Crypto Guides, Knowledge & Insights

The Rise of PEPE Coin: A Reminder of the Volatile Nature of Cryptocurrency Investing

The crypto world is full of surprises, and one of the latest ones is the rise of pepecoin (PEPE). Introduced just weeks ago, the meme coin has now surpassed $1 billion in market capitalization, making millionaires out of some traders. Despite warnings about its potential as a fad that could end badly, the coins breakneck rally has led to huge profits for those who were undeterred.　　One example is a pseudonymous trader called dimethyltryptamine.eth, who bought trillions of PEPE tokens for just $263 three weeks ago. The trader has already sold several million dollars worth of tokens and still holds about $9 million of PEPE, according to the blockchain platform Arkham. This equates to an almost 5,000,000% return, which is a remarkable sum for any investment.　　PEPE is based on the “Pepe the Frog” meme, which has become a prominent symbol in cryptocurrency circles. The coins value has skyrocketed, with its market capitalization topping $1 billion in a couple of weeks. At one point, it was worth more than Arbitrums ARB, which is also among the hottest newly issued tokens of 2023, according to CoinGecko.　　However, analysts have raised concerns about the concentrated ownership of PEPE, with a handful of traders acquiring substantial

2023-05-08Deep Dive

Federal Government Approves the Use of Blockchain in Nigeria

By: Damian Okonkwo　　The Nigerian government has approved the implementation of the National Blockchain Policy, making it the latest African country to adopt the use of blockchain technology. This development was disclosed by the Minister of Communications and Digital Economy, Isa Pantami, at the end of the Wednesday cabinet meeting in Abuja last week.　　According to Pantami, the policy was developed in consultation with more than 50 institutions and personalities. This development equally marks the official institutionalization of Blockchain in Nigeria.　　A Blockchain is a distributed ledger technology that allows digital information to be shared and stored securely and transparently. It serves as a decentralized ledger system that enables peer-to-peer transactions without the need for intermediaries like banks.　　Blockchains are maintained by a network of computers, and each computer in the network has a copy of the entire blockchain. Blockchains are often used for secure and transparent transactions, such as in cryptocurrencies like Bitcoin and Ethereum. However, the technology has many other potential applications beyond financial transactions, including supply chain management, voting systems, and data sharing.　　The adoption of blockchain technology is expected to revolutionize various sectors of the Nigerian economy such as banking, healthcare, logistics, and real estate. It is also expected to enhance

2023-05-08Deep Dive

The Number Of Ethereum Wallets Holding More Than 1 Coin Hits A New 30-Day High

Following Shanghais execution last month, the network has shown that the majority of Ethereum aficionados are still keen to begin staking. The proof is that the number of addresses holding over 1 ETH has hit a new 30-day high.　　Glassnode data shows that the number of addresses holding more than 1 Ethereum reached 1,750,726, a new one-month high.　　ETHs price is currently trading at $1,890. However, a day earlier, the $2000 level was tested again.　　When the dust has cleared from Ethereum‘s historic Shanghai upgrade, it’s time to examine some of the main staking lessons. With the Shanghai update, Ethereum investors may finally withdraw their assets from the mainnet. Some have been expecting to do so since December 2020, when the staking option was first offered.　　For over a year, Ethereum pricing has struggled to close above a critical resistance level, and it is now trying to do so again after failing to do so earlier this month. This important psychological threshold is also linked to approximately 24% of the total circulating quantity of ETH, making a breach much more significant.　　PEPE, a new memecoin, has resulted in an increase in Ethereum active deposits, with traders transferring their winnings into ETH, possibly pushing the price

2023-05-07Deep Dive

35.8% of crypto projects stop updating information in 2023

According to researchers at Guerilla Buzza, companies are focusing on token sales and paying attention to short-term growth spurts instead of long-term ones, thus neglecting to prioritize a solid marketing platform.　　Among the top 10 crypto projects, BNB Chain is the project that updates the most blog posts with 59 articles posted this year. In 2nd place is Polygon with 36 posts followed by Cardano with 12 posts.　　The paper claims that their research method is “simple” but “labor-intensive”. First, the researchers manually checked the respective websites of the top 1,000 crypto projects to see if they had blogs. From there, they assess the number of articles published in recent years and check how many new blog posts have been published between the beginning of 2023 and the present.　　The number of articles by crypto projects.　　The report also shows that Medium is the most popular website chosen by projects to host blogs. However, experts say Medium is not the best platform for companies looking for long-term growth. Specifically, by relying on the Medium platform, companies are driving Mediums traffic and growth instead of their own.　　“Excellent SEO capabilities and high domain authority score are the criteria that make Medium the choice for crypto companies,

2023-05-07Deep Dive

Gate exchange customers suddenly evaporated all assets

Recently, an unknown incident caused the balance of many customer wallets on the Gate.io exchange to suddenly drop to zero.　　The spot wallet balance of many customers on Gate exchange suddenly dropped to 0　　Recently, an incident on the Gate.io exchange caused customers to “panic”. Accordingly, a series of accounts encountered an error that caused the Spot wallet balance to drop to zero.　　The official Gate.io Twitter page quickly posted a post to reassure customers. The floor representative said that the above incident was just a display error that was not too serious. It happened during the site update to the Spot trading mode upgrade.　　A representative of the Gate floor said that the problem occurred during the update of a new Spot version.　　However, according to WuBlockchain, user wallets lost all their balances in almost 10 minutes. At the same time, this period does not coincide with the upgrade time from 14:05p-14:20p (UTC time) as announced by the exchange. Therefore, the investment community still doubts the real reason behind the incident.　　In response to the post of the Gate.io management team, some customers confirmed this is not the first time they have encountered a similar situation. Even, recently, the above incident happened twice in just

2023-05-07Deep Dive

Binance receives a staggering $15.6 million in PEPE deposits from a giant whale.

Key Points:　　A giant whale recently bought 313 billion PEPE at a price of 0.000003973, deposited all acquired PEPE to Binance, and may sell after opening trading, potentially stirring up the crypto market.　　A SmartMoney investor reportedly earned $7.5 million on SHIB and made significant transactions involving other cryptocurrencies such as PEPE, WOJAK, AFY, Dione, DMTR, and VAI.　　According to recent reports from Lookonchain, significant activities from giant whales have been surrounding the PEPE token after Binance announced the listing of the frog memecoin.　　A whale has emerged, purchasing a large amount of PEPE at a price of 0.000003973. This purchase amounted to a staggering 313 billion PEPE, which was exchanged for 1.24 million USDT. In addition, the whale also exchanged 120 million WOJAK for 27.83 billion PEPE and 100 million WOJAK for 77.5 million TURBO.　　The whale, dubbed a “giant whale,” deposited all their acquired PEPE to Binance just 30 minutes ago. This deposit included a 4.23 trillion token, valued at $15.6 million. With an average buying cost of 0.0000002535, the giant whales profit is estimated at approximately $14.5 million. It remains to be seen whether the Whale will sell their acquired PEPE after the opening of trading, but this is an intriguing development

2023-05-06Deep Dive

Binance is being investigated for allegedly assisting Russian citizens with money transfers.

Key Points:　　The Justice Department is looking into whether the crypto exchange Binance was used to help Russians avoid US sanctions.　　The investigation into the world‘s biggest cryptocurrency exchange is linked to Russia’s invasion of Ukraine.　　Binance said that it abides by all US and international banking restrictions.　　According to Bloomberg, the US Justice Department is examining whether Binance was improperly exploited to allow Russians to avoid US sanctions and transfer money via the cryptocurrency exchange.　　The investigation into the world‘s biggest crypto exchange is linked to Russia’s invasion of Ukraine. The probe is being led by the Justice Department‘s national security division, which is concurrent with another investigation being conducted by the agency’s criminal division. The revelation adds an additional degree of scrutiny to the operator of the worlds largest cryptocurrency exchange, which is reeling from a string of startling bankruptcies and high-profile scandals.　　Binance has been in contact with the Justice Department to settle past concerns that the exchange was used to circumvent sanctions against Iran prior to the implementation of strict compliance procedures.　　Authorities throughout the globe have long urged for stronger regulations on cryptocurrency exchanges, including Binance, the worlds biggest, to avoid unlawful activity ranging from money laundering to terrorist funding.　　Binance confirmed to

2023-05-06Deep Dive

PepeCoin MarketCap Soars To Nearly $1.5B After Binance, Kucoin Listed

Key Points:　　The hottest meme coin PEPE has reached a market cap of nearly $1.5 billion in just a few weeks of its launch.　　Market capitalization increased sharply after the markets most prominent exchange Binance, and then Kucoin announced the listing.　　Meanwhile, both platforms urge users to exercise caution as PepeCoin has rallied 132% on the day of listing and now appears to be over-leveraged.　　The latest meme coin that is catching the attention of the PepeCoin market has reached a capitalization of nearly $1.5 billion just hours after Binance and Kucoin announced their listings.　　The incredible rise of Pepecoin turned a payout into a profit of nearly 5,000,000% Meme Coin. It marked another 80% gain in the past 24 hours, while its market cap skyrocketed above $1.4 billion in just a few weeks of its launch.　　Pepe holders rejoice when major exchanges announce controversial memecoin listings. On Friday, May 5, Binance announced that it would be listing the popular meme coins Pepe (PEPE) and Floki Inu (FLOKI). Binance has added PEPE to its Innovation area with PEPE/USDT and PEPE/TUSD spot trading pairs. Shortly after Binances announcement, rival exchange KuCoin also listed the Pepe token, and KuCoin has introduced the PEPE/USDT trading pair.　　The listing then increased

2023-05-06Deep Dive

Breaking: Blockchain Revolution Kicks Off With Nigerian Government!

On May 4, 2023, the Nigerian government approved the National Blockchain Policy for Nigeria, which marks a significant milestone in the countrys journey toward blockchain adoption. The policy, which was developed after stakeholder consultations in both the public and private sectors, is in accordance with the seventh pillar of the National Digital Economy Policy and Strategy, focusing on digital society and emerging technologies.　　The Nigerian government has shown a strong interest in cryptocurrencies like Bitcoin. It aims to establish a blockchain-based economy that enables secure transactions, data sharing, and value exchange among individuals, businesses, and the government. Implementing the policy is expected to facilitate the development of the Nigerian digital economy, and a report predicts that blockchain could contribute $1.76 trillion to the global GDP by 2030, which is 1.4% of the worlds GDP.　　To ensure the policy is effectively implemented, a multisectoral steering committee has been established to oversee the implementation of the policy initiatives. Regulatory bodies, such as the National Information Technology Development Agency (NITDA), the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission, have been instructed to create regulatory frameworks for the implementation of blockchain technology in different sectors

2023-05-05Deep Dive

Ethereum fees have risen to their highest level since May 2022. Due to the Memecoins craze

In recent times, the Ethereum network has been experiencing a surge in transaction fees, reaching levels that have not been seen since May 2022. As per a report from Hildobby, a pseudonymous data analyst at VC company Dragonfly, Ethereum network fees surged to around 87 gwei on May 2nd. This increase in transaction fees is attributed to the rise in the popularity of memecoins. Memecoins are digital assets inspired by famous memes, which have gained considerable traction within the crypto community because of their distinct branding and marketing techniques.　　The recent spike in memecoin popularity may be contributing to the high transaction fees. This new breed of digital assets has been gaining traction and popularity rapidly, leading to speculative interest within the crypto market. For instance, Pepe, a memecoin whose price has risen about 38,900% since its introduction on April 14th, sparked a social media craze and experienced a surge in price by 266 times in just four days last month. However, many of these tokens lack liquidity or market depth, making them vulnerable to sharp price swings.　　As the Ethereum network struggles with increased on-chain activity, the median average transaction fee on Ethereum has risen to its highest level since May

2023-05-05Deep Dive

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