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Baby Doge To Launch On Solana, Establish Bridges To ETH and BNB

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5 months ago

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Baby Doge, a dog-themed meme cryptocurrency inspired by Dogecoin, has once again turned heads across the cryptocurrency landscape. Following the token’s recent renouncement of ownership on Ethereum and BNB Chain, the coin has now cleared the waters to expand its ventures to Solana.

A recent post shared on X pointed out that the meme coin’s proposal to deploy the BabyDoge token on the Solana network has officially passed. This sets the stage for the next phase of developmental upgrades for the meme coin’s successful deployment on one of the most renowned blockchains.

BabyDoge To Deploy On Solana: Here’s Everything

According to a post shared by the meme coin’s community today, June 8, the proposal on snapshot.org has officially passed, with the odds drastically tipping in favor of it. Notably, 100%, or 2668 trillion community members, voted ‘yes.’

The next phase in development is research, followed by developing, testing, and deployment phases. This ensures the smooth transition of a Solana-compatible BabyDoge token smart contract on the planned network after complete testing. Simultaneously, token bridges, initiating bridges between ETH, BNB Chain, and Solana, will also be available.

Why Solana?

Today’s post also shed light on the strategic decision to expand on Solana. Compared to Ethereum, Solana offers more cost-effective transactions, making it a more attractive option. Additionally, not all tier 1 centralized exchanges support BNB Chain, further solidifying Solana’s appeal. These factors played a crucial role in the decision to expand Baby Doge on Solana.

Following the successful deployment of BabyDoge on the network, transaction speed is expected to be 65,000+ TPS. The fees will also be lowered to $0.00025 per transaction.

These factors appear to have offered the crypto’s community a great appeal to pass the proposal. However, BabyDoge’s price slumped at press time, stirring speculations despite the optimistic development.

Also Read: 7 Altcoins To Dodge In Next Week’s Trades

BabyDoge Price Tumbles

As of writing, BabyDoge’s price dipped 8% in the past 24 hours and is currently trading at $0.000000001814. The token’s 24-hour bottoms and highs are $0.000000001814 and $0.000000001975, respectively.

The tumbled price movement primarily aligns with the broader crypto market’s waning price trend today. As the market recovers, a potential price rally may kick in for the meme coin.

Also Read: Elon Musk’s xAI Taps Into AI Image Generation & Other Features for Grok

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Why Trump-Themed Coins are Crashing After US Election Results?

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6 mins ago

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November 7, 2024

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Donald Trump’s US election victory on Wednesday and the resulting euphoria failed to boost the price of Trump-themed memecoins, mostly due to so-called ‘sell the news’ trend. These tokens, which had seen significant gains earlier in the week, dropped by double digits following his win.

Some of the popular memecoins shed over 25% in market capitalization just a day after the victory, including TRUMP, MAGA, and TREMP.

Trump-Themed Tokens Suffer on ‘Buy the Rumor, Sell the News’ Trend

The PoliFi tokens drop happened despite the broader rise in the crypto market following Donald Trump’s victory in the US election. The tokens that were linked to Trump, among others, took a hit. The decline indeed did shake investor confidence in the PolitiFi assets, with traders seemingly selling the news-a pattern not too different from past meme coin behavior.

Similarly, like the rapid surge of Dogecoin prior to Elon Musk’s Saturday Night Live appearance in May of 2021, which peaked at $0.73 and fell over 30% shortly after, political tokens experienced a sharp sell-off following the election hype. For its part, DOGE is still 74% below its all-time high at current levels.

This is part of the “buy the rumor, sell the news” trend common with event-driven tokens that tend to be susceptible to political changes. Despite Trump’s win, the slump in these meme coins should bring in the realization of a possible weakness in the appeal for such meme coins and that some of their liquidity might be shifting from them.

As a matter of fact, many investors actually seem to be shifting funds into Bitcoin and other altcoins as the flagship cryptocurrency has been making new highs, raising hopes of a new bull market.

Losing Over 25% in Market Cap

Despite the euphoria surrounding Donald Trump’s election victory on Wednesday, Trump-themed memecoins failed to sustain their earlier gains, and some fell over 50% in the first hours after results.

These tokens, which had surged leading up to the election, saw sharp declines, with some losing over 25% in market capitalization just a day after his win. Memecoins like TRUMP, MAGA, and TREMP were among the biggest losers, highlighting the volatility typical of these event-driven assets.

Trump-themed meme coins have plummeted since Donald Trump’s election win, with several tokens plummeting in price. MAGA, the largest Trump-themed meme coin by market capitalization, was down 24.26% in the last 24 hours, changing hands at $1.97 at press time, while its market capitalization fell from $212 million on Nov. 6 to $87 million. Another prominent token, MAGA HAT, inspired by Trump’s iconic red hat, was also down 32.22%, its market cap fallen to $38 million.

The other big loser was Dark MAGA, which blew out on Nov. 5 and then plummeted 20% from the pre-election level to $0.0048, wiping out upwards of $2.6 million in market cap.

This happens just at the right time, just like all other meme coins follow a sharp sell-off after just one peak moment. Event-driven tokens, such as the PoliFi coins, are highly volatile and connected with political events that tend to swing fast and may make them vulnerable to considerable shifts in value.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Peter Brandt Reveals Why SOL Is Ahead

Published

1 hour ago

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November 7, 2024

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The Solana and Ethereum debate has come up a lot in this market cycle, especially with SOL currently outperforming ETH. Veteran trader Peter Brandt has also weighed in on the conversation and provided insights into why SOL is ahead of ETH from a trader’s perspective.

Why Solana Is Ahead Of Ethereum

In an X post, Peter Brandt mentioned that Solana is breaking out into new highs while Ethereum is “chewing” into overhead resistance. He made this statement while analyzing SOL and ETH’s weekly chart from a trader’s perspective.

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The Solana chart he shared showed that SOL is on the brink of breaking the resistance at $200 and flying past its current all-time high (ATH) of $260. This aligns with a CoinGape analysis, which noted that the Solana price is eyeing $300 as SOL ETF approval odds rise.

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Meanwhile, the Ethereum chart showed that ETH is still ranging and is struggling to break above the $2,800 resistance. However, ETH could still eventually reach new highs as Brandt stated that both altcoins are poised for breakouts to the upside to join Bitcoin. The Ethereum Foundation recently launched the Pectra Testnet, a development that could again inspire confident ETH investors as ETH price eyes $4,000.

For now, Peter Brandt is more bullish on SOL because he favors new highs, which the altcoin is already breaking into.  The veteran trader also remarked that he prefers Solana over Ethereum. According to him, ETH is a “completely broken utility coin” whose complexity and cost of use are terrible.

The Battle For DeFi Dominance

Solana and Ethereum continue to battle for decentralized finance (DeFi) dominance. Recently, the former has topped the latter in decentralized exchange (DEX) volume among chains. However, DeFiLlama data shows that Ethereum may again be looking to reclaim its crown.

In the last 24 hours, Ethereum is number 1 among all networks in terms of DEX volume. The network has witnessed a trading volume of $2.94 billion during this period. Solana is behind with a trading volume of $2.53 billion in the last 24 hours.

However, it is worth mentioning that Solana still leads Ethereum in 7-day trading volume, with $13.61 billion traded on the network during this period. Meanwhile, Ethereum boasts a 7-day volume of $10.99 billion.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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RCO Finance to Lead in Upcoming Market Rally as Toncoin and Cardano See Further Losses

Published

2 hours ago

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November 7, 2024

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Projects like Toncoin (TON) and Cardano (ADA) have long been popular with investors and are known for their unique innovations and community-driven support. 

However, recent performance trends have sparked concerns about these tokens’ ability to withstand market challenges. Let’s explore the latest on Toncoin and Cardano and why RCOF is attracting a growing number of investors.

Toncoin’s Recent Struggles and Price Forecast

Telegram founder and CEO Pavel Durov appeared in Dubai over the weekend, albeit in spirit. Drawings plugged in a video game inspired by Durov on a giant chalkboard during the annual conference for The Open Network. 

TON has recently seen a significant drop in value, driven by market conditions and the struggles of its tap-to-earn projects like HMSTR. TON trades at $4.78, with forecasts suggesting further struggles unless significant changes or partnerships materialize.

While the TON network remains promising in Web3, analysts caution about its near-term growth due to heavy competition. However, a recent Toncoin price forecast indicates that by December 4, the price of Toncoin will have increased by 227.30% to $15.66. 

Cardano Faces Price Pressure Amidst Market Uncertainty

Charles Hoskinson, the founder of Cardano, has responded to demands for openness in the blockchain’s ecosystem. Plutus Staking on X posted a brief video clip in which Hoskinson explained to users his sacrifices for the community. 

With ADA trading at $0.328, Cardano’s ecosystem faces challenges due to a slowdown in development and increasing competition from newer projects. Cardano has also encountered criticism regarding the delayed rollouts of its key functionalities, making it harder for the token to regain traction.

A recent analysis of projected 2024 Cardano prices indicates that the lowest price will be $0.313. The ADA price might go up to a maximum of $0.338. However, market uncertainty has led some investors to reassess their positions, with many shifting focus toward emerging DeFi projects that offer higher growth potential.

Why RCO Finance Could Outpace Toncoin and Cardano in the Next Market Rally

RCO Finance redefines accessible investing through its no-code AI platform, allowing users to optimize their portfolios easily. The platform empowers anyone to engage in trading by eliminating the need for programming knowledge. This simplicity removes traditional entry barriers and ensures a smooth experience for all.

Central to this system is RCO Finance’s AI-powered Robo Advisor, which customizes investment strategies by analyzing market trends and user-specific data. By automatically adjusting portfolios, the Robo Advisor helps users stay aligned with their financial objectives without constant manual intervention. 

This ensures that all investors, from novices to experts, can confidently manage their assets through intuitive, data-driven strategies.

RCO Finance has passed a Solidproof audit, adding an extra layer of trust and reinforcing the platform’s dedication to security and transparency. 

This verification provides users with assurance of the platform’s integrity, while the privacy-first, KYC-free model offers a streamlined, private way to participate in decentralized finance. 

Altogether, RCO Finance’s blend of AI technology, Robo Advisor, and secure ecosystem presents a comprehensive solution for those seeking ease and innovation in their financial journey.

How Meagre Investments in RCOF Could Yield Huge Returns

For investors seeking substantial returns in a challenging market, RCO Finance offers an attractive entry point. At the current presale price of just $0.056, even a modest $10 investment could grow to over $12,000, reflecting the project’s impressive growth forecast of 12,000% as it reaches its target price on exchanges. 

With interest pouring in from across the DeFi and traditional finance sectors, RCOF presents a unique opportunity for investors to capitalize on an AI-powered project with real utility and strong growth potential. As Toncoin and Cardano struggle, RCOF stands out as a forward-thinking project likely to lead the market’s next wave of growth.

For more information about the RCO Finance Presale:

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