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Will It Boost SUI Price?

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4 hours ago

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In a strategic alliance, Sui, a Layer-1 blockchain network, partnered with Libre Capital, a financial instrument tokenization leader. The collaboration focuses on allowing the community to invest in a diverse array of top-performing on-chain funds, including hedge funds, private credit funds, and money market funds.

Despite the crucial development within the ecosystem, the SUI price is entangled in a bearish trend. However, anticipation is building that the SUI token is gearing up for a significant uptrend following the launch of Libre Gateway.

Sui Partners Libre Capital for Tokenized Funds

According to an official announcement, Sui announced the launch of Libre Gateway on the blockchain ecosystem. With the alliance, Sui intends to provide accredited investors access to a diverse range of on-chain investment funds, including the market-neutral Laser Carry Fund (LCF) from Nomura’s Laser Digital.

In addition, users can also utilize investment opportunities and other notable funds from leading asset managers, encompassing hedge funds, private credit, and money markets. Sui Foundation’s Managing Director, Christian Thompson, stated,

Leveraging Sui’s Move-based infrastructure to provide institutional and accredited investors with secure and scalable access to real-world assets is a powerful use case for the technology. Collaborating with Libre is another critical stepping stone for Sui to bridge the gap between traditional finance and crypto.

Libre Gateway Launch Unlocks New Investment Opportunities

Importantly, the Libre Gateway launch on Sui introduces the tokenized Laser Carry Fund (LCF), a market-neutral strategy from Laser Digital. The LCF is set to offer high-yield returns by leveraging funding rates and yield opportunities in the crypto space. Laser Digital’s heritage brings capital markets and risk management expertise to the LCF.

In addition, the Libre Gateway on Sui allows institutional and accredited investors looking to diversify their digital asset portfolios to broaden investment opportunities. Libre CEO Dr. Avtar Sehra stated,

The launch of the Libre Gateway on Sui is a huge step forward to enable access to wealth and treasury management tools for users on Sui, and for Libre to take advantage of Move-based infrastructure to enable value added services like collateralised lending for onchain users.

Sui Price Targets $5.5: A Closer Look

As of press time, the SUI price is at $3.31, marking a daily dip of 4.99%. Over the past week and month, the token has experienced huge declines of 22.9% and 33.9%, respectively.

Despite the prevailing bearish trend, the SUI price is set for a bullish ascendance. According to analyst Crypto Tony, the token is targeting $5.5 in the near time.

Sui Collaborates With Libre Capital for On-chain Fund Options: Will It Boost SUI Price?Sui Collaborates With Libre Capital for On-chain Fund Options: Will It Boost SUI Price?

In addition, another prominent figure, TraderPA, has also projected a bullish target for the altcoin. The crypto trader forecasted the token’s potential rally to $5.5. However, it remains unclear if the cryptocurrency will rebound, breaking the barricades of the negative zone.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

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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Tornado Cash Developer Alexey Pertsev Set To Be Released; TORN Price Skyrockets

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38 minutes ago

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February 6, 2025

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Tornado Cash developer Alexey Pertsev is expected to be released from prison on February 7, 2025. Pertsev will be released free this Friday with the condition of electronic monitoring. Coinciding with his potential release, the TORN price has witnessed a remarkable rebound, surging by more than 15%.

While Pertsev considers it an opportunity to fight for justice in the money laundering case related to Tornado Cash, the community celebrates his return.

Tornado Cash Developer To Be Released on Friday

In a recent X post, Tornado Cash developer Alexey Pertsev, who has been imprisoned since May 2024, revealed his potential release. According to his revelation, Pertsev will be released from pretrial detention on February 7, 2025, and will be placed under electronic monitoring.

Though Alexey Pertsev considers it a partial freedom, he deems it better than the prison sentence. He stated,

Today, a Dutch court suspended my pretrial detention under the condition of electronic monitoring. This will give me a chance to work on my appeal and fight for justice. Thank you to everyone who supported me and who made this possible!

This development comes after Tornado Cash co-founder Roman Storm recently addressed the charges against him, expressing concerns about the case’s wider  implications on software developers and technology industry.

Ethereum Founder Supports Alexey Pertsev

In response to the Tornado Cash developer’s message, Ethereum founder Vitalik Buterin shared a post, citing “Milady.” Buterin has been sharing Milady avatar over the last few weeks, highlighting the community’s supportive nature.

Buterin’s response to Alexey Pertsev could imply his support for the developer and the Tornado Cash ecosystem. This implication is reinforced by Buterin’s past backing of Pertsev and his commitment to advocating for his release.

Protocol Developer’s Five-Year Prison Sentence

Previously, in 2022, the Tornado Cash developer was detained for charges of money laundering related to the crypto tumbler. Later, the Dutch court found him guilty of failing to prevent illicit use of the Tornado Cash mixer. In May 2024, Pertsev was handed a five-year prison term in the Netherlands.

Following a US federal appeals court ruling in November that sanctions on Tornado Cash were unlawful, Pertsev launched an appeal against his conviction. Although his initial appeal was unsuccessful, Pertsev continued to appeal for his freedom. With his release, he will continue to fight for justice.

Tornado Cash Developer’s Release Fuels TORN Surge

Triggered by the imminent release of Alexey Pertsev, TORN, the native governance token of Tornado Cash has seen impressive upticks. Currently trading at $12.97, the TORN price has gained a notable 15.5% in a single day.

Despite a weekly dip of 6.9%, the token has seen a staggering hike of 43.5% over the past month. While the court recently overturned the US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctions against the platform, the token jumped by more than 130%. Fueled by Pertsev’s release, analysts and experts believe the token’s steady climb signals its potential increase to around $15.

Interestingly, the community is celebrating Pertsev’s release which is evident from the TORN token’s increasing activity. Over the past 24 hours, the token has exhibited a 189% increase in its trading volume, currently at $619.81K.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

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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VanEck Predicts Solana to Hit $520 by End of Year 2025

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2 hours ago

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February 6, 2025

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Asset management firm VanEck has predicted that Solana (SOL) is on track to hit a $520 price target by the end of this year. The asset manager said its projection for Solana’s price hinges on its potential year-end market share within the Smart Contract Platform (SCP) world. It estimated the projected price based on the M2 Money Supply.

The VanEck Bull Case for Solana

Matthew Sigel, Head of Digital Assets Research, and Patrick Bush, Crypto Research Analyst, said on X that the M2 Money supply is poised to impact the Solana price growth. The researchers projected their forecast is based on the growth of M2 money supply and its strong correlation with crypto market capitalization.

The VanEck executives projected that the M2 will be $22.3 trillion by the end of 2025. This target is based on its annualized growth rate of 3.2% since it hit a trough in October 2023. Using regression analysis, the VanEck researchers estimated that the SCP market cap will grow by 43% to $1.1 trillion by the end of 2025.

Solana holds 15% of the smart contract platform valuation, a value VanEck said will jump to 22% by year-end.

“This projection is supported by Solana’s developer dominance, increasing market share in DEX volumes, revenues, and active users. Using an autoregressive (AR) forecast model, we estimate Solana’s market cap will reach ~$250B, implying a SOL price of $520 based on ~486M floating tokens,” the researchers wrote.

Solana Growth Catalysts

Expanding on the VanEck projection, Solana is a protocol with a functional and growing ecosystem. Known for its memecoin revolution, platforms like Pump Fun have helped refocus it on growth.

Today, Solana boasts of top memecoins like TRUMP and MELANIA that hit high valuations in days, attracting new mainstream users. Amid the adoption, the ecosystem recorded an $840 million ecosystem app revenue, which jumped by 213% in Q4 2024. 

According to Messari’s report, this growth refers to the memecoin revolution. In addition, the Decentralized Finance (DeFi) on Solana is very robust. Data from DeFiLlama pegs the DeFi Total Value Locked (TVL) at $19,54 billion.

The combination of the SOL adoption sources has placed the coin in the spotlight for more price rallies.

SOL ETF and Current Price Outlook

Considering the pro-crypto administration in the US, there is also a high chance that a SOL ETF will gain approval this year. 

Notably, VanEck is in the race to get approval for these products as well. Cboe BZX just refiled the 19b-4 application for the firm’s Solana ETF and those of Canary Capital, Bitwise, and 21Shares. This product, if approved may draw in more institutional funds into the Solana ecosystem.

At the time of writing, Solana’s price is facing a drawdown, triggered by the drop in BTC market valuation below the $98,000 mark. SOL is changing hands at $190.04, down by 4.6% in the past 24 hours. The coin traded from a low of $189.30 to a high of $203.88 before settling at its current level.

For the VanEck prediction to pass, SOL has to grow by at least 170% from its current price, a feat proponents believe is feasible.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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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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Top Reasons for Jupiter Price Crash 8% Today

Published

7 hours ago

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February 6, 2025

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JUP, the native cryptocurrency of Solana-based decentralized exchange (DEX) Jupiter, came crashing down by 8% today amid the breach of its official X account, which was shilling meme coins. The Jupiter price is down 8% today, currently trading at $0.88, with daily trading volumes crashing by 49%.

Jupiter Price Crashes Amid DEX Security Breach

The Jupiter price is down 8% amid strong selling pressure As the official X account of Jupiter decentralized exchange was compromised earlier today, shilling some meme coins on the platform. The development caused instant panic, triggering strong sell-offs for JUP.

Following the development, JUP failed to hold above $1.0 and has come crashing down all the way to $0.88 as the daily trading volume tanked 49% to under $175 million. As per the Coinglass data, the JUP futures open interest has also dropped 7.66% to $150.79 million. On the other hand, the 24-hour liquidations have soared to $1.1 million of which $1.05 million is in long liquidations.

Hackes Promoted Meme Coins MEOW

Deleted posts from Jupiter’s main account allegedly promoted a scam meme coin with the ticker MEOW. Reports suggest the token briefly hit a $30 million market cap within seconds before the posts were removed and the coin experienced a rug pull.

Data from GeckoTerminal shows the MEOW token, just four hours old, surged to a market cap of over $8 million before collapsing by more than 98%, ultimately plunging to $88,000. The Jupiter DEX has been in the news recently following its latest acquisition of crypto trading platform Moonshot.

DEX Recovers Within a Few Hours

Following the breach of their X account, the Solana-based decentralized exchange (DEX) Jupiter informed that they have regained control of their accounts. Commenting through their official X handle, the DEX stated:

“No customer or treasury funds were ever in danger. All programs and funds are in held in secure multisigs. No other comms channels were affected. Jupiter is fully secured. This issue was isolated to twitter alone”.

The exchange said that they are still figuring out what led to the security lapse. Although they had initiated several security measures, the hacker managed to find his way out.

JUP Price Action – Buy The Dip?

Crypto trader Gery Cat noted that this could be the right time to buy the Jupiter price dips. The analyst added that Jupiter (JUP) is gaining attention as its price action interacts with a critical Daily Fractal Point (FP), forming a Daily Rebound (RB) zone. He suggested that this zone could serve as a potential area of interest for traders considering long positions.

He further highlighted that the ideal bullish scenario would involve Jupiter price testing its 4-hour Fractal Point within the support area. A confirmation of buyer strength through significant volume at these levels would further solidify the case for upward momentum.

Source: GeryCat

However, considering the recent crypto market volatility, investors should be cautious ahead of building new positions.

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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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