This week in the crypto landscape, BeInCrypto underscores the community’s focus on key developments, including a 400% surge in NFT trading activity on the TON network during Q3 and Binance’s decision to delist four altcoins, resulting in notable price declines.
In addition, the worth of GOAT tokens in the crypto wallet associated with the AI-powered X account “Terminal of Truths” has exceeded $1.3 million. The community is also paying attention to a report from an ECB economic expert expressing concerns about Bitcoin’s price rise. Moreover, Russian President Putin announced intentions to incorporate digital assets into the BRICS investment payment system.
NFT Trading on Telegram Experiences a 400% Increase in Q3 2024
According to Helika’s “Web3 Gaming Report Q3 2024,” the number of wallet addresses trading NFTs on the TON network soared in the last quarter. Daily NFT trading addresses, which were below 200,000 in July, jumped to over 1 million by September.
The report further indicates that nine prominent games on Telegram attracted over 3 million active wallets in September, with 57.7% of players located in Europe and 20.6% in Asia.
“With a global user base exceeding 900 million, Telegram provides a vast and diverse audience for games. The platform’s extensive reach allows developers to tap into various demographics, thereby facilitating growth and visibility,” Helika observed.
The tap-to-earn game Hamster Kombat recently unveiled a new roadmap. For its upcoming second season, set to launch in November, the plan includes integrating NFTs as in-game assets.
Read more: 7 Essential NFT Marketplaces to Watch in 2024
Binance Delists 4 Altcoins
Binance has announced the removal of trading pairs for Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI), specifically:
- USDT/IDRT
- KP3R/USDT
- OOKI/USDT
- UNFI/TRY, UNFI/USDT, and UNFI/BTC
After the announcement, the prices of tokens like KP3R, OOKI, and UNFI experienced significant drops.
A recent 0XScope report indicates that Binance’s share of spot trading volume has declined by 13% year-over-year, decreasing from 52.5% in October 2023 to 39.5% currently. Binance is gradually losing its spot volume share to exchanges such as Bybit and OKX.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
AI Behind GOAT Meme Coin Becomes a Crypto Millionaire
Last week, the crypto market saw the emergence of a new trend: AI-managed X accounts endorsing meme coins. A standout was the X account “Terminal of Truths,” which advocated for the Goatseus Maximum (GOAT) meme coin. The wallet associated with this AI operates over 1.93 million GOAT tokens, worth more than $1.3 million.
Created by AI researcher Andy Ayrey, “Terminal of Truths” operates autonomously, managing its X account and producing content without human oversight.
Initially suspected of being human-operated due to a spelling mistake, Ayrey’s creation, backed by Marc Andreessen and Binance’s choice to list GOAT, propelled the token’s price to a new peak above $0.7. However, within the last 24 hours, the GOAT token has seen a nearly 20% drop, currently trading at $0.67.
Recently, “Terminal of Truths” also catalyzed a 600% rise in a Base meme coin, raising alarms about possible market manipulation.
Read more: 7 Trending Meme Coins and Altcoins in 2024
ECB Expert Highlights Social Implications of Bitcoin’s Price Surge
On October 12, European Central Bank (ECB) economists Ulrich Bindseil and Jürgen Schaaf expressed apprehension that Bitcoin’s escalating value primarily advantages early adopters.
“In absolute terms, early adopters substantially increase their real wealth and consumption at the detriment of the real wealth and consumption of those who do not hold Bitcoin or who invest in it only later,” they stated.
The article cautioned that early adopters may sell off their Bitcoin holdings to acquire luxury items, disadvantaging newcomers. Bindseil and Schaaf called for stricter BTC price regulations to alleviate potential social consequences stemming from wealth inequality.
In response, Dr. Murry Rudd from the Satoshi Action Fund rebutted the article, arguing that it overlooks the larger effects of inflation in traditional financial systems.
“Bindseil and Schaaf’s critique of Bitcoin’s wealth distribution also neglects to consider the wider implications of inflation in traditional financial systems. Fiat currency frameworks redistribute wealth from savers to debt holders through inflationary measures, eroding the value of savings continuously,” Rudd argued.
Additionally, a new study released this week by the Federal Reserve Bank of Minneapolis also indicated the need for a ban on Bitcoin.
Read more: Crypto Regulation: Advantages and Disadvantages
BRICS Advocates for Digital Assets to Facilitate Investment Payments
During the BRICS Business Forum on October 18, Russian President Vladimir Putin declared that the bloc has reached an agreement to integrate digital assets into its investment payment processes. This means member nations will have the capability to settle investment payments using cryptocurrencies like Bitcoin and stablecoins.
“We will explore the application of digital currencies in investment developments by BRICS member states, which will also assist other developing and emerging economies with strong prospects,” Putin announced.
Moreover, at the 16th Annual BRICS Summit in Kazan, Russia, President Putin showcased a model of the bloc’s potential new currency.
Matthew Sigel, Head of Research at VanEck, emphasized a Bloomberg report illustrating that Russian mining operations may sell Bitcoin to international customers to evade Western sanctions.
“As the BRICS Summit commences, top lawmakers advocate the notion that Russian miners could sell their Bitcoin to international buyers, who would utilize BTC and other cryptocurrencies to pay for imports, thus circumventing Western sanctions,” Sigel explained.
The BRICS alliance has recently enhanced its global influence by adding new members, including Egypt, Ethiopia, Iran, and the United Arab Emirates.
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