Cryptocurrency
Financial Nihilism Fuels Meme Coin Frenzy as Traditional Finance Loses Appeal: Binance
Meme coins aren’t just speculative assets. They have slowly started representing a symbolic rebellion against established financial norms, aligning with the demographic and ideological shifts shaping modern markets, as highlighted by Binance Research’s latest report.
Since 2022, the collective market cap of meme coins, measured as a share of Total 3 (the crypto market excluding BTC, ETH, and stablecoins), has nearly tripled from 4% to 11%, driven in part by a sense of financial disillusionment and a search for alternative investments amid rising inflation.
What’s Driving Meme Coins?
From 2020 to 2022, the global money supply surged by over 25%, rising from $81 trillion to $102 trillion. This rapid increase in the global money supply has led many to seek refuge in assets that they perceive to have long-term value to preserve wealth. Real estate is a classic example because it has historically served as a store of value.
Yet, homeownership has become less attainable, with wages failing to match escalating housing prices, a disparity particularly challenging for younger generations.
This economic reality has fostered what Binance Research terms “financial nihilism,” as younger investors, hit by affordability crises and unprecedented inflation, grow skeptical of traditional financial systems. Their dissatisfaction became evident during events like the 2021 Gamestop short squeeze, and meme coins today offer a similarly disruptive, decentralized alternative.
Meme coins have managed to create a similar kind of excitement that the cryptocurrency market generated during the 2017 ICO boom. Their appeal lies in unique accessibility; unlike complex Layer 2 solutions or DeFi products, meme coins present a clear, relatable narrative that everyday investors can easily grasp.
The simplicity of a meme-driven coin with a “cute or catchy” concept allows potential buyers to connect quickly, reducing the “time-to-convert” compared to more technical altcoins. This accelerated comprehension can, in turn, help the narrative spread swiftly, building communities and driving speculative interest far more rapidly.
This has been evidenced by the relatively new token Dogwifhat (WIF), which reached a $1 billion market cap in only 104 days, while Shiba Inu (SHIB) achieved the same in 279 days, and the OG meme coin Dogecoin (DOGE) took 8 years to reach the milestone.
Furthermore, new meme coins are emerging at a remarkable pace, with over 75% created in the past year alone.
How Cabals and Influencers Inflate Meme Coin Hype
Despite its appeal, meme coins are an extremely risky asset class with a high risk of losses, as per Binance Research. Most meme coins from the 2023-2024 boom have been short-lived, with 97% seeing near-zero trading volume. Only a few, like DOGE and SHIB, have endured, surviving for 10 and 4 years, respectively.
Though meme coins boast transparency, retail traders remain vulnerable to manipulation by ‘cabals,’ which stage pump-and-dump schemes, use fresh addresses to mimic the broad distribution, and recruit influencers to create artificial hype.
With so many similar meme coins flooding the market, saturation is a risk; projects must focus on unique value and innovation to prevent wasted time and capital.
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Cryptocurrency
Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero
[PRESS RELEASE – London, United Kingdom, November 21st, 2024]
Ike is proud to announce the official launch of its Liquid Staking Token (LST), sA0, on Aleph Zero. This milestone provides the Aleph Zero community with a new way to engage with the network by offering staking flexibility without compromising on rewards.
What Is sA0?
sA0 is Ike’s native Liquid Staking Token, designed to enhance the staking experience on Aleph Zero. With sA0, users can stake their AZERO tokens to support network security and earn rewards, all while keeping their assets liquid. This means they can use sA0 tokens across Aleph Zero’s ecosystem, unlocking new opportunities for participation and growth. Meaning, sA0 empowers users to “stake and use” at the same time.
sA0 Benefits
- Liquidity Meets Rewards: Users receive sA0 tokens in exchange for their staked AZERO, enabling them to stay liquid while continuing to earn rewards.
- Smooth Integration: sA0 seamlessly integrates with Aleph Zero’s growing DeFi ecosystem, creating more utility and value for stakers.
- Stronger Network Security: By encouraging greater participation in staking, sA0 supports the overall security and resilience of the Aleph Zero network.
Building Toward Progressive Decentralization
The launch of sA0 is a significant step in Ike’s roadmap toward progressive decentralization. Ensuring most of the slots are open for permissionless entry when governance live, Ike launched with 7 initial validators including Deutsche Telekom & STC Bahrain. As part of this journey, Ike will soon introduce community-driven governance features, including permissionless validator registration, initially scaling to have 30 slots with a fully transparent on-chain bonding process. This will enable a dynamic and competitive validator ecosystem, with the community playing a central role in decision-making.
Stephen Novenstern, Founder at Ike, commented:
“The mainnet launch of sA0 marks an exciting moment for both Ike and the Aleph Zero community. sA0 offers a powerful tool for staking while maintaining liquidity, and it’s just the beginning of our commitment to building a decentralized, community-driven ecosystem.
From the inception of the Ike Project, we wanted to build a Liquid Staking Protocol that wouldn’t just unlock staked liquidity; we wanted to put the Ike DAO in control of what percentage each Validator gets, and for it to be permissionless to get on the [Validator Registry] list.”
What’s Next?
With sA0 now live, Ike invites the Aleph Zero community to explore the benefits of liquid staking. In the coming months, Ike will focus on expanding the utility of sA0 within the ecosystem and rolling out governance features that further empower the community to shape its future. Users can see more in the Ike Docs here.
About Ike
Ike is the home of the sA0 Liquid Staking Protocol smart contracts live on Aleph Zero WASM. Together with the community, validators, and other builders in the ecosystem, they are fundamentally reshaping the network, delivering liquidity at the base layer, composable rewards, increasing participation and ultimately enhancing network security.
Drawing inspiration from the Japanese art of Ikebana, Ike is committed to fostering a harmonious and resilient ecosystem. By providing users with flexibility and liquidity in their staking journey, Ike empowers the Aleph Zero community to unlock the full potential of their assets while contributing to the network’s growth and stability.
Users can stay updated on the latest developments and engage with other like-minded individuals by joining the Ike Discord community and following on Twitter.
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Cryptocurrency
USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products
[PRESS RELEASE – Palo Alto, California, November 21st, 2024]
Integration to enhance DeFi use cases on Aptos, expand interoperability, and streamline global payment solutions for merchants.
Aptos Foundation today announced the upcoming integration of Circle’s native USDC and Cross-Chain Transfer Protocol (CCTP) on the Aptos Network, as well as Stripe adding support for Aptos in its crypto products. These integrations make Aptos the home for interoperable DeFi and the fastest, cheapest, and most reliable enterprise-grade blockchain, further expanding its global financial ecosystem.
The integration of Aptos into Stripe’s crypto onramp and payouts products, paired with native USDC, will provide reliable fiat on and off-ramps for the Aptos network, streamline merchant pay-ins and payouts, and offer a seamless connection between traditional finance and blockchain technology.
Today, USDC is the largest regulated dollar-backed stablecoin with over $37B in circulation. With more than $160M in circulation on Aptos, bridged USDC is the most prevalent stablecoin available on the network. With this integration, native USDC will be issued through the regulated entities of Circle directly on the Aptos network and CCTP will enable developers to design cross-chain experiences by connecting their Aptos apps to the network of supported blockchains.
Bridge providers such as Stargate, built on LayerZero, will provide a smooth transition from the existing bridged USDC on Aptos to native USDC over time. There are no immediate changes to the AptosBridge built on LayerZero, and it will continue to operate as normal.
Additionally, ahead of the native launch of USDC, bridged USDC from the AptosBridge will be renamed to “lzUSDC” on block explorers. There will be outreach to ecosystem apps to encourage them to make the same change in their app UI and documentation.
The launch of CCTP will bring new levels of interoperability to DeFi on Aptos, enabling secure and efficient native USDC transfers. With the addition of Aptos, CCTP will support nine blockchains – including Arbitrum, Base, Ethereum, and Solana —and 72 routes with 1:1 capital efficiency. This move will allow for seamless cross-chain onboarding, swaps, purchases, treasury rebalancing, and more – all while maintaining an accessible and intuitive user experience.
With the addition of Aptos to Stripe’s crypto products, users will be able to seamlessly convert fiat currencies into USDC, directly through Aptos-enabled wallets. This integration will enable the use of USDC for Stripe’s global network of businesses. The combination of Stripe’s payment tools and Aptos’ scalable network unlocks new opportunities for global merchants and payment providers to process transactions faster, more securely, and at lower costs.
“Adding support for the Aptos blockchain inside our crypto products broadens consumer and merchant access to more efficient global fund flows with stablecoins; whether it be a retailer accepting payments from around the world, or a platform paying creators no matter where they are,” said John Egan, Head of Crypto at Stripe. “This collaboration brings Stripe’s global network together with the power of the Aptos blockchain, opening new avenues for both merchants and consumers to access efficient, stablecoin-based payments.”
“The DeFi ecosystem on Aptos has grown to five times its original size in the past year alone, and it’s clear why,” said Nikhil Chandhok, Chief Product Officer at Circle. “Aptos has emerged as a highly efficient way to move money across the globe. The arrival of native USDC and CCTP will only enhance this, and further the vision we share with the Aptos Foundation team of a future where secure digital dollars create a more accessible economy for everyone.”
“USDC and CCTP are the gold standards in DeFi, and Stripe is among the most trusted names in financial infrastructure,” said Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation. “Circle and Stripe’s integration of Aptos moves the needle in creating a more accessible, secure, and decentralized future of finance. We’re all looking forward to this integration, and are eager to see what the incredible builders in the Aptos ecosystem make possible with this powerful new technology in their toolkit.”
“Aptos makes the globally connected economy accessible to everyone by simplifying the movement of economic value,” said Mo Shaikh, CEO of Aptos Labs, which provided technical expertise for the integrations. “I’m looking forward to seeing Aptos becoming a unifying force in the global economy, providing infrastructure that enhances payment efficiency while bringing the peer-to-peer money movement to life for its ecosystem and builders.”
For more information about Aptos Foundation and DeFi on Aptos, visit: https://aptosfoundation.org/ecosystem/projects/defi.
About Aptos Foundation
Aptos Foundation is dedicated to supporting the development of the Aptos protocol, decentralized network and ecosystem and driving engagement with the Aptos ecosystem. By unlocking a blockchain with seamless usability, Aptos Foundation aims to bring the benefits of decentralization to the masses.
About Aptos Network
Aptos is a next-generation Layer 1 blockchain. Aptos’ breakthrough technology and programming language, Move, are designed to evolve, improve performance and strengthen user safeguards. Please visit https://www.aptosfoundation.org for more information on the Aptos blockchain.
About Circle
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Through its regulated entities, Circle is the issuer of USDC and EURC – highly liquid, interoperable, and trusted money protocols on the internet. Circle’s open and programmable platform and APIs make it easy for organizations to run their internet-scale business, whether it is making international payments, building globally-accessible Web3 apps or managing their internal treasury. Users can learn more at https://circle.com.
About Stripe
Stripe is a financial infrastructure platform for businesses. Millions of companies—from the world’s largest enterprises to the most ambitious startups—use Stripe to accept payments, grow their revenue, and accelerate new business opportunities. Headquartered in San Francisco and Dublin, the company aims to increase the GDP of the internet.
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Cryptocurrency
SEC Chairman Gary Gensler Confirms He Will Step Down In January
Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission (SEC), confirmed on Thursday that he will be stepping down from his role starting in January.
- Gensler confirmed the news in an announcement on Twitter and a post to the SEC’s website, saying it had been an “honor of a lifetime” to “ensure that our capital markets remain the best in the world.”
- “I thank President Biden for entrusting me with this incredible responsibility,” Gensler added. “The SEC has met our mission and enforced the law without fear or favor.”
- Gensler was highly unpopular among the crypto community for his long list of enforcement actions against the industry’s leaders, and unwillingness to encourage more accommodating rules for the new asset class.
- Donald Trump promised to fire Gensler in July, and has since been elected the 47th U.S. President.
- Bitcoin rose to $98,200 following Gensler’s announcement.
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