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| Download Decentraland, a virtual social world, to start exploring to start exploring. | | Reading time: 5 minutes | News | Crypto Converter | Profit Calculator | Solana overtakes Ethereum in economic activity as memecoins drive October surge | | Key points: | In October 2024, Solana's Real Economic Value (REV) reached 111% of Ethereum's, a significant increase from 1% in the same period last year. Total Application Revenue (TAR) on Solana was 109% of Ethereum's in October, up from 1% a year ago. The surge is largely attributed to a memecoin boom, with several tokens experiencing substantial gains.
| News - In a remarkable development, Solana's economic activity has outpaced Ethereum's for the first time. According to a report by Syncracy Capital, Solana's Real Economic Value (REV)—which includes transaction fees and maximal extractable value (MEV) tips paid to validators—was 111% of Ethereum's in October 2024, a dramatic rise from just 1% in October 2023. | Similarly, Solana's Total Application Revenue (TAR), representing fees paid to protocols and applications built on the blockchain, reached 109% of Ethereum's, up from 1% a year earlier. | What's fueling adoption? - The surge in Solana's economic metrics is primarily driven by a memecoin frenzy within its ecosystem. Tokens like Goatseus Maximus (GOAT) skyrocketed to a market cap of $400 million in just one week, while others such as SPX6900 (SPX), Apu Apustaja (APU), and FWOG saw gains of 379%, 170%, and 134%, respectively, in October. This speculative activity has led to increased network volumes, fees, and total value locked (TVL). | Data from DefiLlama indicates that Solana's TVL reached a two-year high of over 42 million SOL on October 26, marking a 13% month-over-month increase, while Ethereum's TVL remained flat at 17.7 million ETH locked. | Why it matters - Solana's ability to surpass Ethereum in key economic metrics underscores its growing prominence in the blockchain space. The network's capacity to handle high transaction volumes with low fees makes it an attractive platform for developers and users, particularly in the DeFi and NFT sectors. | However, the memecoin-driven activity also serves as a stress test for Solana's infrastructure, highlighting the need for continued development to maintain network reliability and scalability. As Solana continues to evolve, its competition with Ethereum could drive innovation and improvements across the broader blockchain ecosystem. | Trump launches DOGE with Elon Musk and Vivek Ramaswamy to slash spending | | Key points: | President-elect Trump has appointed Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE), targeting waste reduction across a $6.5 trillion federal budget. The initiative has sparked excitement among Dogecoin enthusiasts, with the token surging 150% in response.
| News - In a significant move, Donald Trump has announced the formation of the Department of Government Efficiency (DOGE), appointing Elon Musk and Vivek Ramaswamy to spearhead the program. Tasked with cutting the federal budget's extensive $6.5 trillion expenditures, this initiative has garnered major interest, especially in crypto circles. Dogecoin saw a notable 150% increase, spurred by the initiative's acronym and Musk's ongoing support. | Why it's resonating - With Musk's vocal support for Dogecoin and Ramaswamy's advocacy for streamlined government operations, this announcement aligns with sentiments in the crypto community around efficiency and decentralized governance. The choice of leaders suggests an ambitious approach to federal reform, attracting interest from both political and crypto audiences. | Impact on Dogecoin - The DOGE initiative not only reinforces Dogecoin's cultural influence but also highlights the growing overlap between government reforms and digital asset communities. As the initiative develops, it may inspire new conversations on decentralized finance's role in public administration. | Binance to list Sui-based memecoin HIPPO, adding new flavor to meme market | | Key points: | Binance will list HIPPO, the first Sui-based memecoin, today, with its market cap soaring to $225 million. The price of HIPPO surged 90%, jumping from $0.012 to $0.022 immediately after the announcement.
| News - Binance has announced the listing of HIPPO, the first Sui-based memecoin, on November 13, 2024. Shortly after the announcement, HIPPO's price skyrocketed by 90%, reaching $0.022 from its previous price of $0.012. The coin's market cap also surged from $115 million to $225 million, reflecting increased demand following its Binance listing. | Why it's catching attention - The surge in HIPPO's price mirrors the recent pattern seen with other memecoins like MOODENG. As the first Sui-based memecoin on Binance, HIPPO's listing is especially significant, drawing attention from both Sui enthusiasts and meme token traders. | Potential for growth - HIPPO's listing on Binance and the use of 75x leverage in futures trading are expected to maintain upward pressure. If the momentum continues, the token could reach new heights, with projections suggesting a potential rise to $0.030. However, with the market showing overbought conditions, a correction might also follow. | Coincheck becomes first Japanese crypto exchange to secure SEC approval for Nasdaq listing | | Key points: | Coincheck, a Japanese crypto exchange, has received SEC approval to list on Nasdaq. This marks Coincheck as the first Japanese exchange to take this step, set to merge with Thunder Bridge Capital Partners.
| News - The U.S. SEC has granted approval for Coincheck to list on Nasdaq, making it the first Japanese crypto exchange to do so. The listing will take place via a merger with Thunder Bridge Capital Partners, a special purpose acquisition company (SPAC). Scheduled for December 10, the move signals a new phase for Japanese crypto companies, encouraging further global integration. | Why it matters - This listing is a significant milestone for both Coincheck and Japan's crypto market. The merger with Thunder Bridge Capital Partners enables the exchange to access U.S. investors, potentially setting a precedent for other Japanese crypto companies. | Potential implications - With this listing, Coincheck's approval could pave the way for other crypto exchanges from Japan to pursue U.S. listings, helping further integrate the Japanese and global crypto markets. This move may also signal growing confidence in Japanese crypto regulations, potentially attracting more institutional investors to the sector. | | More stories from the crypto ecosystem | | Interesting facts | DEX trading volumes rose 40% in 2023 as users sought more control amid centralized exchange security concerns. Around 60% of major stablecoins' supply is in DeFi, supporting lending, borrowing, and staking that boost market liquidity. Crypto derivatives, led by Bitcoin and Ethereum, make up over60% of trading volumes, as investors use options and futures to hedge or speculate.
| | Top 3 coins of the day | XRP (XRP) | | Key points: | XRP declined by 4.55% after a recent strong rally, with the Parabolic SAR still showing a bullish trend. The DMI indicated that buyers have been in control, with a strong trend supported by high volume.
| What you should know: | XRP recently surged, closing at $0.67 after a strong upward move supported by high volume. The Parabolic SAR indicator remained below the price, signaling a bullish trend, while the DMI showed that buyers have been in control with a +DI well above the -DI and an ADX of 31.1606, indicating a solid trend. However, the 4.55% decline in the latest session suggested some profit-taking may have occurred. If the Parabolic SAR flips above the price, it could signal a shift in momentum. For now, if the bullish trend continues, XRP may target recent highs around $0.74, with support at $0.65 if a pullback deepens. | Render Token (RNDR) | | Key points: | RNDR declined by 3.75% but remained near the upper Bollinger Band after a strong rally. The positive CMF and high volume indicated sustained buying interest, supporting a bullish outlook.
| What you should know: | RNDR recently experienced a notable rally, pushing its price close to the upper Bollinger Band before a 3.75% pullback, closing at $6.95. Elevated trading volumes accompanied the surge, underscoring strong buyer interest, while the Chaikin Money Flow (CMF) reading of 0.25 suggested consistent capital inflow into the asset. This bullish momentum has been facing some resistance as traders take profits. If RNDR's uptrend resumes, the price may retest the recent peak around $7.50. Conversely, if selling pressure continues, the middle Bollinger Band, approximately at $5.19, could serve as a support level to cushion further declines. | Sui Network (SUI) | | Key points: | At press time, SUI was trading at $3.17, experiencing a slight decline of 1.15% after a strong rally above the 50-day SMA. The RSI was at 75.88, indicating an overbought condition, while elevated volume reflected robust buying interest.
| What you should know: | SUI enjoyed a strong rally, pushing well above its 50-day SMA, sitting at $2.06. This highlighted the positive trend. However, with an RSI reading of 75.88, SUI entered overbought territory, potentially signaling that the pace could slow as traders start to lock in gains. High trading volumes accompanied this upward move, underscoring strong buyer interest, though the recent slight dip hinted at possible profit-taking. If the uptrend resumes, SUI could target resistance around $3.30. On the downside, should a pullback deepen, the 50-day SMA at $2.06 may serve as a key support level to watch. | How was today's newsletter? | |
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