X Empire Token Launches on KuCoin, Solana Network's Daily Fees Revenue Reaches New Highs: Oct 25

At 8:00 AM UTC+8, Bitcoin was priced at $68,200, showing a 2.30% increase, while Ethereum stood at $2,536, up by 0.45%. The market's 24-hour long/short ratio in the futures market was almost balanced at 49.7% long versus 50.3% short positions. The Fear and Greed Index, which measures market sentiment, was at 69 yesterday, indicating a "Greed" level, but has slightly increased to 72 today, keeping the crypto market in Greed territory. The US October S&P Global Manufacturing PMI preliminary value came in above expectations, and the same was true for the Services PMI. 

1. Wall Street is preparing trades that could benefit if Trump wins over Harris, according to the Wall Street Journal.

2. US spot Bitcoin ETFs have collectively surpassed 1 million BTC in total on-chain holdings.

3. Tomarket's user base exceeded 40 million, with its Token Generation Event set for October 31.

4. MicroStrategy's stock price surged above $230 on Thursday, reaching its highest level in nearly 25 years and setting a new peak since the company began its Bitcoin acquisition strategy in 2020.

5. Microsoft added "evaluation of Bitcoin investment" as a voting item for the December shareholder meeting.

Crypto Fear & Greed Index | Source: Alternative.me 

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Over the past three years, Bitcoin mining difficulty has experienced a substantial increase, rising by 378%. This surge has largely been fueled by considerable institutional investments in large-scale mining operations, thereby intensifying entry barriers for individual miners. Ki Young Ju, CEO of CryptoQuant, argues that this trend may ultimately prove advantageous for Bitcoin, suggesting that increased mining difficulty could act as a precursor to Bitcoin's transformation into a stable currency by 2030.

Source: CryptoQuant Mining Difficulty 

Ju argues that the increasing influence of institutional actors within the Bitcoin mining sector will contribute to reduced market volatility. The anticipated influx of major fintech players is expected to catalyze the widespread adoption of stablecoins over the next three years, which may lay the groundwork for Bitcoin's utilization as a common transactional currency following the next halving event in 2028. The centralization of computational resources driven by institutional participation is expected to bolster the stability of the Bitcoin ecosystem—a critical prerequisite for its evolution into a widely adopted currency.

The Elon Musk-themed game X Empire recently launched its token on The Open Network (TON). $X is a token based on the TON blockchain, designed to power the X Empire. X Empire combines AI, NFTs, and Web3 technologies and is available for trading on KuCoin starting Oct. 24.

X/USDT price chart | Source: KuCoin 

The X Empire (X) token was launched on major exchanges, including KuCoin, on October 24. $X began trading at $0.000096, dropped to $0.00005, and briefly rebounded to $0.00013 before declining again. Market participants had generally expected a price closer to $0.0002. At its current valuation, X Empire's market capitalization sits just below $40 million—significantly lower than Catizen's $106 million, Hamster Kombat's $217 million, and far beneath Notcoin's $786 million.

The developers of X Empire have outlined plans to release multiple Telegram applications designed to offer exclusive benefits to token holders, including a news feed and a language learning platform. Additionally, the team teased an upcoming announcement via Telegram, stating, "One month until something big," on Thursday. 

 Solana TVL and fees. Source: DefiLlama

Solana continues to build momentum with its recent surge in network revenues capturing the attention of the crypto community. Positioned as a fierce competitor to Ethereum, Solana's recent economic achievements show its growing presence and influence. Let's dive into the key developments.

Layer-1 blockchain Solana has once again broken network revenue records. On October 23, it generated approximately $8.7 million in network activity value, up from just under $8 million the previous day, according to Blockworks Research. This includes revenue from base fees, priority fees, and tips, highlighting Solana's growing economic footprint.

One key factor driving Solana's rise has been the surge in celebrity coin trading on Solana-based memecoin platforms like Pump.fun and Moonshot. The activity on these platforms has drawn attention and bolstered Solana’s reputation.

Furthermore, on October 21 Solana’s decentralized exchange Raydium generated $3.4 million in fee revenue, surpassing Ethereum's $3.35 million in the same period. This is another achievement for Solana, especially as Ethereum struggles to recover from a significant revenue drop following its March Dencun upgrade, which led to a 95% reduction in transaction fees.

Read more: Solana vs. Ethereum: Which Is Better in 2024?

These recent developments underscore the volatility, unpredictability, and complexity that define the cryptocurrency sector. Bitcoin's prospective journey toward increased stability could represent a significant milestone for its mass adoption by 2030. Conversely, initiatives such as the Elon Musk-themed X Empire token highlight the inherent challenges and unpredictability involved in launching new tokens. On top of that, Layer-1 blockchain Solana has once again broken network revenue records. Moreover, the suspected stolen government-linked crypto holdings emphasizes the enduring risks associated with digital asset security. As the landscape continues to evolve, each event holds the potential to significantly shape the trajectory of digital assets. The journey of cryptocurrencies is far from complete, and stakeholders must maintain vigilance as this dynamic environment continues to unfold.