Author: Benjamin Lee
The Polyhedra Network (ZKJ) token has plunged 91% after abnormal on-chain activity. Binance has blamed whale exits and a liquidation cascade for the token crash. The upcoming June 19 token unlock may trigger further price drops. The cryptocurrency market has once again been rocked by a dramatic price collapse, this time involving Polyhedra Network’s native token, ZKJ. The ZKJ token has suffered an unprecedented decline of over 91% in less than 24 hours, sending shockwaves across exchanges and drawing scrutiny from regulators, investors, and analysts alike. ZKJ, which had been trading steadily around $2.00 for over a month, crashed to…
The world’s largest crypto exchange platform by trading volume is abruptly adding support for one decentralized finance (DeFi) application (DApp), causing its native token to skyrocket. In a new announcement, Binance says it is adding support for DeFi App (HOME), a DApp that aims to simplify decentralized trading as well as make it more accessible. After the addition, HOME skyrocketed, going from a low of $0.0201 on June 10th to a peak of $0.038 just two days later. The token has since retraced and is trading for $0.033 at time of writing, a gain of 10.3% during the last 24…
The crypto arm of the French banking giant Societe Generale is launching a US dollar stablecoin on the Ethereum (ETH) and Solana (SOL) blockchains. In a new announcement, the Societe Generale-FORGE says it is launching the USD CoinVertible (USDCV), its second stablecoin after the 2023 launch of EUR CoinVertible (EURCV). Says Jean-Marc Stenger, CEO of the Societe Generale-FORGE, “After the release of a MiCA-compliant EUR stablecoin EURCV, the launch of a US Dollar version USDCV was the obvious next step for Societe Generale-FORGE as market adoption of stablecoins is growing exponentially. The stablecoin market remains largely US dollar-denominated. This new…
Institutional crypto investment vehicles enjoyed nearly $225 million in inflows last week, according to CoinShares. In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that last week’s institutional crypto inflows, while positive, have fallen significantly in the last two weeks, perhaps due to uncertainty on US monetary policy. “Digital asset investment products saw US$224m in inflows last week, extending this 7-week streak to US$11bn. However, there has been a noticeable deceleration amid uncertainty over monetary policy, with investors adopting a wait-and-see stance ahead of further signals from the US Federal Reserve on inflation.” Source: CoinShares Regionally, the US led…
Institutional crypto investment vehicles enjoyed nearly $225 million in inflows last week, according to CoinShares. In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that last week’s institutional crypto inflows, while positive, have fallen significantly in the last two weeks, perhaps due to uncertainty on US monetary policy. “Digital asset investment products saw US$224m in inflows last week, extending this 7-week streak to US$11bn. However, there has been a noticeable deceleration amid uncertainty over monetary policy, with investors adopting a wait-and-see stance ahead of further signals from the US Federal Reserve on inflation.” Source: CoinShares Regionally, the US led…
Pi Network users are reporting second migration prompts amid unresolved KYC issues. 276M PI tokens are set to unlock in June, raising sell-off concerns. Currently, Pi Coin trades below $0.66 with bearish technical indicators. The Pi Network is facing renewed tension as community frustration grows over a fresh wave of migration prompts and persistent Know Your Customer (KYC) issues. These developments have surfaced just weeks before a massive PI token unlock, placing additional pressure on the project’s native token, Pi Coin. While the network attempts to revive user engagement through new initiatives like gaming and decentralised apps, the market has…