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Expanding Presence in Asia: Aptos Labs Acquires HashPalette

Thursday. October 3 at 12:30 PM

1 min. read

Aptos Labs, the developer of the Aptos Network, has finalized an agreement to purchase HashPalette, a Japanese non-fungible token (NFT) service provider, in a strategic move to broaden its reach in Asia. On October 3, HashPalette disclosed its decision to transition into a fully-owned subsidiary of Aptos Labs following a deal with its previous owner, HashPort. As part of the acquisition, the Palette Chain blockchain and current HashPalette applications will be transferred to the Aptos Network. Aptos Labs views the HashPalette acquisition as crucial for its expansion into Asian markets. The company intends to leverage HashPalette's connections with Japanese businesses to engage with prominent companies in Japan and support local Web3 participants, such as developers, NFT creators, and enterprises. Meanwhile, HashPort will continue serving its corporate clients using Aptos Network's infrastructure. Additionally, Aptos' layer-1 blockchain will host the Franklin OnChain US Government Money Fund (FOBXX) after a collaboration between Aptos Foundation and Franklin Templeton, making FOBXX the first US-registered mutual fund to utilize blockchain technology on the Stellar network for transaction processing and share ownership recording.

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Solana Memecoin Platform Pump.fun Nears $400M in Revenue Despite Market Downturn

Thursday. January 2 at 8:00 PM

Blockchain analytics platform Lookonchain revealed that Pump.fun, a Solana memecoin generator, has accumulated over 2 million SOL tokens, equivalent to nearly $400 million in revenue. Despite a decline in memecoin market capitalization in December, Pump.fun has deposited more than $300 million in SOL tokens to Kraken and converted 41 million USDC. The platform's revenue milestone follows a record-breaking performance in November, earning $106 million in decentralized application revenue. Despite facing challenges such as harmful content broadcast via its livestream feature, resulting in a 66% drop in weekly revenue, Pump.fun continues to attract users launching meme-based tokens. The UK's Financial Conduct Authority has also warned residents about the platform for promoting financial services without permission and has blocked it in the country. Despite these setbacks, Pump.fun's revenue continues to grow, showcasing resilience in the volatile memecoin market.

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NFT Market Trends in 2024

Thursday. January 2 at 2:00 PM

In 2024, NFTs saw a total sales volume of $8.8 billion, a slight increase from the previous year. Ethereum and Bitcoin were the top blockchains for NFT sales, with Solana ranking third. Despite facing challenges like a seven-month downturn, the market rebounded in October with sales rising to $353 million. November and December also saw significant sales, with Ethereum collections contributing significantly. However, challenges persisted, with Kraken shutting down its NFT marketplace and oversaturation affecting trading activity. While late-year gains showed resilience, the market is shifting towards more utility-driven applications. The introduction of innovative platforms and projects like FIFA Rivals indicate potential growth in 2025. Investors are advised to verify facts independently before making decisions based on market trends.

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The Rise of Memecoins in the Crypto Market

Thursday. January 2 at 1:00 PM

Despite a recent vote, Floki's price has dropped by 3.6% in the last 24 hours. The Floki DAO, which oversees the Floki memecoin, has decided to use some of its tokens for liquidity in a new exchange-traded product (ETP) set to launch in 2025. This move aims to attract traditional finance investors in Europe to the memecoin, currently ranked 66th by market cap. Memecoins were one of the top-performing crypto narratives in 2024, with a significant increase in investor interest. However, this trend has sparked debates within the industry, with some advocating for a shift towards more utility-focused projects. Despite the divide, memecoins continue to gain popularity, with platforms like Pump.fun driving significant revenue on Solana. The future of memecoins remains uncertain, with industry leaders calling for a balance between memes and real blockchain applications.

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Analysis of FARTCOIN's Recent Surge

Wednesday. January 1 at 8:00 PM

FARTCOIN, a meme coin, has surged by 21% in the last 24 hours, surpassing all other top 100 coins. Trading at $1.01, on-chain data indicates a strong bullish sentiment around the coin, potentially leading to further gains in the short run. The Long/Short Ratio for FARTCOIN is at 1.04, showing a preference for long positions in the derivatives market. A ratio above 1 signifies more traders holding long positions, indicating optimism for price appreciation. Additionally, the coin's open interest has risen by 28%, reflecting increased activity and new money entering the market during the price rally. With an RSI of 59.11, FARTCOIN's buying momentum remains strong, suggesting a potential price increase towards its all-time high of $1.29. However, a selloff spike could lead to a drop to $0.48. This analysis serves for informational purposes only, and readers are advised to conduct their own research before making financial decisions.

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