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How Binance is Making Shiba Inu (SHIB) and Dogecoin (DOGE) Prices Surge

Binance, the leading crypto exchange in terms of market share, is capitalizing on the current enthusiasm for meme coins by launching a new promotion focused on popular crypto tokens such as Shiba Inu (SHIB), Dogecoin (DOGE), and Dogwifhat (WIF).

Announced recently, this promotion offers users who borrow selected meme coins on Binance Margin—including DOGE, SHIB, WIF, PEPE, FLOKI, BONK, and MEME—a waiver on interest fees for the first hour.

This incentive is available from March 12 to March 26, targeting the seven largest meme coins by market cap.

The mechanism behind the promotion is straightforward: interest accrues hourly, but traders can avoid any charges by repaying within the first hour of borrowing.

This strategy aligns with Binance’s broader goal to leverage the surging interest in meme coins, which have been at the forefront of the current bull cycle’s narrative.

The exchange aims to attract more users to trade these tokens by utilizing their popularity.

In addition to this promotion, Binance has expanded its offerings in the meme coin sector.

It has introduced WIF for spot trading and listed MYRO, a Solana-based meme coin, for futures trading.

Additionally, a PEPE/USDC trading pair has been added, complementing the existing PEPE/USDT pair, as part of efforts to appeal to meme coin traders.

The exchange is not just focusing on meme coins but also on the Game-Fi sector, acknowledging its potential in the upcoming bull cycle.

The interest fee waiver also covers gaming tokens such as PORTAL, GALA, BNX, YGG, and PIXEL, indicating Binance’s recognition of diverse investment narratives.

The increased interest in meme coins, particularly SHIB, is evident across the crypto trading platform landscape.

NewsBTC highlighted that platforms like Robinhood and Crypto.com have significantly increased their SHIB holdings, responding to the growing demand from traders.

SHIB’s popularity is further underscored by a reported 20-fold increase in daily new addresses in March compared to February and a new all-time high in the Total Value Locked (TVL) of its layer-2 network, Shibarium.

At the moment, SHIB’s price has seen an uptick in the last 24 hours, trading at approximately $0.00003318 according to CoinMarketCap data, reflecting the broader interest in this meme coin and its ecosystem.

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Grayscale’s Bitcoin ETF Market Share Dips Below 50% Amid Rising Competition and Outflows

Bitcoin/Blockchain News/Crypto News Today

Grayscale‘s spot Bitcoin ETF, a pioneering financial product in the U.S. since its inception on January 11, has experienced a significant market share drop, marking the first time it has fallen below 50%.

According to Dune Analytics, as of March 12, the Grayscale Bitcoin Trust (GBTC) managed $28.5 billion, constituting 48.9% of the combined $56.7 billion in assets under management (AUM) across ten U.S. Bitcoin ETFs.

Initially, Grayscale dominated the market, with its fund representing approximately 99.5% of the total AUM of the first ten U.S. spot Bitcoin ETFs.

However, the landscape has shifted dramatically due to persistent daily withdrawals from GBTC, which averaged $329 million per day in the preceding week.

These outflows, particularly pronounced in the initial month post-launch, with $7 billion exiting the fund, have gradually decelerated.

Yet, a mid-February court decision enabling crypto lender Genesis to sell off approximately $1.3 billion in GBTC shares reignited the outflow trend. To date, GBTC has seen over $11 billion in outflows, as reported by Farside Bitcoin ETF flow data.

Grayscale’s fund transitioned from a trust to an ETF following a successful legal battle with the Securities and Exchange Commission (SEC) and subsequent approvals of other spot Bitcoin ETF applications.

This transformation allowed institutional investors engaged in GBTC arbitrage to permanently withdraw or reallocate their capital to other Bitcoin ETFs offering lower fees.

The market initially reacted negatively to GBTC’s outflows. However, optimism has been renewed by significant net inflows into other ETFs, such as BlackRock’s iShares Bitcoin ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC), which have collectively attracted $16.9 billion in inflows since their launch.

Market analysts attribute the substantial inflows into these new ETFs as a key factor behind the recent surge in Bitcoin’s price, which hit a record high of $72,900 on March 11.

BlackRock’s ETF now holds over 200,000 BTC, valued at roughly $14.3 billion, underscoring the shifting dynamics within the cryptocurrency investment landscape.

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Bitcoin Dogs Raises Over $11.5 Million and Enters Final 24 Hours

Press Releases

London, United Kingdom, March 15th, 2024, Chainwire

With over $11.5 million already raised in under 30 days, Bitcoin Dogs’ buying is now entering its final 24 hours of its presale.

News of the first ICO on the Bitcoin Blockchain have been circulating online, resulting in extensive coverage in the media, and with both the game beta and the 10,000-strong NFT collection due for release in Q2, the team behind the project has set a rapid pace.

The final token price is $0.0404 and reflects the last pricing tranche, which is 169% higher for those who bought in stage 1 of the presale.

Bitcoin Dogs: The V8 Under the Hood

Put simply, Bitcoin Dogs is an NFT collection and a PVP game, with a carefully thought of unique concept.

Not only does it take inspiration from some of the most successful gaming projects we’ve seen (Axie Infinity, Xpet, and Bitcoin Cats), but it has also similar characteristics that saw historic prices from NFT collections like BAYC and CryptoPunks.

The 0DOG utility token is on BRC-20: a brand-new type of cryptocurrency tech built on Bitcoin. BRC-20 introduces an experimental fungible token standard using ordinal inscriptions on the Bitcoin blockchain, pushing the boundaries of digital asset tokenization.

Bitcoin Dogs has demonstrated the evident appetite with which new projects embracing the latest blockchain technologies can capture the imagination.

According to the company, token holders will be looking forward to the opportunity to see a second movement, given that the 10,000-strong Bitcoin Dogs NFT collection will be exclusively available for those holding 0DOG tokens and is due to launch in Q2 this year, effectively doubling down on the Q1 launch of the token.

A Chapter In Blockchain History

According to the company, owning 0DOG tokens is a chance to own a piece of blockchain history as the first ICO of its kind. Immutable and unique, this can’t be replicated.

The traction and tongue-in-cheek power of the brand, as well as its long-term potential to influence both the blockchain gaming space and possibly revitalize the NFT market, have seen an outpouring of attention from the crypto community.

Invezz.com captured this sentiment by saying, “all of this makes Bitcoin Dogs our highest-rated token this year. The first BRC-20 presale won’t be the last, and the BTC blockchain could become the preeminent crypto ecosystem. Bitcoin Dogs is a great way to get in on the ground floor of this new wave of altcoins built on Bitcoin.”

Bitcoin Dogs boasts a 110,000+ strong X community and the team hopes that the project has captured enough attention from the ecosystem to start it’s journey.

About Bitcoin Dogs

Bitcoin Dogs is breaking new ground in the Bitcoin ecosystem. For the first time ever, NFTs, gaming, and new token types come together to offer the first ICO on the original Bitcoin blockchain. The truly permissionless immutability of Bitcoin is being harnessed to create the 0DOG token, while a play-to-earn (P2E) gaming experience and NFT collection are being developed exclusively for 0DOG holders.

0DOG is available to buy on the Bitcoin Dogs Website

For more information and to buy Bitcoin Dogs (0DOG), visit the website.

Official Website | Whitepaper | Socials

Contact

Bitcoin Dogs
Bitcoin Dogs Team
marketing@bitcoindogs.club

Binance to Delist TrueUSD Trading Pairs Amid Liquidity Concerns

Blockchain News/Crypto News Today

Binance, a leading cryptocurrency exchange, has declared its intention to remove several trading pairs involving TrueUSD (TUSD), a stablecoin with connections to Justin Sun, the founder of Tron.

On March 13, the exchange issued a statement announcing the forthcoming delisting of COMP/TUSD, EDU/TUSD, and PENDLE/TUSD pairs.

Additionally, BNB pairs with Arpa and EduCoin will also be discontinued. These changes are set to take effect on March 15, 2024, at 3:00 am UTC.

The decision to delist these pairs stems from Binance’s routine evaluation process, aimed at safeguarding users and ensuring the integrity of the trading environment.

The exchange pointed out that factors leading to the delisting of spot trading pairs could include inadequate liquidity and trading volume.

Nevertheless, Binance clarified the delisting’s implications, stating, “The delisting of a spot trading pair does not affect the availability of the tokens on Binance Spot.

“Users can still trade the spot trading pair’s base and quote assets on other trading pair(s) that are available on Binance.”

“This ensures that TUSD remains accessible on the platform through its other trading pairs with major cryptocurrencies like Bitcoin, Cardano, Avalanche, and Bitcoin Cash.

In addition to removing specific trading pairs, Binance also announced the discontinuation of spot trading bot services for these pairs, effective concurrently with the delisting.

The platform advised users to adjust or terminate their bots by the deadline to prevent potential financial losses.

TUSD has encountered several challenges since late 2023. A significant security breach was reported on October 17, when a third-party service provider was compromised, leading to a potential exposure of user KYC and transaction data.

Moreover, the stablecoin’s stability was tested earlier this year when it deviated from its $1 peg.

On January 15, TUSD’s value dipped to $0.984 as a result of traders liquidating over $339 million in TUSD for Tether, following speculation about the token’s absence from Binance’s Manta launch pool initiative.

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MicroStrategy Announces $500 Million Convertible Note Offering to Expand Bitcoin Holdings

Bitcoin/Blockchain News/Crypto News Today

MicroStrategy, along with its Executive Chairman Michael Saylor, remains committed to expanding their Bitcoin (BTC) portfolio, revealing plans for a new $500 million convertible note offering intended for further Bitcoin acquisitions.

Announced on March 13, this initiative marks another significant step in the company’s transition from a business intelligence entity to a “Bitcoin development” firm.

The offering, set to be privately issued as senior convertible notes, may also allocate a portion of its funds towards general corporate endeavors.

In the past two weeks alone, MicroStrategy has launched offerings totaling $1.3 billion, including a recently finalized $800 million senior convertible note offering.

This latest endeavor initially aimed to raise $600 million, but the target was subsequently increased to $700 million, plus an additional option for a $100 million aggregate principal amount under certain conditions.

These funds contributed to MicroStrategy’s acquisition of an additional 12,000 BTC, boosting its Bitcoin reserve to 205,000 BTC, valued at $15 billion.

This investment has yielded a 117% return, or a profit of $8.1 billion for the company.

MicroStrategy is nearing a milestone of owning at least 1% of Bitcoin’s theoretical maximum supply, needing just 5,000 more BTC to reach this goal.

With the current market prices, the proposed $500 million investment could secure approximately 6,850 Bitcoin.

The terms of MicroStrategy’s senior convertible notes, which are debt instruments convertible into equity or cash, include semi-annual interest payments and a maturity date of March 15, 2031.

These can be converted into cash, shares of MicroStrategy’s class A common stock, or a combination of both, depending on specific conditions.

Following this announcement, MicroStrategy’s stock (MSTR) saw a significant rise, increasing 10.85% to $1,766 on March 13 as per Google Finance.

Since February 6, the stock has surged by 254%, making it one of the Nasdaq’s top performers this year.

This uptick in MSTR’s stock price aligns with Bitcoin’s recent price rally, which recorded a 46.1% increase over the last month, reaching $73,050 according to CoinGecko.

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Thetanuts Finance Launches Leveraged LRT Strategy Vault on the Ethereum Mainnet

Blockchain News/Crypto News Today/DeFi

Thetanuts Finance, a prominent decentralized on-chain options protocol, has recently unveiled its integration with Pendle Finance’s $PT-eETH, launching a Leveraged LRT Strategy Vault on the Ethereum Mainnet. This initiative marks Thetanuts’ initial venture into restaking and Liquid Restaking Tokens (LRTs), a burgeoning segment within the Decentralized Finance (DeFi) sector that boasts over $10 billion in Total Value Locked (TVL).

Restaking enables DeFi participants to leverage their staked $ETH for securing additional networks, thereby earning yields beyond those available on the Ethereum Mainnet. Originated by EigenLayer, this mechanism offers users the option to restake either directly through EigenLayer’s native dApp or via liquid restaking protocols like EtherFi. Through these protocols, users can create “Liquid Restaking Tokens” or LRTs, which can be further utilized to generate extra yield.

EtherFi emerges as a leading figure in the LRT domain, holding over $2.5 billion in TVL. It allows for the deposit of various Ethereum-based tokens to mint $eETH, an LRT that elevates rewards through EigenLayer points and additional protocol points, including EtherFi Loyalty Points. Pendle Finance enhances this ecosystem by dividing $eETH into two tokens: $PT-eETH, which offers a fixed ~20% APY without yield or points, and $YT-eETH, providing leveraged yield exposure.

Thetanuts Finance’s Leveraged LRT Strategy Vault aims to augment yields for $PT-eETH holders by leveraging option premiums and rewards. This innovative approach requires users to “Zap” their $PT-eETH into the Thetanuts Finance v3 Lending Market, borrow $ETH, and invest it in the $ETH Call Basic Vault for additional option premiums, albeit with short volatility risk.

Thetanuts Finance’s Leveraged LRT Vaults introduce a novel strategy allowing $PT-eETH holders to utilize their assets before maturity to earn yields in five different ways, including EigenLayer Points, EtherFi Loyalty Points, fixed yield from Pendle’s $PT-eETH, Thetanuts’ option premiums, and future $NUTS Rewards. This positions Thetanuts Finance as a pioneer in the options market, creating a unique yield-generating mechanism for LRT-related products. With 150,000 $PT-eETH in circulation, there’s anticipated strong demand for this innovative product.

Thetanuts plans to extend its Leveraged LRT Strategy Vaults to other LRT protocols, providing a similar strategy with different LRTs as collateral. However, like all DeFi investments, these ventures carry risks, including the potential for deposit loss if the market for eETH or PT-eETH faces downturns.

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Web 3.0 Gaming: Taki Games Set to Launch Genopets Match in April

Blockchain News/Crypto News Today/Metaverse

Taki Games, a prominent social gaming network known for offering real money rewards to its users, is expanding its horizons by partnering with Genopets. This collaboration aims to extend the “move-to-earn” concept, a rapidly growing brand within the Solana blockchain ecosystem that has attracted a large player base.

Set to launch in April 2024, Genopets Match will join an expanding lineup of Web3-branded games on Taki’s Solana-based platform, such as Puzzle Smoofs, Game7 Food Fighter, and Pac-Cats. Through this partnership, Taki Games aspires to introduce billions of mobile gamers to Web3, enhancing the gaming experience with rewarding opportunities by collaborating with numerous top Web3 brands and communities.

Taki Games’ decentralized network revolutionizes mobile gaming by incorporating tokenized rewards and ownership of gaming assets, fostering a player-owned ecosystem. This approach not only offers developers new revenue avenues but also allows them to share success with their players. As a pioneer in the “play-to-earn” (P2E) gaming trend, Taki Games seeks to refine the model with a tokenomics structure designed to prevent token hyperinflation. This strategy aims to ensure players receive a fair portion of the over $200 billion annually generated by the gaming industry.

Central to Taki’s model is the TAKI token, featuring a “buy-and-burn” mechanism to sustain its value while motivating gamers to engage and earn. The developer team behind Taki includes the founders of Kabam, a leading studio in the free-to-play mobile and social gaming sector.

Genopets stands out in the Solana blockchain ecosystem as a top free-to-play mobile game with a vast active player base. The game, reminiscent of classics like Pokemon and Tamagotchi, involves nurturing NFT-based digital pets. It offers extensive customization and evolution options for the Genopets, adding depth and variety to the gameplay. Ahead of its public V1 launch, Genopets is integrating with Taki’s network to broaden its audience, encouraging new users to join through a special airdrop.

Both Taki and Genopets are committed to mainstreaming the Web3 industry, attracting a diverse audience including Solana token holders, NFT enthusiasts, and digital asset collectors. Jay Chang of Genopets expressed excitement about partnering with Taki Games to introduce mainstream gamers to the next generation of Web3 gaming.

This partnership marks a significant milestone in Taki Games’ journey, which has seen a 3,000% network growth since its pivot to Web3 gaming. Now ranked among the top dApps in the Polygon Proof-of-Stake ecosystem and across all blockchain networks, Taki’s success is evident in its native TAKI token’s trading volume and the widespread adoption of its mobile gaming app. Taki Games CEO Weiwei Geng envisions the company as Web3’s Zynga, aiming to drive mainstream adoption of Web3 through engaging gaming experiences and ownership opportunities.

This collaboration between Taki Games and Genopets illustrates the transformative potential of Web3 technologies in redefining traditional video game engagement and growth, promising a new era of enhanced value and opportunities for developers and gamers alike.

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Bitcoin Halving Ignites Crypto Frenzy: ETF Approvals and Global Inflation Drive Sky-High Anticipation

Bitcoin/Blockchain News/Crypto News Today

The upcoming Bitcoin halving event, scheduled for April, is generating unprecedented excitement in the cryptocurrency world, fueled by a combination of unique factors.

This event marks the fourth Bitcoin halving, with previous occurrences in 2012, 2016, and 2020.

Significantly, this halving follows the U.S. Securities and Exchange Commission’s approval of the first spot Bitcoin ETFs in the United States, heightening the anticipation surrounding the event.

Experts are not just focused on the ETF approvals.

Julian Grigo, from Safe, emphasized the halving as a pivotal reminder of Bitcoin’s distinction from fiat currencies, particularly in a time of global inflation.

He highlighted Bitcoin’s fixed supply as a key attraction for investors, contrasting it with the inflating supply of fiat currencies and noting Ether’s decreasing supply as potentially even more appealing.

Joey Garcia from Xapo Bank predicts the halving will have a positive ripple effect on Ethereum and the broader market, likening Bitcoin’s scarcity mechanism to precious metals.

The reduction of mining rewards from 6.25 BTC to 3.125 BTC is expected to tighten Bitcoin’s supply, potentially increasing its price and, by extension, the prices of Ethereum and other cryptocurrencies as investors diversify their portfolios.

Alun Evans of Laos Network also acknowledged the halving’s broader impact, cautioning against the downsides of rapid price increases, especially for Ethereum, which powers numerous applications and smart contracts.

He suggested that future Ethereum network enhancements could mitigate these challenges by improving scalability and reducing transaction costs.

Beyond the halving, other factors are influencing the crypto market. Siddharth Lalwani of Range Protocol pointed to Ethereum’s upcoming Dencun upgrade and the potential for SEC-approved Ethereum ETFs as critical drivers of market dynamics.

Despite potential short-term liquidity shifts from Ethereum to Bitcoin, Lalwani remains optimistic about the crypto market’s bullish trend in 2024.

Jordi Alexander of Mantle and Aki Balogh of DLC.Link also weighed in, highlighting the role of Bitcoin’s price rally, upcoming Ethereum upgrades, and the strategic actions of entities like MicroStrategy in shaping market expectations.

They acknowledged the interconnectedness of Bitcoin and Ethereum’s fortunes, with Balogh emphasizing the broader impact of Bitcoin’s performance on the crypto ecosystem.

In summary, the forthcoming Bitcoin halving is viewed not just as a significant event for Bitcoin but as a catalyst for broader market movements, including Ethereum.

With factors like regulatory approvals, technological upgrades, and strategic market maneuvers at play, experts see a confluence of forces poised to shape the crypto landscape in the near and long term.

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Binance Executives Detained Despite Company’s Withdrawal

Blockchain News/Crypto News Today

In a recent turn of events, despite Binance’s decision to withdraw its operations from Nigeria, two high-ranking officials from the cryptocurrency exchange remain detained in Abuja, Nigeria’s capital.

Tigran Gambaryan, the head of Binance’s criminal investigations team, and Nadeem Anjarwalla, the regional manager for Africa based in Kenya, have been held without their passports for two weeks, as of March 12, according to a report by Wired.

The detention of Gambaryan, a former U.S. federal agent with a focus on cryptocurrency, and Anjarwalla began on February 26, 2024.

Despite the lack of clarity on the presence of criminal charges, the families of both executives have expressed their concern and uncertainty about their loved ones’ wellbeing and future.

Yuki Gambaryan, Tigran’s wife, voiced her frustration, saying, “There’s no definite answer for anything: how he’s doing, what’s going to happen to him, when he’s coming back.”

A Binance spokesperson confirmed the ongoing detention of the executives in Nigeria and stated, “While it is inappropriate for us to comment on the substance of the claims at this time, we can say that we are working collaboratively with Nigerian authorities to bring Nadeem and Tigran back home safely to their families.” Emphasizing their professional integrity, the spokesperson expressed confidence in a prompt resolution.

The backstory to their arrest follows an invitation from the Nigerian government to discuss a dispute over Binance’s operations in Nigeria, which were deemed unlawful by Nigerian authorities.

Gambaryan and Anjarwalla arrived in Abuja on February 25 to meet with officials and discuss the government’s blockade of Binance and other crypto exchanges, accused of contributing to the devaluation of Nigeria’s currency, the naira, and facilitating illicit financial flows.

However, following their initial meeting, the executives were escorted from their hotel to a guesthouse managed by Nigeria’s National Security Agency, where their passports were seized.

Since then, they have been held there against their will, allege their families.

Both Gambaryan and Anjarwalla have received visits from officials of the U.S. State Department and the U.K. Foreign Office, respectively, though their discussions were overseen by Nigerian government guards, restricting private conversation.

This incident unfolded shortly before Binance formally announced its exit from the Nigerian market on March 5, following a series of measures restricting its operations, including the suspension of naira withdrawals and the removal of trading pairs involving the naira, as part of its phased withdrawal strategy.

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Biden Administration Proposes 30% Tax on Crypto Mining Electricity to Shape Fiscal Year 2025 Budget

Bitcoin/Blockchain News/Crypto News Today/DeFi

In his budget proposal for 2025, President Joe Biden is revisiting the concept of imposing a 30% tax on the electricity consumption of cryptocurrency mining operations.

This initiative is outlined in the “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals,” a document from the U.S. Department of the Treasury.

The document criticizes the lack of current legislation specifically addressing the taxation of digital assets, aside from broker and cash transaction reporting.

To rectify this, the Biden administration proposes an excise tax on the electricity used in the mining of digital assets, akin to taxes on physical goods like fuel.

The Treasury explains, “Any firm using computing resources, whether owned by the firm or leased from others, to mine digital assets would be subject to an excise tax equal to 30 percent of the costs of electricity used in digital asset mining.”

Under this proposal, crypto mining entities would be required to disclose both the quantity and type of electricity they consume.

For electricity bought externally, firms must also report its value, which will then be used as the basis for the tax.

Similarly, miners leasing computational power must declare the electricity’s value provided by the leasing company.

This measure, aimed to take effect from January 1, 2025, plans a phased tax introduction: starting at 10% the first year, 20% the second, and reaching 30% in the third year.

Crypto mining operations that generate their own power will also be subjected to this tax.

The 30% rate will apply to the estimated costs of their electricity consumption, regardless of whether they are connected to the grid or not.

This includes those utilizing renewable energy sources such as solar or wind power.

Pierre Rochard of Riot Platforms has criticized the move as an attempt to undermine Bitcoin and facilitate the launch of a central bank digital currency (CBDC).

U.S. Senator Cynthia Lummis has expressed her opposition to the tax on X, suggesting that while the administration’s inclusion of crypto in the budget may indicate a positive outlook on cryptocurrency, the proposed tax could significantly harm the industry’s position in the U.S.

This initiative marks Biden’s second attempt to implement a 30% tax on the electricity used by crypto miners, following a similar proposal in the 2024 budget proposal announced on March 9, 2023.

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