InCoin Eng (crypto news)

2021-02-19 18:23:00 Unisocks meme token price reached $92,500

The price of the Unisocks (SOCKS) token, issued as a joke by the Uniswap exchange, reached a new all-time high above $92,500 this week. It can be exchanged for a pair of digital socks.

"500 pairs of digital socks have a capitalization of $20 million. Memes are the new money," Coinshares chief strategist Meltem Demirors called attention to the event.

The decentralized exchange issued 500 meme tokens in May 2019, valued at $12 at the time.

Subsequently, Ethereum's rising value and limited SOCKS supply pushed the price up - by today, only 315 pairs of these tokens remain, with a combined value of $20 million at the current price of $62,000.

According to CoinGecko, SOCKS has risen seven times in the past 30 days, with a 125.3% increase over the past seven days. At its peak on Feb. 16, the rate was climbing to $92,549.47. Open / Comment

2021-02-19 15:20:15 Elon Musk called Tesla's Bitcoin investment "reckless"

Tesla CEO Elon Musk admitted that investing $1.5 billion in bitcoin is reckless for an S&P500 index company (a stock index that gathers the 500 largest U.S. public companies by capitalization). The entrepreneur said Tesla's actions don't directly reflect his views, but bitcoin is "simply a less foolish form of liquidity than saving in cash."

"When paper currency has negative real returns, only a fool wouldn't look for something to replace it. Bitcoin is almost as much nonsense as paper money. The key word is "almost," Musk wrote on Twitter. "To be clear, I'm not an investor, I'm an engineer," Musk emphasized. Open / Comment

2021-02-18 20:30:13 Which altcoin is more promising than DOGE?

Surely, it has no competitors in the short term. But DeFi is not only about meme coins.

Recently, 1inch token is gaining more and more popularity, and it's not hype, but clear prospects and profitability. On 12th February 15M 1inch tokens were distributed between 1inch community and the community of its direct competitor Uniswap.

What the hell is going on and why 1inch distributed tokens to Uniswap fans?
“We see substantial potential in expanding our community to users who haven’t used the 1inch DEX aggregator so far,” says Sergej Kunz, 1inch co-founder and CEO. “We want to show them the advantages of our aggregator, which offers the best prices, protection from front-running and lucrative farming opportunities.”

This “machinations” worked. 25 000 users left Uniswap to join 1inch! Open / Comment

2021-02-18 18:19:02 Robinhood is suspected of holding nearly 37 billion DOGE coins

Investment app Robinhood may be the owner of the largest DOGE cryptocurrency wallet. Elliptic co-founder Tom Robinson said this in an interview with Bloomberg.

The timing of the creation and first deposit to the wallet coincides with the start of DOGE support at Robinhood. According to Robinson, such coincidences are not coincidental.

The same opinion is held by onchain researchers on Reddit. They claim that Robinhood created the first cryptocurrency wallet for dogecoin (the pink bar in the chart above is the DQA5 address) back in June 2018. Subsequently, it is from this wallet that more than 23 billion DOGE coins will go to the new cold storage (address DH5...).

As of this writing, the DH5 cold wallet holds almost 37 billion DOGE coins. At current exchange rates, that number of coins is $1.87 billion. Notably, at least three of the top 5 DOGE wallets by coin size come from Robinhood. Open / Comment

2021-02-18 15:33:02 Bitcoin price in Nigeria reached $76,000

The price of Nigeria's first cryptocurrency has surpassed $76,000 after the central bank banned financial institutions from providing services to exchanges and cryptocurrency-related companies.

On the trading platform Quidax, the price of bitcoin paired with the local currency reached 290 million NGN. That's more than $76,000 at the exchange rate at the time of writing.

According to BitcoinPriceMap, the spread between buy and sell prices exceeds 40% and trading volume is limited to 112.59 BTC. Open / Comment

2021-02-17 18:44:02 Analyst predicted the rapid growth of Ethereum to $2,000

The largest altcoin by capitalization reached its all-time high at $1871 and went through a correction. Ayash Jindal explained the options for further developments in the market

There was a resistance at the level of $1.8 thousand, overcoming which the asset passed into a phase of steady growth, confident Jindal. He added that if the price goes above the key resistance of $1.84, it could grow another 5% in a short period of time.

If ether manages to break the $1.9k threshold, it will break the upper trend line and have a chance to reach $2.8k, FXStreet analyst Lorenzo Stroh predicted. According to him, ether has overcome the correction and is now ready for a new wave of growth as it holds steady above the support level.

Jindal warned that if ether falls below $1.8k, it could continue to fall as low as $1.73k. Open / Comment

2021-02-17 15:28:02 Marscoin soared 2,500% after tweets from Elon Musk

Tesla and SpaceX founder Elon Musk agreed to name his own digital currency MarsCoin if it is released, causing the price of an altcoin with a similar name to skyrocket. According to CoinMarketCap, the MARS token soared from $0.1 to $2.5 within an hour.

As part of a discussion on Twitter about Musk's desire to buy some Dogecoin coins from large holders, one user suggested that the head of Tesla create his own cryptocurrency, ElonCoin.

Changpeng Zhao, CEO of the Binance exchange, suggested another name, MarsCoin. Musk approved the second option, after which users wishing to make money found the project with the same name and began to buy MARS.

CoinMarketCap service placed a note on the project's page that Marscoin is not affiliated with Ilon Musk. At the time of writing, the coin is trading at $0.37, but continues to show high volatility. Open / Comment

2021-02-16 19:03:01 Chainalysis: 55% of illegally obtained cryptocurrencies are laundered through five services

According to a report by analytics company Chainalysis, 55% of all illegally obtained cryptoassets are laundered through just five services using approximately 270 unique deposit addresses.
The researchers concluded that the largest processors of illegally obtained cryptocurrencies, receiving more than $25 million a year, are intentionally serving criminals and are unlikely to continue operating without them.

Chainalysis works with crypto-exchanges and law enforcement to identify cryptowallet addresses used for phishing or fraud.

Without making accusations, Chainalysis identified "embedded services," including itBit at Paxos, and Changelly at HitBTC, as important elements in the money laundering system. These third-party services use the trading pairs and liquidity of the larger exchange - so they mask illegal activity within the overall transaction pool of the parent exchange. Open / Comment

2021-02-16 16:11:01 Vitalik Buterin shared information about the first hardfork in Ethereum 2.0

Ethereum co-founder Vitalik Buterin shared information about the first hardfork in the zero phase of ETH2. The update will add support for light clients, simplify the specification, improve overall performance, and reduce validator inactivity penalties.

The hardfork goes by the working name "HF1."

The update is also aimed at checking the passing of the hardforge in ETH2 ahead of more important changes (sharding, merging with the first version of the protocol).

It is supposed to create a so-called "synchronization group", which will define network headers with limited use of resources (500 bytes for block validation, 20 Kbytes for the whole history for the day).

The document does not specify a timeline for the hardforward. Some aspects are still being studied and finalized. Open / Comment

2021-02-15 18:33:03 Dogecoin is down 20% this time, following Elon Musk's tweet

Taking a break from posting memes, Tesla CEO Elon Musk criticized the distribution of Dogecoin tokens in a recent tweet.

The billionaire says whales are the only "real problem" the glorified meme coin has. And all because of the rally he "started" with his previous statements.

Consequently, Musk is now calling on top Dogecoin holders to liquidate their assets to make the cryptocurrency more democratic:

"If the major Dogecoin holders sell most of their coins, I will get full support. The only real problem is too much concentration."

DOGE fell more than 20% after Musk's tweet. Open / Comment