The cryptocurrency market is tracking new cases from US regulators this week. In particular, Binance was shaken by a new order that stopped the printing of BUSD. Here are the developments of the day from 17 altcoin projects that are on the radar of Turkish investors.
Pressure from US regulators has led to a rally in these altcoin projects
- Cryptocurrency exchange Coinmetro said it will acquire Ignium, a blockchain-based social fundraising platform.
- A recent report by Nansen showed that the Avalanche (AVAX) network achieved 1,500% transactional growth in 2022.
- cryptocoin.com Pressure from US regulators on stablecoins has resulted in massive withdrawals from Binance. According to the data, an outflow of $ 621 million was seen in the last 24 hours from the stock market.
- Liquidity (LQTY) rose 45% after US regulators ordered BUSD producer Paxos to stop printing BUSD.
- Curve Finance (CRV) price rallied after the protocol announced the imminent launch of its stablecoin, crvUSD.
BitDAO has announced its first-year proposal to fund the Mantle Testnet, which it announced on January 10, 2023. The provisional budget for Mantle tesnet is set at 10 million BIT and 14 million USDC. The provisional budget for the first year for the Mantle mainnet is set at 145 million BIT tokens, 34 million USDC and 15,000 ETH.
According to the official Baby Doge Coin Twitter account (@BabyDogeCoin), it has burned $803 million worth of tokens since its inception. The project burned $321k in just 24 hours.
There is news from Pi Network
- The VeChain network has crossed and surpassed 2 million known addresses, facilitating more than 20,000 contracts. The VeChain ecosystem has reported a significant increase in daily transactions powered by the adoption of Fortune 500 Blockchain.
- Pi Network’s leading media platform, Pi News, has confirmed it is the official media partner for PiBridge at the ongoing Pi Hackathon. The strategic partnership enables Pi News to introduce PiBridge’s Decentralized Finance (DeFi) product, Ez Invoice, to the broad Pi community. The top media platform shared the partnership details with the Twitter community on Feb.
- FUELHASH, a Japanese crypto company focused on promoting crypto mining with renewable energy, has announced that its so-called “Crypto” platform, which provides crypto loan services, now supports XRP.
- ETH investor “BlueWhale0073” bought a staggering 223,077,962,531 (223.07 billion) SHIB worth 2.75 million in a significant transaction.
- Ethereum NFT sales rose 43% in January. Data aggregator platforms showed that January total sales reached $780.2 million, comprised of 267.6k unique sellers and 257.6k unique buyers.
- The Dydx community will begin voting on a proposal made by Wintermute later today. The management proposal aims to reduce DYDX trading rewards by 45%. Wintermute’s proposal is part of a 6-point plan prior to dydx’s V4 launch.
- BNB Chain announced that it plans to make significant improvements in performance, scalability, security, decentralization and infrastructure this year.
Altcoin analytics and on-chain reports
Messari analyst Tom Dunleavy shared a number of features that position Polygon (MATIC) as the favorite Layer-2 protocol for medium to long-term success. According to Dunleavy, Polygon has a very positive and solid foundation, as evidenced by the nearly 90% year-over-year (YoY) increase in active addresses.
The existence of Decentralized Social (DeSo) was also noted in Dunleavy’s analysis of the protocol. DeSo on Polygon is showcased through the Lens Protocol and signals the diversity in the L2 network’s ecosystem. You can find the rest of the analysis in the tweet below.
Polkadot community is considering research to study DOT’s security classification
Polkadot, the blockchain platform that enables cross-chain transfer of any data or asset, is reportedly considering sponsoring a research project that aims to explore the process of converting DOT tokens from being considered securities to being accepted as software. This move comes after the project announced in November 2022 that DOT had achieved token status, a process that it claims is the direct result of three years of dialogue with the US Securities and Exchange Commission (SEC).
Polkadot is now considering funding research to explore how to manage this success. The proposed research will provide guidance on the status of the DOT token and the broader cryptocurrency ecosystem. The decision came amid increased regulatory scrutiny from the SEC and other regulatory agencies; This month includes recent sanctions actions against stablecoin issuer Paxos and exchange Kraken, which have raised concerns about more aggressive crackdowns targeting the cryptocurrency space.
Cardano news
Current Santiment analyzes reveal a mix of good and bad omens. On the positive side, ADA has seen a huge increase in whale transactions, with an average of 1,700 daily transactions worth $100,000 or more since the beginning of February. Also, whale addresses holding 10,000 to 10 million ADA have accumulated 659.53 million ADA since FTX crashed on Nov.
However, there are also negative signs to consider. Heavy investments in cryptocurrencies on the Cardano network continue to sit without much movement. Six months ago, the average duration of cryptocurrencies held at an address was 267 days, but that number has now increased to 407 days. Additionally, the number of daily active addresses interacting on the ADA network has dropped from the 85,000 addresses that moved Cardano daily in November to currently around 62,000 addresses per day.
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