CryptoNews Archives - Coin Engineer

BNB Coin Burn Continues: 1.57 Million Tokens Removed from Circulation in 31st Burn

admin — Wed, 16 Apr 2025 10:00:30 +0000

The BNB Foundation has announced the successful completion of the 31st quarterly BNB coin burn, carried out by BNB Chain. Through this process, a total of 1.57 million BNB has been permanently removed from circulation. At the time of the burn, the value of the burned coins was approximately $916 million. The BNB tokens were sent directly to the “blackhole” address on the BNB Smart Chain (BSC), effectively taking them out of the supply. These scheduled burns aim to maintain a deflationary structure by gradually reducing the total supply, with a long-term goal of bringing the maximum supply down to 100 million BNB.

BNB Coin Burn Process: Automatic and Real-Time Systems

BNB Coin Burning

The BNB coin burning mechanism operates through two main systems: Automatic Burn (Auto-Burn) and Real-Time Burn. The Auto-Burn system calculates the burn amount based on the BNB price and the number of blocks produced on BSC, and is executed transparently every quarter. It functions independently of the Binance exchange and is open to external audits.

On the other hand, the Real-Time Burn process destroys a portion of the transaction fees collected per block instantly. Activated through the BEP95 update, this system has led to the destruction of approximately 259,400 BNB so far. This dual burn strategy plays a critical role in supporting the long-term sustainability of the network.

The Significance of Coin Burns in the BNB Ecosystem

BNB is more than just a transaction token—it plays a multifaceted role within the BNB Chain ecosystem, ranging from governance participation to incentive programs. It is actively used in networks such as BSC, opBNB, and Greenfield to facilitate various on-chain operations. Additionally, users can participate in on-chain voting processes through BNB.

Coin burning reduces the token’s availability, making BNB scarcer, and thus creates a potential upward pressure on its price. This scarcity is a key factor in maintaining investor interest.

Since its transition from the Ethereum blockchain to its own chain in 2019, BNB has evolved with the motto “Build and Build,” supporting developers throughout its ecosystem. The BNB Pioneer Burn Program also allows users who lose BNB due to accidental transactions to be compensated through controlled burn processes.

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SUI Approaching Critical Levels in a Falling Channel!

Yigit Taha OZTURK — Mon, 03 Mar 2025 15:30:16 +0000

SUI continues to move within a falling channel on the 4-hour chart. The price was rejected from the upper boundary of the channel, leading to a pullback toward the 2.90$ – 2.77$ support zone. This area will be a crucial turning point for the price action.

If SUI finds strong support here, a potential breakout above the falling channel could push the price towards 3.57$. However, if 2.77$ support is lost, selling pressure may increase, bringing the price down to 2.38$, with the lower boundary of the falling channel acting as a major support.

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SUI/USDT 4-hour chart.

These levels will be crucial for SUI investors to determine potential buying opportunities or risk management strategies. Additionally, Bitcoin and Ethereum’s market trends will continue to play a key role in SUI’s price movements.

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Milei-Approved Libra Token Was Actually Known in Advance!

Yigit Taha OZTURK — Mon, 17 Feb 2025 10:30:27 +0000

The Libra (LIBRA) token, endorsed by Argentine President Javier Milei, was widely known among memecoin insiders up to two weeks before its dramatic rise and fall. Jupiter Exchange revealed that they were aware of the token’s existence long before it launched and saw public tweets from Milei confirming his involvement in the project.

Libra Token’s Collapse and Huge Losses

The Libra token experienced a sharp collapse immediately after its launch. Insider investors cashed out $107 million in liquidity within just 3 hours, leading to a $4 billion market cap wipeout. Jupiter Exchange acknowledged being informed of the token’s impending launch by Milei’s personal tweets, but emphasized that they had no involvement in the insider activities that followed.

Insider Trading Investigation Underway

Milei has requested the Anti-Corruption Office to investigate potential misconduct by government members, including himself, after endorsing the Libra token, which turned into a $100 million rug pull. Political opponents have called for Milei’s impeachment following his support for the controversial token.

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Blockchain analysis firm Bubblemaps revealed that Libra token had flawed tokenomics, with 82% of the supply being unlocked and sellable from the beginning. This contributed to the token’s rapid collapse, as early investors quickly sold off their holdings, exacerbating the crash.

Meme Coin Investments and Growing Trends

The collapse of Libra token added fuel to the growing trend of celebrity-endorsed memecoin investments, such as Donald Trump’s TRUMP token and Melania Trump’s MELANIA token. However, these tokens have seen massive losses as well, with TRUMP down 76% and MELANIA down 90% from their all-time highs.

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Solana Enters Re-Accumulation Phase After Strong Rally!

Yigit Taha OZTURK — Mon, 17 Feb 2025 09:30:41 +0000

Solana (SOL) has recently experienced an impressive upward movement. However, in order to maintain this momentum, critical levels must be preserved. Currently, Solana is consolidating within a range, entering a re-accumulation phase.

Will a Liquidity Grab Occur?

In our previous Solana analysis, we mentioned that there could be deviations below the ascending trendline on the daily chart. These deviations are often aimed at collecting liquidity below. On the 4-hour chart, the $175 and $168 levels are key liquidity zones, and we could see price reversals from these areas.

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If the price moves towards the lower regions of the accumulation zone, potential manipulation moves could occur. However, if the price reclaims the accumulation box, it could create long trade opportunities. Therefore, traders should closely monitor these critical levels.

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Bitcoin Starts the New Week with a Decline!

Yigit Taha OZTURK — Mon, 17 Feb 2025 09:00:34 +0000

Over the weekend, Bitcoin experienced short-term fluctuations due to low trading volume. However, as the new week begins, selling pressure appears to persist. Especially with critical levels failing to hold, the market remains weak.

Is Selling Pressure Strengthening in Bitcoin?

The BTC/USD pair dropped as low as $95,700 over the weekend. While it remains uncertain whether the decline has fully played out, failing to close above $98,200 suggests that the market is still weak. With daily and weekly closes occurring at $96,000, selling pressure appears to be continuing.

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Key Support and Resistance Levels!

According to technical analysis, the most critical resistance level for Bitcoin is $98,200. If this level is not breached, the downward movement could persist. In the event of further pullbacks, $94,886 and $92,053 serve as key support levels.

In the short term, Bitcoin has a significant liquidity zone at $97,062. Breaking above this level could trigger an upward move. On the downside, the $95,374 level stands out as another notable liquidity zone.

Looking at the overall market outlook, investors should remain cautious. Increased volatility and key price level tests are expected throughout the week. If Bitcoin manages to close above $98,200, the chances of an upward trend could strengthen. Otherwise, selling pressure may persist, potentially leading to lower price levels.

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USDT Begins to Be Delisted in Europe!

Yigit Taha OZTURK — Thu, 30 Jan 2025 15:30:49 +0000

Tether has expressed disappointment over the delisting of its USDT stablecoin from Europe, citing “rushed” actions triggered by the implementation of the MiCA (Markets in Crypto-Assets) framework.

Crypto.com announced on January 29 that it would begin delisting USDT and nine other tokens in Europe starting January 31 to comply with MiCA regulations. Tether responded by criticizing the hasty nature of these actions, stating: “Such moves have been rushed with statements that do little to clarify the rationale behind these decisions.”

MiCA’s Potential Risks to the European Crypto Market

Tether has raised concerns that MiCA-driven changes pose significant risks to consumers and the local crypto market. With exchanges like Crypto.com preparing to delist numerous tokens, Tether warns that this could create a “disorderly” market in Europe, adversely affecting consumers.

Tether anticipates that these changes will place additional risks on European consumers, as MiCA regulations are still in the early stages of implementation. The impact extends beyond USDT, as several other tokens in the European market are also being affected.

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Coinbase, which delisted USDT in December 2024, also announced it had removed a total of eight tokens to comply with MiCA. The exchange previously delisted Wrapped Bitcoin (WBTC) for other reasons, stating that it would reassess the re-enabling of services for stablecoins that achieve MiCA compliance at a later date.

Tether Finalizing Its European Strategy

Tether emphasized that MiCA makes the operation of stablecoins in Europe more complex and introduces new risks. Additionally, it pointed out that the use of USDT in Europe is significantly lower compared to emerging markets where the stablecoin is very popular.

Despite these challenges, Tether continues to invest in innovative technologies like Hadron and projects such as Quantor, designed to be MiCA-compliant, while finalizing its European strategy for USDT.

The European Securities and Markets Authority (ESMA) has urged crypto asset service providers (CASPs) to restrict non-MiCA-compliant stablecoins by the end of January 2025, allowing them to be listed in sell mode until March 31, 2025, before a full ban on non-compliant stablecoins takes effect.

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Trump Trial Sparks Volatility in Political Memecoin Market

admin — Fri, 31 May 2024 07:22:40 +0000

The aftermath of former President Donald Trump’s hush money trial has sent shockwaves through the world of political memecoins, with prices experiencing dramatic fluctuations in response to the jury’s verdict.

After a Manhattan jury found Trump guilty on 34 felony counts of falsifying business records, the market saw a surge in the token known as FreeTrump ($TRUMP), which spiked an astonishing 330% to trade at $0.019 within a single day. As reported by CoinGecko, a leading crypto price tracker. Similarly, the token Jeo Boden (BODEN) saw a notable rise of 9.2% during the same period, reaching $0.3319.

However, the positive momentum was short-lived for many Trump-related political memecoins, as prices dipped following news of Trump’s sentencing. The MAGA (TRUMP) token, linked to a wallet associated with the former president holding 580,000 coins, experienced a significant decline of 16.2% in the past day, plummeting to $11.54. Additionally, MAGA VP (MVP), a token presumably connected to Trump’s potential vice presidential pick. Suffered a similar fate, dropping 16.5% to approximately $0.48.

Cryptocurrency Reacts to Historic Verdict

Overall, the market capitalization of political finance memecoins, dubbed PolitiFi, saw a marginal decrease of 0.1% within the past day, totaling around $1.56 billion, according to CoinGecko’s findings.

Trump’s Guilty Verdict: On May 30, a Manhattan jury delivered a historic verdict, finding the former president guilty on 34 counts of falsifying business records. These charges stemmed from his lawyer, Michael Cohen, arranging a $130,000 payment to an adult actress in the lead-up to the 2016 presidential election. Trump’s sentencing is scheduled for July of this year, with a potential sentence of up to four years in prison.

This trial marks a significant moment in history, as it represents the first instance of a former United States president being tried and convicted on criminal charges.

Cryptocurrency and Trump’s Public Image: Beyond the legal implications, Trump’s association with cryptocurrency has also made headlines. Trading volume for the “Trump Digital Trading Card Collection” witnessed a staggering 99% decline ahead of his April criminal trial. Originally unveiled by his team in December 2022, the collection consisted of 45,000 NFTs priced at $99 per token. As previously reported by The Block.

As speculation swirls about Trump’s future. The volatile nature of political memecoins underscores the complex relationship between digital assets and high-profile political events.

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