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It was a bitter-sweet week for the crypto market as events toggled market sentiments from scary and discouraging to hopeful in quick successions. Significant infrastructure upgrades continued while cryptocurrency continued its global spread amidst a strong bearish descent with a new drive to revitalize failing companies and support struggling communities.
Binance successfully burned over $442 million in BNB Coins
This week, the largest crypto exchange announced it had sent 1,959,595 BNB, worth $442,868,535 to its crypto crematorium. This brought the number of BNB in circulation to 163,276,975. BNB had in 2022 introduced an auto function that would see the number of BNB reduce to 100 million continuously. Hence, the recent burn is an attempt to continue in the direction BNB set for the coin earlier this year. Since its launch in 2017, a total of 200 million BNB coins have been mined; the recent burn combines with earlier ones to reduce the number of BNB in circulation by about 37%.
Pandora's Box opened for Bitcoin
Justin Sun announced his willingness to spend 5 billion dollars to support the crypto industry
These desperate times have led to the emergence of superheroes within the crypto community. One of such is the Tron Network. Tron and Justin Sun have pledged $5 billion towards revitalizing some failing companies within the crypto community. Sun stated that the bailout will focus on companies with a large user base. This will ensure that efforts reach the majority, no matter how small.
Shiba Inu overtakes Polygon on Coinmarketcap
Amidst the general bearish beat of the market, Shiba seems to be dancing to a different rhythm. The memecoin had scored partnerships in the fashion, food delivery, and hire industries, coupled with its current plan to launch its stablecoin, the SHI. The memecoin occupies the 14th spot on the coin ranking account to CoinMarketCap ahead of Avalanche and Polygon, which sit at 15th and 16th places, respectively.
The total market capitalization of Shiba stands at $5.9 billion, while those of Avalanche and Polygon stand at $5.6 and $5.5 billion, respectively. As companies take advantage of Shiba's retail option simplified by NowPayments, thus, increasing the patronage of Shiba as a payment option, the value of the memecoin is fast rising.
Terra network projects start switching to Polygon
The collapse of the Terra blockchain projects on the platform to search for a new home. Polygon seems to be the Promised Land for these projects, as 48 projects have already migrated to Polygon (MATIC) and Polygon Studios. In a statement credited to Polygon’s CEO, the network works closely with Terra-based projects to deploy seamless migration for willing projects.
Some successfully migrated projects include the Lunaverse (LUV) metaverse platform, One Planet NFT Marketplace, and Derby Stars Play-to-Earn (P2E) game. Polygon is determined to provide the needed capital and resources to facilitate further migration as Polygon takes the responsibility to assist projects stuck on the collapsed Terra chain.
Ripple goes to Morocco via Attijariwafa's deal
A collaborative effort between Attijariwafa, one of the largest banks in Morocco, and Thune's, a global cross-border payments company, has brought Ripple to Morocco. The partnership enables Attijariwafa customers to receive cross-border transfers directly into their local accounts through Thune's network connected to Ripple.net, the Ripples remittance platform. The partnership will make cross-border transactions very easy and seamless for local people.
Binance is 5 years old
On July 14, the Binance exchange celebrated its fifth anniversary. It was launched on July 14, 2017. The exchange has more than 120 million users. This was announced by CEO Binance Changpeng Zhao in a letter dedicated to the fifth anniversary of the exchange.
Top Gainers and Losers this week
This week the most prominent memecoin - Dogecoin tops the losers' chart with an 8.77% decline in price. Dogecoin is closely trailed by Cardano (ADA) with a 6.91% decline, while Ethereum Classic comes in at 4.71%. On the flip side, Polygon (MATIC) tops the gainer's chart with 22.04%, followed by Monero (XMR) at 3.22% and Solana (SOL) at 1.63% in the past 7 days.
El Salvador received a 36 BTC donation from Bitfinex
In a statement by Bitfinex Twitter, the cryptocurrency exchange has pledged 36 BTC worth more than $700,000 and $600,000 worth of USDT. The pledge will help communities and small businesses in El Salvador battered by gang-related violence and the global economic downturn.
The gesture supports bringing prosperity and economic freedom to the poor communities of Ilopango, Soyapango, and Apopa through BTC and Tether. These communities will get priority. Bitfinex calls for other crypto giants to follow in its footsteps to bring growth and development to deserving poor people through cryptocurrencies.