• Dogecoin overtook Binance USD as the 10th largest cryptocurrency by global market cap.
• BUSD market cap has dropped significantly due to mismanagement by Binance and restrictions imposed by the SEC.
• This milestone marks a significant shift in the crypto landscape.
Dogecoin Overtakes Binance USD
Dogecoin (DOGE) has reclaimed its spot in the TOP 10 by global market cap, surpassing Binance USD (BUSD). Despite slipping by 2.2%, DOGE made the most of an opportunity caused by recent events surrounding the world’s leading crypto platform, Binance, and their stablecoin.
Mismanagement & SEC Restrictions
Close competitors Circle informed the Securities and Exchange Commission (SEC) about mismanagement of the Paxos-issued stablecoin BUSD. Additionally, USDC was delisted from Binance in September and converted to BUSD which resulted in quarterly losses for Circle due to miscalculations in balance. The SEC then officially forbade Paxos from producing any more BUSD, halving its market share over night.
Market Cap Shifts
As of now, the global market capitalization of Binace USD is $11,424 billion compared to $22,527 on November 27th 2022 before restrictions were imposed on minting new coins. Meanwhile, Tether’s (USDT) market cap rose $2.37 billion from 67.8 billion to 70.1 billion and USDC declined -739 million from 42.3 billion to 41.5 billion since then as well.
Crypto History in the Making
This achievement marks a significant shift in the crypto landscape as it is a Crypto History in the Making: DOGE Overthrows Binance USD for first time ever due to various factors such as mismanagement of funds and security restrictions imposed on Paxos-issued stablecoins like Binace USD specifically that led to decrease in its value among other changes occuring within this period of time across different platforms involving different cryptocurrencies including Dogecoin itself that ultimately allowed it to gain advantage over others within same category thus taking lead for first ever time!
Advice From Dogecoin Foundation Member
Ten days prior to this event a member from Dogecoin Foundation warned all holders about potential risks associated with holding/using unstable coin such as Binace USD and advised them move onto DeFi solution instead for better results which might have played some role behind success achieved today!
• Decentraland is holding an emote contest ahead of its second annual Metaverse Fashion Week.
• Participants can submit up to three emotes and can only claim one prize.
• The first-place winner will be featured in the Community Fashion Show and receive 800 MANA, while the second to fifth-place winners will receive 600 MANA.
Decentraland Holds Emote Contest Ahead of Metaverse Fashion Week 2023
Decentraland has announced it is holding an emote contest ahead of its second annual Metaverse Fashion Week. The virtual fashion event is highly anticipated by Decentraland users every year, and this year’s event will feature a special Emote Competition with awards for participants.
Starting February 16th, participants can submit up to three emotes for the runway by filling out a dedicated form until March 20th. Emotes must be approved and published in the DCL marketplace before the contest deadline and should be Metaverse Fashion Week 2023 related and intended for the runway. By submitting emotes, contestants consent to Decentraland using their submissions for marketing purposes, and creators must share their email with Decentraland so they can contact them if their submission has won.
Decentraland will feature the first-place winning emote in the Community Fashion Show and distribute 800 MANA to them. The metaverse will also reward the second to fifth-place winning emote with 600 MANA each, which will be deposited into their wallet addresses shared in the form.
Shibu, Art Director at Decentraland, Isa Souza Gomes, 3D animator and Decentraland, and PeanutButta, Community Manager at Decentraland will judge the contest based on fluidity, movement quality and how well they fit into Metaverse fashion trends.
The contest is open to everyone who meets all eligibility requirements! Get your creative juices flowing for a chance to win some awesome rewards from Decentalanad’s Metaverde Fashion week 2023 Emote competition!
• Optimism airdropped millions of OP tokens to active ecosystem users.
• OP went down significantly following the news of the second airdrop.
• Industry observers have pointed out that OP has one of the worst unlock schedules in 2023.
Optimism Airdrops Millions of Tokens
Optimism airdropped millions of OP tokens to active ecosystem users on February 10, 2023. The team warned that there’s no need to claim the tokens – they’ve been sent straight to eligible users‘ wallets.
OP Price Reaction
Following the announcement of the second airdrop, Optimism’s governance token OP dumped significantly, going down by almost 9% from its 24-hour high of $2.54 to $2.32 according to data from CoinGecko. Despite this sharp decline in price, OP remains one of the best performing tokens since the start of 2021 with an impressive 250% increase so far.
The second airdrop was significantly smaller than the first one which distributed more than 200 million tokens last year in June. The team behind Optimism also said that it will be doing more airdrops in the future in order to facilitate positive-sum behavior within their ecosystem.
Worst Unlock Schedule in 2023
Industry observers have noted that OP has one of the worst unlock schedules for 2023 with only around 214 million out of 4.29 billion currently being circulated and $5.1 million worth being emitted daily until mid-2023 when all remaining tokens will be unlocked and put into circulation.
Overall, Optimism’s second airdrop was welcomed by its users as it provided them with additional tokens however it caused negative reaction on its token’s price due to its future unlock schedule which is considered one of the worst among DeFi projects this year..
• The Cardano Foundation has shared statistics reflecting increased transactions across the board on the network.
• A notable increase was attributed to the volume of Plutus Scripts, showing a 6.08% increase and bordering 5,000 smart contracts on the network.
• Recent events and developments include the Vasil hard fork upgrade and the launch of Cardano’s overcollateralized Djed stablecoin.
Cardano (ADA) On-Chain Statistics for January
The Cardano Foundation has revealed an increase in transactions across its public blockchain platform from January, with notable growth in native tokens, transactions, wallets, Plutus Scripts, and policies. Additionally, transaction types were divided into 31% for smart contract transactions, 46% for simple transactions, and 23% for metadata transactions without smart contracts; Plutus Scripts saw a 6.08% increase to nearly 5,000 smart contracts.
The price of Cardano (ADA) has increased 51.42% from January 5th 2023. This could be indicative of future global adoption of similar protocols as more people become aware of their potential use cases within a blockchain environment.
Recent Events & Developments
Events before January 2023 saw a series of upgrades on Cardano’s network such as the Vasil hard fork upgrade launched on September 22nd 2022 to enhance smart contract capabilities. Additionally, Cardano’s overcollateralized Djed stablecoin officially launched on January 31st 2023 accumulating 29.9M ADA in base reserves less than a week after launch with a 652% reserve ratio at time of writing.
On January 22nd 2023 however there was an outage where 50% of nodes went offline for a short period before automatically restarting due to what developers called “a transient anomaly” causing disruption to users but no data loss or theft reported by IOG founder Charles Hoskinson who assured community members this “blip” was not malicious in nature nor did it affect security or reliability long-term..
Overall these various developments have helped propel Cardano (ADA) from being #10 by market capitalization on December 31st 2022 up to #8 today indicating increasing interest in its underlying technology as well as speculation about its future potential value as more users adopt its services worldwide