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US Bitcoin Miners Move Old Equipment Overseas – Here’s Why

bitcoinist.com - вс, 03/24/2024 - 11:00

The Bitcoin halving, one of the most anticipated crypto events in 2024, is less than a month away, and miners seem to be in full preparation for its aftermath. The April event is expected to slash mining rewards on the Bitcoin network in half, making the validation of transactions less lucrative.

As of now, miners receive 6.25 BTC for each validated block added to the network. However, the halving will split their revenue to 3.125 BTC for each block. Interestingly, many miners in the United States seem to be making adjustments, including upgrading to more efficient mining computers, to ensure they remain profitable.

Why Bitcoin Mining Machines Are Being Moved Out Of The US

According to crypto-mining services and logistics provider Luxor Technology, about 600,000 S19 series mining rigs, which account for a large proportion of machines currently in use in the United States, are being moved out of the country. The mining computers are being transferred (or sold) primarily to countries in Africa and South America, a Bloomberg report revealed.

The S19 series are older models of Bitcoin mining machines, and they might not be cost-efficient to run in countries like the US, where energy costs are relatively high. This explains why the miners in the country are ditching the older computers for more efficient ones.

The report quoted another major player in the Bitcoin mining industry, saying that while the S19 series and similar models might not be cost-effective to operate in the United States, they “can still generate decent profits and get an extended life if hosted” in certain regions in Africa.

Meanwhile, some miners opt to sell their hardware, with buyers of the old machines operating in parts of the world with cheap power. Many of these buyers are from Paraguay, Uruguay, Tanzania, and, most notably, Ethiopia.

According to Luxor, the upcoming halving event has been influencing the behavior of buyers towards the purchase of old mining machines. “Some buyers are waiting until after the event to purchase older computers, assuming their prices will drop even more,” the company revealed.

With the Bitcoin halving approaching, Luxor estimates that around 600,000 S19 bitcoin rigs, the majority of machines currently in use, are moving primarily out of the U.S. to places like Africa and South America, where energy is cheaper. The S19 can cost up to $11,500 per unit to…

— Wu Blockchain (@WuBlockchain) March 24, 2024

Ethiopia: The Next Crypto Mining Hub?

Ethiopia, a country located in the Horn of Africa, is forging a strong reputation for itself in the crypto and Bitcoin mining niche. As inferred earlier, a significant proportion of the old US machines are being transferred to the East African nation.

Ethiopia’s cheap electricity has been pinpointed as the major factor driving this development. The Bloomberg report revealed that electricity is about 3 cents per kWh in Ethiopia, while it ranges between 3 to 6 cents in the US.

Earlier in February, Bloomberg disclosed that Chinese crypto mining companies are increasing their investment in Ethiopia. While China’s strict stance against cryptocurrency is believed to have played a role, Ethiopia’s cheap power seems to have played a bigger part in the firms’ move.

Бесконечные ресурсы, или Как поменять всё

Стратегические новости - вс, 03/24/2024 - 11:00
Директор Кировского завода Сергей Серебряков и координатор национального проекта ЭРА Кирилл Рычков о предпосылках к появлению Новой этики и переходу в новую общественно экономическую формацию Ведущий:...

Гэри Генслер: «Криптовалютному рынку нужна дезинфекция»

bits.media/ - вс, 03/24/2024 - 10:40
Глава Комиссии по ценным бумагам и биржам США (SEC) на конференции Юридической школы Колумбийского университета объявил, что криптовалютному рынку необходим аналог дезинфекции.

Европарламент рассмотрит закон о запрете анонимных криптотранзакций

bits.media/ - вс, 03/24/2024 - 10:11
Сразу несколько комитетов Европейского парламента одобрили законопроект, согласно которому платежи в криптовалютах, проводимые при помощи анонимных криптовалютных кошельков, будут признаны незаконными на территории стран ЕС. О документе сообщили противники запрета, депутаты Партии пиратов Германии.

Разложение королевской семьи, или Попытка смерти в прямом эфире

Стратегические новости - вс, 03/24/2024 - 08:00
Геостратег Андрей Школьников комментирует события в жизни английской королевской семьи и объясняет, почему России на этот счёт тревожиться не стоит Ведущий: Роман Шахов Радио АВРОРА на Boosty: https://boosty.to/radio_aurora...

SEC Delays Decision On Grayscale’s Ethereum ETF – Here’s The New Deadline

bitcoinist.com - вс, 03/24/2024 - 00:30

The United States Securities and Exchange Commission (SEC) has announced an extension – yet again – of the deadline for asset management firm Grayscale’s Ethereum Futures Trust exchange-traded fund (ETF). Initially published for comment in the Federal Register on October 3, 2023, the SEC claims to be extending the deadline to have “sufficient time to consider the proposed rule change.”

Final Deadline For Grayscale’s Futures Ethereum ETF

According to a March 22 filing, the SEC disclosed that it will prolong the decision-making process for Grayscale’s Ethereum Futures ETF. The commission has now moved the deadline from March 31 to May 30 to decide whether or not to approve the investment product.

A part of the SEC’s filing read: 

The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,10 designates May 30, 2024, as the date by which the Commission shall either approve or disapprove the proposed rule change.

James Seyffart, a Bloomberg ETF analyst, did not express surprise at this deadline extension. “There’s the delay order for Grayscale’s Ethereum Futures ETF Filing — as expected,” the analyst said in his post on the X platform.

In November, Seyffart said he believes that Grayscale’s application for an Ether Futures ETF is “nothing but a trojan horse” to get approval for its spot ETH exchange-traded product. Hence, it would be interesting to see how this latest delay influences the clearance of the spot ETH ETF, especially considering the slim odds of approval.

The SEC delayed its decision on whether to approve Grayscale’s spot Ethereum ETF earlier in January while also opening the application to public comments. In the most recent development, the asset management revised its 19b-4 form in a bid to force the regulator’s hand.

Approval Of ETH Spot ETF Seems Very Unlikely: Alex Thorn

Alex Thorn, Galaxy Digital’s head of research, has said the approval of the Ethereum spot ETFs is looking very unlikely at the moment. This reasoning is based on the SEC’s subpoena of crypto firms and lack of engagement with potential ETF issuers.

According to a recent report, the SEC sent subpoenas to various crypto companies regarding their relationships with the Ethereum Foundation. 

Thorn posits that the SEC could be investigating whether the original Ethereum ICO (Initial Coin Offering) was an unregistered securities offering rather than classifying the secondary trading of Ether today as securities trading.

The analyst mentioned that it is unclear how this probe alone hurts the chance of ETH ETF approval. However, he believes that when this is combined with the fact that the SEC is not actively communicating with applicants, the authorization of the ETFs in May seems very unlikely.

Sam Bankman-Fried Getting Ready For Prison Sentence? US Gov’t Gets Greenlight To Sell Assets

bitcoinist.com - сб, 03/23/2024 - 22:00

As Sam Bankman-Fried, the founder and former chief executive officer (CEO) of defunct crypto exchange FTX readies for his prison sentence, prosecutors have formally requested the court to authorize the sale of two jets linked to the former crypto billionaire. With the defendant and his legal team already in agreement, the final step hinges on  the court’s approval. 

Prosecutors Push For Sale Of Luxury Jets

In a March 22 filing with the United States District Court for the Southern District, US, prosecutors in the government’s case against Bankman-Fried have proposed a court order to sell two multi-million dollar jets connected to FTX and its founder.

As stated by Atty. Damian Williams in a letter to Judge Lewis Kaplan, the government is seeking to conduct an interlocutory sale of two luxury jets, a Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ.

According to the filing, the sale of the two private aircraft has been sought to prevent their devaluation, as these assets were previously slated for forfeiture in October 2023 due to their connection to Bankman-Fried’s criminal case.  

Currently, the government has not disclosed the precise selling price for the private aircrafts. However, they have appraised the jets at $15.9 million and $12.5 million, respectively. 

Furthermore, Williams has revealed that the court order was made in agreement with multiple parties including FTX’s former executive, Ryan Salame, the defendant, the founder of Trans-Island Airways, Paul Aranha, FTX debtors, the government, Capital Peak Aviation and Island Air Capital (IAC).

The attorney disclosed that the Embraer Legacy aircraft will be transported to a Florida airport by the IAC, with the delivery expected within 30 days of the court order. 

As for the Global 5000 aircraft, the filing has revealed that it remains under secure custody, controlled by the United States Marshals Service (USMS). The USMS will manage the jet’s sale proceedings, which will be held in escrow within the enforcement agency’s Seized Asset Deposit Fund (SADF) until further order of the court. 

Sam Bankman-Fried Sentence Date Fast Approaching

Sam Bankman-Fried, who was found guilty in November 2023 on all seven counts of fraud by a jury in New York, will potentially face a staggering amount of years in prison for his alleged crimes. The former FTX CEO’s sentence date is fast approaching, scheduled for Thursday, March 28.

Prosecutors in the case are seeking a prison sentence of 40 to 50 years, potentially leading the 32-year-old former crypto billionaire to be incarcerated until the age of 70 to 80 years. Conversely, attorneys representing the FTX founder propose a sentence of approximately five to six years. 

Featured image from Pexels, chart from TradingView

SEC Chair Gary Gensler Says Crypto Industry Needs ‘Disinfectant’ – Here’s Why

bitcoinist.com - сб, 03/23/2024 - 19:00

In a passionate address to Columbia Law School, Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC), delivered a scathing critique of crypto industry participants who evade registration requirements.

Promoting Transparency in Cryptocurrency

Gensler’s speech focused on the need for transparency and mandatory disclosure in the cryptocurrency markets, drawing on the famous quote by Supreme Court Justice Louis Brandeis that “Sunlight is said to be the best of disinfectants.”

Gensler expressed his concern about certain participants in the crypto securities markets who seek to avoid registration requirements, thereby evading mandatory disclosure. He stressed the importance of transparency in the industry and highlighted the potential benefits of applying stricter regulatory oversight.

By shining a light on the practices and operations of market participants, Gensler aimed to promote a more accountable and trustworthy crypto ecosystem.

“There are participants in crypto securities markets that seek to avoid these registration requirements. No registration means no mandatory disclosure. Many would agree that the crypto markets could use a little disinfectant,” he said.

The SEC Chair’s remarks come at a time when the commission is actively pursuing enforcement actions against major crypto firms, including Kraken, Binance, Ripple, and Coinbase. These actions underscore the SEC’s commitment to ensuring compliance within the industry.

However, Gensler’s focus on transparency goes beyond enforcement, as he believes that the entire crypto market can benefit from increased disclosure and regulatory compliance.

Gensler’s Regulatory Vision

Advocacy groups and crypto companies have long called for clear regulatory guidelines to foster innovation within the United States. While Gensler acknowledged the importance of innovation, he emphasized that it should not come at the expense of transparency and investor protection.

By advocating for mandatory disclosure and registration requirements, Gensler seeks to strike a balance between fostering innovation and maintaining market integrity.

Gensler’s call for transparency aligns with his previous warnings that cryptocurrency exchanges must register with the SEC and adhere to the same rules as traditional financial companies. He has consistently emphasized the need for accountability and regulation in the crypto space, aiming to ensure that investors are adequately informed and protected.

In addition to his focus on transparency, Gensler also addressed the risks associated with investing in cryptocurrencies. He likened Bitcoin to a roller coaster ride, cautioning investors about the volatility of the asset. While acknowledging the market’s enthusiasm, he stressed the importance of evaluating the fundamentals of cryptocurrencies to make informed investment decisions.

As Gensler’s “disinfectant” tirade reverberates throughout the cryptocurrency industry, stakeholders are left contemplating the future of regulation and transparency.

The SEC’s ongoing enforcement actions and his steadfast commitment to mandatory disclosure signal a shift toward greater scrutiny and accountability in the market.

The impact of Gensler’s speech and the SEC’s actions will likely be felt across the industry. Market participants may face increased pressure to comply with registration requirements and provide transparent disclosures. This could potentially lead to a more robust and trustworthy crypto ecosystem, attracting both institutional and retail investors.

Featured image from Pexels, chart from TradingView

Как вернуть народу природные богатства

Стратегические новости - сб, 03/23/2024 - 18:00
Депутат фракции КПРФ в Госдуме Пётр Аммосов и политический обозреватель ИА «АВРОРА» Фёдор Бирюков обсуждают проблему отчуждения граждан РФ от естественных ресурсов нашей страны #РадиоАВРОРА – это открытая...

Crypto Pundit Predicts Massive Price Surge For Dogecoin – Here’s The Target

bitcoinist.com - сб, 03/23/2024 - 16:00

Crypto analyst DonAlt has provided a bullish narrative for the foremost meme coin, Dogecoin (DOGE). This follows his recent statement suggesting that DOGE could still move over 500% from its current price levels. 

Dogecoin Could Rise To $1

DonAlt mentioned in a video on his YouTube channel that DOGE “it isn’t too unlikely for Dogecoin to go to $1.” This raises the possibility of the meme coin breaking its all-time high (ATH) of $0.7376 on its road to $1, which no doubt presents mouth-watering gains for investors

The crypto analyst made this statement while revealing that Dogecoin was one of the altcoins he had his eyes on. He added that he found the meme coin “interesting” because it dipped back into support on the PTC chart. Meanwhile, DonAlt suggested that $0.1 is a good entry point for those looking to invest in DOGE and stated that he will probably buy if it drops to that level. 

The crypto analyst remarked that he would also look to Bitcoin’s price movement to determine whether or not to buy Dogecoin now. If Bitcoin confirms a bullish sentiment, he will buy the meme coin at whatever price level he finds it at since it is still a long way from hitting $1. 

Interestingly, the crypto analyst suggested that DOGE was a better investment than Bitcoin. He stated that DOGE could trade as high as $2 if Bitcoin never drops back to the $60,000 range. That is why he finds investing in the meme coin more attractive than buying the flagship crypto at $60,000 and seeing it rise to $90,000

Shiba Inu Could Also See Significant Gains

Crypto analyst and trader Xanrox also recently predicted that DOGE’s top contender, Shiba Inu (SHIB), could witness a price surge of over 300%. This also means that SHIB, like DOGE, could hit a new ATH in this market cycle. Meanwhile, analysts like Javon Marks have also raised the possibility of SHIB deleting another zero and rising to as high as $0.0001553. 

These massive price predictions for DOGE and SHIB again underscore the battle between these crypto tokens to assert themselves as the most valuable meme coin. So far, they have made significant moves in the market since the beginning of the year. However, there is a growing feeling that SHIB could overtake DOGE at some point. 

SHIB has already seen more gains since the beginning of the year, boasting a year-to-date (YTD) gain of over 160% compared to DOGE’s 80%.

Featured image from Mary Taylor/Pexels, chart from TradingView

Создателя Terra До Квона выпустили из тюрьмы и оставили в Черногории

bits.media/ - сб, 03/23/2024 - 13:18
Суд Черногории постановил выпустить сооснователя Terraform Labs До Квона из тюрьмы и конфисковать у него паспорт, чтобы он не смог выехать из страны. Экстрадиция Квона в Южную Корею была отложена.

В компьютерах Apple обнаружена опасная для владельцев криптовалют уязвимость

bits.media/ - сб, 03/23/2024 - 12:59
Группа исследователей из университетов США обнаружила уязвимость в устройствах Apple на базе процессоров M1, M2 и M3. Она позволяет украсть криптографические ключи, в том числе, от криптокошельков.

BlackRock: «Наши клиенты предпочитают биткоин и не интересуются альткоинами»

bits.media/ - сб, 03/23/2024 - 12:36
Руководитель отдела развития цифровых активов BlackRock Роберт Митчник рассказал, что клиенты компании мало интересуются инвестициями в криптовалюты, за исключением биткоина и эфира.

Как США и Евросоюз российские резервы делили, или Ничейный актив

Стратегические новости - сб, 03/23/2024 - 12:00
Депутат фракции «СПРАВЕДЛИВАЯ РОССИЯ - ЗА ПРАВДУ» в Госдуме РФ, экономист Михаил Делягин отвечает на вопросы подписчиков Радио АВРОРА Радио АВРОРА на Boosty: https://boosty.to/radio_aurora БЛАГОДАРИМ...

Роберт Кийосаки: «Покупайте столько биткоинов, сколько сможете»

bits.media/ - сб, 03/23/2024 - 11:52
Автор бестселлера «Богатый папа, бедный папа» Роберт Кийосаки назвал биткоин реальным активом, призвав инвесторов переключиться с инвестиций в акции и отдать приоритет накоплению BTC.

Тёмные волны кризиса, или Экономика победы

Стратегические новости - сб, 03/23/2024 - 11:00
Беседа с Николаем Азаровым о сути экономического кризиса, певроочередных задачах в трудный период и подводных камнях мобилизации Ведущий: Максим Романычев Радио АВРОРА на Boosty: https://boosty.to/radio_aurora...

Shiba Inu Metaverse Guru Clears the Air Amid Scam Speculations

bitcoinist.com - сб, 03/23/2024 - 10:42

In a recent turn of events, Marcie Jastrow, the advisor for the Shiba Inu Metaverse project, has found herself at the center of controversy surrounding allegations of scam affiliation. The accusations surfaced after Jastrow dissociated herself from a company and removed any trace of her association with it on her LinkedIn account. Trophias, a former member of the SHIB Defense Breed, went as far as labeling Jastrow a “professional scammer.”

RR

And yet I’m the crazy one….

Marcie Jastrow is a professional scammer. She got rid of her “new” company from LinkedIn.

Marcie is in way over her head.

— Crypto Fox (@ShibaTrophias) March 21, 2024

Jastrow swiftly responded to these allegations, vehemently denying any involvement in scams. She clarified that her decision to dissociate from the company was driven by disputes over intellectual property rights, rather than any fraudulent activities. Jastrow emphasized that the situation had become a distraction, leading her to sever all ties with the company. While she did not address Trophias directly, her statement aimed to set the record straight.

This – let’s help our Welly Frens. How many projects are actually showing real world use cases on Farm to table. In addition, buying a franchise and owning your destiny isn’t a bad idea either – no pun intented https://t.co/OpLksyznYD

— Marcie Jastrow (@marciejastrow) March 21, 2024

However, Jastrow’s call for assistance for the Welly Friends project, which focuses on blockchain adoption in the agricultural scene, drew criticism from some quarters. Detractors argued that she should prioritize the Shiba Inu Metaverse project instead. The conflicting opinions regarding Jastrow’s priorities and resource allocation have further fueled the ongoing debate.

Investors, despite the lack of recent updates on the Shiba Inu Metaverse project’s progress, have maintained a positive outlook. Their confidence is evident from the Shibpreme team’s purchase of approximately 73 Metaverse lands for an astonishing $27,503 back in June 2023. This significant investment suggests that some investors still believe in the project’s potential success, even in the absence of detailed updates.

CC

The Shiba Inu Metaverse project, which has been relatively quiet in the headlines as development progresses behind the scenes, now finds itself under scrutiny due to the allegations surrounding Jastrow. Trophias’ accusations have raised questions about the project’s integrity, but without concrete evidence, it is difficult to ascertain the veracity of the claims.

The ongoing dispute over intellectual property rights adds another layer of complexity to the situation. While Jastrow has clarified her stance, the lack of transparency surrounding the specifics of the dispute leaves room for speculation. It remains to be seen how the project will address these concerns and provide clarity to investors and supporters.

RR

As the controversy unfolds and public attention intensifies, the Shiba Inu Metaverse project faces a crucial juncture. The team behind the project will need to address the allegations head-on, provide updates on their progress, and reassure investors of their commitment to transparency and integrity.

The impact of these developments on the broader cryptocurrency community remains to be seen. The outcome of this controversy could potentially shape how projects and their advisors are perceived and evaluated in the future.

In the midst of these challenging times, the Shiba Inu Metaverse project must navigate the storm and regain trust by fostering open communication, addressing concerns, and demonstrating progress towards their goals. Only through transparency and accountability can the project hope to overcome these allegations and continue its journey towards success in the ever-evolving world of blockchain and virtual realities.

Do Kwon To Be Released From Prison But Remanded To Montenegro – Details

bitcoinist.com - сб, 03/23/2024 - 10:33

Terraform Labs co-founder Do Kwon is now set to be released from prison in Montenegro; however, the South Korean will remain restricted to the borders of the European nation pending a fixed date for his extradition to his home country. 

Do Kwon Serves Time In Montenegro, Awaits Extradition Decision

In March 2023, Do Kwon, alongside former Terraform CFO Han Chang-joon, was apprehended by local authorities in Montenegro for traveling with falsified documents. This development came as the crypto mogul was wanted by legal authorities in the US and South Korea for crimes of fraud following the crash of the prominent Terra ecosystem in 2022, which wiped out over $50 billion of users’ funds. 

Do Kwon was given a four-month sentence in Montenegro for using a fake passport which eventually commenced in November 2023. According to local media Vijesti, this prison time has been served with the South Korean citizen set to be released on March 23, 2024. 

However, an order from the High Court of Podgorica directing the seizure of Do Kwon’s valid travel documents will prevent the wanted crypto figure from leaving Montenegrin borders for the time being. This is quite unsurprising as Do Kwon is expected to be extradited to South Korea to face fraud allegations for his involvement in the Terra blockchain project.

The Asian nation had initially contested with the US for the custody of the former Terraform boss, with both parties filing extradition requests following Do Kwon’s arrest in Montenegro. After a series of court proceedings over the last few months, South Korea finally secured the custody of the Terra Luna founder on the basis of filing an extradition request earlier than the US. However, recent developments reveal the extradition process may be stalled for the time being.

Montenegro’s Apex Court Postpones Do Kwon’s Extradition Indefinitely 

In an unexpected turnout, the Supreme Court of Montenegro has ordered a halt to the extradition of Do Kwon to South Korea pending its decision on a petition from the national prosecutors’ office. 

On March 20, the Supreme State Prosecutor’s Office of Montenegro filed a request for protection of legality regarding the decision on the extradition request process by a lower court. The prosecutors argued there were procedural errors in the handling of the case by the appellate court. 

Specifically, the prosecutors believe that the appellate court acted beyond its authority by rejecting an appeal from Kwon’s legal team, asserting that only Montenegro’s Supreme Court has the jurisdiction to make such legal decisions. Therefore, the Council of the Supreme Court will evaluate whether there were indeed procedural violations and whether the lower court’s decision regarding Kwon’s extradition was legally sound, which will determine if the approved transfer will follow through.

Как убивали Лаврентия Берия, или Политика авантюризма

Стратегические новости - сб, 03/23/2024 - 09:00
Историк Евгений Спицын о нестыковках версий ареста и убийства Лаврентия Берия Радио АВРОРА на Boosty: https://boosty.to/radio_aurora БЛАГОДАРИМ ВАС ЗА ПОДДЕРЖКУ! ТОЛЬКО БЛАГОДАРЯ ВАШЕМУ ФИНАНСОВОМУ...

Solana Meme Coin Mania Breaks Records: DEX Volume Surges, Yet Failed Transactions Hit 72%

bitcoinist.com - сб, 03/23/2024 - 06:00

Solana (SOL) has experienced an exceptional uptrend, with a staggering year-to-date (YTD) surge of 652%. However, the recent surge in meme coins has further amplified the blockchain’s growth narrative. 

Solana-based tokens such as dogfight (WIF), Bonk Inu (BONK), and Boof of Meme (BOME) have witnessed remarkable growth rates of 574%, 3200%, and 49%, respectively, according to CoinGecko data

Nevertheless, this unprecedented meme coin mania has its fair share of ramifications, including increased transaction failures, rising transaction fees, and the dominance of bot-driven activities.

Meme Coin Ecosystem Faces Challenges

The surge in meme coin popularity is evident through the rise in decentralized exchange (DEX) and meme coin volume on Solana. On March 16th, major meme coins like BONK, WIF, TREMP, BODEN, and BOME recorded a cumulative volume of $1.33 billion.

This surge in trading activity highlights investors’ significant interest and participation in the Solana meme coin ecosystem.

However, the influx of bots seeking to exploit potential opportunities has resulted in a notable increase in failed transactions within the Solana network. 

On-chain researcher and analyst Tom Wan reveals that 72% of the failed transactions can be attributed to bot activities. Although this high failure rate has impacted the network’s efficiency, the effect on organic users has been relatively less severe than bots.

However, as the meme coin frenzy continues to grip Solana, the network has witnessed a substantial increase in average transaction fees. 

While average users can still execute transactions without paying priority fees, Tom Wan highlights that the median transaction fee has tripled from 0.000005 SOL to 0.000016 SOL. As a result, the average transaction fee has risen to $0.065, reflecting increased demand and congestion on the network.

Ultimately, the surge in meme coin trading activity on Solana has brought benefits and challenges. While the DEX and meme coin volume growth signifies the increasing adoption and interest in these tokens, it has also exposed vulnerabilities within the network. 

Solana Surpasses All Other Blockchain Ecosystems

The competition between Ethereum (ETH) and Solana continues to intensify, as the so-called “Ethereum Killer” appears to be the latest to dominate global investor interest, outpacing other blockchain ecosystems. 

According to recent research by CoinGecko, Solana’s growing popularity can be attributed to its recent rally, which has propelled it to reclaim its 2021 highs. 

This resurgence has captured the attention of investors worldwide, who are drawn to blockchain’s potential for innovation and growth. In addition, the success of notable projects within the Solana ecosystem, such as Pyth, has further boosted investor confidence and interest in the platform.

While Solana has emerged as the most popular blockchain ecosystem, Ethereum holds a significant position in the industry. CoinGecko’s data reveals that Ethereum captures 12.7% of investor interest, ranking it as the second most popular ecosystem 2024. 

According to the research, Ethereum’s continued relevance can be attributed to its well-established presence and familiarity among investors. However, attention within the Ethereum ecosystem is increasingly dispersed to layer 2 solutions built on top of the Ethereum network.

With a 5.4% share of investor interest year-to-date (YTD), the third most popular blockchain ecosystem is crypto exchange Binance’s BNB Smart Chain ecosystem. 

Currently, the price of SOL stands at $171.80, reflecting a continuation of its price correction over the past seven days, which amounts to a 5% decline. This correction has also persisted over the past 24 hours, with a further decrease of 6.6% in price.

Featured image from Shutterstock, chart from TradingView.com 

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