Tag: tokens

Solana’s price rises to $160, highest level since January 2022 as memecoin mania rises | TechCrunch

Dogwifhat and politically-inspired tokens of President Biden and Trump also see price spikes

Jacquelyn Melinek

7 hours

The token behind Solana, a layer-1 blockchain that’s competitive with the Ethereum blockchain, has been through the wringer after it plummeted from a high of about $260 to a low around $8 in early 2023. But like every good movie with a character redemption arc, Solana has one too.

The cryptocurrency passed $160 on Wednesday, marking its highest price since January 2022. It’s the fourth largest cryptocurrency (excluding stablecoins) by market cap behind bitcoin, ether and BNB, in that order, and it’s up 44.8% on the month and about 676% from the year-ago date, according to CoinMarketCap data.

The blockchain behind the token is well known for its NFT marketplace, which is the second largest by all-time sales volume at $5.2 billion, as well as its decentralized finance (DeFi) ecosystem and more recently, developers’ ability to churn up memecoins on its chain faster than I can write this article. So it’s not surprising that the growth and traction on its blockchain is also being transpired through to its token.

Since mid-December, a number of Shiba Inu dog-themed tokens on the Solana blockchain like Bonk and dogwifhat have taken off. The two tokens, which try to capitalize on the popularity of the original dog-based memecoin, Dogecoin, are up 150% and 600% on the month, respectively. The dogwifhat community also self-funded about $700,000 in less than four days to get the token shown on the external surface of the new Las Vegas Sphere – and people paid through USDC, the second-largest stablecoin, not dollars, to do it.

And don’t worry, cat lovers: kitty-themed tokens like Popcat that are also showing crazy gains. For context, Popcat’s price increased 3,205% on the month.

Bonk and Solana’s web3 smartphone Saga gained more attention after savvy crypto traders realized they could redeem 30 million tokens of BONK, worth between $500 to $800 in December, on the device. At current prices, the 30 million in free BONK tokens is worth almost a grand.

In recent weeks, a number of politically inspired memecoins on the chain also have gained traction, like jeo boden, doland tremp and the crudely-named elizabath whoren, with market capitalizations of $71.8 million, $47.8 million and $8.8 million, respectively, at the time of publication. (If you’re wondering if I misspelled those tokens based on U.S. politician’s names, I didn’t.)

Even Coinbase, the largest crypto exchange in America, shared steps on its website how to buy some of these tokens in the U.S., through other avenues off its own platform. In order to trade some of these cryptocurrencies on Solana, users need the native chain’s token to pay a nominal fee, fractions of a penny. (Please note none of this is financial advice, but one of the reasons that could point to Solana’s price increase.)

Memecoins in general have seen a huge rally as the crypto market continues to thaw from its most recent winter. This, alongside airdrops from projects’ tokens, have sparked interest in Phantom, a crypto wallet heavily used across the Solana ecosystem, which has seen its active user base more than triple in the past year to 3.2 million monthly active users.

While majority of these tokens have no underlying utility – dogwifhat is literally named after a dog wearing a knitted hat – people are still rallying behind them, arguably in hopes of getting rich quick or because they resonate with the eccentric, tsunami-like communities these assets create.

But what goes up, often comes down, and the quick rise of some memecoins is often followed often extreme busts, sometimes within days of launching. While some may retain price support for months, as we’ve seen with a handful of tokens, it’s important to consider that not everything that shines like glitter is gold.

Jacquelyn Melinek

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March 13, 2024
How To Buy, Sell, And Trade Tokens On The BSC Network

The captivating Binance Smart Chain (BSC) Network has morphed into a powerful force within the blockchain ecosystem, offering various benefits and opportunities for users and developers alike. Introduced by Binance, a top player in the global cryptocurrency exchange realm, BSC provides a robust and efficient infrastructure for decentralized applications (dApps) and digital asset transactions.

The key advantage of the BSC network is its high-speed and low-cost transactions. With its standout consensus mechanism, BSC achieves fast block confirmations, enabling quick and seamless transfers of digital assets. This scalability advantage makes BSC an attractive choice for users who value speed and efficiency in their transactions.

Advantages Of The Binance Smart Chain (BSC) Network

The Binance Smart Chain (BSC) offers several advantages that have contributed to its popularity and growth within the blockchain ecosystem. Here are some key advantages of the BSC network:

High Speed and Low Transaction Fees: BSC is known for its fast block confirmations, which result in quick transaction processing times. This speed is achieved through its unique consensus mechanism. Additionally, BSC’s low transaction fees have made it a preferred platform for developers and users.

Compared to other popular blockchain networks, BSC offers significantly lower transaction costs, making it more accessible for individuals and businesses of all sizes. This cost-effective system has aided the exponential growth of decentralized finance (DeFi) applications on the BSC network by providing a wide range of financial services to users around the world.

Scalability: BSC has been designed to handle high transaction volumes, allowing for the smooth and efficient execution of decentralized applications (dApps). This advantage enables BSC to accommodate the growing demands of users and developers without compromising performance.

Compatibility with Ethereum: The compatibility of BSC with the Ethereum Virtual Machine (EVM) has made it easy for developers to port their existing Ethereum-based projects to BSC, expanding the pool of available applications.

This opens up a world of possibilities, as it expands the range of applications available on BSC, offering users a greater selection of innovative and diverse decentralized applications to choose from. This interoperability has fostered innovation and attracted a diverse range of projects, including decentralized exchanges, yield farming platforms, and NFT marketplaces.

The close integration between BSC and the Binance exchange also creates a host of advantages for users. The seamless connection between these two platforms facilitates effortless token swaps and transfers.

Trading On The BSC Network

Decentralized exchanges (DEXs) on the Binance Smart Chain (BSC) network provide traders with a range of features and opportunities to enhance their trading experience. Here’s an elaboration on the features of DEXs on BSC:

Automated Market Makers (AMM): DEXs on BSC leverage AMM protocols to enable token swaps. AMM algorithms automatically set token prices based on supply and demand dynamics within liquidity pools. This feature eliminates the need for traditional order books and enables continuous liquidity, allowing traders to execute swift and efficient trades.

Yield Farming: Yield farming is a popular practice in the decentralized finance (DeFi) space, and many BSC DEXs offer yield farming opportunities where traders provide liquidity to specific token pairs by depositing their assets into smart contract-based liquidity pools. In return, they receive liquidity provider (LP) tokens, which represent their share of the pool.

Traders can then stake these LP tokens in yield farming programs to earn additional tokens or rewards. Yield farming enables traders to earn passive income by utilizing their idle assets effectively.

Liquidity Pools: These are fundamental components of DEXs on BSC which consist of pairs of tokens that are used for trading. Traders can contribute their assets to these pools and become liquidity providers.

By providing liquidity, traders help ensure that there is sufficient liquidity available for trading. In return for their contribution, liquidity providers earn a portion of the trading fees generated by the DEX. This incentivizes traders to provide liquidity, as they can earn fees from the trading activity in the pool.

Token Trading: DEXs on BSC offer traders the ability to trade a wide range of tokens. These tokens can include native tokens of projects built on the BSC network, as well as tokens that have been bridged from other blockchains, including Ethereum.

Traders have access to various trading pairs, allowing them to buy and sell tokens directly from their wallets. The availability of diverse tokens and trading pairs provides traders with abundant opportunities to explore various markets and investment opportunities.

Additionally, the Binance Smart Chain (BSC) is a modified Ethereum fork which simply means that it is compatible with the Ethereum network. Both of these blockchain networks have similar infrastructure, which is why they have the same address in your wallet.

This is to ensure that your funds are not permanently lost when you send them via the wrong network. Simply put, if you send a token to your ETH via the BSC network, the funds will still be on the blockchain and you’ll be able to retrieve them.

How To Get Started On The BSC Network

To buy and sell tokens on the Binance Smart Chain (BSC) network, you will first need to get a Metamask wallet and fund it with BNB tokens. MetaMask is a popular browser extension wallet commonly used for interacting with blockchain networks like Ethereum and Binance Smart Chain (BSC). It is available as a browser extension for popular browsers such as Google Chrome.

Ensure your Metamask Wallet has been added to your browser as an extension by clicking on the “Add to Chrome” icon on the top right as shown below:

Once installed and set up, MetaMask allows users to manage their cryptocurrency wallets, interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks directly from their browsers. (Make sure to write down your seed phrase on a piece of paper and keep it safe. Do not store it online).

Next, add the BSC network to your Metamask wallet by following the instructions provided on the Metemask website here.

Getting BNB Tokens To Trade On The BSC Network

Once that is done, you need to fund your wallet with BNB before you can begin trading on the BSC network. You can buy BNB on centralized exchanges such as Binance, copy your wallet address from Metamask, and then send the BNB from Binance to your Metamask wallet.

You can also purchase BNB directly within the Metamask wallet using traditional payment methods such as credit or debit cards, PayPal, bank transfer, CashApp, etc.

Just click on the “Buy/Sell” button within Metamask which will open up the interface. Here, you can put how much BNB you want to buy in terms of dollar terms, pick your payment method, and then click “Buy”.

Note that to buy crypto directly within Metamask, you will need to provide info such as your country and state. However, it is a straightforward process that only takes a minute.

It’ll only take a couple of minutes at most for your BNB to arrive in your wallet. Once the BNB arrives, you are all set to begin trading tokens on the BSC network. So head over to Pancakeswap to get started on your trading journey.

How To Trade Tokens On The BSC Network Using PancakeSwap

PancakeSwap is the leading decentralized exchange on the BSC network. Here, users are able to buy and sell a large range of tokens, and it is a straightforward process.

Make sure you are on the correct Pancakeswap website to prevent your wallet from being drained. The next step is clicking on the “Connect Wallet” option on Pancakeswap at the top right corner as illustrated below:

Connect to your preferred wallet as shown below. (In this case, it’s Metamask):

Once connected, switch Metamask to the BSC network. (If you’re already on the BSC network, you do not need to switch):

With MetaMask connected to the BSC network, go to PancakeSwap, then you can start trading on the BSC network using PancakeSwap. Search for the token you want to purchase using the name or the contract address.

Set slippage to auto to avoid having to manually set it with each swap. Once done, pick how much BNB (at the top) you want to convert to the new token (at the bottom), click on “Swap,” and confirm the transaction in your Metamask wallet.

Once the transaction is confirmed, the tokens will be sent to your wallet. To convert your tokens back into BNB, repeat this process by putting the new token at the top and picking BNB at the bottom. Click Swap and BNB will be sent to your wallet.

Buying And Selling Tokens With The Metamask Wallet

BSC Network users can also buy and sell tokens using the Metamask extension wallet already connected to the BSC network.

To do this, make sure you’re connected to the BSC network and have BNB to swap and pay for gas fees. Then navigate to the “Swap” button as shown below. This will take you to the Swap interface inside Metamask.

Here, you can also search for tokens using the name or the contract address, just like on Pancakeswap. Input the amount of BNB you want to swap, confirm that you have the correct token, and then click “Swap.” Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

Tracking Token Prices On The BSC Network

BSC network users can leverage on-chain tools such as Dextools to access detailed market insights about a particular token such as price and contract information to enable them to make informed trading decisions.

Dextools offers a range of features that are particularly beneficial for users on the BSC network. One notable feature is the ability to check charts, providing real-time and historical price data for various tokens. These charts enable users to analyze price trends, trading volumes, and other relevant metrics, helping them identify potential entry or exit points for their trades, as shown below:

In addition to charting capabilities, Dextools provides a “Contract Audit” feature that is especially valuable for BSC users. This feature allows users to check the audit score of a smart contract before investing in a token. Audits assess the security and reliability of a contract’s code, highlighting potential vulnerabilities or risks.

By accessing the audit score through Dextools, users can evaluate the level of trustworthiness and credibility of a token’s underlying smart contract, minimizing the chances of falling victim to scams or vulnerabilities.

Conclusion

The BSC network has become popular within the blockchain ecosystem due to its advantages and has attracted a diverse range of projects and users. BSC’s compatibility with Ethereum facilitates seamless token transfers between the two networks, enhances diversification of development and usage, and promotes collaboration within the broader blockchain ecosystem.

Additionally, it offers interoperability, allowing developers to easily port existing Ethereum-based applications and assets to BSC. This compatibility grants access to the extensive Ethereum ecosystem, enabling users to leverage the infrastructure and liquidity of Ethereum while benefiting from BSC’s faster transactions and lower fees.

BSC’s combination of interoperability, accessibility to liquidity, and enhanced transaction efficiency makes the BSC network a compelling choice for both developers and users, solidifying its position as a prominent player in the evolving blockchain landscape.

Featured image from Medium

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Scott Matherson

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January 14, 2024
The Red Flags On FTX We All Seemed To Miss

As the autopsy of Sam Bankman-Fried’s crypto empire begins, it’s worth saying that there were red flags all over the place. We missed them.

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November 15, 2022
SPOKKZ Teams Up With Ontology to Revolutionize Content Streaming Through Blockchain

SINGAPORE, August 21, 2018 (Newswire.com)
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Ontology’s high-performance public multi-chain project and a distributed trust collaboration platform and SPOKKZ – a new one-stop content dApp, have agreed to work together with the main agenda on blockchain content streaming. The companies will team up to improve their technologies and communities, with the broad objective of establishing and facilitating decentralized app growth and speeding up strong approval for blockchain technology on the Ontology MainNet.

Blockchain apps are not yet fully developed. The platforms of enabling these decentralized applications are still immature, and real case studies are not convincing to the public yet. Ontology and SPOKKZ will team up on these challenges by attracting developers and providing the best conditions for high-quality content creation.

Working with Ontology is a huge opportunity for us. Not only do they bring a well-thought-out infrastructure but, the combination of SPOKKZ’s large user base and Ontology’s stellar technology will be a game changer for the entire token economy. Ontology’s Trust system and SPOKKZ’s decentralized content creation and content viewing is truly a marriage of two significant players who are committed to the decentralized economy and who have the technology and proven track record to ensure a successful collaboration.

Subin Subaiah, Founder

SPOKKZ is a decentralized platform of an existing streaming platform Spuul, which gives 60 million Global Users the ability to stream, download, and watch over thousands of hours of movies and live linear TV content. The SPOKKZ team aims to further the tokenization of the content industry, the ability of its community to watch content, the ability of content creators to get funding and stream content, and to reward the community and fight piracy.

Ontology’s core strategy is to be used for real-world business scenarios, which is reflected in its core modules which include a complete smart contract system, distributed ledger system, distributed identity framework, distributed data exchange, and more. SPOKKZ will bring their dApp to the Ontology MainNet, and the two companies will share marketing and community-relation resources. Additionally, SPOKKZ will adopt Ontology’s distributed identity framework — ONT ID — for users on their platform.

The collaboration between Ontology and SPOKKZ will majorly emphasize the following areas:

Community Cooperation. Ontology and SPOKKZ will create conducive environments with their individual developer communities, and both are now dedicated to teaming up to further enhance active blockchain growth.

Technical Cooperation. The Ontology will enable smooth docking of dApps created by SPOKKZ. This suggests that dApps created by SPOKKZ workforce can be available on the Ontology MainNet. Our collaboration anticipates hastening the advent of a killer blockchain-based content industry by facilitating the creation and deployment of such dApps.

Generation of more profits. As a functional measure, the strategic partnership between Ontology and SPOKKZ will evidently speed up the commercialization of the blockchain, increase the blockchain user set-ups and bring more profits.

With more than 60 million users, SPOKKZ presents the chance, which will empower other dApps on Ontology with the power to purchase and auction on various platforms.

On the other hand, Ontology has strong technical abilities with more developers and multi-chain capabilities. This means that both will broaden their market size through this partnership.

Just as the blockchain technology has transformed the business sector, the content streaming industry is starting to acknowledge the benefits that can be tapped from embracing it. The partnership between Ontology and SPOKKZ bring community cooperation, technical cooperation, the creation of an ecosystem and generation of more profits to both companies.

Speaking on the partnership, Subin Subaiah, Founder of SPOKKZ, said:

“Working with Ontology is a huge opportunity for us. Not only do they bring a well- thought-out infrastructure but, the combination of SPOKKZ’s large user base and Ontology’s stellar technology will be a game changer for the entire token economy. Ontology’s Trust system and SPOKKZ’s decentralized content creation and content viewing is truly a marriage of two significant players who are committed to the decentralized economy and who have the technology and proven track record to ensure a successful collaboration.”

LI Jun, Founder of Ontology, added:

“The core modules Ontology has built and are continuing to enrich are all linked to real business scenarios, so we are pleased to work with Spuul who will take an existing user base with millions of users and design a new project. SPOKKZ will use decentralized technology to make a product which gives individuals a voice in an industry that is traditionally centralized.”

About SPOKKZ

SPOKKZ is being issued by Spuul, a pioneering and established OTT player with over 60million users in 180 countries generating revenues of close to USD15mm. Spuul has decided to migrate some of its solutions to the blockchain and to tokenize its business with SPOKKZ. Spuul is recognized to be an innovative, full stack, pure-play tech company that has built its enterprise in collaboration with premium providers like AWS (for whom they are a case study).

A live platform, an experienced tech and business team, deep connections into the media industry and an influential advisory board puts SPOKKZ way ahead of the competition. SPOKKZ is dedicated to Mr. Spock of the Starship Enterprise and hopes to represent all that he stood for — clarity of thought, cold/hard logic and the courage “to boldly go where no one has gone before.”

SPOKKZ will transform the media consumption business from being a purely transactional play to a community driven economy.

Media Contact:
Mohan S
Email: team@spokkz.com

Spokkz website: www.SPOKKZ.com

Telegram: t.me/SPOKKZOfficial

Twitter: www.twitter.com/SPOKKZOfficial

Facebook: www.facebook.com/spuul

Blog: www.medium.com/SPOKKZ

Reddit: www.reddit.com/r/SPOKKZ

Ontology website: https://ont.io

ONTO website: https://onto.app

GitHub: https://github.com/ontio

Twitter: https://twitter.com/OntologyNetwork

Telegram: https://t.me/OntologyNetwork

Discord: https://discord.gg/4TQujHj

Reddit: https://old.reddit.com/r/OntologyNetwork

Facebook: https://www.facebook.com/ONTnetwork

LinkedIn: https://www.linkedin.com/company/Ontology-Network-Official

Source: SPOKKZ

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August 20, 2018