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Memecoins

Fantom invests $6.5 million for a safer, fairer coin market

TokenTalk Staff

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Can Fantom’s $6.5 Million Push Revolutionize the Meme Coin Market?

At a recent event in Sydney, Michael Kong, CEO of Ghost Foundation, has unveiled an ambitious $6.5 million initiative to revolutionize the coin industry. This announcement at the MemeGlobal event on April 30 marks an important shift towards safer and more structured meme coin launches within the crypto industry.

The initiative will provide a Fantom prize pool of 10 million to support teams that adhere to the foundation’s rigorous guidelines for launching meme coins.

Fantom aims for a “safe and fair” coin environment

Kong further explained what he described as “safer coins.” He shared his vision for a successful coin project that ensures democratic distribution of tokens. This helps avoid concentration in the hands of a few large investors, which can lead to price manipulation and a reduction in market fairness.

Furthermore, he also explained the strategic importance of these companies for customer acquisition and growth.

“For us as a channel, our interest is to grow the channel as much as possible and that comes down to customer acquisition,” says Kong. declared.

Learn more: 7 Hot Meme Coins and Altcoins Trending in 2024

Michael Kong’s speech at MemeGlobal. Source: X/GhostFDN

Kong’s ideas align with the strategic vision of André Cronje, the founder of the Fantom network.

Cronje has previously expressed his commitment to creating a safer environment for communities and investors in the coin space. In a detailed blog post, Cronje guest creators to propose new coin projects.

It highlights the need for ethical content and substantial community involvement in these initiatives. This also includes a complete verification process by Cronje himself. Therefore, this will ensure that all projects are free from offensive content and do not refer to real individuals or existing projects.

Cronje’s framework for the same corner launches are designed to instill fairness and security from the start. The foundation will lock approximately 85% of each project’s tokens into a Fantom/token liquidity pool (LP). In addition, it will secure and manage them using multisig technology.

Fantom’s entry into the meme coin market is timely. Similar initiatives have spurred significant growth in other blockchain ecosystems, such as Solana. On April 15, Solana saw a rise in decentralized exchanges (DEX) activities, with a trading volume exceeding the billion-dollar mark.

However, the Meme Coin Arena has its challenges. The recent history of the Solana network serves as a cautionary tale, as the abandonment of meme coin projects has resulted in substantial financial losses for investors. A recent report found that 12 Solana-Based Coin Projects Abandonedresulting in a staggering loss of $26.7 million.

Learn more: 11 Best Solana Meme Pieces to Watch Out for in 2024

Additionally, the presence of tokens with offensive and racist themes has harmed the community, intensified surveillance and calls for stricter monitoring. This increase in the number of problematic tokens has raised significant concerns about ethical and operational standards within the meme coin space.

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In accordance with the Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and current information. Readers are, however, advised to independently verify the facts and seek professional advice before making any decision based on this content. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.



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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Memecoins

Trump-Inspired Memecoins Crash 30% After ‘Trump Coin’ Rumors

TokenTalk Staff

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Trump-Inspired Memecoins Crash 30% After 'Trump Coin' Rumors

The crypto industry has been a crucial topic in the campaign trail for the US presidential elections in November. This year, presidential candidates have embraced cryptocurrencies to garner industry support. As a result, the community capitalized on the momentum with Memecoins.

PolitiFi tokens, a new category of memecoin inspired by political figures, performed remarkably during this second quarter. Trump-inspired tokens became the talk of the town after the Republican candidate began supporting cryptocurrencies. However, these memecoins suffered a massive 30% drop in the last 24 hours.

An official DJT token?

On Monday, Pirate Wires account X announced the launch of a so-called official “Trump Coin.” According to the report, the token is allegedly run by Trump’s 18-year-old son Barron Trump. “According to conversations, Trump is launching an official token – $DJT on Solana, Barron in the lead,” the post read.

Mike Solana, chief marketing officer of Founders Fund and editor-in-chief of Pirates Wires, sharing a smart contract address apparently linked to the token. Additionally, he said he was “merely reporting” what he knew “via sources” and that he “did not speak directly with Trump.”

Likewise, Martin Shkreli claimed that the DJT token was real on an X Space. He then maintained his position, pointing to a friend’s “confirmation” of Barron Trump. In a post, the 17-year-old said: “$DJT IS THE ONLY REAL TRUMP TOKEN. »

CoinsBarron Trump’s BFF ‘confirms’ DJT’s authenticity. Source: Martin Shkreli on X

However, the crypto community remains skeptical on the authenticity of the memecoin. Several users pointed out various red flags surrounding the “official” token, including DJT’s X account.

One user pointed out that the official X account had a “strange” following list. This list includes controversial figure Andrew Tate, American streamer Adin Ross and Shkreli.

Additionally, crypto analysis company Bubblemaps revealed that 67% of the token supply was in a single cluster. Raydium Concentrated Liquidity is the largest stock, accounting for 43% of the supply.

Many community members expressed their concerns with humor. Some users have suggested that serial scammer Sahil Arora, responsible for several celebrity memecoins rugs, orchestrated the symbolic launch. Others questioned whether the launch’s inconsistencies made it “more or less likely” that it was a Trump family business venture.

CoinsThe crypto community is sharing memes about the token launch. Source: Exit on

At the time of writing, no official sources have confirmed Trump’s involvement in the DJT token.

Trump Memecoins Fall

More than a month ago, the former American president declared he was “good” with cryptocurrencies and wanted to make it a “robust” industry with clear regulations. At the time, Trump-inspired memecoins soared more than 63% following his statements. Additionally, the PolitiFi sector has exploded, with tokens like BODEN increasing by almost 30%.

However, the story is different this time as rumors about an official Trump token have negatively impacted memecoin performance. PolitFi tokens are reporting a 30% decline over the past 24 hours, with a market cap of $1.03 billion.

Trump-related tokens have been hit hardest in the sector. Many fell between 20 and 30% in the last day. MAGA (TRUMP), the largest token linked to the former US president, saw its price fall by almost 50% in four hours.

Following rumors of “Trump coin”, TRUMP abandoned from the price range of $10.8 to $5.6 before falling back below the $7 mark. At the time of writing, the token is trading at $6.94, a 38.7% retracement over the past 24 hours.

Likewise, Trump Mania (TMANIA), Super Trump (STRUMP), and Doland Tremp (TREMP) suffered a price decline of 35.2%, 20%, 37.6%.

Memecoins, TRUMP, TRUMPUSDTTRUMP performance in three-day chart. Source: TRUMPUSDT on Trading View

Featured image from Unsplash.com, chart from TradingView.com

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Memecoins

Ether and Meme Coins Lead Recovery as Bitcoin Remains Moderate

TokenTalk Staff

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Ether and Meme Coins Lead Recovery as Bitcoin Remains Moderate

The digital asset market marked on the rise during the European morning with Ether fetching $3,500. ETH is up over 4% in the past 24 hours, trading at $3,540 at the time of writing. The CoinDesk 20 Index (CD20) added about 1.6%. DOGE is up almost 3.5% after its Tuesday fall, while its compatriot SHIB is also up more than 3%. Bitcoin remains subdued, trading around $65,400, up 0.2% from 24 hours ago. U.S. spot Bitcoin ETFs saw additional outflows worth $152.4 million on Tuesday.

Wallets tracked by CryptoQuant show whales have sold over $1.2 billion worth of BTC in the last two weeks. These long-term bitcoin holders are showing few signs of a recovery in demand, indicating a continued lack of upside potential for the world’s largest cryptocurrency. “Traders are still not increasing their bitcoin holdings and growth in demand from large holders still lacks strength,” the analysts wrote. Market observers say crypto miners may increasingly turn to the booming AI sector rather than bitcoin to conduct their business, prompting people to sell their bitcoin rewards instead of trading them. keep. Both industries rely heavily on powerful computer chips to generate and store data.

Stocks linked to Bitcoin and cryptocurrencies are underappreciated and ripe for institutional adoption, according to broker Bernstein. While BTC and Bitcoin ETFs may have shown promise before disappointing In recent months, Bernstein has predicted the approval of ETFs by major wire companies and large private banking platforms in the second half of the year. Bitcoin ETF inflows are expected to accelerate in the third and fourth quarters, the report said, and the next stage of adoption will be driven by large advisors approving ETFs and allocation margin from existing portfolios. Bernstein outperformed the ratings of publicly traded bitcoin-adjacent companies like MicroStrategy, Robinhood, and miners Riot Platforms and CleanSpark.

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Memecoins

The Sandbox buys PEPE, SHIB, BONK memecoins to support “their specific communities”

TokenTalk Staff

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New meme coin Dogecoin20 pumps 140%; Dogeverse to explode next?

Metaverse-centric platform The Sandbox has purchased six “major memecoins” in an effort to provide utility to its own users and the broader memecoin collective.

The sandboxan open-world online multiplayer game, announced the purchase of six memecoinsincluding PEPE and DOGE, with the aim of demonstrating its commitment to “staying on top of industry trends”.

In an environment announcement on June 18, The Sandbox announced that it had acquired PEPE, SHIB, EVEN, DEGEN, DOGEAnd BONK to support “their specific communities” and provide utility to “both our users and the broader memecoin collective.”

“We believe that cultivating creativity is the cornerstone of the open metaverse and are taking the time to engage and contribute to the growth of the Web3 ecosystem for the benefit of those within it.”

The sandbox

The decision to purchase memecoins reflects their growing importance, The Sandbox explains, adding that memecoins have gained “significant visibility in recent years” and attributing their success “largely to the support of high-profile individuals.”

Although the amount of the deal was not disclosed, The Sandbox announced its intention to use the purchased memecoins for its new initiatives, although the timeline was not provided. Crypto.news has contacted The Sandbox for comment and we will update the article if we receive a response.

The purchase comes just weeks after The Sandbox secured $20 million from Kingsway Capital and Animoca Brands, bringing its valuation to $1 billion. Like crypto.news reportedThe funding is expected to support The Sandbox’s initiatives to boost its creator economy, expand its decentralized mobile metaverse platform, and improve social features and avatar capabilities.

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Memecoins

US credit card holders most stressed since 2012

TokenTalk Staff

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US credit card holders most stressed since 2012

The American consumer is finding it increasingly difficult to keep up with their credit card loan payments, painting a difficult picture of the economy and speculative activity in non-serious assets like memecoins.

The percentage of credit card loans in serious default, with balances outstanding for more than 90 days, increased to 10.69% in the first quarter, the highest since the second quarter of 2012. recently published data by the Federal Reserve Bank of New York. Even though balances decreased by $14 billion to $1.12 trillion in the first quarter, they remained 13.1% higher than the previous year.

Cracks in consumer finances are one of the most concerning economic data points, Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said. said earlier this year, adding that it’s often a leading indicator that “things are about to get worse.”

Growing debt means a decrease in disposable income and a lower propensity to invest in risky assets such as memecoins. According to Borrowing constraints may lead individuals to keep a smaller proportion of their wealth in illiquid and risky assets, according to an article by Luigi Guiso, Tullio Jappelli and Daniele Terlizzese in the American Economic Review.

It is interesting to note that meme coins, which are considered among the the most risky digital assets, have been under pressure over the past four weeks, falling more than market leader Bitcoin (BTC). Top coins by market value, like DOGE, SHIB, and WIF, fell more than 20% compared to Bitcoin’s 2.4%. Coingecko the data shows.

Even if consumer finances weaken, this does not necessarily mean a complete collapse of coins, as degens could persist. Degens, or people engaged in high-risk speculative trading in the crypto market, are not fundamentally different from the early adopters of the internet, Qiao Wang of AllianceDAO said in a statement. blog postcharacterizing them as: “financial risk-takers who are brave enough to try unproven products.”

They don’t pay attention to metrics, tokenomics, fundamental analysis or technical analysis, as noted Ledger Academy and are “committed to the projects and communities in which they invest.”

Kelly Greer, head of Americas sales at Galaxy, said Degens would likely remain active in the market despite rising debt levels.

“60% of Americans have credit card debt and it continues to rise. It’s no coincidence that gambling and degeneracy are also proliferating, @zerohedge may be right that the economy is done for – but I do not agree that dying with it, degens will play longer than the economy remains solvent”,. Greer said on X.

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