Altcoin
Why Is Aave Coin Price Soaring Today?
AAVE, the native cryptocurrency of the Ethereum-based decentralized custodial platform Aave, has staged a strong recovery surging past $100 today. As of press time, the AAVE coin price is trading 12% up at $100.27 with a market cap of $1.49 billion.
Why Is the Aave Coin Price Soaring?
As per the latest report, the governance proposal has been the major reason behind the AAVE surge. This governance proposal plans to bring a fee switch along with a token buy-back program.
Mark Zeller, the founder of the Aave-Chan Initiative, explained that the AAVE fee switch proposal plans to bring a major change to the Aave protocol‘s revenue model. This will introduce a mechanism in order to collect transaction fees by using the funds to buy back the AAVE tokens from the open market.
Leveraging the introduction of Umbrella,
It’s time to upgrade the $AAVE role in our ecosystem.
Let’s explore this together:https://t.co/70z1jD2pjf pic.twitter.com/He7XPyzkT0
— Marc “Billy” Zeller 👻 🦇🔊 (@lemiscate) July 25, 2024
If Aave implements this governance proposal, it could generate more than $60 million in annual revenue for AAVE holders. As per the data from DeFiLlama, the Aave protocol has currently more than $12.869 billion in total value locked.
Along with the surge in the Aave price, the network activity on the Aave Protocol has also increased considerably.
Also Read: Ethereum Foundation Moves 92,500 ETH, Ether ETF Outflows Surge
AAVE Price Surge to Continue?
If the bulls manage to sustain the Aave Coin Price above $100, there’s a high chance of a price rally to continue to $110 and further to $130 in the medium term. Amid the current surge, AAVE has recouped the losses over the past week and is up by 10.51% over the past month.
The good thing is that the Aave Coin price is trading above the 200-day moving average which indicates a favorable growth potential. Additionally, the AAVE altcoin has strong support from the crypto exchange Coinbase which added Aave perpetual futures providing a strong liquidity thrust to the cryptocurrency.
In the past 24 hours, the AAVE trading volume has surged by 65% and is currently around $216 million. Furthermore, Aave’s yearly inflation rate has reached a low of 2.29% which could result in less circulating market supply. As a result, market analysts are hinting at the possibility of AAVE price rallying to $200.
Also Read: Ethereum Options Expiry: 500K Contracts Set to Expire Today
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.
American multinational investment management company Franklin Templeton has made global headlines this Wednesday by revealing that it is eyeing a crypto ETP launch in Europe. The company with over $1.5 trillion in AUM (Assets Under Management) now follows the footsteps of its rivals BlackRock and 21Shares, who previously revealed similar plans for the region. Following its remarkable success in the U.S. with a Bitcoin ETF, this mover has echoed a notable market buzz, paving the way for further investor interaction with the digital asset class.
Franklin Templeton Considers Crypto ETP Launch In Europe
According to an X post by Bitcoin Magazine on April 2, Franklin Templeton is considering launching Bitcoin and crypto ETP in Europe. With this decision, the asset manager is poised to join the fray alongside BlackRock and 21Shares to achieve such a feat in the region.
A company spokesperson revealed that while plans to launch a digital asset-backed ETP are not “immediate, “observing and keeping pace with the evolving regulatory framework in Europe and elsewhere to create those cryptocurrency products that best cater to our clients’ demands” remain vital. Also, they added, “We are constantly exploring the possibility of launching innovative products in all asset classes,” ETF Stream reported.
Franklin Templeton Follows BlackRock & 21Shares’ Footsteps?
Meanwhile, CoinGape recently reported that BlackRock also launched its iShares Bitcoin Trust in the same region. This ETP is featured on Xetra and Euronext Paris under the ticker IBIT, while investors can also find it on Euronext Amsterdam.
Additionally, asset manager 21Shares expanded its crypto ETP offerings in Europe the previous week. Reportedly, the asset manager launched Bitcoin, Solana, and XRP Exchange-Traded Products (ETPs) on Nasdaq Stockholm, enhancing regional investor participation for the digital asset class. Overall, the European crypto ETP scenario continues to take a paradigm-favorable shift as Franklin Templeton now joins the race, adding to institutional support in the region.
Bitcoin ETF Success In The U.S. Garners Attention
Simultaneously, it’s worth taking into account the prominent market success of Franklin Templeton Digital Holdings Trust (EZBC) in the U.S. Sosovalue data indicates that the asset manager currently holds net assets worth $428.52 million within its spot Bitcoin ETF holdings. The considerably large holdings in just a year of BTC ETF’s inception underline the trading products and the asset manager’s phenomenal success. This market capitalizing stand also fuels optimism for crypto ETPs launch in Europe, given the feat happens ahead.
Coingape Staff
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.
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.
The SHIB community is once again surfing optimistic tides within the crypto realm with a staggering 12,000% uptick in the Shiba Inu burn rate and a key Shibarium milestone achieved lately.
On Wednesday, April 2, burn statistics signaled that over 115 million coins were removed from the circulating supply, whereas transactions on the Layer 2 blockchain scaled new heights by topping 1 billion. In response, crypto market participants are now eyeing a highly bullish future for one of the most renowned dog-themed meme tokens amid bolstered market dynamics.
Shiba Inu Burn Rate Soars Over 12,000%, Supply Takes A Blow
Data from the official tracker Shibburn indicated that the SHIB burn rate surged 12,278.89% in the past 24 hours. Per the data, this massive surge rode the back of 115.89 million tokens removed from the supply in just a day.
Notably, the burn mechanism permanently reduces the circulating supply by transferring tokens to a null address. As a response, traders and investors weigh bullishness on the asset’s future prospects by considering the law of supply and demand.
With today’s massive burn saga, the total number of coins killed to date reached 410.72 trillion SHIB. Meanwhile, 584.35 trillion tokens still remain in circulation. Further, it’s worth mentioning that the wallet address “0xc439514852e132c” single-handedly burnt 92.64 million tokens, aiding the surge.
The impact of the constant Shiba Inu burns has kept investors hopeful about a price rally ahead. On the other hand, the coin’s layer 2 blockchain, Shibarium, is making monumental strides.
Shibarium Transaction Volume Hits 1B
SHIB’s marketing lead Lucie further revealed on X that the transaction volume on the Layer 2 blockchain has crossed the 1 billion mark. This chronicle has added to the optimistic buzz orbiting the crypto as it underscores its network’s rising popularity.
Soon after its launch in August 2023, the L2 network gained significant traction with its vast offerings. Ranging from seamless transactions and gaming opportunities to utilities with tokens such as TREAT, LEASH, and BONE, the L2 network offers users top-notch services in the Web3 space. The rising transactions add to bullish market sentiments, accompanying the Shiba Inu burn rate upswing.
Is SHIB Price Gearing Up For A Rally?
Despite the bullish advancements, SHIB price traded down nearly 4% today, resting at $0.00001224. The meme coin hit a low and a peak of $0.00001214 and $0.00001312 in the past 24 hours. Besides, the weekly chart also indicated a 20% crash in value. This bearish action has kept investors cautious over future aspects despite the Shiba Inu burn surge and Shibarium advancement.
Simultaneously, a renowned crypto market trader going by the name Nebraskangooner revealed that SHIB continues to reject resistance just like other altcoins. Crypto market participants continue to thoroughly monitor the token, given that some market stats indicate a bullish stance whilst the price wanes.
Also, CoinGape reported that the coin’s lead developer, Shytoshi Kusama, shared a cryptic location update recently. The abovementioned chronicles are some of the most buzz-worthy Shiba Inu news lately.
Coingape Staff
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.
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.
Pi Network seems to be losing ground as Pi Coin price continues to face strong selling pressure, dropping another 4% and slipping under $0.70. Furthermore, the PI trading activity in the ecosystem is also dropping, showing that the investors’ euphoria is fading away quickly. Also, the PI token unlocks happening over the past week and so have led to a negative sentiment.
Pi Network Faces Backlash Despite PiFest Announcement
Earlier today, the Pi Core team announced that the inaugural PiFest on the Open Network saw record participation, with over 125,000 registered sellers—including more than 58,000 active sellers—and 1.8 million Pioneers utilizing Map of Pi, while highlighting Pi’s real-world utility worldwide.
However, the community doesn’t seem to be pleased by this. Commenting on the reality of the PiFest, Dr. Altcoin noted: “Since the PiFest started, Pi trading activity in the Eco-system has been at its lowest. The only trade was selling Pi for Cash”. While slamming the core team further, Dr. Altcoin stated that the Pi co-founders “seem out of touch with the realities of the everyday Pi Community”.
Other community members have slammed Pi Core Team’s communication approach, stating that it has remained unchanged since the enclosed mainnet phase. Critics like Dao world argue that the monthly updates are too predictable and insufficient for sustaining a large and engaged community.
Community members are now advocating for a more transparent communication strategy, with calls for a new leadership figure who has a deep understanding of cryptocurrency.
Pi Network Reduces Base Mining Rate by 1.18% This Month
The Pi Network’s base mining rate has dropped by 1.18% this month, now standing at 0.0029030 π per hour. This adjustment continues the network’s trend of gradual mining rate reductions. Some community members speculate that the declining interest in mining may be linked to Pi’s current low trading value on exchanges.
Despite talks of the Pi Network listing on top crypto exchanges like Binance and Coinbase, it hasn’t fructified so far. However, the BTCC exchange stated that it has added the cryptocurrency for spot trading, but it failed to add any upward momentum to the Pi coin price.
Where’s Pi Coin Price Heading Next?
Over the past seven days, the Pi coin price has tanked by 20%, with the next crucial support levels at $0.60. Furthermore, the correction under $0.70 comes with heavy selling pressure as daily trading volumes tanked 52% to $148 million.
Pi Network is currently forming a classic falling wedge pattern, testing the lower boundary near $0.687. A confirmed breakout with volume above the $0.71–$0.72 range could signal a bullish move, potentially pushing the price toward $0.75–$0.78, where key resistance levels lie.
Some market analysts still have the hope that PI cryptocurrency could reverse the trajectory to hitting highs of $3 and above.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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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