Market
Hamster Kombat, TapSwap, and Notcoin Lead TON’s Growth
Telegram’s tap-to-earn games, including Hamster Kombat, TapSwap, and Notcoin, are driving significant growth within the TON ecosystem.
These games offer engaging mechanics and real rewards, attracting millions of users. They also highlight the potential of blockchain integration on the Telegram platform.
From Gamers to Earners: Tap-to-Earn Games Transform User Engagement
Hamster Kombat, a standout in this sector, has seen unprecedented growth. As of July 9, the game’s user base has surpassed 250 million. This figure shows a staggering increase from the 239 million reported just a week earlier.
This rapid expansion has caught the attention of Telegram CEO Pavel Durov, who praised the game’s viral potential on his official channel. Durov highlighted the game’s rapid user growth and its potential to introduce blockchain benefits to a vast audience.
Read more: Tap-to-Earn: What to Know About the Crypto GameFi Trend
“As I said a few months back, a new wave of mini-apps on Telegram is coming, and Hamster Kombat is now leading the pack. Its amazing growth shows the viral potential of the Telegram mini-app platform. Soon, Hamster’s team will mint its token on TON, introducing the benefits of blockchain to hundreds of millions of people. A new era is arriving, and we are witnessing its arrival in real time,” Durov stated.
While the exact date for Hamster Kombat’s token generation event (TGE) remains unconfirmed, major exchanges like Bybit have listed it on the Pre-Market Trading platform. Bybit data shows that HMSTR’s floor price is 0.001 USDT, with the last traded price at 0.2 USDT.
Similarly, TapSwap has emerged as a formidable player in the tap-to-earn arena. This mini-app allows users to earn TAPS coins by completing various in-game activities. Players must try to accumulate the maximum number of coins using the in-game bot and boosts and manually mining coins.
TapSwap’s simplicity and accessibility have been key drivers of its popularity. The promise of real rewards, facilitated through upcoming airdrops and the TGE, has propelled its user number to over 60 million as of early July 2024.
How Notcoin’s Success Paves the Way for Innovative Blockchain Projects
TapSwap and Hamster Kombat’s success can be likened to that of Notcoin, the pioneer in the tap-to-earn genre. Launched in January, Notcoin quickly became a sensation, amassing over 35 million players and 6.5 million daily active users. The game’s classic tap-to-earn mechanism, where players collect coins by completing tasks and engaging with in-game bots and boosts, has proven to be a hit.
The brains behind Notcoin, Open Builders, led by CEO Sasha Plotvinov, have ambitious plans to expand the platform. Following a significant token burn in late June, Notcoin announced a collaboration with Sign and 1inch to launch Triangle.
Triangle is a builder community and acceleration program that aims to support developers as they scale their projects to reach a billion users. By providing essential resources, guidance, and a community of experienced builders, Triangle seeks to foster the growth of new and existing projects within the Telegram and TON ecosystems.
Triangle’s vision extends beyond acceleration. It aspires to create a collaborative space where like-minded builders can innovate and drive the future of the TON ecosystem.
The program aims to onboard millions to Web3, bridging the gap between Web2 and Web3 through user-friendly applications. This ambitious goal leverages Telegram’s extensive user base and seamless crypto integration, positioning it as a catalyst for mass adoption.
“Triangle naturally emerges and evolves from Notcoin’s success, adding deeper value and engagement for its user base. This progression effectively makes the future of Web3 its present. The success of Notcoin and other attention points projects highlight the transformative power of engaging users directly within the platforms they already love,” Kirill Malev, Jr, Partner at The Open Platform, told BeInCrypto.
Read more: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token
The success of Hamster Kombat, TapSwap, and Notcoin demonstrates the potential of tap-to-earn games to introduce new users to the blockchain and crypto through the TON ecosystem. Integrating this model with Telegram’s widespread platform, these games are at the forefront of merging entertaining gameplay with the opportunity for real-world rewards.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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