Market
Animoca’s Yat Siu Talks Blockchain Gaming and Digital Identity
Yat Siu, co-founder and executive chairman of Animoca Brands shared his unique perspective on the evolving landscape of Web3, drawing from his extensive experience in tech innovation and his multicultural background.
In a recent interview with BeInCrypto, Siu discussed Animoca’s Mocaverse, highlighted the stark contrast between Eastern and Western attitudes, and offered valuable advice for aspiring artists in the age of AI.
Why do you think the MOCA price rose significantly, compared to other gamefi tokens?
There is a whole series of tokens that haven’t done that well. But some have done well like Bitcoin, Ethereum, Solana, and TON, plus in our case, I would argue MOCA, too.
The key difference is the institutional support. Projects with institutional backing tend to perform more stable. Starting with the Bitcoin ETFs, I think we’re entering an institutional era of crypto, meaning that, to stand out, you now need institutional support.
How does the institutional support help the growth of projects?
The traditional stock market is by-majority institutional, but the token market is by-majority retail. In an institutional market, you diligently research to know what the project is about because you have large purchasing power and long-term planning.
Retails have a lot more short-term behavior naturally. For instance, Pump.fun launched two million tokens in the last 6 months. It is amazing as a business model, but also concerning. Among the new tokens, many of them are very small, and may also be very speculative.
An institution will not invest in Pump.fun. They have discipline. In this age, projects that have institutional support and capability become much more relevant.
As an advisor to the Hong Kong Government’s Web3 Task Force, how do you interpret the recent atmosphere of the industry in China and Hong Kong?
Although President Xi Jinping put blockchain technology into his agenda, you can’t just assume by China saying “we’re supportive of blockchain”, that they will allow Bitcoin to be traded in China. You can’t even trade the US dollar in China, and what makes you think it should be okay to do crypto?
But there is a role for Hong Kong, which has been a financial clearing house for international capital in and out of the mainland. It makes sense that Hong Kong is becoming pro-Web3 and pro-Crypto because it is the sandbox for China.
If something happens, it can happen in Hong Kong and won’t affect China. Moreover, Chinese capital might flow out to other places, but it would rather be in Hong Kong, a free market under China’s influence than move to the US ally’s soil like Singapore.
You have a Chinese background, but you grew up in the West, in Austria. How do Web3 and GameFi differ between East and West?
Asia is more pro-capitalist and the West is split between capitalism and, especially in Europe, more socialism. In Asia, even in China, they are capitalists by nature, and it doesn’t matter if you are called the Communist Party. That is not true for Europe and many young Americans.
So if you’re a gamer in Asia, you make money with your assets and it’s okay because by nature you are comfortable with capitalism. But in Europe, people don’t necessarily agree with that. In America, the younger generation doesn’t necessarily believe in capitalism because it hasn’t worked for them.
There’s an ironically greater love of capitalism in Asia, which is why DeFi and GameFi are growing. I wouldn’t say everyone, but there’s a much louder voice of people in the West who don’t like it. If you talk to gamers in the West, they will say “I don’t want money to swallow my game”.
Between Game Boy (of Nintendo) and Game Science (of Black Myth: Wukong), which one would you choose?
I would go for the Game Boy. I’m very proud that Black Myth: Wukong can be a global hit coming out of China. It’s an interesting moment. However, Wukong would not have been possible to be popular if it wasn’t for the earlier kinds of Asian game companies and Asia-led culture booms leading the way.
In other words, the Chinese moment came thanks to Japan and Korea. Japanese anime paved the way for K-pop and K-drama, and K-culture did the same for China. Even if Wukong might become bigger, Gameboy should be respected.
You studied music in college in Vienna. As an artist, what advice do you have for aspiring artists in the age of AI?
Regardless of what you do, especially for those who want to do creative things, it is important to own your property. The most successful musicians like Michael Jackson had a growing asset base because they owned their intellectual properties.
On top of that, you need to understand money and business which we don’t teach in school. You can’t have independence if you outsource the value of the system.
If you have an idea, if you create music, if you’re a performer, the important thing is to make sure you own enough of your property to have the long tail benefit for your work. Maybe it would make no difference if you’re not very successful, but if you have something successful, you know what I mean.
How can blockchain benefit content creators?
The biggest theft in Web2 was those like YouTube, Instagram, and Tiktok. In the early days of YouTube, mukbangs, live-streamed videos where viewers watch the host eat, were very popular, but even when the creators became famous, the content was not theirs and they lost the IPs to YouTube.
The same is true for Instagram, and when people take a photo on Instagram, they spend a long time getting the angle. But they don’t get paid for the work or its IP. Even when you make a video that goes viral on TikTok, you get nothing.
In Web3 with blockchain, you own the property. If you mint it as an NFT, you have the history and the record. You will be able to defend theft from the blockchain. You can’t stop it, but you can trace and claim its ownership. That’s the point.
What major factors of the industry have drawn your and Animoca’s attention recently?
The crypto industry has grown over the last 12 months. We’ve had a lot more launches, a lot more projects, and a lot more people involved in the space.
In particular, we at Animoca are excited about TON and Mocaverse. The TON ecosystem brings many users into Web3 and our games like Gamee now have 90 million users. And for the Mocaverse, we think it’ll solve digital identity.
Often it is the same people who are essentially farming the tokens which is a problem. You want to make it more distributed and you want to make it not go to bots but to individuals. You need an identity solution, and that’s what Animoca’s Mocaverse is doing.
Disclaimer
In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Exploring Hottest New Coins: FINE, CHILLGUY, and CHILLFAM
New coins such as FINE, launched three days ago, have seen their market cap reach $2.5 million. CHILLGUY, driven by TikTok hype, has amassed 120,000 holders and achieved $129 million in daily trading volume.
CHILLFAM, following in CHILLGUY’s footsteps, has quickly reached a $10 million market cap with a 300% price surge, showing the potential for continued interest in these emerging tokens.
This Is Fine (FINE)
FINE, launched on Pumpfun just three days ago and now graduated into Raydium, is attempting to capitalize on the growing trend of coins paired with animated video.
As of this writing, the coin boasts over 26,000 holders and a market cap of $2.5 million. However, it has experienced a steep decline, dropping more than 50%. If FINE can stabilize after this sharp drop, it may present an attractive entry point for traders eyeing a potential recovery.
FINE’s RSI is 35, indicating that it is approaching the oversold zone. This suggests that selling pressure may be reaching an extreme, potentially setting the stage for a reversal or bounce if buying interest returns. However, the current bearish momentum highlights the need for caution before expecting a recovery.
Just a chill guy (CHILLGUY)
CHILLGUY, a Solana-based meme coin that gained popularity through TikTok, has quickly risen to prominence in less than a week. The coin’s rapid adoption is evident in its impressive metrics, boasting over 120,000 holders and amassing 112,000 transactions per day.
The coin’s daily trading volume has surpassed $129 million, showcasing substantial market activity and strong interest from traders. This level of engagement highlights CHILLGUY’s potential to sustain its momentum if the hype continues to drive liquidity and participation.
CHILLGUY’s RSI sits at 52.3, indicating a neutral zone where neither buyers nor sellers have a dominant edge. This balanced sentiment suggests the market is stabilizing after initial volatility, leaving room for the token to move in either direction depending on future market activity and demand.
Chill Family (CHILLFAM)
CHILLFAM, inspired by the success of CHILLGUY, was launched just two days ago. With nearly 58,000 holders and a daily trading volume of $55 million, the token is gaining traction among meme coins enthusiasts on Solana.
Currently boasting a $10 million market cap, CHILLFAM has surged almost 300% in 24 hours, highlighting strong early interest. If it can maintain this momentum and sustain its $10 million market cap, the coin could potentially aim for $15 million or even $20 million.
CHILLFAM’s RSI is at 43, suggesting that the token is in a slightly bearish to neutral zone. This level indicates that the recent rally may be cooling off, providing a period of consolidation. If buying interest returns, it could reignite bullish momentum and push CHILLFAM toward higher valuations.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP To Hit $40 In 3 Months But On This Condition – Analyst
XRP remains one of the crypto market’s current trailblazers rising by 23.21% in the past 24 hours. Over the last two weeks, the prominent altcoin has recorded a 154% price gain establishing itself as the sixth-largest cryptocurrency with a market cap of $89.82 billion. With this current momentum and the crypto bull season still in its early stages, analysts remain highly bullish on XRP’s potential to reach lofty price levels.
Can XRP Repeat 2017 Historical Price Movement?
In an X post on November 22, an analyst with the username CryptoBull stated that XRP could trade at $40 over the next three months if the token mirrors its first prominent price surge from 2017.
Data from CoinMarketCap shows that XRP rose $0.006 to a market peak of $0.33 in early 2017, representing a 5,400% gain. Considering its recent price rally, the altcoin may be gathering momentum to reproduce such price movement in a highly anticipated crypto bull run, especially considering recent happenings.
Most notably, popular anti-crypto Securities and Exchange Commission Chairman Gary Gensler recently announced his intentions to resign on January 20, a move largely behind the current bullish sentiment among XRP investors considering the Commission’s long-lasting regulatory battle with Ripple. In fact, Gensler’s decision to leave the SEC has been described as the “best thing” for Ripple, which holds significant weight for XRP’s future.
Gensler’s resignation coincides with the inauguration of pro-crypto incoming US President-Elect Donald Trump who has promised to introduce a more friendly approach to digital asset regulation in the US. Aside from XRP finally being free from the regulatory scrutiny of the SEC, the potential introduction of a spot ETF under Trump’s pro-crypto regime also contributes to bullish sentiments on the altcoin’s profitability.
According to CryptoBull, if XRP follows its price explosion from early 2017, the token is expected to hit a price target of $1.96 in November, $6.30 in December, and $40 in January.
Price Resistance Levels In XRP’s Dream Surge
While XRP presents much potential for a high price target, CryptoBull predicts the token to face significant resistance at the $1.96 price region. If buying pressure proves sufficient to move past this level, the analyst expects XRP to confront another resistance at $3.84 which represents the token’s current all-time high price.
Considering the current robust bullish sentiments in the market, the altcoin is likely to move past these highlighted resistance levels. However, the token’s Relative Strength Index remains far in the overbought zone (91.73) indicating significant potential for a price pullback.
At the time of writing, XRP continues to trade at $1.78 reflecting a 79.57% gain in the past week. Meanwhile, the token’s daily trading volume is up by 103.57% and valued at $20.29 billion.
Featured image from Trackinsight, chart from Tradingview
Market
Kraken Eyes Token Expansion as Trump Promises Crypto Support
Kraken, one of the leading cryptocurrency exchanges, has announced plans to list 19 new tokens, including a range of popular meme coins, and to integrate three additional blockchains.
This development has sparked optimism across the crypto industry, with many anticipating a more favorable environment for token listings under the incoming Trump administration.
Kraken Plans to List 19 Tokens and Integrate 3 Blockchains
According to its recently published tradeable asset roadmap, Kraken will add the Binance Smart Chain, dYdX, and Arweave blockchains to its platform. Each integration will include support for the native tokens of these networks.
“Kraken lists BNB,” Binance founder Changpeng Zhao stated.
In addition to these three, Kraken plans to list 16 other tokens, primarily meme coins. Some of the notable additions include FWOG, TRUMP, NEIRO, DOGS, GOAT, PNUT, MOODENG, and COW, alongside eight others. These tokens belong to blockchains already integrated into Kraken’s ecosystem.
However, the exchange clarified that listing plans are not guaranteed. Funding and trading for these tokens will only begin after an official announcement through Kraken Pro’s account on X. The company warned that Depositing tokens prematurely could result in losses.
Kraken’s planned token expansion comes at a time when the exchange is navigating legal challenges. The US Securities and Exchange Commission (SEC) has accused Kraken of operating an unregistered securities exchange and offering staking services in violation of federal laws. The exchange has been actively defending itself against these allegations.
Despite regulatory hurdles, crypto industry stakeholders are optimistic that the incoming administration will ease restrictions on token listings. Many believe President-elect Trump’s pro-crypto stance could pave the way for a more supportive regulatory environment. Expectations include a clear regulatory framework, the potential establishment of a Bitcoin reserve, and a departure from the SEC’s regulation-by-enforcement approach.
Already, major US exchanges are capitalizing on the growing market optimism to expand their token listings. Coinbase recently listed PEPE and FLOKI, leveraging the ongoing meme coin trend.
Similarly, Robinhood expanded its offerings by adding tokens that the SEC previously described as securities — XRP, Cardano, and Solana. These moves reflect a broader effort by exchanges to capture market momentum and cater to diverse investor interests.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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