launch platform recorded $2.46 million in fees and revenue on the same day, setting a new single-day benchmark.

    Meanwhile, at the time of writing, SOL is trading at $230, down over 4.4% in the last 24 hours.

    Over $7M in Transaction Fees

    Fueled by the rising interest in meme coins, Solana has experienced an unprecedented surge in network activity. On October 24, 2024, the network generated $3.81 million in daily revenue, with total transaction fees amounting to $7.63 million.

    Solana’s low transaction costs and scalability have also made it a preferred destination for projects transitioning from other blockchains. These projects seek to capitalize on the booming memecoin market and the platform’s economic advantages.

    As the memecoin craze continues to gain momentum, Solana’s advanced infrastructure is well-positioned to support its ongoing expansion. However, the long-term viability of this growth will depend on the network’s capacity to broaden its applications and effectively address potential challenges.

    Record-Breaking Fees for Solana’s Protocols

    Over time, Solana’s protocols have recorded millions of dollars in daily transaction fees. For instance, on November 17, Solana’s automated market maker, Raydium, reached a historic milestone with $11.79 million in daily transaction fees, setting a new record for the platform.

    Similarly, Jito, a protocol focused on liquid staking, generated $7.89 million in fees, marking its third-highest daily performance, according to data from DeFiLlama.

    The report comes as Solana’s decentralized exchange (DEX) trading volume has skyrocketed to a record-breaking $78.24 billion monthly volume, marking a significant increase of 31% from its previous all-time high of $59.79 billion. With November still underway, users may anticipate the volume continuing to grow, surpassing the $100 billion milestone.

  • Liquor Store LQR House to Buy $1M in Bitcoin: Adoption

    Liquor Store LQR House to Buy $1M in Bitcoin: Adoption

    LQR House Inc., a niche e-commerce platform specializing in the spirits and beverage industry, has announced that its Board of Directors has approved purchasing up to $1 million in Bitcoin (BTC) as part of its treasury management plan.

    The platform aims to establish itself as a leading wine and spirits e-commerce player, mainly through its flagship marketplace, cwspirits.com. The company offers a wide selection of emerging, premium, and luxury spirits, wines, and champagnes from respected retail partners like Country Wine & Spirits.

    LQR House Dives Into Digital Asset

    The company will also enable crypto transactions on CWSpirits.com, allowing customers to buy alcohol with digital currencies. In conjunction with this move, LQR House has implemented a policy to hold up to $10 million of these crypto payments in BTC, demonstrating the firm’s belief in digital assets’ long-term value and potential.

    Commenting on the latest move, Sean Dollinger, CEO of LQR House, said:

    “As Bitcoin continues to gain traction as an accepted asset class, we see a unique opportunity to strengthen our treasury with an innovative investment, in our opinion, Bitcoin’s inherent scarcity and finite supply position it as a modern hedge against inflation and a safe haven in times of economic uncertainty.” 

    The firm noted that it believes that the crypto asset aligns with its forward-thinking strategy and complements its mission to drive innovation across all aspects of its business.

    LQR House functions as a technology-driven hub, utilizing software, data analytics, and artificial intelligence to elevate the consumer experience.

    BTC as Part of LQR House’s Strategy

    While Bitcoin will now be integrated into LQR House’s strategy, the company remains dedicated to its core operations. The firm’s commitment includes carrying out the previously outlined cost-reduction measures to improve profitability and working closely with its new board members to establish and execute the most efficient strategies for long-term growth.

    According to LQR House Inc., the platform will closely track its Bitcoin assets to ensure they align with market trends and the company’s liquidity requirements.

  • Solana’s Monthly DEX Volume Surpasses $70B For the First Time

    Solana’s Monthly DEX Volume Surpasses $70B For the First Time

    On-chain data from DeFiLlama reveals that Solana’s decentralized exchange (DEX) trading volume has skyrocketed to a record-breaking $78.24 billion monthly volume, marking a significant increase of 31% from its previous all-time high of $59.79 billion. With November still underway, users may anticipate the volume continuing to grow, surpassing the $100 billion milestone.

    DEX trading volume refers to the total value of transactions (buy and sell orders) processed on decentralized exchanges over a specific period. Unlike traditional centralized exchanges, DEXs are peer-to-peer platforms that enable crypto trading between users without intermediaries.

    What’s Driving Solana’s DEX Volume?

    Solana’s DEX volume is driven primarily by meme coin trading activity within its ecosystem. Raydium is the leading contributor, accounting for 72% of Solana’s DEX activity with $27.89 billion in trades. Other notable platforms, Orca, Lfinity, and Phoenix, also saw significant growth, with $7.6 billion, $2.5 billion, and $1.7 billion in trading volume, respectively.

    Another notable driver for the ecosystem’s DEX volume month increase is Pump.fun, the memecoin launchpad, with tokens like PNUT and GOAT leading the charge. This surpasses Ethereum’s DEX volume of $38.48 billion and Base Network’s $26.70 billion, highlighting Solana’s position as a leading decentralized finance (DeFi) platform.

    Generally, Solana’s growing prominence in the DeFi space is fueled by other factors, including low fees, user-friendly interfaces, and strong community engagement. Its scalability, developer adoption, and innovative projects also contribute to its rise. Most users believe Solana will challenge other established players in the blockchain sector.

    Solana Sees More Growth

    Apart from ranking first in DEX volume, Solana has also achieved other significant milestones.  With over 3 million addresses actively engaging with its platform, it emerged as the blockchain project with the highest daily active addresses, surpassing other major networks in August.

    Last month, Solana’s liquid stake token (LST) market capitalization soared to $5.5 billion, according to Dune analytics. Jupiter, a decentralized protocol on the network, ranked second in October’s most visited DEX, with 2.9 million visits, marking a 59% increase from its September record.

    Meanwhile, Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, predicted that Solana’s value could increase by 500% by 2025. SOL is currently trading at $245 with a 7-day increase of over 13%.

  • Bakkt Shares Jump 162% on Trump Media Acquisition Reports

    Bakkt Shares Jump 162% on Trump Media Acquisition Reports

    Crypto trading firm Bakkt saw its shares soar by 162% on Monday as the United States president-elect’s social media group, Trump Media and Technology Group (TMTG), showed interest in acquiring the crypto-focused company.

    Following the acquisition talks and negotiation, TMTG shares increased by 16.7%, signaling a potential major crypto and fintech expansion move.

    TMGT To Acquire Bakkt

    According to the Financial Times, Bakkt’s market capitalization is over $130 million. TMGT is set to close in on an all-share purchase of the crypto firm once the negotiations are finalized.

    Bakkt was established by the Intercontinental Exchange (ICE) to hold bitcoin (BTC) and ether (ETH) for investors. However, it has struggled to remain profitable due to its lack of market traction and high cost of capital.

    Consequently, Bakkt stated that its crypto custody business would most likely shut down while the company diversifies to the crypto exchange business. Representatives familiar with the TMTG negotiations have not revealed whether it will be part of the talks.

    Notably, TMTG is valued at about $6 billion and has become one of the most actively traded U.S. stocks since its founder and largest shareholder, Donald Trump, won the just-concluded U.S. presidential election.

    Due to its high capitalization and recent success, TMTG sees itself in a notable position to likely rescue Bakkt from its struggling state through its planned purchase.

    Trump’s Crypto Establishments

    The U.S. president-elect has been all-in on crypto technology since his election campaign. Alongside his sons, Donald Jr. and Eric Trump, he debuted World Liberty Financial (WLFI), a crypto project he designed to boost stablecoin adoption and promote decentralized finance (DeFi) technology in America.

    Trump also introduced the $WLFI token, which he designed to be used solely for governance purposes on the WLFI platform.

    Moreover, the U.S. president-elect has expressed support for crypto in obvious ways, promising to create a crypto-friendly America during his presidency. He vowed to make America the world’s capital of Bitcoin and ensure that the U.S. creates a strategic Bitcoin reserve by acquiring at least 200,000 units of the world’s leading crypto each year.

  • MicroStrategy to Raise $1.75B with 0% Interest Note Offering to Buy Bitcoin

    MicroStrategy to Raise $1.75B with 0% Interest Note Offering to Buy Bitcoin

    MicroStrategy, the largest corporate holder of Bitcoin, is making waves again with its latest announcement. The company plans to raise $1.75 billion from senior convertible notes at a 0% interest rate to acquire additional bitcoin (BTC).

    The company noted that it aims to allocate the net proceeds from this offering toward purchasing more BTC and addressing broader corporate needs.

    The notes will be made available to individuals deemed eligible institutional investors under Rule 144A of the Securities Act and to specific international buyers through transactions conducted outside the United States by Securities Act regulation. The business intelligence giant’s 0% senior convertible notes indicate that it will not provide periodic interest payments to investors.

    MicroStrategy to Raise More Cash

    According to MicroStrategy, the offering depends on prevailing market dynamics and other factors, and there is no certainty about its timing, terms, or successful execution.

    The firm also plans to provide initial buyers of the notes with a three-day window, starting from the issuance date, to acquire up to an additional $250 million in total principal value of the notes.

    These convertible notes are issued at a reduced price and will reach their total face value upon maturity in 2029, provided they are not converted beforehand.

    MicroStrategy Continues Shopping

    If MicroStrategy allocated the entire $1.75 billion to purchasing bitcoin at current market rates, it could acquire approximately 19,065 BTC.

    MicroStrategy, led by executive chairman Michael Saylor, has solidified its position as one of the largest corporate holders of Bitcoin. The company currently holds 331,200 bitcoin, valued at over $30.3 billion, after acquiring an additional $4.6 billion in BTC on November 18.

    Similarly, on November 11, 2024, the business intelligence firm acquired approximately 27,200 bitcoins at a total cost of about $2.03 billion, with an average purchase price of roughly $74,463 per BTC, including fees and expenses.

    This year, MicroStrategy has acquired approximately 142,050 bitcoins, which are worth approximately $12.8 billion based on current market prices. With BTC’s current performance, the firm’s bitcoin investment portfolio is anticipated to skyrocket.

    CryptocurrenciesToWatch reported that Saylor aims to transform the firm into a trillion-dollar value and become the world’s leading Bitcoin bank. The company’s CEO plans to raise hundreds of billions through various financial instruments, including convertible notes and preferred stock, which will be used to purchase bitcoins. He predicts MicroStrategy’s value will skyrocket, dominating options and equity markets.

  • Russian Government Approves 15% Tax on Crypto Mining and Transactions

    Russian Government Approves 15% Tax on Crypto Mining and Transactions

    The Russian government has approved draft amendments to the bill on taxation of income and expenditures from crypto mining and its purchase and sale.

    According to an Interfax International Information Group report, the legislation will define cryptocurrencies as properties for tax purposes. Revenue obtained through Bitcoin mining and trading activities will fall under taxable provisions.

    A 15% Tax on Crypto Mining

    The report further noted that crypto transactions will not incur value-added tax and will instead align with the taxation structure as personal income from securities, taxed at no more than 15%.

    For mining, taxes will be calculated based on the prevailing market value of assets when acquired. Additionally, miners can offset operational expenses against their taxable earnings. The updated regulations mandate that infrastructure providers supporting mining activities report details of miners utilizing their platforms periodically.

    The Russian Finance Ministry stated that levying taxes on mining revenues ensures a fair representation of these operations. It noted that the strategy aims to harmonize governmental objectives with business priorities.

    “As a result of discussions with businesses, a decision was made on the advisability of taxing the financial result from mining as the fairest reflection of the results of this activity. The approach is aimed at observing a balance between the interests of businesses and the state,” the Finance Ministry said.

    Russian to Control Crypto Mining Energy Consumption

    The current development is a part of Russia’s broader push to establish oversight in the crypto sector. In recent months, authorities have worked to address energy usage tied to crypto mining and enhance regulatory measures within the industry.

    The current amendment builds upon the crypto taxation proposal introduced in December 2020, following a recent recommendation by the Russian Federal Tax Service to tax miners’ unrealized profits.

    Additionally, authorities have introduced a power consumption cap for Bitcoin miners, allowing unregistered users a maximum of 6,000 kilowatt-hours. Plans are also underway to curb crypto mining in select regions experiencing continuous energy deficits.

  • Coinbase CEO to Discuss Personnel Appointments in Meeting with Trump

    Coinbase CEO to Discuss Personnel Appointments in Meeting with Trump

    Coinbase co-founder and CEO Brian Armstrong is set to meet with newly re-elected President Donald Trump to discuss potential personnel appointments for his second administration.

    The meeting between Trump and Brian Armstrong would mark the first time the two have met since Election Day. According to a report from the Wall Street Journal, the private meeting is also part of Trump’s ongoing plans to finalize his cabinet and government heads.

    Armstrong did not contribute directly to Donald Trump’s 2024 campaign or any political action committees (PACs) supporting the Republican candidate. However, before the U.S. election, Armstrong expressed that Coinbase would be open to collaborating with a potential Trump administration. The stance indicated the company’s willingness to engage with the new administration on crypto-related policies.

    Armstrong Supports D.O.G.E

    After the U.S. election, Armstrong expressed his support for one of Trump’s initiatives on X. He endorsed the proposal for a “Department of Government Efficiency” (D.O.G.E)—a concept that could only become a formal department if Congress approves. Tesla CEO Elon Musk and American entrepreneur Vivek Ramaswamy ​will spearhead the initiative.

    Earlier this year, at the Bitcoin 2024 conference, Trump unveiled plans to create a crypto advisory council. The council would focus on shaping regulations that benefit the cryptocurrency industry to foster a more supportive environment for digital assets. This move aligns with his broader vision of establishing the U.S. as a global leader in the crypto space.

    The duo meeting could also align with Trump’s broader strategy to position the U.S. as a dominant force in the global crypto market. Trump’s vision involves implementing policies that support the crypto industry’s growth, fostering innovation, and ensuring regulatory frameworks that encourage development within the industry.

    Armstrong’s Stance on Pro-Crypto Candidates

    In 2020, Armstrong emphasized that the company would refrain from backing any political causes or candidates that did not directly align with its mission. He stated that such support would be a distraction from the company’s core objectives. 

    Armstrong’s stance seemed to shift notably in 2023 after Coinbase received a Wells notice from the SEC and faced a lawsuit accusing it of offering unregistered securities. This legal action likely prompted him to reconsider his previous neutral position. Armstrong became more vocal in supporting regulatory reforms and aligned more closely with political figures advocating for pro-crypto policies. 

    Following the SEC’s Wells notice, the exchange CEO urged crypto users to vote for “pro-crypto candidates” to secure clearer regulatory guidance for the industry. 

    In 2024, he took this further by encouraging his followers on X to support Republican candidates for the U.S. Senate in Massachusetts and Pennsylvania.

  • Japanese Investment Firm Metaplanet Adds Over 124 BTC to Portfolio

    Japanese Investment Firm Metaplanet Adds Over 124 BTC to Portfolio

    Japan-based investment company Metaplanet has acquired an additional 124.117 BTC, worth approximately $11.4 million, at $90,750 per bitcoin, to combat inflation in the country.

    This move comes just a few hours after the firm announced that it has raised funds from its third series of ordinary bond issuance, of which secure yield returns are expected to mature by November 17, 2025.

    Metaplanet’s latest purchase brings the company’s total Bitcoin holding to 1,142 BTC, which is valued at an approximate cost of $74.1 million. The company’s total Bitcoin holding was bought at $65,038 for one BTC.

    Metaplanet Adopts Bitcoin

    In May 2024, the Japanese firm mentioned officially adopting Bitcoin as a major Treasury Reserve Asset to combat the financial and economic crisis and the high volatility facing the Japanese yen.

    Since then, Metaplanet has taken a bullish stance for Bitcoin. Securing hundreds of units of the pioneer crypto, the publicly traded firm has been on a BTC shopping spree, leading digital asset adoption in Japan. Between May and today, the Bitcoin-friendly investment firm has topped its BTC appetite with more bitcoins.

    For instance, on July 1, 2024, the Japanese company bought an additional 20 BTC worth $1.2 million. In early August, Metaplanet borrowed an aggregate of $6.8 million from one of its Shareholders, MMXX Ventures Limited, channeled to the BTC acquisition. On October 1, 2024, Metaplanet paid back the loan before the scheduled date.

    Institutional Investors Hodl BTC at High Esteem

    In recent developments, adopting Bitcoin as a hedge against economic crisis and inflation has been a major driving force for institutional investors. MicroStrategy, like Metaplanet, has also been a series of Bitcoin acquisition sprees.

    Less than 24 hours ago, MicroStrategy spent $4.6 billion, adding $51,780 to its BTC stash, bringing the company’s total bitcoin Hodling to 331,200 BTC. The latest big buy comes after over four years of continuous BTC accumulation, a practice that has made MicroStrategy the largest corporate BTC holder.

  • NASDAQ to List Spot Bitcoin ETF Options on Tuesday

    NASDAQ to List Spot Bitcoin ETF Options on Tuesday

    The United States-based stock exchange Nasdaq is set to list options on BlackRock’s Bitcoin exchange-traded fund (ETF) as early as Tuesday, November 19, 2024, a Bloomberg report revealed. This move will enable investors and traders to speculate on bitcoin’s price actions using derivatives.

    Spot Bitcoin ETF Options

    On Monday, Alison Hennessy, head of ETP listings at Nasdaq, said on Bloomberg’s ETF IQ that BlackRock has been working with regulators for over 10 months to make this happen.

    Notably, the Commodity Futures Trading Commission (CFTC) has issued a notice favorable for the matter, paving the way for BlackRock to launch its spot Bitcoin ETF options.

    “Our intent at Nasdaq is to list and trade these options as early as tomorrow. Getting these options listed on IBIT into the market, I think, will be very exciting for investors because that’s really what we have heard from them,” Hennessey said.

    Following Tuesday’s launch, investors can now bet on or against bitcoin using familiar financial instruments. This exposes them to the digital asset’s performance without directly holding it. The move signals growing institutional acceptance and may attract new investors, potentially boosting market growth.

    Bloomberg Senior ETF analyst Eric Balchunas said, “These group of ETFs did not need this. They are successful on their own merit. But this is a pretty big tailwind to an already juggernaut situation. Options allow you have to express opinions on something with more specificity.”

    Spot Bitcoin ETF Growth

    Following its approval in the U.S. earlier this year, spot Bitcoin ETFs have made waves in the world’s financial market, crossing the boundaries of America as it gained approval across continents, including Asia and Australia.

    Despite the wavering and unstable crypto market, U.S.-approved spot Bitcoin ETFs have taken in over $27 billion within its first ten months of operation. In the just-concluded business week, the market recorded an inflow of over $1.67 billion as the market moved upwards due to Republican Donald Trump’s election success.

    BlackRock’s Bitcoin ETF, IBIT, has become the world’s largest crypto ETF, recording a net inflow of over $29.2 billion. It also led last week’s flow with a $1.89 billion intake.

  • Bitcoin Miner Mara to Raise $700 Million for More BTC Purchase

    Bitcoin Miner Mara to Raise $700 Million for More BTC Purchase

    American Bitcoin miner Mara (formerly Marathon Digital) plans to raise $700 million to expand its Bitcoin holdings. The firm’s move shows its confidence in BTC’s long-term potential despite the asset’s recent price hike.

    Mara to Purchase More BTC

    The Bitcoin miner plans to raise the funds by offering equivalent convertible senior notes due 2030 in a private offering to qualified institutional buyers. The notes will be unsecured, senior obligations of Mara, bearing interest payable semi-annually and maturing on March 1, 2030.

    The company may redeem the notes starting March 5, 2028, and holders can require repurchase on December 1, 2027. The firm assured that the notes would be convertible into cash, shares of the company’s stock, or a combination at Mara’s election. The interest rate, initial conversion rate, and other terms will be determined at pricing.

    Mara expects to use up to $200 million of the proceeds to repurchase existing convertible notes due 2026. Holders will likely sell their hedged investments, buy Mara’s stock, and engage in derivatives. The company believes this activity could impact its stock price, including during the notes’ pricing. The remainder of the funds will be used to acquire additional bitcoins.

    The American Miner reminded the public that the offering is subject to market conditions and that completion is not assured. It added that the notes and shares issuable upon conversion will not be registered under the Securities Act or other jurisdictions’ securities laws and may only be offered or sold within applicable exemptions.

    Meanwhile, Mara’s current $700 million convertible senior notes offering is not the first time the company has utilized this market instrument to fund Bitcoin purchases. In August, the firm made a similar move for a $250 million offering, which was used to acquire additional BTC and cater to other general corporate purposes.

    Institutions Bag More BTC

    With its current price at $92,371 and a market capitalization of over 1.82 trillion, Bitcoin remains the most widely recognized crypto. Institutions are accumulating more Bitcoins, as public companies like MicroStrategy hold substantial Bitcoin portfolios.

    Today, Metaplanet, a Japanese investment firm, announced its raise of $11.3 million to purchase additional bitcoins. MicroStrategy also publicized its acquisition of 51,780 BTC following last week’s purchase of 27,200 BTC worth over $2 billion.