Market

Hamster Kombat TGE & Airdrop, and More

Published

7 months ago

August 31, 2024

Coin2049 Newsletter

The crypto market was abuzz this week with a series of big events. Among them were Telegram’s CEO facing legal challenges in France, the TON blockchain experiencing technical disruptions, and the scheduling of the long-awaited Hamster Kombat Token Generation Event (TGE) taking place.

These developments have drawn the attention of crypto investors and traders.

Concerns Over Bitcoin’s Centralization Amid Mining Power Consolidation

The crypto community is increasingly worried about Bitcoin’s centralization, fearing it might undermine the principles that made it revolutionary. Data from BTC.com reveals that two mining pools, Foundry USA and AntPool, now control approximately 57% of Bitcoin’s total network hashrate. This concentration of power is alarming, as it could lead to potential censorship and a shift away from Bitcoin’s decentralized ethos.

Foundry USA, owned by Digital Currency Group, aligns with US interests, while AntPool, operated by China’s Bitmain Technologies, represents Chinese influence. This geopolitical divide has sparked debates on the future of Bitcoin, especially as the rivalry between these mining giants intensifies.

Bitcoin mining pools allow individual miners to combine their computational power, increasing their chances of successfully mining a block. However, the growing dominance of a few large pools raises concerns about the centralization of mining power and its implications for Bitcoin’s decentralization.

Tokenized Real-World Assets Market Surpasses $10 Billion

The tokenized real-world assets (RWAs) market has reached a significant milestone, surpassing $10.9 billion. This growth, driven by strong demand for private loans and US Treasury debt, represents a $2 billion increase since the beginning of the year.

The tokenized US Treasury market has experienced substantial growth. Its total value expanded from $726.23 million to $2.07 billion in 2024.

Tokenized Treasury Total Market Capitalization. Source: rwa.xyz

Tokenized RWAs offer advantages such as greater liquidity, easier asset transfers, and enhanced regulatory compliance through smart contracts. However, the sector faces challenges that include establishing the legitimacy of tokens, ensuring their legal acceptance in courts, and securing smart contracts. Addressing these challenges is essential for tokenized RWAs to achieve widespread adoption.

Viral Telegram Game Hamster Kombat’s TGE Set for September 26

Hamster Kombat, a tap-to-earn game on Telegram, has announced that its Token Generation Event (TGE) and airdrop will occur on September 26. Touted as one of the largest in crypto history, this airdrop will allocate 60% of its volume to players, with the remainder used to enhance market liquidity and develop the game’s ecosystem.

The airdrop was initially scheduled for July but was postponed due to operational challenges. The Hamster Kombat team has since worked closely with the TON ecosystem to ensure a smooth event.

Major exchanges such as Bitget, Bybit, Gate.io, and KuCoin have already listed the HMSTR token for pre-market trading, sparking significant interest before the TGE.

Furthermore, the development team plans to launch Season 2 of Hamster Kombat. In this phase, they aim to introduce new features to keep players engaged and attract new users.

“This begins the transformation of Hamster Kombat from a game into a gaming platform, similar to how Valve moved on from launching cult-status games to Steam, the largest game marketplace for PCs,” the team shared with BeInCrypto in an email.

Toncoin Experienced Slight Surge Post-Pavel Durov’s Release

Telegram CEO Pavel Durov was released from custody on August 28 following a four-day detention in France. Durov is under judicial supervision, required to post a €5 million (approximately $5.50 million) bond, and barred from leaving the country.

BeInCrypto reported that French authorities arrested Durov on August 24 at Le Bourget airport near Paris on multiple charges. These charges included facilitating drug trafficking, organized fraud, and distributing pornographic content involving minors. They also cited his refusal to cooperate with law enforcement, withholding critical information necessary for legal investigations.

Following his release, Toncoin, the native token of The Open Network (TON) blockchain, which is closely associated with Telegram, saw a significant price surge. The token’s value jumped 8.3% within just 20 minutes.

TON Blockchain Faces Technical Challenges Amid Network Outages

TON blockchain faced significant technical challenges this week, leading to multiple outages. On August 27, the network stopped producing blocks for approximately seven hours, resuming normal operations the next day. However, another disruption occurred, causing further delays.

These outages were attributed to an overwhelming influx of transactions related to the newly launched DOGS meme coin. The TON Blockchain team has assured users that their assets are not at risk and is working on solutions to prevent future disruptions.

According to Tonscan data, TON blockchain has resumed normal operations at the time of writing. Despite the resolution, the outages have raised concerns about the network’s ability to handle surges in activity.

DOGS Meme Coin Faces Market Volatility Post-TGE

The DOGS meme coin debuted on Telegram and experienced a dramatic 25% drop shortly after listing on major exchanges. This sharp decline has sparked mixed reactions among airdrop recipients, with some celebrating their free tokens while others express disappointment over the listing price.

Despite this volatility, DOGS maintains a market capitalization of over $614 million, securing its place among the top 100 crypto assets. The meme coin currently operates on the TON blockchain. It offers utility within the Telegram ecosystem, rewarding long-standing and active users based on their account age and activity.

Looking ahead, the DOGS team plans to introduce additional features, including mintable meme stickers and customizable content, which could help stabilize the coin’s value and expand its utility within the Telegram ecosystem.

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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Related Topics:Airdrop Hamster Kombat TGE

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Market

BNB Price Faces More Downside—Can Bulls Step In?

Published

2 hours ago

April 2, 2025

Coin2049 Newsletter

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Market

VanEck Sets Stage for BNB ETF with Official Trust Filing

Published

3 hours ago

April 2, 2025

Coin2049 Newsletter

Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF).

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto.

BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF.

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months.

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

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Market

XRP Recovery Stalls—Are Bears Still In Control?

Published

4 hours ago

April 2, 2025

Coin2049 Newsletter

XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.

XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might extend losses if it fails to clear the $2.20 resistance zone.

XRP Price Faces Rejection

XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.

The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.

On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.

Another Decline?

If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.

If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.10 and $2.050.

Major Resistance Levels – $2.120 and $2.20.

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