Altcoin
Elon Musk’s X Payments Nears Launch, Receives Another Money Transmitter License
X Payments by Elon Musk has reportedly received a new money transmitter license in South Carolina, as per sources familiar with the matter. X Payments’ rollout of payments on the social media platform is almost here as it received licenses in 29 states to gain approval as the company explores offering payment features this year. It’s part of the move to convert the platform into an “everything app”.
X Payments Gets License in South Carolina
X Payments has secured a money transmitter license in South Carolina, reported DogeDesigner, a prominent figure in X and Dogecoin communities, in an X post on June 24. He added that X has now received licenses in 29 states. The company seeks licenses in 50 US states after applying for licenses in 32 states initially.
Following the latest license, X Payments’ roll out is confirmed in Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Virginia, West Virginia, Wyoming.
Elon Musk earlier said he plans to launch payments service in mid-2024. The company received its previous license in Kentucky on May 10, according to X Payments LLC.
CoinGape recently revealed that documents related to money transmitter licenses in multiple states revealed Venmo-like payments features for the social media platform. Moreover, X plans to charge minimal fees for its payment services. The company told regulators that its goal is to offer payments to boost its business through “increased participation and engagement” on X. It plans to get major revenue from merchant fees and banking services like checking accounts.
Also Read: Crypto Market Crash: Here’s Why Bitcoin, Ethereum, XRP, SHIB Are Falling Today
Dogecoin Community Eyes Announcement on Integration
Dogecoin community awaits hints from Elon Musk about plans to integrate DOGE into the payments network. However, X earlier revealed that they are not currently looking to integrate crypto due to not much regulatory clarity.
Tesla added Dogecoin as a payment method for some products, as per a FAQs section on the official website. The move came months after Elon Musk hinted at accepting Dogecoin as an official form of payment for its cars at some point in the future.
DOGE price currently trades at $0.1192, down 4% in the past 24 hours. The 24-hour low and high are $0.1158 and $0.1262, respectively. Moreover, the trading volume has jumped 167% amid panic selling across the crypto market.
Also Read: Institutional Investors Sell Bitcoin, Ethereum Worth $690M, Buys XRP
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.
XRP whales have again taken action to shuffle 230 million coins as the Ripple vs. SEC lawsuit, with fines reaching approximately $2 billion, looks for a conclusion. On-chain data shows both dumps and transfers between wallets, recorded in hand over the past day, birthing riveting speculations surrounding XRP’s future price movements.
The latest update in the lawsuit, wherein Judge Torres’ Doctrine stood, and XRP secondary sales aren’t securities, has tilted the balance somewhat toward Ripple’s favor. The massive whale activity, emerging in the lawsuit’s aftermath has gained significant traction.
Whales Shuffle 230 Mln Coins
According to the insights streamlined by Whale Alert on X, 230.93 million XRP, worth $109.21 million, was collectively shifted by whales over the past day. While one dumped 30.93 million coins to Bitstamp, the other shifted 200 million coins to an unknown wallet.
As per the data, the renowned whale …Rzn was recorded as making the dump, whereas the whale rP4X2hTa7A shifted 200 million coins to rJqiMb94hy. These transactions have stirred up somewhat mixed sentiments in the market.
While one whale’s transaction sparked bearish concerns, the other’s transaction underscored heightened on-chain activity. Also, it’s worth noting that XRP whale accumulations have surged remarkably amid the token’s recent illustration of consolidation above the $0.46 support. This spike in accumulations, coupled with the recent development in the Ripple lawsuit, has tilted the odds towards XRP.
Meanwhile, the Ripple-backed asset traded in the green today, moving alongside the broader crypto market’s movement.
Also Read: German Govt Dumps 400 BTC to Major Exchanges, Transfer Spree Continues
XRP Price Springs
At the time of writing, XRP price noted gains of 1.39% over the past day to trade at $0.4802. Its 24-hour lows and highs were evaluated as $0.4716 and $0.4814, respectively.
Coinglass data spotlighted a market uptrend for the crypto, with a significant uptick in its Futures OI and derivatives volume. XRP OI jumped 4.31% to $606.63 million, followed by a derivatives volume upsurge of 58.30% to $499.20 million. This data underscored a significant increase in investor enthusiasm for the asset.
Nonetheless, the RSI moved along a neutral territory at 45, stirring mixed sentiments on future price movements.
However, a recent report by CoinGape further spotlights a potential $6 price target for XRP ahead, with the lawsuit and technical factors weighing in.
Also Read: US Govt Moves $12M Ethereum, Is Bitcoin-Style Selloff Incoming?
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.
One of the most popular dog-themed meme coins, Shiba Inu, has once again made headlines with a colossal surge in its burn rate. The latest update from the tracker Shibburn revealed that over 900 million SHIB were burnt over the past month, June. This glimmered immense hope for the meme coin’s future price movements as supply takes a vital hit.
So, let’s delve deeper into Shina Inu’s market statistics to understand why market sentiments have taken an optimistic turn.
Massive Token Burn Ignites Market Optimism
According to the insights offered by Shibburn, the token burn mechanism incinerated 918.07 million SHIB over the past month via 237 transactions. This gave rise to a 148.69% surge in Shiba Inu’s monthly burn rate.
Meanwhile, today’s data revealed that the community witnessed the incineration of a staggering 301.68 million coins. This gave rise to a colossal 1392.60% upswing in the daily burn rate.
The total number of coins burned from the initial supply now evaluates to 410.727 trillion SHIB. As mentioned above, Shiba Inu’s supply further takes a massive blow, in turn staging as a bullish factor for the token.
Notably, as the supply diminishes, SHIB’s price has noted significant gains today, July 1, mirroring the burn’s impact.
Also Read: ETH Price Surges 5% Amid Increased Whale Activity Ahead of Ethereum ETF Approval
SHIB Price Soars
At press time, SHIB’s price noted an uptick of 3.67% to trade at $0.00001735. Its 24-hour bottoms and peaks were $0.00001669 and $0.00001756, respectively.
Also, it’s worth noting that the price upswing coincides with the broader crypto market recovery. Meanwhile, the abovementioned burn rate upswing adds to it.
Coinglass data shows a market uptrend for the Shiba Inu coin today, as its Futures OI and derivatives volume upsurged. SHIB OI was up 2.85% to $35.71 million, whereas the volume rocketed 61.98% to $72.13 million.
However, Shiba Inu’s RSI rested at 34, hinting at some downside pressure on the asset. This could result in volatility in SHIB’s price movement in the short run.
However, the broader market sentiments remain optimistic, primarily attributable to the continuous massive SHIB burning. Also, Santiment’s data showcasing SHIB’s undervalued position in the market potentially paves the way for a $0.00003 price target, CoinGape Media reported. The colossal spike in the burn rate further bolsters Shiba Inu’s potential bullish future.
Also Read: Ethereum Network to Get Major Boost With SSF Roadmap, Says Vitalik Buterin
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.
On Sunday, June 30, Ethereum co-founder Vitalik Buterin published a blog post explaining the road ahead for Ethereum and how they might have to part ways with the epoch-and-slot mechanism of its existing rollup-centric roadmap. Buterin proposes a new SSF mechanism to improve the transaction time latencies of the order of hundreds of milliseconds or even less.
Ethereum Eyes Single-Slot Finality
Currently, the Ethereum Gasper consensus employs a slot-and-epoch mechanism wherein validators cast votes in each 12-second slot. Also, all validators get the opportunity to vote once, over 32 slots. Later, a PBFT-like consensus algorithm takes care after two epochs (12.8 minutes), thereby providing a strong economic assurance known as finality. However, there are two major concerns with this approach.
- The complexity and several interaction bugs between the two slot-by-slot voting mechanism as well as the epoch-by-epoch finality mechanism.
- The 12.8-minute finality period is pretty slow and inconvenient for the users.
To simplify this, Buterin proposes a single-slot finality mechanism similar to the Tendermint consensus, wherein Block-N is finalized even before the creation of Block N+1. The major difference from Tendermint is the retention of the “inactivity leak” mechanism. This will allow the Ethereum blockchain to continue and recover even if nearly one-third of validators go offline. Vitalik Buterin calls this a “Secure Speed Finality” SSF mechanism.
Also Read: Vitalik Buterin Spotlights Innovative Idealist DApps in Web3
Addressing A Few Challenges With the SSF Mechanism
Vitalik Buterin also highlighted some key challenges associated with Single-slot finality (SSF) in the Ethereum ecosystem. He explained that the naive implementation of the SSF would require every Ethereum staker to publish two messages every 12 seconds, imposing a significant load on the Ethereum network. In his blog post, Buterin said:
“While there are clever ideas to mitigate this issue, including the recent Orbit SSF proposal, it remains a challenge. Although SSF significantly improves user experience by accelerating ‘finality,’ it doesn’t eliminate the need for users to wait 5-20 seconds.”
While implementing the SSF mechanism in Ethereum, Buterin suggests implementing Orbit-like techniques in order to reduce the total number of validators signing per slot and address the key goal of lowering 32 ETH minimum staking.
“This approach might cause the slot time to increase to approximately 16 seconds,” added Buterin. However, he added: “Designs like Orbit SSF are very recent, suggesting that the design space of slot-and-epoch designs where something like Orbit SSF is the epoch is still quite under-explored”.
The Ethereum developers are still figuring out the ideal solution in order to improve the finality. Last month, Buterin shared updates made with Ethereum Layer-2 solutions. The Ethereum L2 activity has touched fresh all-time highs recently.
Ethereum is thriving as an ecosystem right now with L2 activity hitting fresh all time highs every other day and the L1 roadmap being executed on with laser precision
Meanwhile, crypto twitter is acting like Ethereum is failing and in dire need of an emergency intervention
— sassal.eth/acc 🦇🔊 (@sassal0x) July 1, 2024
The Ethereum Layer-2 Blast recently announced the launch of its native token and BLAST airdrop.
Also Read: ETH Price Shoots 5% As Whale Activity Spikes Ahead of Ethereum ETF Approval
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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