Solana Wavers, Cardano Prevails! 👑
Solana Wavers, Cardano Prevails! 👑
Welcome to the Daily Tribune of Thursday, December 28, 2023 ☕️
Hello Cointribe! 🚀
Today is Thursday, December 28, 2023, and like every day from Tuesday to Saturday, we summarize the news of the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partly Sunny 🌤️
24-hour crypto summary ! ⏱️
🌟 Changpeng Zhao: The phoenix of crypto 🌟
Changpeng Zhao, founder of Binance, saw his fortune fluctuate dramatically in 2023, falling more than $60 billion due to legal troubles in the United States. Despite accusations of fraud and money laundering and a $100 million fine, his wealth bounced back to over $37 billion. This resurgence is attributed to the recovery of cryptocurrency prices and the performance of Binance, of which he holds about 20% of the shares.
Despite the risk of imprisonment, CZ remains the richest man in the crypto world. His fortune, although reduced compared to its peak in 2022, symbolizes the volatility and resilience of the industry.
Changpeng Zhao's (CZ) fortune is more than just a measure of wealth, it is the barometer of the crypto ecosystem as a whole. More than just a number, it symbolizes the evolution of crypto, moving from uncharted and turbulent territory to a domain where regulation and institutionalization now shape the playing field.
📉 Solana: Warning about SOL 📉
Max Keiser, a well-known maximalist, has issued a severe warning about the native cryptocurrency of Solana (SOL), suggesting that its recent performance peak could be followed by a significant drop. This prediction comes as SOL has experienced a price decline, prompting Keiser to declare the end of its upward trend. He attributes this potential drop to Bitcoin community's distrust of projects heavily involved in venture capital and perceived as centralized.
Although Keiser referred to Solana's market movements as a "sword strike in the water," it is important to note that market corrections are normal, especially after significant increases. Solana's strong technological foundation and its continued success suggest that, despite recent setbacks, it is far from collapsing.
Keiser's skepticism highlights a reality that is often overlooked: cryptocurrencies that skyrocket based on technological innovation or marketing can just as quickly collapse if they fail to build an organic user base, a strong governance, and real utility.
🚀Cardano: Leader in development activity 🚀
Santiment has recently released a ranking of cryptocurrencies based on GitHub development activity, placing Cardano (ADA) at the top. This position illustrates the continued confidence and commitment of developers towards the Cardano blockchain, indicating potential additions of new features and faith in its longevity. And this is not the first time Cardano has held this position!
Santiment's ranking also reveals interesting changes in the crypto ecosystem. Projects like Polkadot and Internet Computer Protocol continue to attract developer attention, while others like Ethereum seem to be losing ground.
Cardano's development activity on GitHub is often celebrated, but what is less discussed is what it means for the future of the blockchain in terms of sustainability and adoption.
🎨 CryptoPunks: NFT icons of 2023 🎨
CryptoPunks and Bored Ape Yacht Club dominated the ranking of the most expensive NFTs in 2023, with sales reaching millions of dollars. Despite a general decline in the prices of digital artworks this year, these collections have maintained their prestigious position in the market. The inclusion of a Tyler Hobbs' Fidenza NFT in the top three also shows the diversity and innovation in the NFT space.
Collections from Yuga Labs, including Bored Ape Yacht Club and CryptoPunks, dominated the most expensive sales, despite a significant price drop. This dominance highlights the enduring appeal and influence of these collections in the world of NFTs. Despite market fluctuations, the interest and perceived value of these digital artworks remain high.
The persistent dominance of CryptoPunks and Bored Apes in a declining NFT market highlights a trend often overlooked: in a saturated market, fame and history can become more valuable than the object itself!
Crypto of the day: Flow (FLOW)
Flow is a blockchain designed to be fast, secure, and developer-friendly, targeting specifically gaming applications, digital collectibles, and large-scale decentralized applications. Its main innovation lies in its unique multi-layer architecture that separates the work of nodes into four different types, thus reducing congestion and enabling unprecedented scalability.
The native cryptocurrency of Flow, also called FLOW, serves as fuel for transactions, staking, and governance on the platform. It was distributed through a public sale and community rewards, aiming to encourage participation and adoption. FLOW holders benefit from the ability to participate in network governance, earn staking rewards, and interact with a multitude of decentralized applications.
Recent performances of Flow (FLOW)
Current price: €0.858
Percentage increase/decrease: 0.28%, increase over 1 day
Market capitalization: €1,269,628,507
Rank on CoinMarketCap: 56
Exit Scams and Rug Pulls: The Plague of Disappearing Projects
In the fast-paced world of cryptocurrency, the excitement of a new project can quickly turn into a nightmare. You may have heard of \"exit scams\" or \"rug pulls,\" terms that refer to a dark reality that is unfortunately all-too-common in the crypto space. These scams occur when the developers of a seemingly promising project, like DecentraWorld and Bald, suddenly disappear, taking investors' funds with them.
Imagine: you discover a cryptocurrency project with a team that seems serious and motivated. The promises are enticing, and you see that other investors, just like you, are attracted and committed. But over time, alarm bells begin to ring. The development team becomes unreachable, the project stagnates or worse, the websites and communication channels vanish. And with them, the money invested by the community seems to have evaporated into thin air.
How can you protect yourself against such scams?
Thorough research: Before investing, take the time to conduct thorough research on the team behind the project. Check their history, experience, and reputation in the crypto community.
Transparency: Beware of projects that do not provide clear details about their strategy, fund allocation, and progress. Open and regular communication is a positive sign.
Community: Engage with other investors and follow discussions on platforms like Reddit, Twitter, or Telegram. Often, warning signs are raised first by the community.
Diversification: Never put all your eggs in one basket. Diversification can help mitigate losses in case of fraud.
As investors, it is important to stay vigilant and informed. So stay alert, do your research, and never invest more than you can afford to lose.
