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SunPump Transaction Costs to Drop Following New Initiative

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SunPump and OKX Wallet collaborated to expand the trading of Tron blockchain’s meme coins. The initiative adds to the list of Justin Sun’s commitments to increase adoption.

The advent of SunPump initiated competition with Solana’s Pump.fun, positioning the two launchpads at the center of the colloquial ‘meme coin wars’.

SunPump Partners With OKX Wallet

SunPump meme coins consumers will realize energy subsidies on OKX Wallet, meaning reduced on-chain transfer charges. The collaboration will enhance adoption for both parties.

“OKX Wallet has launched the energy subsidies for meme coin trading on the TRON ecosystem, reducing on-chain transaction costs for TRON users. You can now easily trade memes on SunPump through OKX Wallet,” read the announcement.

It adds to the list of ticked checkboxes on Tron founder Justin Sun’s recent commitments to scale the network without affecting profitability. Mentionable strides include reducing TRON fees, implementing a 100% buyback and burn process, and energy cap enhancements. With these, Tron’s meme coins and the entirety of its ecosystem may become even more alluring.

Notwithstanding, Justin Sun says more network transaction fees are coming, citing a proposal from TRON community Super Representatives. This indicates continuous efforts to increase network activity.

Read more: What Is TRON (TRX) and How Does It Work?

Despite these efforts, there are concerns about the network losing steam. BeInCrypto reported Solana’s Pump.fun outpacing SunPump in token deployment and revenue. Data on Dune Analytics shows Solana’s token launchpad is unrelenting despite SunPump’s recent buzz.

In the last 24 hours, only 1,027 tokens were deployed on SunPump against Pump.fun’s 7,168 deployments.

On revenue metrics, Pump.fun has generated almost nine times as much revenue as SunPump in the same period. Similarly, Solana’s meme coin generator has achieved ten times more revenue than its Tron blockchain counterpart between Thursday and Friday.

SunPump vs. Pump.fun
SunPump vs. Pump.fun. Source: Dune Analytics

 John Brown, a user on X, slams SunPump for making the Tron blockchain more expensive compared to Ethereum Layer 1 (L1).

TRON became popular for low-cost stablecoin transfers. Now, with sunpump, TRON is more expensive to use than Ethereum L1. A strategic blunder for a flash in the pan, Brown wrote.

Meanwhile, the reduced hype can also be ascribed to fears concerning Justin Sun after several transparency and operational problems. Among them, he covertly bought TUSD stablecoin and the concentration of staked USDT in Huobi Global’s reserves after the launch of the stUSDT yield investments in 2023.

Based on these concerns, BitGo’s recent Wrapped Bitcoin (WBTC) custody plan drew scrutiny because of Sun’s involvement. Users were concerned about Sun having a significant influence over WBTC. Knowledgeable about the FUD (fear, uncertainty, and doubt) that crypto markets cling to, Justin Sun announced the launch of a detailed protocol revenue dashboard to track the protocol’s performance.

“Tronscan has launched a more detailed protocol revenue dashboard to help the community better understand our protocol’s performance. You can see that over the past 365 days, the Tron protocol has generated $1.57 billion in revenue, marking a 115% year-on-year increase. In the last 30 days, revenue reached $226 million, representing a 48% increase compared to the previous month,” Justin Sun shared.

Based on the tracker, he anticipates a $2 billion revenue score, or higher, this year as Tron strives to become the highest revenue-generating blockchain globally.  

Despite the record of accomplishments, Tron’s TRX token’s performance does not reflect the optimism. BeInCrypto data shows TRX is trading for $0.149 at the time of writing, down 0.7% since Friday’s session’s opening.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Bitcoin Cash (BCH) Price Up, Leads Daily Gains

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Bitcoin Cash (BCH) price has risen more than 10% in the last 24 hours, surpassing the $10 billion market cap and signaling renewed bullish momentum. The recent surge has brought BCH closer to key resistance levels, indicating the potential for further gains if the uptrend strengthens.

However, indicators like the RSI and ADX show that while the trend is improving, it is not yet fully strong. Whether BCH can sustain its upward momentum or face a pullback will depend on how it navigates critical resistance and support levels in the coming days.

BCH Current Uptrend Is Getting Stronger

BCH currently has an ADX of 19.31, up from 12 just a day ago. This increase indicates that the strength of the trend is gradually gaining momentum after being weak.

However, since the ADX is still below 25, it suggests that the uptrend has not yet reached a strong or sustained level of trend strength.

BCH ADX.
BCH ADX. Source: TradingView

The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or uncertain trend. While Bitcoin Cash is currently in an uptrend, the ADX at 19.31 suggests that the trend is still in its early stages of strengthening.

If the ADX continues to rise above 25, it could confirm a stronger uptrend, but for now, Bitcoin Cash price movement remains cautious, with room for further development.

Bitcoin Cash Is Not In The Overbought Zone Anymore

Bitcoin Cash has an RSI of 64.5, down from over 70 just a day ago. This decline suggests that while the asset is still experiencing bullish momentum, the intensity of buying pressure has started to decrease.

The drop below 70 takes BCH out of the overbought zone, indicating a more balanced market sentiment.

BCH RSI.
BCH RSI. Source: TradingView

The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 64.5, BCH remains in bullish territory, which supports the ongoing uptrend.

However, the slight decline in RSI could mean the pace of gains is moderating, potentially leading to BCH price consolidation before any further upward movement.

BCH Price Prediction: Will a New Surge Occur Soon?

If BCH maintains its current uptrend and gains additional momentum, it could continue its rise after climbing more than 10% in the last 24 hours.

BCH Price Analysis.
BCH Price Analysis. Source: TradingView

This strength could push BCH price to test the resistance at $536.9. Breaking this level would signal a continuation of bullish momentum and could attract further buying interest.

On the other hand, if the uptrend fades away and reverses, BCH price could retrace to test the nearest support levels at $424 and $403. If these supports fail to hold, the price could fall further to $364, representing a potential 27% correction.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Custodia Bank to Retrench Staff Again Amid Regulatory Heat

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Wyoming-based crypto bank Custodia is reportedly deliberating more layoffs as it braces for ongoing regulatory scrutiny under the Biden administration. The decision comes as the crypto sector faces unprecedented challenges, including de-bankings and increasing pressure from US regulatory agencies.

Meanwhile, cryptocurrency market participants remain hopeful of a better regulatory environment amid expectations of policy shifts with the incoming Donald Trump administration.

Custodia Banks Plans More Layoffs Amid Regulatory Pressure

Custodia Bank might enact more layoffs after retrenching 25% of its staff in August. This comes as the digital asset-focused bank continues to devote resources to its ongoing lawsuit with the Federal Reserve (Fed), which denied the lender a master account last year.

“Fox Business has learned that Wyoming-based crypto bank Custodia Bank will implement further layoffs in order to preserve capital,” Fox Business correspondent Eleanor Terrett reported.

The bank did not immediately respond to BeInCrypto’s request for comment on the supposed layoffs. Early in 2023, Custodia Bank was denied a master account, which would give it access to the Fed’s liquidity facilities. The lawsuit challenges this denial.

Custodia Bank has been trying to conserve capital as it continues its legal battle against the Fed. During its last layoffs three months ago, the company’s founder and CEO Caitlin Long attributed the retrenchments to “right-sizing.” She said it was necessary to maintain operations while preserving capital during the lawsuit against the Fed.

Long also indicated that the efforts could continue “until after Operation Choke Point 2.0 ends,” referring to the alleged ongoing crackdown on digital assets under the Biden administration. Operation Choke Point was the name of an Obama-era effort that “choked off” high-risk industries such as payday lending, gambling, and firearms from banking access.

“I’m incredibly proud of the Custodia team, the services we’re building for our customers and our resilience in the face of repeated de-bankings due to no fault of our own. I especially thank Custodia’s customers and shareholders who have helped us continue the fight for the durability of banking access for the law-abiding US crypto industry,” Terrett added, citing Long.

Noteworthy, oral arguments in the lawsuit will take place on January 21. This will be the day after Donald Trump’s inauguration, following his recent win.

Regulatory Pressures Intensify But There’s Hope for Change Under Trump

Custodia is not alone in struggling against regulatory pressure. The crypto industry at large has recently faced mounting regulatory challenges. High-profile companies like Consensys have also recently announced significant layoffs.

As BeInCrypto reported in late October, the blockchain software firm behind Ethereum infrastructure tools like MetaMask revealed it was cutting 20% of its workforce. Its CEO, Joe Lubin, cited mounting pressure from the US SEC (Securities and Exchange Commission), among other uncertainties in the regulatory space.

“The broader macroeconomic conditions over the past year and ongoing regulatory uncertainty have created broad challenges for our industry, especially for US-based companies,” Lubin shared.

Meanwhile, the Biden administration has been accused of taking an increasingly aggressive stance toward the crypto industry. Among the accusations include enforcing stringent banking restrictions and debankings. Nevertheless, Trump’s recent win and upcoming inauguration reignited hope within the crypto sector for a more supportive regulatory environment.

The hope hinges on the delivery of Trump’s crypto blueprint. Experts believe Trump’s pro-business stance could revive the industry by easing regulatory pressures on crypto.

Brian Armstrong, CEO of Coinbase, has also expressed optimism about a potential shift in regulatory attitudes. Armstrong recently urged the next SEC chair to drop “frivolous cases” against crypto firms and issue a public apology. He slammed the current SEC composition for what he views as overly aggressive enforcement, calling out Gary Gensler.

“The next SEC chair should withdraw all frivolous cases and issue an apology to the American people. It would not undo the damage done to the country, but it would start the process of restoring trust in the SEC as an institution,” Armstrong posted.

Still, Custodia’s ongoing lawsuit is a symbol of the crypto industry’s fight for legitimacy and fair treatment within the financial sector. While the industry’s outlook remains uncertain in the short term, there is cautious optimism that the incoming Trump administration could bring relief to embattled crypto firms.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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As BNB Remains Above $600, Can the Price Climb Higher?

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Binance Coin (BNB) has stayed above $600 since November 8 but has struggled to retest $700 or near its all-time high.

This stagnation has left many BNB holders disappointed, raising the question: can BNB reach a new peak?

Binance Coin Experiences Low Volatility, Falling Interest

While BNB trades around $612, the volatility around it appears to be the reason why it has remained above $600 but has yet to make another substantial price increase.

When an asset is described as volatile, it means its price experiences significant fluctuations within a short timeframe. High volatility signals greater risk due to unpredictable price swings, but it also offers the potential for higher rewards.

Therefore, if buying pressure increases during high volatility, the asset’s price might increase significantly. If this volatility comes during high selling pressure, the price might tumble significantly.

According to Santiment, BNB’s one-day volatility has declined from its recent peak, suggesting reduced price fluctuations. This drop in volatility could make it difficult for BNB to achieve a notable breakout above the $600 mark, as the market may lack the momentum needed for a significant move.

BNB low volatility
Binance Coin Volatility. Source: Santiment

In addition, Open Interest (OI), a metric that tracks the level of speculative activity around a cryptocurrency, has declined. High OI usually signals increased capital inflows into contracts, often indicating strong buying pressure capable of driving prices upward. 

Conversely, a drop in OI reflects reduced liquidity in the market, often associated with selling pressure and a potential price decline. For BNB, the OI has remained relatively stagnant since November 19, indicating that traders are hesitant to inject additional liquidity or take on new contracts. 

Further, the OI is notably lower at $532.08 million than on November 14. This lack of speculative activity indicates reduced market momentum, reinforcing the likelihood that BNB’s price will struggle to break above the $600 threshold.

BNB open interest drops
Binance Coin Open Interest. Source: Santiment

BNB Price Prediction: Drop to $551 Likely

Similar to Open Interest, BNB’s price has followed a consistent trend since July, repeatedly facing resistance around $612. This indicates persistent efforts by bears to prevent the cryptocurrency from challenging its $724 all-time high.

Currently, with BNB trading near the same resistance level, a decline is possible. Historical patterns suggest that if the coin fails to break through, it could retrace to $551, as it did previously.

Similar to Open Interest, BNB’s price has followed a consistent trend since July, repeatedly facing resistance around $612. This indicates persistent efforts by bears to prevent the cryptocurrency from challenging its $724 all-time high.

BNB price analysis
Binance Coin Daily Analysis. Source: TradingView

However, a surge in volatility paired with strong buying pressure could challenge this outlook. In such a scenario, BNB might not stop at holding above $600 but also climb toward $660—or even retest the $724 high.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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