Bonk is a type of cryptocurrency, similar to others like Cardano or Solana, and it operates on the Solana blockchain. You can buy, sell, and trade Bonk like most digital currencies. What makes Bonk unique is its approach to managing the number of tokens in circulation, known as its tokenomics, which includes a burning mechanism. There is a cap of 1 billion Bonk tokens, and according to CoinCentral, over 65% of these tokens have already been burned. The burning mechanism means that a portion of Bonk tokens is destroyed with each transaction, decreasing the total number of tokens over time.…
Author: Rea K.
Binance executive Nadeem Anjarwalla is currently in the middle of extradition talks involving the Economic and Financial Crimes Commission (EFCC) of Nigeria, Interpol, and the Kenyan Police. The discussions are reaching their conclusion, with a resolution expected soon. According to reports, Anjarwalla, who oversees Binance’s operations in East and West Africa, might be extradited from Kenya to Nigeria within the next week. The authorities in Nigeria allege that Anjarwalla, along with another senior Binance official, engaged in tax evasion and money laundering, which has led to their current legal predicaments. Legal Implications and Family Response The Nigerian EFCC, working closely…
Last week, the Bitcoin network experienced a halving event, leading to an initial surge in transaction fees. However, recent data from Mempool.space indicates a sharp decline in these costs. Currently, low-priority Bitcoin transactions cost approximately $9.51, with medium-priority transactions at $10.07 and high-priority transactions at $10.44. This marks a substantial decrease from last week’s fees, which soared above $146 for medium priority and $170 for high priority. Market Stability and Innovations in the Bitcoin Network Despite these fluctuations in transaction fees, Bitcoin’s price remains stable. According to CoinMarketCap, Bitcoin has seen a modest increase of 2.4% over the past week,…
Woo X, a prominent cryptocurrency exchange, has introduced a pioneering product called RWA (Real-World Assets) Earn Vaults. This innovative offering enables retail customers to invest in tokenized U.S. Treasury bills, a first in the cryptocurrency sector. Woo X developed this new feature in collaboration with London-based OpenTrade, aiming to merge the dependability of traditional financial instruments with the dynamic nature of the crypto market. The product launch addresses the growing demand for tokenizing high-quality assets such as U.S. Treasuries. This trend has been fueled by recent increases in interest rates and the ongoing crypto market rally. Woo X’s new product…
Robert F. Kennedy Jr. unveiled his plans to revolutionize the U.S. budget management by implementing blockchain technology. Kennedy aims to enable full public access to the federal budget, allowing Americans to review every item on the budget at any time. He believes that this visibility will increase transparency and accountability in government spending. Kennedy’s proposal involves recording all government transactions on a blockchain, similar to those used for bitcoin and other cryptocurrencies. This would potentially expose any excessive expenditures, as in his example of costly government spending on toilet seats. While the plan promises enhanced public oversight, it also presents…
The Shiba Inu project team has successfully secured $12 million in funding. This capital will support the development of a groundbreaking layer 3 network. Employing the advanced homomorphic encryption technology from Zama, the network aims to enhance privacy and security for users. The initiative has raised an impressive total of $73 million to date, signaling strong investor confidence. Launch and Features of the New Layer 3 Network Slated for a release in the third quarter of 2024, the test version of the layer 3 network promises to adhere to stringent regulatory standards while prioritizing community privacy and security. This development…
A recent report from Bitget Research highlights a significant surge in cryptocurrency trading activity across the Middle East. The study indicates a notable increase in active traders, growing from an average of 500,000 in early 2024 to an expected 700,000 by year’s end. This 166% increase from the previous year underscores a robust interest in digital currencies in the region. Several factors are driving this uptick in cryptocurrency trading. Notably, the Middle East has seen more favorable cryptocurrency regulations emerge. Additionally, the approval of Bitcoin Exchange-Traded Funds (ETFs) and a general market rally have bolstered the attractiveness of digital assets.…
cLabs, developers of the Celo blockchain, have announced their plan to evolve Celo into a Layer 2 solution on Ethereum’s network, utilizing the OP Stack from the Optimism ecosystem. This strategic move comes after a positive vote from the Celo community and a thorough eight-month evaluation of various scaling solutions, such as Arbitrum Orbit, zkSync’s ZK Stack, and Polygon CDK. OP Labs, instrumental in the Optimism ecosystem, offers the OP Stack to assist developers in crafting custom Layer 2 blockchains. This integration positions Celo within the expansive Superchain network, which includes OP Mainnet and Base, aiming to boost scalability and…
Investors have pulled approximately $206 million from cryptocurrency investment products over the past week, marking a continuation of the recent trend influenced by rising interest rates and geopolitical instability. This data comes from CoinShares, indicating a significant shift in investor sentiment towards digital assets. The primary outflows were from U.S. ETFs and various financial instruments linked to Bitcoin (BTC), signaling a cautious stance among investors. Despite a decline in global ETP trading volumes, which fell from $21 billion to $18 billion, Bitcoin’s overall trading activity showed resilience, maintaining an upward trajectory. Previously, ETFs accounted for 55% of all Bitcoin trades.…
Recent investigations reveal that Google Ads is inadvertently promoting a counterfeit version of a cryptocurrency website, leading users to a phishing site designed to steal digital currencies. This fraudulent site is a clone of Whales Market, a platform known for trading airdropped tokens in the crypto community. The fake site, found at the top of Google’s search results, masquerades as a legitimate business but redirects visitors to a malicious web address. Upon visiting the fake site, users encounter an interface identical to the authentic Whales Market. This deceptive similarity tricks users into connecting their digital wallets. When they do, the…