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The X2Y2 token’s price has jumped over 200% in just two days. What is the reason for this new token to rally so quickly?

X2Y2 price has been soaring since February 16. In just a few days, it has increased by more than 200%. At the time of writing it was trading at $3. 56 up 16. 20% in the last 24 hours having hit a daily high of $4. 17and a daily low of $2.64. Though launching a…

X2Y2 price has been soaring since February 16. In just a few days, it has increased by more than 200%.

At the time of writing it was trading at $3. 56 up 16. 20% in the last 24 hours having hit a daily high of $4. 17and a daily low of $2.64.

Though launching a new token is common, it’s not unusual for the price to rise within a few days. However, X2Y2 has made headlines with its surge of more than 200% in just two days. Let’s dive deep into the reasons behind this surge.

Why has the price of the token X2Y2 been rising?

One of the factors being attributed to the current X2Y2 price surge is its launch on February 16. The X2Y2 Ethereum-based NFT trading platforms team carried out a vampire attack. This is a tactical move that projects use in order to give away tokens to encourage OpenSea users to start using their product. The same strategy was used by LooksRare.

In its case, LooksRare removed tokens from OpenSea users that had traded more than 3 ETH on OpenSea. It also rewarded its active users. Although the method was popular, there were some cases of wash trading that occurred on the platform.

X2Y2 airdropped 120 million tokens, which is 12% of its 1 billion token supply to 861,417 wallets had traded on OpenSea between mid-June and mid-December 2021. The amount of OpenSea trading activity correlated with token distribution. Airdrop claimers were required to list their OpenSea-listed non-financial instruments on X2Y2 in reciprocation.

OpenSea is the largest NFT trading platform, but it doesn’t have its own cryptocurrency token. However, alternatives are quickly emerging and trying to provide a better user experience. They aim to capture the OpenSea users. Airdrops, like the one that X2Y2 did, are another way competitors do this.

X2Y2 tokenomics

X2Y2 tokenomics design was very similar to that of LooksRare(LOOKS). However, X2Y2 will pay token holders and an additional platform cut off fee in WETH. Instead of rewarding traders for trading, X2Y2 won’t pay them any token stakers.

The annual yield from X2Y2 tokens is currently over 8000%. The platform also offers NFT rewards for staking X2Y2 tokens.

Listening to an NFT on the X2Y2 network is also considered an NFT stake and gives users eligibility for free rewards.

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Vote postponed to renominate SEC commissioner Caroline Crenshaw

Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw” The vote was postponed minutes before it was due to begin by Brown No date has been set for Crenshaw’s renomination A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been…


US SEC Commissioner Jaime Lizárraga to resign in January

  • Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw”
  • The vote was postponed minutes before it was due to begin by Brown
  • No date has been set for Crenshaw’s renomination

A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been postponed.

The vote was originally scheduled on December 11; however, it was postponed minutes before it was due to begin, reports Bloomberg. Sherrod Brown, the Senate Banking Committee chair, delayed the vote. When Brown requested the vote occur later that day, Republican senators blocked his request.

Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”

No date has been set for her renomination.

Earlier this week, crypto and blockchain advocacy groups voiced their opposition to Crenshaw’s renomination.

In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and the DeFi Education Fund argued that Crenshaw’s actions have undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.

In their letter, they mention Crenshaw’s “continued opposition to the approval of a spot Bitcoin ETP.”

Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”

A Republican-majority SEC?

The delay to Crenshaw’s renomination opens up the possibility of a three-person Republican SEC once Donald Trump enters the White House in January. Crenshaw’s term at the SEC officially ended in June; however, if she’s renominated she would be the only Democratic SEC commissioner.

The SEC can make up to five commissioners, but no more than three can form the same political party. Current SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, also a Democrat, will step down on January 17.

Last week, Trump nominated pro-crypto Paul Atkins, a Republican, as chair of the SEC.

Including Gensler and Lizárraga, the three remaining SEC commissioners include Republicans Hester Peirce and Mark Uyeda.


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Australia fines Kraken operator $5 million for non-compliance

Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements. The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations. Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for…


Kraken shutting down its NFT marketplace just a year after its launch

  • Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements.
  • The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations.

Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for non-compliance with Australian regulations.

The Australian federal court fined Bit Trade following a lawsuit by the Australian Securities and Investment Commission. In its order, the court said that the Kraken crypto exchange operator must comply with the country’s crypto regulations.

The court ordered that the exchange ought to pay 8 million Australian dollars as a penalty for non-compliance with the local regulations. Notably, Kraken recently announced a licensed broker offering for clients in Australia.

Bit Trade failed to comply with regulations

In August this year, the court ruled in favour of the Australian Securities and Investment Commission. The regulator had filed a case accusing Bit Trade of issuing a credit facility without following the legal proceedings.

ASIC argued that Bit Trade did not make the target market determination, a requirement to protect investors. Between October 2021 and August 2023, ASIC stated that the firm offered a margin extension to 1,100 users which cost them a loss of over $5.2 million without following the legal requirements.

The market regulator’s demand was Bit Trade to pay a fine worth 20 million Australian dollars. On their argument, Bit Trade put their limit to a maximum of four million Australian dollars. The penalty follows these proceedings, and the Kraken operator in Australia has 60 days to comply with the order.

In addition, the firm would cover for all the commissions court proceedings costs.

Kraken has faced regulatory hurdles in the US too, with the Securities and Exchange Commission (SEC), suing the exchange earlier in November 2023.

SEC’s allegations include Kraken offering of unregistered activities and operating as an unregistered broker. In August 2024, a US court denied the exchange’s motion that sought to dismiss the SEC’s lawsuit.


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Saylor and Bukele Discuss How El Salvador Can Accelerate Global Bitcoin Adoption

Michael Saylor has met with Salvadoran President Bukele to discuss accelerating global bitcoin adoption as El Salvador strengthens its position, continuing to accumulate bitcoin despite IMF-driven policy adjustments. Michael Saylor Meets Nayib Bukele to Discuss Bitcoin Strategy Michael Saylor, executive chairman of Microstrategy (Nasdaq: MSTR), met with El Salvador’s President Nayib Bukele on Feb…
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