In this section, find every week the Analyzes and Cryptocurrency News not to be missed like today: Binance invests 500 million dollars on Twitter
Crypto analysis of the week
Dogecoin
Created in 2013, cryptocurrency was never meant to be more than just a joke. However, at the time of writing this article, DOGE ranks eighth in the cryptocurrency rankings by market capitalization.
While BTC and Ether (ETH) increased by 7.7% and 21.6%, DOGE outperformed the rest of the market. Showing an increase of 111% over the same period. Thus, the now famous cryptocurrency with the image of Shiba Inu could not only take advantage of the general market dynamics. But also the takeover of the platform Twitter by Elon Musk.
In fact, DOGE is known to be billionaires’ favorite cryptocurrency, so it can even be used as a means of payment at CEO Elon Musk’s with Tesla.
Osmosis
Osmosis is a market maker (AMM) highly automated which allows developers to create custom AMMs and their own liquidity pools (called sovereigns). MAs are programs in the form of smart contract. These Smart contracts provide liquidity and allow users to offer prices between two cryptocurrencies at any time. Notable examples of MA are Pancake Swap on the BNB channel and Uniswap on Ethereum.
Osmosis is built with the SDK Cosmos and based on consensus Tendermint. In other words, the consensus algorithms guarantee the authenticity of each transaction made on the blockchain by verifying the validity of each block in the chain, preventing a single entity from controlling the entire transaction. A unique feature of the Tendermint Consensus is that it was designed for the inter blockchain communication called IBC (Inter-Blockchain Communication Protocol).
We see this week a 20% increase in the price of OSMO which is now 1.51 dollars, which places it in 86th place in the CoinMarketCap ranking.
Solana
Over the past 30 days, the Solana token has outperformed the market. Ethereum posted an increase of more than 80%, while the SOL token advanced “only” by 32%. If the increase looks spectacular, it should be associated with other major projects. If Solana outperforms Bitcoin, it will put the project at a disadvantage against Avalanche (+77%), Polkadot (+52%), BNB (+49%) and Polygon (+75%).
At the same time, the Solana project is one of the projects most affected by the bear market. A correlation between these two factors may indicate that the project is currently underfunded. As of this writing, the Solana project ranks ninth in terms of capitalization.
the Course is currently at $42.79, with a Marketcap of $14.8 billion.
Crypto exchange Binance invests $500 million in Twitter
Twitter was recently acquired by Elon Musk. Binance is on the list of investors who have not let go of the founder of Tesla. This since the billionaire announced his intention to buy the social network earlier this year.
On October 28, Binance confirmed in a statement emailed to news outlet CoinDesk. That he had invested in the acquisition of Twitter alongside Elon Musk.
In a tweet posted the same day, Changpeng “CZ” Zhao said that Binance had transferred $500 million contributions to the agreement.
We also learned that Elon Musk, who now runs Bluebird Social Network, fired several executives.
- Managing Director, Parag Agrawal.
- Chief Financial Officer, Ned Segal.
- Vijaya Gadde, Head of Legal Policy
New Twitter chief reaffirms intention to change Twitter and eliminate bots. Who are the scourge not only of the social network but of its employees.
El Salvador and Lugano team up to develop Bitcoin
El Salvador, the first country in the world to adopt Bitcoin (BTC) as legal tender, has partnered with the Swiss city of Lugano to further popularize the king of cryptocurrencies.
The collaboration was announced on the first day of Map forum ₿ organized by Tether in Lugano on Friday 28 October. In fact, since March, USDT, the issuer of USDT, the largest stablecoin in the world by market capitalization, works with Swiss cities to promote the adoption of Bitcoin.
This could be, among other things, the establishment of a regional payment network via the Lightning Network with merchants, the creation of hubs in city centers to facilitate the development of Bitcoin-related startups, or various special schemes for this purpose. investment fund.
The partnership aims to strengthen cooperation between El Salvador and the city of Lugano, as well as initiatives to promote education on the Bitcoin, as well as facilitating school exchanges between the two regions.
FTX distributes $6 million to victims of phishing campaign
Sam Bankman-Fried announced the move in a Twitter thread about the dangers of phishing campaigns. It was a recent attack in particular that caught his attention. Users have seen their accounts used to make fraudulent exchanges by registering on fraudulent sites. Specifically, a fake website posing as a bot provider.
A user provided a API key to use an FTX account. FTX CEO reminded that in the event of such an attack, it would be the user’s responsibility not to allow access to rogue websites, and trading platforms could not do much at their level.
But this time FTX decided to compensate the users concerned. This amount will be $6 million. Sam Bankman-Fried clarifies that these are FTX users only and encourages other platforms to do the same.
Do not hesitate to read the news of the last week!
This article is not investment advice. Do your own research before investing in the cryptocurrency market.