EIP-7781 : Ethereum accelerates by 50% and reduces fees! 🚀
Welcome to the Daily Tribune of Tuesday, October 8, 2024 ☕️
Hello Cointribe! 🚀
Today, it is Tuesday, October 8, 2024, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24h crypto recap! ⏱
Ethereum faster thanks to EIP-7781 🚀
The EIP-7781 improvement proposal, introduced on October 5, 2024, aims to reduce Ethereum's block time from 12 to 8 seconds, thus increasing the network throughput by 50%. This would significantly improve transaction speed and reduce fees on Ethereum. Additionally, optimizing bandwidth usage should help reduce demand spikes without increasing the block or blob size (temporary structures that reduce costs for layer 2 solutions).
However, this change raises concerns for home stakers, as it could require more powerful hardware and bandwidth. Despite this, if EIP-7781 is adopted, it could represent a significant advance for decentralization and the performance of the Ethereum network.
Metaplanet strengthens its positions with 1 billion yen in Bitcoin 💰
Metaplanet, a Japanese investment company, just bought 108.78 bitcoins for a total of 1 billion yen (about 6.1 million euros). This strategic purchase strengthens the company's holdings, which now owns 639.5 bitcoins. Metaplanet has been adopting a BTC accumulation strategy since May 2024, aiming to create a "strategic reserve" while optimizing its profits through active management of purchases and sales based on market fluctuations.
The company views Bitcoin as a store of value asset, a bet on the future of finance in a context where fiat currencies are under monetary pressure. While it does not yet compete with giants like MicroStrategy, this acquisition marks the rise of Metaplanet among global BTC holders, and could inspire other Japanese companies to invest in Bitcoin.
AI tokens explode despite volatility 📊
Cryptos related to Artificial Intelligence (AI) are experiencing a spectacular increase in trading volumes, despite a notable drop in their prices. Tokens like RENDER, Bittensor (TAO), and Worldcoin (WLD) dominate the market, with transaction volumes reaching 2.2 billion, 1.82 billion, and 1.81 billion dollars respectively. RENDER, despite a 14.2% price drop, remains a key player with a market cap of 2.8 billion dollars.
Bittensor, on the other hand, recorded a price increase of 5.9%, consolidating its position with a market cap of 4.1 billion dollars. Mid-cap cryptos like FET and IO have also seen their volumes increase, although their prices have fallen. This boom in AI tokens reflects a growing interest in AI in the blockchain field, even though price volatility indicates that the market is still undergoing transition.
Chinese stocks rival USDT: a shift in direction? 📉
Although crypto has been officially banned in China since 2021, Chinese investors have not completely abandoned cryptocurrencies, continuing to use foreign platforms to circumvent restrictions. However, recently, a surge in local stocks has led to a decrease in demand for the USDT (Tether) stablecoin. The latter has seen its price drop below its parity with the dollar, while Chinese stocks have skyrocketed, prompting some investors to sell their USDT to return to local stocks.
The price of USDT on some peer-to-peer Chinese platforms varies between 6.78 and 6.98 yuan, while the offshore yuan trades at 7.07 for one dollar. Despite this pressure, USDT continues to play a key role in transactions, showing that the black market for crypto in China remains robust, with revenues reaching 23.7 billion dollars in 2024. Institutional investors like MNNC Group continue to diversify their portfolios between Chinese stocks and cryptocurrencies.
The crypto of the day: Aptos (APT)
Aptos is a blockchain designed to provide fast and secure transactions through its innovative consensus mechanism, proof of stake (PoS). It stands out for its programming language, Move, which enhances the security of smart contracts. Aptos' main innovation is based on a cutting-edge architecture aimed at offering massive scalability while ensuring low latency.
The native crypto, APT, is primarily used to pay transaction fees and secure the network through staking. APT holders can thus participate in network governance and earn rewards by contributing to transaction validation. Its initial distribution was made through an airdrop and private sales, and it is now widely adopted on trading platforms.
Current price: €8.25
Variation (24h): +1.26%
Market capitalization: €4.04 billion
Rank on CoinMarketCap: #23
Shiba Inu faces critical resistance: Traders in danger 🐕🔥
Shiba Inu (SHIB) faces a crucial resistance, which threatens recovery hopes for traders. After a slight increase of 6.5% that offered temporary relief, SHIB is currently blocked by a key resistance level at 0.00001740. Despite a notable rise of 42% in September, this barrier proves difficult to break. This threshold acts as a brake for investors, who are cautious in selling their positions as soon as SHIB approaches this level. If this resistance breaks, SHIB could aim for higher targets, with potential targets at 0.00002169 and 0.00002945.
However, the caution of "whales" (large investors) and the drop of 62.57% in significant trading volumes to 27.99 million dollars signal increased distrust in the market. The overall sentiment remains bearish, with an increase in short positions and a significant liquidation of long positions exceeding 432,970 dollars, which heavily weighs on traders' confidence. The Shiba Inu market remains under pressure, and the future of this cryptocurrency will depend on its ability to overcome this key resistance in the coming days.
🔗 Read the full analysis here.