🔥 Solana in the lead: 100,000 new tokens per month, the memecoin race continues!
Welcome to the Daily Tribune of Wednesday, October 9, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, October 9, 2024, and as every day from Tuesday to Saturday, we summarize the news of the last 24 hours that you should not miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partially sunny 🌤️
24h crypto recap! ⏱
⚖️ The US Supreme Court opens the door to a massive sale of BTC seized from Silk Road!
The Supreme Court of the United States recently rejected the case of Battle Born Investments, which claimed ownership of 69,370 bitcoins seized during the dismantling of the Silk Road platform. With this decision, the US government retains control of these funds, estimated at around $4.4 billion.
The potential sale of these bitcoins could have a major impact on the market, generating significant fluctuations in the price of Bitcoin. Previous massive sales of bitcoins by governments have already caused turbulence in the markets, and this massive liquidation could follow the same pattern.
Solana: The undisputed leader of new tokens 🚀
Solana largely dominates the new token market with over 87% of token creations in 2024. In September, over 96,000 tokens were generated on this network, benefiting from its speed and low transaction costs. Simple tools like Pump.fun make it easy to create tokens, attracting both novices and experienced developers.
The explosion of memecoins has also contributed to this dynamic, allowing Solana to surpass its competitors. However, the Base blockchain represents strong competition, leveraging its integration with Ethereum to attract projects. Together, Solana and Base share 80% of the new token market, leaving little room for other players.
Tether: 10 years fighting against financial instability 🌍
Tether celebrates its 10th anniversary with a documentary titled "Stability and Freedom in Chaos," highlighting the impact of USDT in countries such as Turkey, Brazil, and Argentina, where inflation runs rampant. In Turkey, USDT has become a refuge against the devaluation of the Turkish lira, with a volume of over $22 billion traded on Binance. In Brazil, USDT accounts for 90% of daily crypto transactions, providing protection against inflation. In Argentina, many citizens convert their salaries into USDT to preserve their purchasing power.
Tether's CEO, Paolo Ardoino, emphasizes that the company's goal is to provide financial solutions to marginalized populations. This anniversary marks a key milestone in Tether's history, which continues to play a crucial role in the financial stability of users worldwide.
Uptober: Factors that could propel the crypto market by the end of the year 🚀
JPMorgan analysts anticipate several key catalysts for the crypto market in the coming months. Historically, the month of October, nicknamed "Uptober," has seen over 70% positive performance for Bitcoin, creating a favorable environment for cryptos. The decrease in interest rates from the US Federal Reserve could also play an important role, even though the effect on cryptos remains uncertain.
Additionally, the arrival of options on Bitcoin ETFs could boost liquidity and attract more institutional investors. Finally, the Ethereum update, named "Pectra," promises structural improvements to the network, but is unlikely to have an immediate impact on the price of ETH. The accumulation of these factors could mark a growth phase for the crypto market by the end of the year.
Crypto of the day: EigenLayer (EIGEN)
EigenLayer offers a major innovation by allowing restaking on Ethereum, a feature that enables users to reuse staked tokens to validate additional services. This approach increases the security and efficiency of the network while opening the door to a new layer of interoperability between different decentralized services. This translates to added value in terms of security and decentralization within the Ethereum ecosystem.
The native token EIGEN is used for restaking and securing third-party services. Holders benefit from rewards for their participation while supporting the robustness of the network. Distributed primarily through staking, EIGEN also allows participation in secured protocols, creating benefits for users through staking gains and governance opportunities.
Recent performances
Current price: €3.62
1-day variation: +11.36%
Market capitalization: €672,004,547
Rank on CoinMarketCap: #86
Bitcoin: Towards a new peak or a return under pressure?
Bitcoin has recently experienced significant fluctuations, reaching a peak of $66,500 before falling below $60,000. This key level served as support, allowing the cryptocurrency to bounce around $62,300. The 50-day moving average has been re-integrated, but Bitcoin continues to operate below its 200-day moving average, which leaves uncertainty regarding the medium-term trend. Buyer interest, although present, shows signs of weakness as the price fluctuates below key zones, such as $63,200 and $64,500.
From a technical perspective, the open interest of BTC perpetual contracts has increased, reflecting buyer interest, while positive funding rates signal a dominance of buyers in these contracts. Recent liquidations, however, show that many buyers have capitulated, creating notable selling pressure. If Bitcoin manages to stay above $60,000, a new push towards $65,000 or even $70,000 is conceivable. On the other hand, a drop below this level could lead to a return towards $57,800 or even $54,500.
🔗 Read the full analysis here.