Hot Developments For These 10 Altcoins: Upgrade & More!

Cryptocurrency market is moving in calm waters after sharp drops. However, some altcoin projects are attracting the attention of crypto whales. Others continue to develop and renew themselves. On the other hand, there is also negative news from the market!

A panorama of hot news for altcoin projects…

XRPL Labs announces side-chain Xahau

XRPL Labs announced the XRP smart contract side Xahau Ledger on Monday. The Xumm wallet founder says it will help meet his vision for individual adoption. The altcoin community is excited about Xahau Ledger, which adds multiple features to the XRPL ecosystem and advances the adoption of XRP and XRP Ledger. This brings the XRP Ledger protocol closer to retail adoption.

PancakeSwap keeps burning CAKE

PancakeSwap, which is on the list of Binance, the world’s largest crypto exchange, has reached an important milestone. Accordingly, the altcoin project continues to burn CAKE at full speed with the revenues from transaction fees. In a statement, PancakeSwap announced that it has burned a total of 8,670,969 CAKEs to date.

Giant whale inflates APE wallet!

Crypto analytics platform Lookonchain continues to monitor whale wallets. Lookonchain shared that the giant whale named Machi Big Brother bought 154,570 ApeCoins (APE) again today. The whale spent 135 ETH ($222,000) for this purchase. Meanwhile, the whale accumulated a total of 3.13 million APE in August at an average price of $1.73. Its analytics platform also revealed that the whale pulled 2.5 million APE ($4.5 million) from Binance at $1.8, and 631 thousand APEs were purchased from DEX at $1.5.

PepeCoin team announced the theft of millions of dollars!

Unprecedented transactions from the Multisig wallet scared PepeCoin watchers last week. As you follow on Kriptokoin.com, the price of PEPE fell sharply after this event. Some rogue developers on the Pepecoin team were behind the unprecedented transfers from the token’s multisig wallet last week. A team member stole millions of worth of PEPE. A developer who is currently in control of the altcoin project shared the following:

Since its inception, PEPE has unfortunately been plagued with internal strife, with some of the team being bad actors driven by big egos and greed. There were frequent clashes and the majority of the team involved in the creation of PEPE began to distance themselves after the first week of the project’s launch.

Binance will support BNB network upgrade and hard fork

According to the statement, Binance will meet all technical requirements for users. It will also suspend deposits and withdrawals during the upgrade process. The upgrade will occur at block height of 31,302,048 BNB Smart Chain, or approximately August 30 at 11:30 CEST. The crypto exchange will suspend deposits and withdrawals from approximately 11.15 CEST.

1inch buys $10 million worth of ETH

A crypto wallet owned by 1inch Mutual Fund recently cashed out its dollar-to-cost average (DCA) purchases during the first quarter of 2023. However, the wallet in question bought large amounts of Ethereum (ETH) a month later. This crypto wallet wallet currently holds around $80 million in various crypto assets. Lookonchain marked the transaction we mentioned. According to the firm, the 1inch wallet has purchased a total of 6,088 ETH at a price of $1,655. This means that the company spent over $10 million on altcoin purchases.

Solana-based automation Startup Clockwork shuts down

Clockwork, the Solana-based automation tool startup, is out of date. Nick Garfield, founder of the Multicoin Capital-backed project, announced on Sunday that he and his team are “moving away from active development of the protocol.” In this context, he said that he would shut down Clockwork’s infrastructure on October 31st.

Friend.tech volume and activity in Coinbase’s Base is ‘dying’

Less than three weeks after its launch, the decentralized social network Friend.tech has been declared “dead” by critics, following a drop in key metrics such as activity, listings and volume. The decentralized app on Coinbase’s Base network hit record highs around August 21, when daily fees hit $1.7 million and transactions hit 525,000. However, recent data shows that fees fell 87% to around $215,000 on August 26, according to DefiLlama. Meanwhile, Dune Analytics data reveals that the app recorded more than 51,000 transactions on August 27. This means that the current situation has decreased by 90% compared to the peak.

PayPal’s stablecoin sees limited uptake post-launch

PayPal recently launched its stablecoin, PayPal USD. PayPal USD has so far been met with limited adoption, according to Nansen’s on-chain data. About 90% of altcoin tokens have been held by the stablecoin’s issuer, the Paxos Trust, since August 7. Only 7% of the total PYUSD supply is on exchanges like Kraken, Gate.io and Crypto.com. In other words, the coin is not circulating on exchanges. This indicates limited adoption by crypto users.