Rekt Capital a popular cryptocurrency expert has set aside the potential timeline that Bitcoin, the largest crypto asset is expected to peak in the ongoing bull cycle, citing historical price trends. Rekt Capital’s analysis examines the current price action of Bitcoin and how it aligns with previous bull cycle peaks following the Bitcoin Halving event. Bitcoin Peak On The Horizon Today, May 9, BTC’s price witnessed a drop below the $61,000 price level, demonstrating a potential move on the downside. However, Rekt Capital is unshaken by this move as he believes the more Bitcoin consolidates between current price levels and $70,000 following the Halving, this cycle will slow down and resynchronize with its regular historically recurrent Halving cycle. As a result, given the price movements of past trends, he expects BTC to see a bull market top between the middle of September and October next year. Furthermore, he noted that due to Bitcoin’s current two-month consolidation period, the present rate of cycle acceleration has dropped from 260 days to 210 days. The analyst highlighted that about 518 days after the Halving in the 2015-2017 cycle, BTC reached its market peak. Meanwhile, in the 2019-2021 bull cycle, it took the digital asset approximately 546 days after the Halving to top out. Thus, in the event that BTC reiterates these trends and the next bull market top takes place between 518 and 546 days post-Halving event, Bitcoin’s peak this cycle might occur during the aforementioned timeframes. This is the reason why the expert is confident that the more time Bitcoin takes to stabilize, the better off it will be for bringing this cycle back in alignment with the customary Halving cycle. Possible Retracement Before An Uptrend While the analyst anticipates BTC to experience a retrace large enough to persuade investors that the bull market is over, he urges investors not to be shaken out as it will turn around eventually to resume its upward movement. According to Rekt Capital, fortunate investors understand that there are moments to panic and moments to accumulate and that the two often go hand in hand. Currently, the price of Bitcoin is moving on the downside after a slight recovery on Wednesday. BTC’s price has now fallen close to $60,700 as it was unable to break above $65,500 once more. Related Reading: Bitcoin Peak Pre-Halving Doesn’t Guarantee Further Gains: Analyst At the time of writing, the digital asset in the weekly timeframe is demonstrating a positive momentum, while in the daily timeframe, it is trending on the downside. In the past week, BTC has increased by over 4% and has decreased by about 2.29% in the past day, trading at $60,860. Both the trading volume and market cap are also down by 2.45% and 2.20% respectively in the last 24 hours.

Chiliz, an industry-leading blockchain provider for sports and entertainment, and SBI Digital Asset Holdings Co., Ltd. (SBI DAH), the digital asset division of SBI Holdings, plan to form a Joint Venture (JV) in Japan. With this collaboration, Japanese sports fans will have unprecedented access to tokens from some of the world’s best football teams, including AC Milan, Arsenal, Manchester City, FC Barcelona, Inter Milan, and Paris Saint-Germain, among many others. The Chiliz Group encompasses Socios.com, the biggest Web3 wallet and fan engagement platform in the world, boasting over two million members. It has also released over 70 Fan Tokens for partners worldwide in the sports organization, and more than 250,000 unique engagements every day. Revolutionizing Fan Communities via the Use of Blockchain Technology A watershed moment in the merging of blockchain technology with fan communities has been achieved via this strategic alliance. The JV will provide Japanese fans with unparalleled opportunities to buy and sell fan tokens of their beloved teams. Sporting enthusiasts can connect with other supporters all across the world, enjoy special incentives, and take part in fan-focused choices using these tokens. With the new joint venture in place, Chiliz will include the business into its worldwide operations and network. This would enable Japanese fans to join fan groups throughout the world. The SBI group, which offers services to more than 50 million people, will provide assistance. Technological Facilitation in the Modern Era Along with the anticipated JV, SBI DAH is set to become a Chiliz Chain node operator, giving them a significant say in the ecosystem’s management. For sports fans and entertainment businesses, Chiliz Chain is the go-to blockchain technology for creating Web3 products, experiences, and services. In a joint effort, Chiliz and SBI DAH will position the Chiliz Chain as the go-to blockchain solution for Japanese businesses and developers creating Web3 products and experiences for entertainment and sports brands. According to SBI DAH CEO Fernando Luis Vázquez Cao: Chiliz CEO Alexandre Dreyfus stated: High-end daily trading volumes above US$300 million in 24 hours have been observed for Chiliz’s Fan Tokens, which are listed for sale on 21 third-party exchanges, including some of the world’s biggest platforms. By bringing together the communities of the world’s best sports teams, the joint venture between SBI DAH and Chiliz has the potential to revolutionize the Japanese sports scene.

Unexpected alliances and endorsements can often drive significant attention and market movements. Recently, one such occurrence has caught the eye of investors and enthusiasts alike: a prominent figure in the Polygon (formerly Matic Network) community has publicly endorsed a relatively obscure Solana meme coin known as Hump. This endorsement comes at a time when the market cap of Hump remains under $100,000,000, making it a potentially lucrative but risky investment proposition. With a bag of MATIC tokens worth a staggering $5,600,000, the endorsement signals a shift in focus for this influential figure, as they accumulate Hump tokens throughout the week. Let’s delve deeper into this unexpected partnership and its implications for both the Polygon and Solana ecosystems. The Rise of Polygon (MATIC): From Matic Network to Layer 2 Darling Polygon, formerly known as Matic Network, has emerged as a leading player in the realm of Ethereum Layer 2 scaling solutions. Recognized for its ability to enhance the scalability of Ethereum while maintaining compatibility with existing Ethereum infrastructure, Polygon has garnered widespread adoption and support from both developers and users. With a focus on improving the user experience and reducing transaction costs on the Ethereum network, Polygon has positioned itself as a critical layer in the broader blockchain ecosystem. Its native token, MATIC, serves as the fuel for transactions and operations within the Polygon ecosystem, and its value has surged in tandem with the platform’s growth and popularity. The Influence of Top Polygon Bulls: Shaping Market Sentiment In the cryptocurrency space, influential figures—often referred to as “whales” or “bulls”—can sway market sentiment and drive significant price movements with their actions and endorsements. These individuals are typically early adopters or large holders of specific cryptocurrencies, wielding considerable influence within their respective communities. When a top Polygon bull with a substantial MATIC holding endorses a project or investment opportunity, it can spark a flurry of activity as followers seek to emulate their success and capitalize on potential gains. Enter Hump (HUMP): A Solana Meme Coin on the Rise While Solana has gained traction as a high-performance blockchain platform, particularly in the realm of decentralized finance (DeFi) and non-fungible tokens (NFTs), its foray into the meme coin space may come as a surprise to some. However, Hump stands out from the crowded meme coin landscape with its unique features and growing community support. Built on the Solana blockchain, Hump offers fast transaction speeds and low fees, making it an attractive option for traders and investors seeking an alternative to Ethereum-based meme coins. The Endorsement Heard ‘Round the Crypto World When a top Polygon bull with a significant MATIC holding publicly endorses a Solana meme coin like Hump, it raises eyebrows and sparks speculation within the cryptocurrency community. While the reasons behind the endorsement may vary, it often signals confidence in the project’s fundamentals, growth potential, or alignment with the bull’s investment strategy. In the case of Hump, the endorsement comes at a critical juncture, with the project’s market cap still under $100,000,000 and ample room for expansion. Accumulating All Week: A Strategic Move or Opportunistic Play? The decision to accumulate Hump tokens throughout the week raises questions about the bull’s motives and investment thesis. Is it a strategic move based on in-depth research and analysis of the Hump potential? Or is it an opportunistic play driven by short-term market dynamics and FOMO (fear of missing out)? While only time will tell the true intentions behind the accumulation, the endorsement has undoubtedly thrust Hump into the spotlight and attracted attention from both retail and institutional investors. Implications for the Polygon and Solana Ecosystems The endorsement of a Solana meme coin by a top Polygon bull carries significant implications for both ecosystems. For Polygon, it signals a diversification of investment interests beyond its native token, MATIC, and traditional Layer 2 projects. This broader focus on emerging blockchain platforms like Solana could contribute to greater interoperability and collaboration within the broader cryptocurrency ecosystem. For Solana, the endorsement represents a validation of its capabilities and potential to attract attention from high-profile investors and influencers. Additionally, it could pave the way for increased adoption of Solana-based projects and tokens among the Polygon community, fostering greater cross-chain synergy and collaboration. Conclusion: Navigating the Complexities of Crypto Endorsements The endorsement of Hump by a top Polygon bull with a substantial MATIC bag is a testament to the growing interconnectedness of blockchain ecosystems and the increasing relevance of Solana in the crypto space. As Hump continues to garner attention and support, its market cap under $100,000,000 presents an attractive opportunity for investors looking to capitalize on the potential of meme coins on the Solana blockchain. With the top Polygon bull accumulating Hump tokens throughout the week, the project is poised for further growth and success in the days to come. Click here to Buy Hump Token (HUMP): Website: https://hump.io/ Twitter: https://x.com/Humptoken Telegram: https://t.me/humptoken Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this article does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.

Taiwan passes a new regulation to prevent crypto-linked frauds, as per local media. 25 virtual asset exchanges are already in compliance with the nation’s legal anti-money laundering (AML) standards. The Executive Yuan, Taiwan’s executive branch, introduces a new regulation — the “New Four Laws to Combat Fraud” — to strengthen the crackdown on fraud and regulate money laundering. Virtual assets-related financial crimes are included in the amendments, as reported by local media ABMedia. Notably, this regulation includes bills such as the Fraud Crime Harm Prevention Regulations, Money Laundering Prevention Law, Technology Investigation and Security Law, and Communications Security and Supervision Law. As per these amendments, any virtual asset service provider (VASP) that has not completed the “money laundering prevention registration” will be subject to a 2-year prison. Moreover, crimes involving virtual asset accounts or third-party payment accounts for “special money laundering crimes” will be subject to 6 months to 5 years of prison and a fine of $1.54 million (NT$ 50 million). As per sources, 25 virtual assets exchanges are already complying with the nation’s legal anti-money laundering (AML) standards. In September 2023, Taiwan’s regulator, the Financial Supervisory Commission, released a set of guidelines for both domestic and offshore crypto platforms. It mandated offshore exchanges or VASPs to adhere to AML compliance rules established in July 2021. Furthermore, in October, the Legislative Yuan introduced the 30-page “Virtual Asset Management Bill,” recommending that VASPs avoid co-mingling client funds and reserve funds by setting up an internal audit system. Highlighted Crypto News Today: Is Bipartisan Backing for Reversing SEC Rule a Turning Point for Crypto?

The bulls have continued to take a beating in the market, and XRP bulls, in particular, were recently in the spotlight as $1.27 million was liquidated from their long positions. This 6,350% spike in long liquidations is likely due to XRP’s recent price action, highlighting the general sentiment in its ecosystem. $1.27 Million In Longs Get Liquidated Data from Coinglass shows that $1.27 million in long positions have been liquidated in the last 24 hours. This is massive in comparison to the $19,220 liquidated in short positions during this period. This occurrence was likely due to the 3.85% drop in XRP’s price, as the crypto token dropped to as low as $0.51 in the last 24 hours. XRP’s price decline during this period is believed to have been caused by the sharp correction in Bitcoin’s price, with the flagship crypto dropping below $62,000 again. However, there also seems to be a bearish sentiment in the XRP ecosystem, as data in the XRP derivatives market shows that trading volume has dropped by over 26%. Meanwhile, options trading volume has also dropped by over 46%. These figures suggest that XRP investors are choosing to remain on the sidelines, seeing as the bears look to have the upper hand at the moment. However, the bright spot is that there has been an uptick in open interest, which means some bulls are still willing to bet on the crypto token. These bulls might have a good reason to gamble on the crypto token, seeing as crypto analysts are predicting significant moves for XRP. Specifically, crypto analyst Jonathan Carter recently predicted that XRP could rise to $0.93 and further to $1.68. There is also the feeling that a rally is long overdue for XRP and could be anytime soon. When The XRP Rally Could Come An XRP rally could be on the horizon with the legal battle between the Securities and Exchange Commission (SEC) and Ripple almost coming to an end, with a ruling expected soon enough. Crypto analyst JackTheRippler predicted that the crypto token could rise to as high as $100 once this case ends. While this price level is undoubtedly ambitious, XRP could still make a significant move to the upside, considering that it also enjoyed an upward trend on the back of Judge Analisa Torres’ ruling that the crypto token wasn’t a security. At the time of writing, XRP is trading at around $0.51, down in the last 24 hours, according to data from CoinMarketCap.

The Shiba Inu’s reign as king of memecoins may be facing a ruff patch. Dogecoin (DOGE) prices dipped this week after news broke of the US Securities and Exchange Commission (SEC) issuing a Wells Notice to Robinhood, a popular crypto exchange. The notice, a precursor to potential enforcement action, alleges Robinhood violated multiple securities laws. This sent shockwaves through the crypto community, with many investors, particularly those holding large amounts of DOGE (often nicknamed “whales”), pulling their funds out of Robinhood. The most significant outflow involved a whopping 164 million DOGE, worth roughly $25 million at the time, being transferred out of the exchange. This mass withdrawal by a whale investor likely contributed to the market jitters surrounding DOGE. DOGE Price Wobbles: Short-Term Blues Or Long-Term Woof? The price of DOGE tumbled 5.8% in the 24 hours following the Robinhood news. However, analysts caution against a knee-jerk reaction. While the legal troubles undoubtedly cast a shadow on Robinhood, the DOGE outflow, including the 164 million transfer, might not be the sole culprit behind the price dip. Transferring cryptocurrency from an exchange to a personal wallet is often seen as a bullish move, indicating an intention to hold for the long term. Dogecoin And Bitcoin: A Tale Of Two Blockchains Another factor influencing DOGE’s price is its tight correlation with Bitcoin (BTC). Both currencies operate on the Proof of Work (PoW) consensus mechanism, which some see as outdated compared to newer, energy-efficient models. The recent pullback in the broader crypto market, especially in Bitcoin, likely played a role in dragging DOGE down as well. Rocky Road To $0.20? DOGE Faces Support Hurdle DOGE enthusiasts were eyeing a price target of $0.20, but the recent drop presents a roadblock. The memecoin dipped below the crucial $0.15 support level, raising concerns about a further decline. Analysts point to a potential support zone between $0.143 and $0.146, but a fall below that could trigger a more significant price correction. Bullish Signs Amidst The Dip Despite the short-term pessimism, there are glimmers of hope for DOGE. The buy orders for DOGE currently outweigh sell orders by a significant margin, suggesting continued investor interest. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff Additionally, the memecoin’s Relative Strength Index (RSI) sits at a neutral 47, indicating there’s room for new buyers to enter the market. Furthermore, DOGE managed to maintain a weekly price increase despite the daily drop, hinting at underlying resilience. Doge Day Delayed, But Not Doomed The coming weeks will be crucial for Dogecoin. The outcome of Robinhood’s legal battle with the SEC and DOGE’s ability to regain lost ground will determine its short-term trajectory. However, long-term forecasts for the memecoin remain cautiously optimistic. Featured image from Yahoo Finance, chart from TradingView

Europe’s securities regulator is seeking input from stakeholders on the potential inclusion of crypto assets in a potentially massive market. The European Securities and Markets Authority (ESMA), the regulatory authority responsible for overseeing financial markets within the European Union, has recently initiated a comprehensive review of the regulations surrounding the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD). This move could potentially enable the integration of cryptocurrencies into a vast investment market valued at approximately €12 trillion (roughly $12.88 trillion). On May 7, 2024, ESMA released a Call for Evidence seeking input from various stakeholders to assess the viability and implications of allowing UCITS to include a broader array of asset classes, notably cryptocurrencies. The UCITS framework, central to EU retail investment, accounts for around 75% of all retail investment in collective funds within the region. With its global reputation for strict regulation and investor protection, the inclusion of cryptocurrencies could represent a transformative shift in the investment landscape. The Next Big Catalyst For Crypto? ESMA’s review aims to address the evolving financial landscape, where the number and variety of financial instruments have expanded significantly since the UCITS framework was established nearly two decades ago. This expansion has led to uncertainties in determining asset eligibility, causing divergent interpretations and applications of the directive across member states. Sean Tuffy, a financial regulation expert, underscored the significance of this development to DL News, stating, “If ESMA is convinced, it would be the final step in mainstreaming crypto assets in Europe,” referring to it as a potential “game changer.” This sentiment is echoed by industry experts who believe that the inclusion of crypto assets could provide a robust alternative to traditional investment options, potentially enhancing portfolio diversification and returns. The Call for Evidence targets a broad audience, including investors, consumer groups, UCITS management companies, self-managed UCITS investment companies, depositaries, and trade associations. These stakeholders are invited to share their insights on market practices, interpretative issues, and practical application concerns related to the eligibility criteria and other provisions of the UCITS EAD. One of the critical areas of focus is the transversal consistency of key notions and definitions used in the UCITS EAD with other pieces of legislation in the EU Single Rulebook. This alignment is crucial to ensure that any new asset classes, such as cryptocurrencies, are integrated smoothly and consistently across all regulatory frameworks. Andrea Pantaleo, a lawyer specializing in crypto regulation, highlighted several potential benefits and challenges. He told DL News, “UCITS funds have specific investment limitations depending on the type of assets. We won’t have a 100% crypto UCITS fund, but hopefully many investment funds could hold 1-2% of their liquidity in crypto.” However, he also pointed out a significant obstacle: the coordination of custody regulations, which must align with the EU’s upcoming Markets in Crypto-Assets regulation (MiCA). MiCA is set to establish stringent rules for the segregation of assets and policies for their safekeeping, which will be pivotal in the custody of crypto assets. The potential inclusion of cryptocurrencies in UCITS comes at a time when other major economies, such as the US and Hong Kong, have begun integrating crypto assets into their financial products, notably through the approval of Bitcoin ETFs. These developments have not only validated the financial viability of cryptocurrencies but have also spurred significant investment inflows into the sector. The ESMA consultation process is set to conclude on August 7, 2024, after which the watchdog will compile the feedback and develop its technical advice to the European Commission. This advice will play a crucial role in determining whether cryptocurrencies will be included in the UCITS framework, potentially heralding a new era for crypto investment in Europe. At press time, the total crypto market cap stood at $2.202 trillion.

THORChain’s native token, RUNE, surged over 13% in the past 24 hours to $6.11. If THORChain keeps rising, RUNE might reach $6.50. While the global crypto market is experiencing a decline, THORChain, the liquidity protocol native token RUNE, surged over 13% in the past 24 hours, rising from $5.35 to $6.11 and claiming a top spot among gainers. The token had been relatively stable, trading within the range of $4.95 to $5.54 throughout the week. As crypto market volatility heightened and large-cap altcoins grabbed with the downtrend, RUNE’s bulls regained momentum, propelling its price by 21% in the following seven days. Will RUNE Continue its Bull Rally? Despite a brief setback after failing to breach the $7.23 resistance level, which resulted in a 39% correction to $4.39, RUNE managed to stabilize for a period. However, with increasing volatility, it struggled to maintain above its key support level of $4.85. Following that, RUNE swings between $4.87 and $5.76, on the brink of testing its resistance level. At the time of writing, THORChain traded at $5.93 with a market cap of $1.98 billion. Additionally, the daily trading volume of RUNE soared over 74% to $593 million. THORChain Price Chart (Source: TradingView) However, if THORChain continues its bullish rally RUNE will reach the $6.50 resistance. A successful breakthrough above $6.55 could pave the way for further gains toward $6.81, which could trigger more gains to $7.34. Conversely, a reversal in the bearish trend could see RUNE losing momentum and descending towards its crucial support level of $4.24 shortly.

Solana trading volume is down 11% in the past 24H Downturn interrupts streak; potential retest of $200 resistance. Solana (SOL), one of the leading cryptocurrencies, has encountered a modest downturn in the past 24 hours, signaling a slight deviation from its recent upward trajectory. As of the latest data, SOL is down by 3% within this timeframe, accompanied by an 11% decrease in trading volume. Last seven days, SOL has surged by a noteworthy 6.67%, reflecting its capacity to weather market fluctuations and sustain an upward momentum. The month-long performance paints a contrasting picture, with Solana witnessing a downturn of 19%, indicative of the volatility inherent in the cryptocurrency landscape. The recent dip in SOL’s price trajectory, observed on the 7th of May, marked a temporary halt to its consecutive uptrends, characterized by a decline exceeding 3%. This resulted in SOL’s price hovering around $148, albeit slightly below its previous resistance level, which, if breached, could pave the way for a potential retest of the $200 price zone. SOL Price Chart, Source :TradingView Will Solana Bulls Pull Rally? At present, SOL is trading around $146, reflecting a marginal decline of less than 1%. Additionally, the Relative Strength Index (RSI) indicates a weak bear trend, with SOL’s trading volume experiencing a decline from over $3 billion to approximately $2.4 billion at press time, as per data from Santiment. Analysts suggest that for SOL to regain its bullish momentum, key metrics such as trading volume and RSI indicators would need to exhibit higher figures, signaling renewed investor interest and market participation. Finally, the performance of Solana remains under scrutiny, with investors closely monitoring its trajectory for potential buying opportunities amidst the broader market dynamics. Highlighted News Today Donald Trump Seeks Crypto Enthusiasts Support for Presidential Campaign

The world of artificial intelligence (AI) is experiencing massive growth. Artificial intelligence has been taken to a new level by big language models (LLMs) such as Llama2 70B and the soon-to-be-released Grok 314B. These models require massive parameter counts, and hundreds or even thousands of high-end GPUs (such as H100, and A100), with which the training cost of GPT-4 nears $100 million. It costs a lot to train these behemoths since they need immense computational resources, which usually translates into hundreds of expensive GPUs and a large bill which makes it nearly monopolized by giants. That’s where DEKUBE comes in with its innovative approach that turns your unused GPU –a hidden resource– into an asset contributing immensely towards AI’s future. Untapped Potential for Building the World’s Largest AI Training Network DEKUBE plans to create the largest AI training network globally, but their secret weapon isn’t high-end hardware; it’s leveraging the enormous number of underused computer processors sitting idle all over the globe. Just picture your PC’s graphics card, frequently wasted on browsing or light tasks, with DEKUBE’s innovative solution, this fragmented computing power becomes a part of an extensive distributed network designed specifically for training advanced LLMs. By maximising data communication, the transmission of LLM algorithms, datasets and training procedures, DEKUBE taps into the true potential of this unused resource. DEKUBE’s success stories speak for themselves as they have already played a role in training Llama2 70B and the Grok 314B which is even bigger is on its way. From Scattered Resources to a Unified Force The size of the network alone gives it an edge. DEKUBE can outgrow conventional centralised AI training infrastructures by employing millions of separate GPUs at once. We have developed this P2P network, an industry-leading high-speed decentralized and secure public chain with high efficiency Again this brings down the cost per model but also opens up doors for smaller developers and researchers who were previously locked out due to lack of access to such huge computational resources with a flexible and powerful platform for container orchestration, resource management, and task scheduling, supporting large-scale distributed AI training. The Genesis Points Campaign is LIVE DEKUBE’s innovative ecosystem centers around the GPU mining event, which offers GPU owners a unique opportunity to contribute their computing power to AI model training while earning DEKUBE points. The Genesis Points program is now live. Participants can connect their GPUs through a user-friendly interface, contributing to a distributed network that powers the training of advanced AI models like Llama2 and Llama3. The Genesis Points earned during this phase are crucial for gaining entry into the upcoming Testnet. Early involvement provides participants with a unique chance to shape the development of DEKUBE technologies and ensures that early adopters have a stake in DEKUBE’s evolving ecosystem. Industry Recognition and Backing for a Brighter Future There has been significant attention and investment in DEKUBE’s groundbreaking approach by leading figures in the AI sector. The latest $20m funding round was supported by several well-known AI entrepreneurs and prominent miners, underscoring the huge potential behind the project and industry leaders’ faith in its power to change AI development forever on the blockchain by providing a transparent and fair solution. Be a Part of the Future of AI It is about more than having a powerful network as DEKUBE sees it. It’s about the need to democratise AI development and make it possible for anyone to access. By connecting your unused GPU to the DEKUBE network, you can be part of this exciting journey and get rewarded while also helping shape the future of AI. DEKUBE represents what can be achieved when people pool resources together effectively. By making inactive GPUs active contributors, DEKUBE is leading towards a more accessible, efficient and cost-effective future for AI innovation. Website: https://dekube.ai/ Twitter: https://twitter.com/dekube_official GitHub: https://dekube.gitbook.io/litepaper

The amount of ether burned has dropped to one of its lowest levels since the Merge. According to the analysis, Ethereum will remain deflationary for the time being. The data researchers at CryptoQuant have said that the Dencun upgrade has rendered ether inflationary once again, which might lead to the loss of its characteristic as “ultra-sound” money. Since the Merge, when Ethereum switched from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, the amount of ether burned has dropped to one of its lowest levels. This is attributed, according to a report released Wednesday by CryptoQuant, to decreased transaction fees on the Ethereum network as a result of the Dencun upgrade. Deflationary for the Time Being According to the post, the daily growth rate of ether supply is the highest it has been since the Ethereum network’s Merge. There was a shortage of Ethereum before the Dencun upgrade because more users were using the network, which led to more fees burnt. According to CryptoQuant’s experts, the overall number of fees burnt has become independent of network activity after the Dencun upgrade. According to the analysis, Ethereum will remain deflationary for the time being given the present pace of network activity. It also suggests that the idea of Ethereum as “ultra-sound” money may have died out or would need much greater network activity to revive. March 13, 2024 was the date of Ethereum’s Dencun upgrade. Thanks to the upgrade, more data may be stored in “blobs” on the Ethereum network, which improves efficiency and lowers the prices of Layer 2 transactions. Even now, the bulk of cryptocurrencies on the market are continuing their downward patterns. After a month of bullish price action, Ethereum (ETH), the biggest altcoin by market size, has fallen 19% over the last 30 days. Highlighted Crypto News Today: Robinhood Reports Strong Q1 2024 Profits Amid Surge in Market Optimism

Retik Finance (RETIK) is generating significant buzz in the cryptocurrency sphere as a potential rival to XRP, with projections suggesting a meteoric rise to $5 by December 2024, starting from a humble $0.15 in May. Let us delve deep into the fundamentals of Retik Finance, its innovative features, market potential, and the factors driving its projected growth trajectory. Retik Finance (RETIK) Retik Finance, a decentralized finance (DeFi) platform, aims to revolutionize the financial industry by offering a range of services, including lending, borrowing, and asset management, built on blockchain technology. One of its key distinguishing factors is its positioning as a potential competitor to XRP, the digital asset associated with Ripple Labs. XRP has long been recognized as a leading cryptocurrency, facilitating fast and cost-effective cross-border payments. However, Retik Finance seeks to challenge its dominance by offering similar functionalities while addressing some of the perceived limitations of XRP. This includes enhanced scalability, improved decentralization, and greater community governance. Retik’s Exchange Listing The crypto community is buzzing with anticipation as Retik Finance prepares to launch on May 21st, 2024, at 12 PM UTC across multiple exchanges and Uniswap. This highly anticipated event has sparked excitement among investors and enthusiasts alike, as Retik Finance promises to revolutionize the decentralized finance space. With its innovative features and cutting-edge technology, Retik Finance is poised to offer unparalleled opportunities for users seeking to navigate the dynamic world of cryptocurrencies. As the countdown to launch continues, the crypto world eagerly awaits further listing updates and eagerly gears up to embrace the potential that Retik Finance brings to the table. Moreover, Retik Finance introduces several technical innovations that set it apart from its competitors. These include a unique consensus mechanism, smart contract functionalities, and interoperability with other blockchain networks. These features contribute to its robust infrastructure and lay the foundation for its projected growth. The cryptocurrency market is ripe for disruption, with growing demand for decentralized alternatives to traditional financial systems. Retik Finance positions itself at the forefront of this movement, tapping into a global market hungry for innovation. As awareness of its potential spreads, adoption is expected to accelerate, driving up demand and consequently, the value of RETIK tokens. For investors, Retik Finance presents an enticing opportunity to capitalize on the projected growth of a promising cryptocurrency. With its low starting price of $0.15 in May 2024, the potential for a tenfold increase to $5 by December of the same year represents an attractive investment proposition. However, as with any investment, thorough due diligence is recommended to assess risks and rewards. While the outlook for Retik Finance appears promising, it is not without its challenges and risks. Regulatory uncertainty, competition from established players, and technical hurdles are among the factors that could impact its growth trajectory. Retik’s Community and Development The success of Retik Finance hinges not only on its technical prowess but also on the strength of its community and development efforts. Active community engagement, ongoing development updates, and transparency in governance are essential for building trust and confidence among stakeholders. Retik Finance emerges as a promising contender in the cryptocurrency space, with the potential to rival XRP and achieve significant growth by December 2024. Its innovative features, market potential, and strong community support position it as a frontrunner in the race for decentralized finance supremacy. While challenges remain, the future looks bright for Retik Finance as it charts its course towards mainstream adoption and widespread recognition in the digital asset landscape. About Retik Finance Retik Finance (RETIK) is a cutting-edge decentralized finance (DeFi) project revolutionizing global transactions with its innovative suite of financial solutions. Introducing futuristic DeFi Debit Cards, a Smart Crypto Payment Gateway, AI-powered Peer-to-Peer (P2P) lending, and a Multi-Chain Non-Custodial Highly Secured DeFi Wallet. Visit the links below for more information about Retik Finance (RETIK): Website: https://retik.com Whitepaper: https://retik.com/retik-whitepaper.pdf Twitter: www.twitter.com/retikfinance Telegram: www.t.me/retikfinance Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this article does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.

Movement and accumulation from crypto whales are two of the catalysts for Bitcoin price increases. Although major whales are still buying the dip, on-chain data indicates a general waning accumulation momentum which suggests their conviction might actually be waning. According to IntoTheBlock, an on-chain analytics firm, Bitcoin whale accumulation volumes have declined substantially in each buying cycle over the past month. This decline in whale accumulation could be worrying for investors, especially as the price of Bitcoin is now trying to hold above $60,000. Whale Appetite For Bitcoin Dips According To On-Chain Data Whales, or large investors holding over 1,000 BTC, have accumulated strongly since the beginning of the year, especially during market dips. This accumulation has largely helped to keep Bitcoin in bullish sentiment and prevented huge price declines. However, IntoTheBlock recently revealed an interesting pattern between these whale wallets in each accumulation phase. The largest accumulation occurred between March 5 and March 7, when these wallets acquired over 120,000 BTC. Every succeeding price dip has, however, seen less accumulation than the one before it. Particularly, Bitcoin’s recent dip to $56,000 failed to attract notable whale accumulation. This drop in buying and selling activity indicates whales may have lost some interest or appetite for accumulating more Bitcoin in the short term. Precursor For A Crash To $50,000? The waning conviction among Bitcoin whales has raised the question of whether Bitcoin could reverse back into a full bearish momentum. These concerns are particularly valid, considering some analysts are of the notion that Bitcoin might’ve reached its peak in this cycle. As IntoTheBlock noted, prices have increased shortly following every accumulation this year. While the lower whale buying activity could stall price increases in the short term, it is not a sure sign that Bitcoin is headed for a major price crash. However, if the trend continues for several more months, it could signal lower demand and a weakening bull market. According to the “In/Out Of Money Metric”, there is still a strong resistance volume between $59,000 and $61,000. A drop below this range again would push 552,220 addresses into losses. In fact, while a drop to his level would be painful for many holders, most crypto analysts remain optimistic about Bitcoin’s long-term prospects. At the time of writing, Bitcoin is trading at $61,488. The crypto recently rebounded around $57,500 and is up by 7.4% in the past seven days. According to analyst Marco Johanning, $57,000 is an important support level for Bitcoin. He noted that while a break below $57,000 could lead to further declines into $52,000, the crypto market is still very bullish for Bitcoin. [/URL]

Meme coins have carved out their own niche, often characterized by whimsical branding and explosive, albeit volatile, price movements in the ever-evolving landscape of cryptocurrency. Among the myriad of meme coins, Solana has emerged as a popular blockchain platform, offering fast transactions and low fees. In April 2024, a new contender burst onto the scene, capturing the attention of crypto enthusiasts worldwide – Hump Token (HUMP). This article delves into the meteoric rise of Hump Token, its surpassing of established meme coins like Dogwifhat (WIF) and Bonk (BONK), and its potential trajectory in May 2024. The Rise of Hump Token (HUMP) Hump Token’s meteoric rise in April 2024 captivated the crypto community, sparking widespread excitement and fascination. The astonishing surge of 9780% within just one week of its introduction sent shockwaves through the market, catapulting HUMP from obscurity to prominence. As its price soared from $0.0002689 to an unprecedented peak of $0.02605 on April 6, Hump Token seized the spotlight, dominating discussions and searches as the most talked-about Solana meme coin of the month. This exponential growth trajectory was irresistible to investors, who were enticed by the potential for monumental gains in a short period. The fervour surrounding meme coins, combined with the allure of rapid profits, further fueled the frenzy surrounding Hump Token, cementing its status as a formidable contender in the competitive landscape of cryptocurrency. Hump Token (HUMP) vs. Dogwifhat (WIF) and Bonk (BONK) Amidst Hump Token’s triumphant ascent, its peers, Dogwifhat and Bonk, encountered turbulent waters in April 2024. While Hump surged to unprecedented heights, Dogwifhat (WIF) and Bonk (BONK) navigated through significant downturns. Dogwifhat experienced a notable decline of 45%, reflecting the tumultuous nature of meme coin investments. Meanwhile, Bonk witnessed a staggering plummet of 140%, underscoring the extreme volatility inherent in the meme coin market. These contrasting trajectories shed light on the unpredictable nature of cryptocurrency investments and served as a stark reminder of the risks involved in navigating the ever-shifting tides of the Solana meme coin ecosystem. As investors grappled with the fallout of these downturns, the resilience of Hump Token stood out, solidifying its position as the frontrunner and signalling a paradigm shift in the landscape of Solana meme coins. The emergence of Hump as the Meme Coin of Choice in May 2024 With its remarkable performance in April, Hump Token (HUMP) emerged as the undisputed Solana meme coin of choice in May 2024. The exponential growth of $HUMP, coupled with the declines of Dogwifhat and Bonk, solidified Hump’s position at the forefront of the meme coin revolution on the Solana blockchain. Investors and enthusiasts alike turned their attention to Hump Token, recognizing its potential to redefine the meme coin landscape. Expert Projections and Future Outlook As analysts and experts delve into the potential trajectory of Hump Token (HUMP), their projections for May 2024 evoke a sense of anticipation and excitement. With the wind of momentum firmly at its back, $HUMP is poised to continue its upward trajectory, poised for further gains in the coming month. Some experts have boldly forecasted an extraordinary increase of 1264.92%, propelling Hump Token (HUMP) to the remarkable milestone of $0.1. This bullish outlook underscores the growing optimism surrounding Hump Token (HUMP) and its disruptive influence within the cryptocurrency landscape. As investors eagerly await the unfolding of events, the projected surge in value serves as a testament to the burgeoning potential of Hump Token (HUMP), positioning it as a key player in reshaping the dynamics of meme coins on the Solana blockchain. Conclusion In the dynamic world of cryptocurrency, trends can shift rapidly, propelling obscure tokens to unprecedented heights of fame and fortune. Hump Token (HUMP) exemplifies this phenomenon, rising from obscurity to become the premier Solana meme coin in May 2024. Its meteoric ascent, coupled with the decline of competitors like Dogwifhat (WIF) and Bonk (BONK), underscores the unpredictable nature of meme coins and the allure of quick gains in the crypto market. As Hump Token (HUMP) continues to captivate investors and enthusiasts alike, the stage is set for an exhilarating journey ahead in the realm of meme coins on the Solana blockchain. Click here to Buy Hump Token (HUMP): Website: https://hump.io/ Twitter: https://x.com/Humptoken Telegram: https://t.me/humptoken Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this article does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.

Robinhood reported record revenue of $618 million, a 40% rise year-on-year. Crypto revenue accounted for $128 million, a huge 232% increase. As optimism surged, Robinhood Markets Inc. reported higher-than-expected profits for the first quarter of 2024. The business revealed revised financial results for the first quarter in a press statement dated May 8. Robinhood reported record revenue of $618 million, a 40% rise year-on-year, and GAAP Diluted EPS of $0.18, as stated in the statement. An increase in transactions also led to a spike in the platform’s user base. The most recent quarter saw a 59% year-over-year rise in transaction-based revenues, reaching $329 million. Substantial Growth Crypto revenue accounted for $128 million, a huge 232% increase, while options brought in $154 million and equities $39 million, according to the statement. The two fields had increases of 16% and 44%, correspondingly. After posting a loss of $511 million in Q1 2023, Robinhood’s net profits surged to $157 million year over year. Additionally, operational expenditures fell 52% from the previous year. Despite reaching new heights in net deposits and gold subscribers, the firm continued to highlight its plan. Newly optimistic data for net deposits and gold subscribers indicated robust interest this year as the second quarter began. The company established records for quarterly revenues as numerous causes developed, according to Jason Warnick, Robinhood’s chief financial officer. Cryptocurrency values surged in the first quarter of the year, with Bitcoin reaching a new all-time high. Since this happened, cryptocurrency stock prices have risen, and it has been influencing financial news. Similar to Robinhood, due to stronger market performance, Coinbase also reported higher-than-expected profits in the first quarter. Highlighted Crypto News Today: Ethereum (ETH) Still Down 19%, How Strong Are the Bears?

Retik Finance (RETIK) emerges as a revolutionary force in the decentralized finance (DeFi) space as the crypto market braces for the anticipated bull run post-Bitcoin halving. Poised for its grand launch on May 21, 2024, Retik Finance is not just any DeFi platform; it’s a game-changer that can reshape how we interact with financial services. Investors should be bullish about Retik Finance’s debut on various reputable exchanges and Uniswap. Retik Finance’s Innovative DeFi Offerings Retik Finance is making significant strides in the decentralized finance (DeFi) sector with its array of innovative offerings aimed at merging the realms of traditional finance and blockchain technology. Its portfolio includes: Multi-chain Non-custodial Wallet: This feature enhances user security by giving them full control over their private keys and the flexibility to manage multiple cryptocurrencies across various blockchains. DeFi Debit Cards: Retik Finance has notably accelerated its timeline by launching these debit cards a year ahead of schedule. These cards allow users to spend their cryptocurrency like traditional money at millions of merchants worldwide, bridging the gap between digital currencies and everyday financial activities. AI-Powered Peer-to-Peer Lending: This platform utilizes advanced artificial intelligence to connect borrowers and lenders directly, improving the efficiency of lending processes and potentially offering more favorable interest rates compared to traditional financial institutions. Retik Pay: A versatile payment gateway that enables businesses to accept payments in various cryptocurrencies, fostering broader adoption and facilitating seamless transactions. These strategic initiatives are designed to enhance the usability and accessibility of cryptocurrencies and drive broader adoption of DeFi solutions, positioning Retik Finance as a pivotal player in the ongoing evolution of digital finance. Impressive Presale and Market Confidence The excitement around Retik Finance was palpable during its presale phase, which successfully raised over $32 million. This early phase also saw a staggering 400% surge in the price of RETIK tokens, a clear indicator of robust investor confidence and the immense potential of the project. Such a successful presale underscores the market’s belief in Retik Finance as a transformative force in the DeFi landscape.Furthermore, the platform boasts over 43,000 followers on Twitter, highlighting its strong presence and active engagement within the crypto community. This robust following is testament to the trust and interest Retik Finance has garnered, positioning it as a leader in the DeFi revolution. Strategic Launch Date Maximizing Market Potential Choosing May 21, 2024, for its launch, Retik Finance aligns perfectly with the crypto market’s dynamics post-Bitcoin halving—an event often followed by a significant altcoin season. This strategic timing is set to maximize the exposure and uptake of RETIK tokens, providing investors with a prime opportunity to capitalize on potential market rallies. Expanding Accessibility through Top Exchanges and Uniswap Retik Finance’s decision to launch on various reputable exchanges and Uniswap is a strategic move designed to ensure widespread accessibility and liquidity. This helps attract a broad audience and stabilizes and potentially enhances the token’s value through increased trading volumes and visibility. A Robust Community Backing and Future Prospects The strength of any cryptocurrency often lies in its community. Retik Finance (RETIK) has invested heavily in building a strong, engaged community and fostering transparent communication. This robust community support enhances the platform’s credibility and ensures a stable foundation for growth and innovation. Dominating the DeFi Market Retik Finance (RETIK) is set to put the industry on a chokehold with its comprehensive ecosystem and revolutionary offerings. By bridging the gap between traditional finance and cryptocurrencies, Retik Finance is not just participating in the market—it’s leading it. This positions Retik Finance to potentially dominate the DeFi space, setting new global financial transaction standards. Conclusion: A Bullish Outlook for Retik Finance As we approach the launch date, the reasons for being bullish about Retik Finance keep stacking up. With its innovative solutions, strategic market timing, and strong community engagement, Retik Finance is geared to enter the market and take it by storm. For investors, this represents not just another investment opportunity but a portal to being part of a DeFi revolution that promises not only returns but also a reshaping of the financial landscape. Mark your calendars for May 21, 2024, because Retik Finance is about to make a monumental splash in the world of cryptocurrency. Visit the links below for more information about Retik Finance (RETIK): Website: https://retik.com Whitepaper: https://retik.com/retik-whitepaper.pdf Twitter: www.twitter.com/retikfinance Telegram: www.t.me/retikfinance Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this article does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.

Ethereum (ETH) resumes the downtrend, struggling to surpass $3K. ETH investors’ sentiment slips into the neutral zone, as per its Fear and Greed Index. The downtrends of the majority of altcoins in the market still resume. Ethereum (ETH), the largest altcoin by market cap, resumes to be under the bearish locks over the past 30 days with a 19% decline in price. ETH left the $3,500 zone behind on April 12, signaling the start of a notable decline. It eventually hit its 2-month low — $2,815 — on May 1, striking a bearish hammer on the charts. After a short drop of 0.14% in the last 24 hours, the price of ETH was $2,979.53 at press time. The alt’s daily trading volume dipped by 4.97% to $11.21 billion while its market cap stood at $357 billion. Notably, SmartMoney tracker lookonchain spotted a whale withdrawing nearly 6,030 ETH, worth $18.03 million at current prices, from crypto exchange Binance in the last 12 hours. However, investors’ sentiment around ETH has dropped from greed to neutral, indicated by the fear & greed index at 47. ETH/USDT 24H Price Chart (Source: TradingView) The daily price chart indicated a bearish trend as the 50-day simple moving average (50 SMA) exceeds ETH’s price. Simultaneously, the RSI (relative strength index) hovered in the neutral territory at 41. Since the beginning of May, the daily volume also observed notable declines compared to the last week of April. If the possibility of trend reversal gets stronger, ETH might surpass a key resistance of $3,125. Conversely, if the opposite occurs, the price might tank to $2928. Besides the token price, certain other aspects of the network require attention. According to the data, the amount of ETH issued still exceeds the count of burned ETH. A total of over 7.18 million ETH were issued, while 4.28 million ETH were burned ever since burning ETH was enabled in August 2021 — 1007 days ago. Seemingly, this indicates that users’ engagement in transacting with the network has reduced in pace. On the other hand, during the same period, the average gas fees on the network were recorded at 40.9 gwei. Recently, Ethereum co-founder Vitalik Buterin drew the community’s attention by releasing an overview of EIP-7702, an account abstraction-centric proposal aimed at boosting the network’s sustainability. From users’ perspectives, these proposals and upgrades warrant close monitoring. However, most attention is centered around the approval of spot Ethereum ETFs in the US. Highlighted Crypto News Today: Donald Trump Seeks Crypto Enthusiasts Support for Presidential Campaign

BTC has recorded an 11.6% weekly uptrend, and it currently trades at around $63,000. As Bitcoin gears up for a price uptrend, the entire crypto market is shaping up for a bull run. While many altcoins are also taking positions to capitalize on the Bitcoin rally, as always, memecoins are the ones getting the most attention and hype from investors. In what’s now becoming a trend in the crypto market, memecoins have a history of the biggest price surges, and it makes sense that one of them, BEFE Coin, is fueling enthusiasm in the crypto market. We’ll look closer at BEFE Coin to identify what factors are driving so much hype for the memecoin. BEFE Coin: An Overview The crypto market is used to all the jokes and all the fun that comes with memecoins. So much so that it’s becoming stale and cliche. Worse is the new ‘pump and dump’ trend that’s making investors wary of memecoins. Apparently, memecoins are quickly becoming the subject of ridicule, and this is what BEFE Coin has come to change. BEFE Coin is in the market to fix memecoins’ reputations. The memecoin brings back proper jokes and fun from the heyday of memecoins. Beyond memes, BEFE Coin is staking a strong stance against ‘privileged’ benefits in the crypto market, and the message has been passed loud and clear from its launch. BEFE Coin’s launch without a public presale is quite unusual, especially in this age where memecoins and altcoins generally prefer to cut a deal with early investors. With BEFE Coin, there’s a level playing field for everyone. The memecoin also does not charge taxes on its transactions, so it’s no surprise that investors can’t stop talking about it. BEFE Coin’s Price History and New Partnerships BEFE Coin is only about six months old, but the memecoin already has an impressive history of price rallies, starting right after its launch. It took BEFE Coin less than two months to record its first major pump. In classic memecoin style, BEFE Coin achieved a record 1800% uptrend in only forty days. This price performance could be one of the major factors driving the enthusiasm among analysts for BEFE Coin. Also, BEFE Coin is relentless in its ambition to forge new partnerships across the Defi industry. The project has announced a new partnership with Sealwifhat (SI). This new partnership, like many others, would expand BEFE’s influence and increase its use case. Consequently, BEFE Coin’s value could surge higher as its adoption increases. To know more about BEFE, visit https://befetoken.com Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Choosing the right cryptocurrency plays a role in determining whether an investor will attain financial freedom. This is the reason price monitoring and potential weighing are rampant at this stage of the crypto market, as expectations for a market surge in the coming months are high. Many investors expect BTC to hit a new all-time High this year, and this can positively impact the market hugely with potential-filled projects living up to expectations. Bitgert’s recent movement and solution-providing nature have made it to be tipped as one that can perform excellently well in terms of coin value this year. Bitgert’s showing positive signs and maintaining strength despite the unstable market situation at the moment. This has given experts conviction that Bitgert can make new millionaires in the industry this year. Speculations On Bitgert In The Coming Months Bitgert is gradually making its mark as a top-quality project with the level of development it has achieved in terms of utilities and coin value. The growth of the coin has been massive since it was launched. Bitgert is one of the few projects to give early investors over 20,000% return of investment within a year of its existence due to the integration of a proper operation structure that provides investors with their needs in the blockchain industry. The introduction of features that solve blockchain problems is instrumental to the growth, as experts believe that another upsurge of at least 50% is feasible in the next three months. Many crypto enthusiasts believe Bitgert will cancel out more zeros, and the increasing trading volume has recently signaled more interest among investors. Bitgert is currently valued at $0.0000001505, and analysts believe that, with the growing momentum, its value will likely be $0.0000236 in the next three months. Bitgert Correcting Problems Of Centralization, Leading To Acceptance And Increased Valuation Crypto ecosystems that adopt centralization are no different from traditional financial systems, whereby the system is totally in charge of every financial transaction that takes place within the space. This system removes investors’ control over their financial assets and struggles with maintaining good security. Bitgert found it necessary to correct these challenges posed by the centralized system, and this has led to more investors trooping into the project. Bitgert gives investors control over their assets by making provisions for different decentralized products, including Metaverse, Web3, Defi, and NFTs. These products ensure that investors are in charge of their financial affairs and encourage passive income earning. Investors have seen a clear difference and have opted for Bitgert, which has given the price value and the trigger it needs to reach the top. Conclusion Bitgert coin is set for a rise as it’s got all it needs to drive this growth. Proper scrutiny is encouraged before making any financial decision. Visit https://bitgert.com to know more. Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

In the world of cryptocurrencies, the allure of obtaining digital assets at no cost is a powerful draw. Airdrops, a concept as intriguing as it sounds, serve as one of the primary methods through which crypto projects distribute their tokens freely to a broad audience. These events not only enrich individual portfolios but also enhance the token’s distribution and visibility across the market. However, as the crypto landscape evolves, so too do the methods of engaging users and distributing tokens. Enter Binance Megadrop, an innovative approach pioneered by one of the largest cryptocurrency exchanges in the world, Binance. This new platform reimagines the traditional airdrop mechanism by integrating it with features that enhance user engagement through tasks and deeper interaction with the projects involved. Binance Megadrop’s inaugural project is BounceBit, a platform that marks a significant departure from conventional airdrops. BounceBit introduces users to a BTC restaking chain with a comprehensive CeDefi framework, aiming to transform BTC from a passive asset into an actively managed stake within the ecosystem. But how Binance Megadrop and Traditional Aidrops compare? Let’s dive deeper. Understanding Traditional Airdrops A traditional airdrop in the cryptocurrency world involves the free distribution of new tokens to the wallets of existing cryptocurrency holders. These airdrops serve multiple purposes: Help to drive awareness Increase the distribution of the new token Broadens the user base and increase liquidity Generate buzz and attract new investors to the project Types of Airdrops Standard/Raffle Airdrops These are the most basic form of airdrops, where tokens are randomly distributed to the community members who sign up or fulfill certain simple conditions, such as joining a Telegram channel or following the project on social media. The appeal of standard airdrops lies in their simplicity and the minimal effort required from participants. Bounty Airdrops Unlike standard airdrops, bounty airdrops require participants to perform specific tasks, which may include content creation, social media promotion, or technical contributions like bug reporting. This type of airdrop aims to foster more significant engagement and contribution from the community, making the airdrop part of a broader campaign to build the project. Holder/Exclusive Airdrops These airdrops target existing holders of a particular cryptocurrency. Tokens are distributed based on the amount and duration of holding another specific token. This method is used to reward loyal supporters and maintain or even increase their holdings without requiring additional investment. Benefits and Drawbacks for Recipients and Developers Benefits for Recipients: Free Tokens: The most apparent benefit is receiving free tokens, which might appreciate in value over time. Exposure to New Projects: Airdrops provide an opportunity to explore and invest in new projects without financial risk. Incentive to Learn: For newcomers, airdrops can serve as an incentive to learn more about how cryptocurrencies and wallets work. Drawbacks for Recipients: Tax Implications: In many jurisdictions, receiving airdrops can be considered taxable income, complicating the recipient’s tax situation. Security Risks: Participation often requires sharing wallet addresses and sometimes more sensitive information, which can be a target for phishing attacks. Benefits for Developers: Marketing Tool: Airdrops can be a powerful marketing tool to boost a project’s visibility and increase token distribution. Community Building: By rewarding the community, developers can foster loyalty and encourage community members to promote the project actively. Drawbacks for Developers: Costly: Distributing free tokens can dilute the value for existing holders if not managed correctly. Short-term Interest: Airdrops might attract participants who are only interested in free tokens and may sell them immediately after receiving them, which could lead to increased volatility or downward pressure on the token price. Introduction to Binance Megadrop Binance Megadrop is a novel token launch platform designed by Binance to transform the conventional airdrop experience. It seamlessly integrates functionalities from Binance Simple Earn and the Binance Web3 Wallet, providing users early access to select Web3 projects before they are officially listed on the Binance exchange. This innovative platform not only facilitates token distribution but also encourages user engagement through a variety of interactive activities and educational content, making it a more immersive experience compared to traditional airdrops. How Binance Megadrop Differs from Traditional Airdrops Binance Megadrop introduces several key innovations that set it apart from traditional airdrop methods: Engagement and Education Unlike traditional airdrops that often require minimal user interaction, Megadrop engages users through interactive tasks and educational content related to the projects. This engagement is designed to ensure that participants are not only passive recipients but also active contributors and learners in the ecosystem. Integrated Platform Megadrop is deeply integrated with other Binance services like Simple Earn and the Web3 Wallet, allowing users to earn additional rewards by staking or locking their assets, and connecting their wallets to participate in Web3 activities. 3. Merit-based Rewards Instead of distributing tokens purely based on chance or basic eligibility criteria, Megadrop rewards users based on their level of participation and the tasks they complete. This merit-based system aims to distribute tokens more fairly and to those who are genuinely interested in contributing to the project’s success. 4. Enhanced User Experience: The Megadrop platform is designed to be user-friendly, providing a clear and straightforward path for users to follow from the moment they log in to when they complete tasks and receive rewards. This simplifies the process and enhances the overall user experience. Integration with Binance Simple Earn and the Binance Web3 Wallet One of the standout features of Binance Megadrop is its integration with Binance Simple Earn and the Binance Web3 Wallet. This integration provides a dual benefit: Binance Simple Earn: By subscribing their BNB or other cryptocurrencies to Binance Simple Earn’s locked products, users can earn interest on their staked assets while simultaneously boosting their score in the Megadrop program. This score determines the quantity of the new tokens they receive, effectively linking their investment to their reward. Binance Web3 Wallet: Participation in Megadrop requires the use of the Binance Web3 Wallet, which facilitates interactions with decentralized applications (dApps) and smart contracts. This requirement ensures that users are equipped to engage with the broader Web3 ecosystem, preparing them for more complex interactions beyond basic token transactions. How Binance Megadrop Works To participate in Binance Megadrop, users must first ensure they are eligible. Eligibility generally depends on several factors, including the user’s jurisdiction and compliance with specific regulatory requirements. It’s crucial for participants to check the Megadrop announcement on the Binance website for details about restricted countries and any other eligibility criteria. Detailed Explanation on How to Access Megadrop on Binance Accessing Megadrop involves several straightforward steps on the Binance platform: Log into Your Binance Account: Users need to have a verified Binance account. If you don’t have one, you will need to create one using this link and verify your account first. Navigate to the Megadrop Section: Once logged in, go to the “More” menu on the Binance interface and find the “Megadrop” option. This section will list all the ongoing and upcoming Megadrop projects. Select a Project: Choose a project that is available to view more details about it, including the participation period, reward distribution, and specific conditions for participation. Steps to Participate, Including Locking BNB and Completing Web3 Quests Participation in Binance Megadrop is more interactive and engaging compared to traditional airdrops. Here are the steps involved: Lock BNB in Binance Simple Earn: Navigate to the “Simple Earn” section and find the “Locked Products” options. Choose the amount of BNB you wish to lock and the duration. Locking durations can vary, but longer periods typically provide higher rewards and increase your Megadrop score. It’s advisable to lock BNB for at least 120 days as this not only maximizes your potential rewards but also stabilizes your investment and enhances your commitment to the project. Complete Web3 Quests: After locking your BNB, return to the Megadrop project page and check the available Web3 quests under the “Quest” tab. These quests can range from simple tasks like connecting your Web3 Wallet to more complex activities such as interacting with a project’s protocol or dApp. Follow the instructions for each quest. This might involve reading materials, interacting with smart contracts, or completing specific transactions. Verification and Reward Allocation: After completing the quests, ensure you tap on the “Verify” button on the quest details page. This step is crucial as it confirms your participation and logs your completion of the task. Rewards are calculated based on the total score, which is a combination of your locked BNB score and the points from completed quests. The higher your score, the greater your share of the total token distribution. Monitoring Your Participation: Keep track of your participation and scores through the Megadrop interface on Binance. This dashboard will provide real-time updates and feedback on your activities and the corresponding scores. Receiving Your Tokens: Upon the conclusion of the Megadrop event, tokens will be distributed directly to your Binance spot wallet based on the final calculated score. BounceBit – The First project on Binance Megadrop BounceBit is a pioneering project featured in the Binance Megadrop, designed to enhance the utility of Bitcoin through a restaking chain that leverages a CeDeFi (Centralized Decentralized Finance) framework. The platform offers several core functionalities aimed at enhancing user interaction and the token’s utility: Staking: Users can stake the platform’s native token ($BB) to participate in the proof-of-stake (PoS) consensus mechanism. This not only secures the network but also provides stakers with periodic rewards based on their contribution. Protocol Incentive: Validators who help maintain the network integrity by validating transactions and blocks are rewarded with $BB tokens. This incentive ensures that the network remains secure and efficient. Gas: All transactions and smart contract executions on the BounceBit platform require payment of gas fees in $BB tokens, similar to Ethereum’s use of ETH for gas. Governance: $BB token holders can participate in governance decisions, such as voting on protocol upgrades and changes. This democratic approach allows the community to shape the project’s future direction. Currency: Beyond its utility functions, $BB can also be used as a medium of exchange within the platform, facilitating transactions and services between users. BounceBit’s Unique Selling Propositions BounceBit introduces several innovative features that distinguish it from traditional crypto projects: CeDeFi Framework: By blending the best elements of centralized and decentralized finance, BounceBit aims to offer the security and user-friendliness of CeFi along with the transparency and trustlessness of DeFi. This hybrid model is designed to attract a broader range of users, from crypto novices to experienced traders. Dual-Token PoS: Unlike traditional single-token systems, BounceBit’s dual-token PoS mechanism allows for more flexible and robust participation. Validators can receive and stake two types of tokens, which can help diversify the staking rewards and reduce volatility. Liquid Custody: BounceBit also introduces the concept of liquid custody, which allows users to retain liquidity even when their tokens are staked or otherwise engaged. This is achieved through the issuance of custody tokens that can be traded or used for other purposes while the underlying assets are locked. Economic Details: Token Distribution, Supply Details, Megadrop Allocation Token Name: $BB Total Supply: 2,100,000,000 $BB Initial Circulating Supply: 409,500,000 $BB (19.5% of total supply) Binance Megadrop Allocation: 168,000,000 $BB (8% of total supply) The token distribution is carefully planned to support long-term development and community engagement: How to participate in Binance Megadrop with BounceBit This section provides detailed instructions on how to participate in the BounceBit Megadrop on Binance, highlighting the steps involved and the benefits of each action. Stake BNB in FIXED Staking: Benefits of Staking for 120 Days Staking BNB in FIXED staking products on Binance offers several benefits, particularly when opting for a 120-day lock-up period: Higher Interest Rates: Typically, longer staking periods come with higher interest rates, meaning more earnings over the lock-up period. Increased Megadrop Score: For Megadrop participation, the amount of BNB locked and the duration significantly influence your total score, which determines the quantity of rewards you receive. Staking for 120 days maximizes your score potential. Price Stability: Locking your assets can help mitigate the urge to sell during volatile market conditions, potentially leading to better long-term financial decisions. To stake BNB for the BounceBit Megadrop: Navigate to Binance Simple Earn and select “Locked Staking.” Choose BNB from the list of available cryptocurrencies. Select the 120-day option to maximize your potential Megadrop score and confirm your subscription. Keep BTC and BNB on Spot: Importance and Advantages Keeping BTC and BNB in your spot wallet on Binance is strategic for several reasons: Readiness for New Opportunities: Having assets in your spot wallet ensures you are ready to participate in new trading opportunities or other investment options without delay. Flexibility: Easily move your funds between different Binance services, such as trading pairs, without needing to wait for withdrawal and deposit processing times. Participation in Promotions: Binance frequently runs promotions and events that require users to have quick access to certain coins in their spot wallets. Completing Tasks: Participating in Web3 quests and completing tasks as part of the BounceBit Megadrop can significantly enhance your rewards: Task Variety: Tasks may range from social media promotions to more technical activities like interacting with smart contracts or participating in testnets. Earnings Multiplier: Completing these tasks not only contributes to the project but also multiplies your earnings by boosting your Megadrop score. Learning and Engagement: By engaging with these tasks, you gain a deeper understanding of the project and the broader blockchain ecosystem. To complete tasks: Visit the BounceBit page within the Megadrop section. Review available tasks under the “Quests” tab and select one to participate in. Follow the detailed instructions provided for each task to ensure proper completion and verification. Once a task is completed, verify your participation as instructed to ensure your additional earnings are accounted for in the final reward calculation. Summary Binance Megadrop represents a significant evolution in the concept of cryptocurrency airdrops. Unlike traditional airdrops that typically distribute tokens based on simple eligibility criteria like holding a specific cryptocurrency or signing up, Megadrop introduces a more interactive and engaging approach: Engagement and Education: Megadrop requires participants to engage in educational and interactive tasks that deepen their understanding of the project and blockchain technology. Merit-Based Rewards: Rewards in Megadrop are based on the completion of tasks and the duration of asset staking, ensuring that the most engaged and committed participants are rewarded the most. Integration with Binance Services: Megadrop is seamlessly integrated with other Binance services like Simple Earn and the Web3 Wallet, offering a holistic experience that leverages the full ecosystem of Binance. The Impact of Such Innovations on the Crypto Ecosystem The introduction of platforms like Binance Megadrop could have profound implications for the cryptocurrency ecosystem: Increased User Involvement and Retention: By involving participants in tasks that require learning and engagement, Megadrop increases user investment in the success of the projects, leading to higher retention rates and more sustained interest in the crypto projects. Enhanced Market Education: The educational component of Megadrop helps demystify cryptocurrencies for the broader public, potentially leading to increased adoption and understanding of blockchain technologies. Innovation in Token Distribution: Megadrop’s approach could set a new standard for how tokens are distributed, emphasizing active participation and contribution over passive receipt. This could lead to more sustainable project launches and healthier long-term token economics. Binance Megadrop not only refines the process of token distribution but also enriches the participant’s experience by making it more rewarding and educational. Such innovations are crucial as they not only foster a deeper connection between blockchain projects and their communities but also enhance the overall health and maturity of the cryptocurrency market.