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Binance-linked non-custodial wallet tokens see massive growth over the past week

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Binance-linked non-custodial wallet tokens see massive growth over the past week

Binance-linked non-custodial wallet tokens see massive growth over the past week Monika Ghosh · 7 hours ago · 2 min read

Binance-backed SafePal’s SFP token jumped 125.96% while Trust Wallet, which is owned by the exchange, saw its token price increase by 92.39%.

2 min read

Updated: November 18, 2022 at 4:59 pm

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Cover art/illustration via CryptoSlate

The native token of non-custodial wallet provider SafePal (SFP) spiked 125.96% over the past week, according to CryptoSlate data. At the time of writing, the token was trading at $0.743 — up 16.97% over the past 24 hours.

The token’s market cap more than doubled from around $35.6 million to $81 million over the past week, according to Coingecko data.

Founded in 2018 and backed by Binance, SafePal offers non-custodial software and hardware wallets, along with other related services. The platform’s utility token SFP enables users to claim bonuses on SafePal’s earn and lend program, discounts on SafePal products, and vote on governance proposals.

The “not your keys, not your coins” fever is driving growth

The collapse of the crypto exchange FTX has driven home the importance of self-custody among investors. This has led to a record crypto exodus from centralized exchanges at the rate of 106 Bitcoin (BTC) per month, Glassnode data indicates. Around 50,000 BTC, worth around $838 million at current prices, left centralized exchanges over the past week, Coinglass data shows.

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SafePal is one of the beneficiaries of this crypto exodus as investors are increasingly looking to gain control of their assets. However, it is not the only non-custodial wallet token to see an uptick in price.

Binance-owned Trust Wallet’s utility token TWT has also seen significant growth over the past week. The token’s price registered a growth rate of 92.39% over the past week to trade at around $2.25 at the time of writing, according to CryptoSlate data. The token’s market cap increased by around $450 million during the period to $941.21 million at press time.

It is to be noted that Trust Wallet’s price growth was accelerated when Binance CEO Changepeng Zhao endorsed it on Twitter on Nov. 13.

[email protected] your keys, your coins. https://t.co/pJUc26kQ7n

— CZ 🔶 Binance (@cz_binance) November 13, 2022

While both the non-custodial wallets are linked with Binance, the exchange itself is defying the trend of crypto leaving exchanges. Over the past 24 hours, over 94,400 BTC, worth approximately $1.5 billion at current prices, flowed into Binance, according to Coinglass data.

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It is to be noted, however, that Binance was not the only centralized exchange to see positive inflows of BTC over the past day, However, Binance saw the biggest inflow while Coinbase, Kraken, Bithumb, and a few others saw inflows of less than 1,500 BTC each.

adoption

Twitter rumors of crypto integration circulating

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Twitter rumors of crypto integration circulating

Twitter rumors of crypto integration circulating Josh O’Sullivan · 43 mins ago · 1 min read

Famed for researching codes on Twitter, Wong’s Twitter account was allegedly suspended shortly after sharing potentially leaked data.

1 min read

Updated: December 5, 2022 at 3:43 pm

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Cover art/illustration via CryptoSlate

Twitter may be considering integrating cryptocurrency payments and potentially creating its native coin, according to code extracted from a recent version of the Twitter Web App by Security Researcher Jane Manchun Wong.

Famed for researching codes on Twitter, Wong’s Twitter account was allegedly suspended shortly after sharing a “Twitter Coin” vector image and a “Coins” section within Twitter’s “Tips” feature.

The researcher named Jane Wong, who is famous for researching the codes on Twitter, shared what she found about Twitter Coin on her account.

After that Jane Wong’s Twitter account was suspended.

— Global Trade Wars (@globaltradewar) December 5, 2022

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Let’s take a closer look at Twitter Coin! pic.twitter.com/ApryXh80tj

— Nima Owji (@nima_owji) December 3, 2022

Twitter’s potential integration of cryptocurrency payments and the creation of a native coin is currently unclear, as it remains to be seen if the team is actively working on the feature. However, Twitter CEO, Elon Musk, has previously expressed interest in integrating crypto into the platform — specifically advocating Dogecoin (DOGE) both publicly and subliminally.

😉 pic.twitter.com/eaIYaDRBnu

— Elon Musk (@elonmusk) November 1, 2022

Some Twitter members spoke out regarding the suspicious disappearance of Wong from the internet following the leak.

#TwitterCoin Reported by @wongmjane Shortly after reporting Twittercoin She Disappears!!?? Looks Jane Manchun Wong tweaked the @wongmjane has totally disappeared from the internet. Discord, Instagram, Reddit, LinkedIn, Twitter, Facebook – everything. pic.twitter.com/y2i5NjRRaX

— Crypto Daily Trade Signals (@cryptodailyTS) December 5, 2022

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While other users, such as entrepreneur James Jansson alleged Wong’s disappearance was associated with ‘a racist attack’.

It appears that Jane Manchun Wong @wongmjane deleted her account after someone made a racist attack on her in the context of a serious assault on a elderly protester in Hong Kong. This is a huge loss to Twitter. This is what we lose when there are no rules: cool people. pic.twitter.com/N2KcOG6VAf

— James Jansson (@jamesjansson) November 28, 2022

Among all these rumors, one fact is clear. Wong revealed code that hinted at Twitter crypto integration and what followed was the closure and/or deletion of Wong’s Twitter account.

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1Inch

15% of 1inch token supply worth over $100 million to be unlocked on Dec. 30

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15% of 1inch token supply worth over $100 million to be unlocked on Dec. 30

15% of 1inch token supply worth over $100 million to be unlocked on Dec. 30 Oluwapelumi Adejumo · 5 hours ago · 2 min read

Some members of the community have expressed fears that the upcoming unlock could lead to the dumping of the DEX token.

2 min read

Updated: December 5, 2022 at 3:33 pm

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Cover art/illustration via CryptoSlate

About 15% of the 1INCH token total supply will be unlocked on Dec. 30, according to the Token Unlocks dashboard.

According to the blockchain analytical platform, 888,750,000 (59.25%) of 1INCH tokens are currently locked –the dashboard shows that 222,187,500 (worth $111.426 million) 1INCH tokens would be unlocked on the last day of this year.

1INCH has a total token supply of 1.5 billion. According to the dashboard, 450 million tokens were allocated for community incentives, while 217.5 million tokens were assigned to the protocol’s growth fund.

1INCH Token Allocation (Source: Token Unlock)

The rest -over 900 million tokens- were allocated to the project insiders like the team, seed investors, series A investors, and its advisors.

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As of press time, there are 668.97 million tokens in circulation.

1INCH community fears dumping

Some community members have expressed fears that the upcoming unlock could lead to the dumping of the DEX token. Crypto Bullet said the token could drop by as much as 40%.

#1inch looks bearish for the next couple of months

The price is losing the vital $0.51 support.

We can easily see a -40% drawdown from here

👉 Big #1inch Unlock is coming! ~ 222.1M tokens will be unlocked on December 30th❗️

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For reference, current circulating supply is 664.9M pic.twitter.com/Il4a1XXHCU

— CryptoBullet (@CryptoBullet1) December 4, 2022

Lookonchain reported on Dec. 2 that 1inch Foundation transferred $8 million worth of 1INCH tokens from its wallet to Binance. According to the crypto analyst, the last transfer of such magnitude resulted in a 25% drop in 1INCH price.

That is not from the 1INCH foundation wallet.

It is via a early investor because they have claimed through vesting contract, the date that 25% drop happened the whole market did, 1INCH does have a btc and eth pair so when these pairs increase be ready for pump too pic.twitter.com/2YDgSmymsU

— Don Yakka (@DonYakka) December 2, 2022

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However, Don Yakka tweeted that 1INCH Foundation was not connected to the dumping wallet. According to Yakka, the address belongs to an early investor because they claimed the tokens through the vesting contract. He added that the 25% drop coincided with that day’s general poor market performance.

Meanwhile, 1INCH is up 1.7% over the last 24 hours to $0.50. The DEX token had decreased by 4.6% over the previous seven days.

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Mining

Riot Blockchain produces record 521 Bitcoin in November; plans to change mining pool

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Riot Blockchain produces record 521 Bitcoin in November; plans to change mining pool

Riot Blockchain produces record 521 Bitcoin in November; plans to change mining pool Josh O’Sullivan · 5 hours ago · 1 min read

Riot Blockchain sees an approximate increase of 12% compared to the company’s Nov 2021 production of 466 BTC.

1 min read

Updated: December 5, 2022 at 4:26 pm

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Cover art/illustration via CryptoSlate

Riot Blockchain Inc. (RIOT) has announced an increase in its Bitcoin (BTC) production for November, with unaudited reports revealing the production of 521 BTC.

This represents an approximate increase of 12% compared to the company’s November 2021 production of 466 BTC.

Riot Produces Record 521 #Bitcoin and Achieves New All-Time High Hash Rate Capacity in November 2022.

Read Riot’s Monthly Production and Operations Press Release here: https://t.co/QRWfgLCTbf.

— Riot Blockchain Inc. (@RiotBlockchain) December 5, 2022

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Riot held approximately 6,897 BTC – all produced by the company’s self-mining operations – and had a deployed fleet of 72,428 miners with a hash rate capacity of 7.7 exahashes per second (EH/s) as of Nov. 30.

Riot CEO, Jason Les, said:

“Riot again achieved a new record for total hash rate capacity during the month of November, resulting in our highest monthly Bitcoin production figure to date.”

Les added that in order to ensure more predictable results going forward, Riot will be transitioning to another mining pool that offers a more consistent reward mechanism so that the company will fully benefit from its rapidly growing hash rate capacity, as it works towards its goal of reaching 12.5 EH/s in Q1, 2023.

During the first quarter of 2023, Riot Blockchain expects a total self-mining hash rate capacity of 12.5 EH/s, provided it deploys approximately 115,450 Antminer ASICs as planned. This estimate does not include any potential productivity gains from the company’s use of 200 MW of immersion-cooling infrastructure. Most of Riot’s self-mining fleet will consist of the latest generation S19-series miners.

Posted In: Mining, Tokens

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