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Estate of bankrupt crypto exchange FTX abruptly bets more than $144 million on Solana (SOL)

Property belonging to now-defunct cryptocurrency exchange FTX was just seen betting more than $144 million on Ethereum (ETH) rival Solana (SOL) as the company’s bankruptcy proceedings unfold.

According to blockchain explorer SolanaFM, the address associated with FTX and its trading arm Alameda Research created a new stake of 5,546,217.04 SOL tokens.

Analysis by pseudonymous on-chain researcher Ashpool suggests that FTX subsequently staked all the tokens through Figment, a digital asset staking service built for institutions. According to Figment, Robinhood, Binance.US and Anchorage Digital are also betting on the platform.

On Solana, bettors currently earn around 7% APY (annual percentage yield), depending on the betting platform, and rewards are distributed every two to three days.

FTX ownership already owns roughly $1 billion in Solana, but much of it is locked up until 2028 as part of its vesting schedule agreement.

Solana co-creator Anatoly Yakovenko said last month that if he had the power, he would prefer FTX’s SOL tokens to be given directly to customers of the failed exchange as part of a compensation plan.

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Analyst predicts 1,500% price increase for Dogecoin

Recently, the price of Dogecoin (DOGE), the largest meme coin by market cap, has been struggling along with the overall cryptocurrency market. However, the latest price action shows an encouraging and positive outlook for the cryptocurrency.

Renowned crypto analyst Ali Martinez recently shared a new view of Dogecoin, speculating on an upcoming price rally for the meme token.

The formation of the Dogecoin descending triangle

Ali Martínez – through a publication on the X platform (formerly Twitter) – presented a target price of $1 for Dogecoin. This price projection revolves around the formation of a multi-year descending triangle on the weekly price chart of DOGE.

The descending triangle is a prominent technical analysis pattern that indicates a bearish market trend. While it is usually a bearish signal suggesting a breakout of the downtrend, it can also be a significant reversal pattern.

In this specific scenario, Dogecoin price has been in a continuous downward trend since May 2021. Prior to this sustained bear run, the cryptocurrency had enjoyed a parabolic rise, with DOGE price reaching the 0 level, $7 (an all-time high). . in April 2021.

As already inferred, this positive streak was short-lived, with the meme coin falling to a low of $0.058 in October 2021. While Dogecoin’s price has momentarily reached the $0.1 mark several times since then, it is currently trading in a range, and at approximately the same price of $0.058.

According to the analyst, this new bull run could cause the value of the meme coin to skyrocket to $1, which implies a significant recovery of 1,580% with respect to the current price.

Be careful with this level, says analyst

Although the chances of a new bull run seem great for Dogecoin, the possibility of a crash still looms. Specifically, Ali Martínez praised $0.0482 as a price level to watch.

This price zone, which is located at the base of the descending triangle, represents an important support zone. The analyst said that any weakness in this area could cause the DOGE price to hit a new yearly low.

At the time of writing, Dogecoin was valued at $0.059329, reflecting a 1.7% price increase from the previous day. According to data from CoinGecko, the daily trading volume of the meme token is $163.3 million, representing a negligible increase of 0.2% from the previous day.

Dogecoin remains among the top 10 cryptocurrencies on the market, with a market value of over $8.3 billion.

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Bitcoin Lightning Network Sees 1,212% Growth in Routed

Transactions in Two Years, According to BTC Tech Company
The Lightning Network has seen huge growth in transactions over the past two years despite the falling price of Bitcoin (BTC), according to a BTC technology firm.

River, a company that offers Bitcoin brokerage and custody services, analyzed data from node operators that comprise 52% of the public capacity of the Lightning Network, a layer 2 solution for BTC that aims to solve scalability issues.

River estimates a lower bound of 6.6 million Lightning transactions routed in August and notes that the upper bound estimate could be several times that number, but is not quantifiable because the data was not available for transactions between just two participants or private transactions . Routed transactions involve more than two nodes.

Explain the signature,

“This represents a 1,212% increase over the estimate of 503,000 Lightning payments for August 2021 by K33 (formerly Arcane Research). This growth occurred despite a 44% drop in the price of Bitcoin and a 45% drop in search interest. “This is the equivalent of 2.5 transactions per second (TPS), compared to Bitcoin’s on-chain average of 4.4 TPS and the August 2021 K33 benchmark of 0.2 TPS.”

According to River, gaming, social media tipping and streaming are behind 27% of the growth in network transactions.

The company also notes that the Lightning Network processes at least 47% of on-chain Bitcoin transactions daily.

At the time of writing, Bitcoin is trading at $26,892.

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Bitcoin Lightning Network Growth Increases 1200% in 2 Years

A report from Bitcoin-exclusive River Exchange suggests that increased use of Lightning will play a key role in Bitcoin becoming a better medium of exchange.

Bitcoin’s Layer 2 Lightning Network saw an estimated 1,212% growth in two years, with around 6.6 million transactions routed in August, a significant jump from 503,000 transitions in August 2021, according to data from the River exchange, exclusive of Bitcoin (BTC).

In an October 10 report, River research analyst Sam Wouters explained that the increase in routed transactions (which use more than two nodes to facilitate a transfer) came despite a 44% drop in the Bitcoin price and considerably less interest in online research.

River’s $6.6 million value for Lightning-routed transactions is a lower-bound estimate — the lowest possible value it could value. The company also obtained the August 2021 figure of 503,000 from a 2021 study by K33, formerly Arcane Research, adding that it could not evaluate flash transactions that were private or between just two participants.

As of August 2023, the average Lightning transaction size is approximately 44,700 satoshis or $11.84. River estimated that between 279,000 and 1.1 million Lightning users were active in September.

The company attributed 27% of transaction growth to the gaming, social media advice and streaming sectors.

River said the success rate for Lightning payments was 99.7% on its platform in August 2023 across 308,000 transactions. The main reason for failure occurs when no payment method is found that has sufficient liquidity to facilitate the transfer.

River’s data set consisted of 2.5 million transactions. The nodes in the River dataset represent 29% of the entire network capacity and 10% of the payment channels.