HBAR heroics on display
What's being bought and sold*
TOP TRENDING ASSETS
*Customers buying or selling the asset as a percentage of all customers who have traded the asset in the past 24 hours on the Uphold platform, as of 8 a.m. EST 14th August 2023
All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
What’s up
Hedera Rallies As DLT Gets Mainstreamed By Fed
Hedera Hashgraph visited six cents on a dull day for other Top 100 cryptocurrencies that do not have HBAR as their symbol. CoinGecko's 31st-largest coin, HBAR is the native asset of the Hedera network, which is owned and run by a consortium of platforms, universities and corporations, including Google and IBM.
Hedera is a Proof-of-Stake (PoS) public ledger that uses the asynchronous Byzantine Fault Tolerance (aBFT) hashgraph consensus algorithm.
Some haughty-sounding use cases have HBAR squarely above $0.06 for the first time since the end of April.
Calaxy, a social media dApp said to be hotwiring content creators and their followers, has tapped Hedera's distributed ledger technology (DLT), underscoring the "potential to reshape traditional paradigms," Finbold said.
Earlier this morning came reports that the FedNow Service, a micropayments system being nurtured by the U.S. central bank (yes, that Fed), has included Hedera-based Dropp on its roster of vendors. Dropp is positioned as a gateway connecting traditional banking systems with a range of DLT possibilities.
"Dropp isn’t merely a passive participant," Bitcoinist said. "It facilitates and streamlines real-time transactions by connecting the network through the financial institutions that onboard as Dropp customers."
HBAR gained 16% in the past 24 hours. That was as of 7:20 a.m. (EST).
We spotted only one other decent climber: ApeCoin gained 5% since early Sunday. A few other digital assets recorded modest one-day gains in the neighborhood of 2%-3%, including VET, MKR and THETA.
What's down
OG Memecoin Dips; As For Viral Newcomer BALD, It Doesn’t Look Good
Total crypto assets were flat over 24 hours as of Monday morning at 7:44 a.m. (EST). Bitcoin fell by 0.1%. Ethereum lost 0.2%. Among Big Ten assets, Dogecoin bears the most scarlet stain, down 1.6% since this time yesterday.
A FOMO-driven frenzy surrounding a viral memecoin, BALD, built on Base, Coinbase's new layer-2 blockchain, appears to have entered the suspected rug pull phase. BALD surged to an $80 million market capitalization earlier this month before plunging 90%. Yesterday, the unknown developer behind BALD apparently transferred $12 million worth of ETH back to Ethereum (CoinDesk).
What's next
Scoffed-At Coins With Miniscule Price Points Cry Out For A Little Respect
Pepe's PEPE pulled off one of last week's largest leaps (+22% in seven days) in a nod to the stubborn relevance of memecoins often tarnished as mere means of frivolity. PEPE's market capitalization reached near $600 million with one large holder scooping up $1.6 million worth.
PEPE as of 8:03 a.m. (EST) was $0.00000142, per CoinGecko. That's right: said whale amassed more than 1 trillion PEPE coins, Decrypt points out.
Shiba Inu is another coin with a monster circulating supply and a price that gets expressed as a tiny piece of a single cent. SHIB is also on the move in the past week (+14%). And these days, SHIB, CoinGecko's 14th-largest coin, is bent on escaping memedom.
Two weeks ago, developers announced plans to tie Self-Sovereign Identity (SSI) to all SHIB platform applications.
The move aims to help SHIB "cement a place among major DeFi players," Decrypt said.
