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Wormhole Plans Major W Token Unlock

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4 months ago

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Wormhole, a leading cross-chain platform, has announced plans for a major token unlock event. Set for August 3, 2024, this move will see 6% of W tokens released, bringing the total unlocked community tokens to 17%.

Wormhole’s Upcoming Token Unlock Event

Wormhole plans for a significant token unlock event. According to a statement published on their X (formerly Twitter) platform, the project will unlock 6% of its W tokens on August 3, 2024. This move will bring the total unlocked community tokens to 17%.

The Wormhole Foundation has emphasized that these newly unlocked tokens will be under their management and will be exclusively utilized for future community-related projects. This decision aims to maintain control over token distribution while potentially fostering community engagement and development.

Following the unlock, the distribution of unlocked and circulating W tokens will be as follows:

  • Community and Launch: 17% of the allocated 17% will be unlocked
  • Foundation Treasury: 3.78% of the allocated 23.3% will be unlocked
  • Ecosystem and Incubation: 5% of the allocated 31% will be unlocked
  • Strategic Network Participants: 11.6% will be unlocked
  • Core Contributors: 12% will be unlocked

The tokenomics roadmap indicates that the next major unlock event is scheduled for April 3, 2025. This future event will involve tokens allocated to strategic network participants, core contributors, guardian nodes, and ecosystem development.

This announcement comes at a time when the cryptocurrency market is closely watching token unlock events, as they can potentially impact token supply and price dynamics. Investors and community members will likely be monitoring how this unlock affects the W token’s market performance and Wormhole’s ongoing development initiatives.

Also Read: European Central Bank Braces For Two More Rate Cuts, Is US Fed Next?

Market Context and Investor Concerns

This announcement comes at a time of heightened market sensitivity to token unlock events. The cryptocurrency community is closely monitoring these events due to their potential impact on token supply and price dynamics. According to the TokenUnlocks App, over $580 million worth of crypto is set to be unlocked into the market this month alone, raising concerns among investors.

Token unlocks can significantly affect market conditions by increasing circulating supply, which may lead to selling pressure and price volatility. Investors and community members will likely be watching closely to see how this unlock affects the W token’s market performance and Wormhole’s ongoing development initiatives.

The broader context of multiple altcoins facing increased supply due to token releases adds another layer of complexity to the market situation, potentially influencing investor sentiment and trading strategies in the coming weeks.

Also Read: Bank of England Cuts Interest Rate First Time in 4-Years, Bitcoin Recovery Soon?

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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.





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South Korea Exchange Upbit Faces Probe Over KYC Violations, Here’s All

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34 mins ago

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November 15, 2024

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Upbit, the leading South Korean crypto exchange, is under investigation for KYC violations during its license renewal process. The Financial Intelligence Unit (FIU) discovered over 500,000 cases of improper customer verification.

The violations have raised concerns about money laundering risks. The exchange’s ability to renew its license is now in jeopardy. Authorities are closely examining the full extent of the issue and its potential impact on the exchange future.

Major KYC Violations Found During Upbit License Renewal Process

Since the South Korea regulators, the Financial Intelligence Unit (FIU), started inspecting Upbit business license renewal applications in August, they’ve uncovered troubling violations. The KYC (Know Your Customer) process, a crucial measure to prevent money laundering, has reportedly been poorly executed.

According to a report by MK, over 500,000 accounts were flagged for failing to meet proper verification standards. These issues were primarily caused by blurred identification documents, which were submitted by users but still accepted. This raises concerns about Upbit’s commitment to maintaining regulatory standards.

The number of suspicious cases continues to grow as investigations proceed. The blurry IDs submitted by users, often with illegible names and registration numbers, were processed without proper verification. Such lapses not only undermine the integrity of the exchange’s KYC system but also leave the platform vulnerable to criminal activity. As the FIU delves deeper, the focus will be on how these violations will affect the platform’s future and its business license renewal.

The ongoing review will ultimately determine if Upbit’s license renewal is at risk, with potential fines and severe repercussions depending on the findings.

Regulatory Landscape and Future Outlook

The exchange is facing mounting pressure as its KYC violations threaten its license renewal. This scrutiny comes after Upbit faced an investigation for its dominant market position and ties to K-Bank, which further complicates its regulatory landscape. The ongoing investigation highlights the risks associated with unchecked growth in the crypto sector, leading to potential market instability.

In addition to the exchange’s ongoing issues, Radiant Capital (RDNT) is facing a trading suspension by the South Korea Digital Asset Exchange Association (DAXA). This move comes after the exchange failed to address security concerns following a recent breach.

DAXA has decided to halt RDNT trading, aiming to safeguard investors until the security issues are resolved. This action underscores the growing regulatory oversight in South Korea, where exchanges are facing heightened scrutiny to ensure compliance with financial regulations and protect users.

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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.

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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Ethereum ETF Flows Flip Negative Again As ETH Price Slips 6%, What’s Next?

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2 hours ago

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November 15, 2024

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After six consecutive days of inflows, the spot Ethereum ETF flows flipped negative again on Thursday, as the bullish sentiment driven by Trump-trade subsided. The ETH price also dropped 6% in the last 24 hours moving all the way to $3,000 losing over $22 billion in market cap.

Spot Ethereum ETF Flips Negative

After six consecutive days of inflows, the US Spot Ethereum ETF is once again seeing outflows. On November 14, Ethereum ETFs experienced a minor outflow of $3.24 million, the first since the Donald Trump victory on November 5.

Despite this, BlackRock’s Ethereum ETF (ETHA) saw a net inflow of $18.87 million in a single day. However, Grayscale’s ETHE played the spoilsport with nearly $22 million in outflows yesterday. Besides, inflows in other Ether ETFs have dried up significantly, as per the data from SoSoValue.

Courtesy: SoSoValue

Following the Donald Trump victory on November 5, the spot Ether ETFs saw strong inflows as the ETH price rallied 40% on the weekly timeframe all the way to $3,400. However, since the November top, the ETH price has corrected nearly 10% as bulls try to defend $3,000 levels.

ETH Price Action in Choppy Market

Amid the recent ETH price action, popular crypto trader Credibull Crypto has started to build a position in Ethereum (ETH) and add further if Ethereum drops to $2,800, amid the current low-time-frame (LTF) price action and crypto market drop. The decision to increase their exposure is based on Bitcoin’s recent stability, which may prevent a quick pullback to the low $80k range and allow ETH to continue upward.

The trader notes that a small range is forming, pushing into local demand, with untapped local highs above. They are eyeing potential gains toward the $3,500+ level before reassessing. However, the trader emphasizes that the invalidation point for their higher-time-frame (TF) ETH strategy is at $2,350.

Popular trading account IncomeSharks suggests that traders who missed the initial entry opportunity might find a second chance near Supertrend support just under $3,000. The trader also added that the swift shift in market sentiment, as “a few red candles” have led to widespread pessimism and negativity toward the asset. However, he believes that there’s a strong potential for a rebound moving ahead. This can again lead to resuming the inflows for spot Ethereum ETFs.

A recent Ethereum price analysis hints that analysts have been making bullish predictions for the crypto, potentially hitting $4,000, by November end. However, it will require the support of the broader market to continue this rally ahead.

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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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Dogwifhat Smart Whale Dumps Heavily Booking Profit, Has WIF Price Topped?

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4 hours ago

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November 15, 2024

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A Dogwifhat smart whale caused a stir across the broader cryptocurrency landscape on Friday, heavily dumping the dog-themed meme token. Recent on-chain statistics indicate that the smart whale traded a whopping 850K coins to book a notable profit of $7.5 million. This trade strategy garnered significant attention as WIF price crashed over 15% intraday, sparking uncertain investor sentiments over whether the token may have topped amid a bull market.

Dogwifhat Smart Whale Dumps 850K Tokens Sparking Market Speculations

According to the data offered by Lookonchain on November 15, a smart whale was recorded dumping 850,000 Dogwifhat tokens, in turn swapping it for 15,987 SOL worth $3.4 million. As per the data, the smart whale address 3cBB2Z.. made the trades. However, despite the massive dump, the whale still held 50,000 WIF, worth $175K. Notably, the whale booked a total profit of $7.5 million on the leading dog-themed meme token with the mentioned trades weighing in.

While this profit-making strategy underscored the meme coin’s potential to offer substantial gains, it also signaled a loss of investor confidence in the asset’s future potential. Besides, the massive dump sparks bearish concerns among traders amid a bull market while the existing holding still projects some optimism on price ahead, sparking market speculations.

Also, on-chain data showed that the whale also booked a notable profit on recently listed the Solana meme coin PNUT. The whale spent 3,800 SOL to bag 1.74 million PNUT, now holding an unrealized profit of $2.07 million. Solscan’s data showed that other token holdings by the same address included GIGACHAD (GIGA) and Chaos and Disorder (CHAOS), among other tokens.

Overall, market participants speculate over WIF price action’s future in light of the massive dump and an intraday crash.

What’s Next For WIF Price?

At press time, WIF price crashed 16% over the past day and is now trading at $3.54. The coin’s 24-hour low and high were $3.38 and $4.33, respectively. Further, the token’s intraday trading volume dipped 48% to $1.99 billion today. This slumping action aligns with the declining market confidence for the asset, as illustrated by the abovementioned massive dump.

Meanwhile, Coinglass data indicated that the Dogwifhat futures OI dipped 19% to $609.02 million today. Moreover, the derivatives volume also plunged 41% to $4.17 billion. This data further signaled a loss of investor interest in the asset.

Nevertheless, in light of a bullish crypto market in Q4 as an aftermath of Donald Trump’s win in the U.S. elections, the crypto market glimmers hope for future movements. In the wake of these bullish aspects, a recent Dogwifhat price analysis by CoinGape Media indicated that the token also eyes a new ATH shortly ahead. Although this bullish projection comes contrary to the selloff, market watchers continue to extensively monitor the token as sentiments of further gains prevail.

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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.

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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