Crypto Whales Accumulate Millions in Pepecoin as Trading Volume Shifts to Binance

Pepecoin (PEPE) traders remain unfazed by the recent price correction and are adding to their holdings in a move that suggests bullish price action for the tokens in the coming weeks.

On-chain analytics tool Lookonchain said on 9th May that three whales, a colloquial term for holders of large amounts of any tokens, started accumulating PEPE tokens earlier this week amid a nearly 50% price cut.

“3 whales started to buy $PEPE after the price dropped,” Lookonchain said in a tweet. “0x50C1 withdrew 1.4T $PEPE ($2.76M) from #Binance when the price was $0.000002054.”

“0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942. 0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957,” the firm added, pointing to each individual wallet holding.

Also Read: After Being Hesitant Towards NFTs, The World’s Richest Man Now Seems To Own A Collection of NFTs

CoinGecko data recorded PEPE’s trading volume to be over $199M in the past 24 hours. As of May 17, the price of PEPE reached $0.00000165, while ranking #66 in the market. 

Binance has seen almost $160 million in pepecoin activity on May 10th, compared to $55 million on Uniswap. The increased accessibility for retail traders and substantially lower fees per trade on Binance are likely reasons for this, compared to an average of $35 per PEPE deal on Uniswap as of Wednesday, due to network demand and a general charge surge.

In other news, DEXTools data suggests that pepe token holders surpassed 100,000 unique holders on 9th May, signaling that buying activity will continue despite a price decrease and a likely reversal for the meme coin in the coming weeks.

Also Read: Binance to Expand its Services in Inflation-Hit Argentina

Binance to Expand its Services in Inflation-Hit Argentina

The cryptocurrency exchange Binance, which has been sued by U.S. officials, announced on Tuesday that it is expanding its services in Argentina, allowing customers to buy and sell digital currencies using local pesos.

The move enables Argentines to transfer pesos to a Binance account through a local partner, which can then be used to acquire cryptocurrencies. Binance has previously solely functioned in Argentina as a matching tool for crypto buyers and sellers.

The U.S. Commodities Futures Trading Commission (CFTC) sued the company and its CEO Changpeng Zhao late last month for operating an allegedly “illegal” exchange and a “sham” compliance program.

Zhao, a billionaire born in China who relocated to Canada when he was 12 years old, described the CFTC’s lawsuit as “unexpected and upsetting.”

As regulators’ monitoring of Binance has increased, the exchange has lost banking partners required for so-called on-ramp and off-ramp transfers to fiat currencies. Paysafe, which previously processed sterling payments, withdrew in March.

Crypto Exchange in Argentina: 

In a written statement shared on Tuesday, the Southern Cone-based Director of Binance, Maximiliano Hinz told that: 

“This launch has to do with the public demand that exists here.” 

He further mentioned that Argentina is a key market for Binance exchange to expand. 

Yet, the new service enables Binance clients in the inflation-plagued nation to convert their local currency directly into cryptocurrencies via a local partner. Before this, Binance solely operated in Argentina as a platform that matched buyers and sellers.

Currently, with Binance’s formal expansion as a cryptocurrency exchange offering a variety of services in a country with an inflation rate of more than 100%, this choice is incredibly tempting to locals and investors. 

The public is looking forward to this development in Argentina, despite the risk and volatility associated with Binance’s expansion following regulatory scrutiny in all major countries and states, including the United States.

Why is this so? Despite being one of the South American countries with stringent capital controls limiting currency exchange and one of the top 15 countries to adopt cryptocurrency last year, Argentina has not yet regulated cryptocurrency exchanges. Binance’s presence will make the transition to cryptocurrency for trades and other sale/purchase/trade needs simpler and more accessible for locals and the general populace.

But every crypto decision the world has encountered over the years has been accompanied by some type of danger. Similarly, the central bank is sceptical regarding this expansion. Hence, it continually warns authorities about the risks of cryptocurrencies, and the markets regulator CNV supports a measure to create a registration of companies that offer virtual assets.Also Read: Australia Preparing to Establish a Crypto Regulatory Framework in 2023

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Binance Opens a Brand-New Hub in Georgia. Let’s Explore What This Hub Is All About!

Binance announced the opening of its brand-new blockchain center in Georgia yesterday, March 27th. The world’s largest crypto exchange thinks that by establishing this Web3 outpost, it will be able to promote educational programs connected to digital finance, attract top talent to the blockchain sector, and further the growth of Georgia’s crypto business.

Binance’s Georgia team currently numbers 25 individuals. With the opening of the regional center, the platform hopes to create dozens of new employment by the end of 2023. Binance will increase hiring while also working to improve blockchain education and drive cryptocurrency acceptance in the region. 

This new regional hub by Binance came after months of fruitful collaboration with local public and private sector groups, as well as a series of community events.

Also Read: Binance Signs MoU with City of Busan

Binance’s Efforts to Contribute in the Growth of Web3

The world’s largest cryptocurrency exchange has consistently made efforts to advance, improve, and expand the adoption and benefits of Web3 in real-world environments. At the beginning of 2023, Binance made a number of significant announcements, including a strategic alliance with the Georgian Innovation and Technology Agency (GITA), the creation of a Binance Charity effort to support women-focused Web3 education, and a BNB Chain hackathon. 

In particular, Binance’s collaboration with GITA will bolster its extensive educational and community programs aimed at hastening the growth of Georgia’s digital-asset sector. Moreover, Binance and Georgian Business and Technology University signed a memorandum of collaboration in January 2023. (BTU). Alte University, Kutaisi International University, Georgian American University (GAU), and Caucasus University all followed suit in March. 

To help partner institutions improve their offerings in blockchain education, Binance and Binance Academy have entered into agreements under which they will supply educational resources and organizational support.

Lastly, only last week, BNB Chain, in collaboration with GITA, held a three-day Web3 hackathon in Georgia. Attendees were able to test their Web3 knowledge and network with other developers while working on the BNB Chain. The winners received cash prizes and ongoing membership in the BNB Chain development programs.

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Cryptocurrency Exchange Kraken To Launch Its Banking System Very Soon

Amidst the challenging regulatory environment, the popular SanFrancisco based cryptocurrency exchange is preparing to launch Kraken Bank ‘very soon.’ This bank will be based on the SPDI framework. 

Already being an easy, safe, and secure exchange in the crypto world, Kraken seems to be taking measures to level up its adoption in the real-world. 

Furthermore, in response to a comment on its tweet, the platform shared that its bank services will initially be available to its existing US-based customers before going international. 

The First US-Based Digital Asset Company to Recieve a Bank Charter Approval

Back in September 2020, Kraken officially announced that it received a bank charter. With this news going public, Kraken became the first US-based digital asset company to receive a bank charter approval. 

This bank charter application was approved by the State of Wyoming, giving rise to Kraken Bank then and there. The focus of this platform to be based on the Special Purpose Depository Institution (SPDI) framework was also decided back then with this approval. 

Now despite the fortunate approval and early news of the launch of Kraken bank, the platform couldn’t proceed with the launch of its bank until recently.

 It was primarily due to the regulators, as Kraken had to halt its stacking services in the United States because the Securities and Exchange Commission (SEC) security laws announced that crypto staking services will no longer be accessible by US citizens. 

In an effort to settle this issue and prevent further complications, the exchange also paid $30 million.

Kraken Bank is Finally Happening!

Despite the challenges the exchange faced even after the successful approval of its bank charter, Kraken is all set to launch its bank while abiding by the law. 

Since Kraken Bank will be based on the SPDI framework, the platforms aims to “prioritize asset custody and safekeeping, data protection, security standards, and stringent regulatory oversight” as stated on its website

Now SPDI banks must keep entire reserves, which means that user funds would not be given out without their authorization. Therefore, all assets at this bank will be maintained on hand and available as cash or the least risky and most liquid cash equivalents.

Furthermore, Kraken Bank will also have sufficient capital reserves and capital surpluses to support the whole balance of all clients, even in situations like bank run. 

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Binance Launches Beta Version of Bicasso: The Much-Awaited AI NFT Generator

As of the previous Wednesday, Binance, a trading platform for non-fungible assets, launched a beta version of Bicasso. Binance’s Bicaso is an AI-powered NFT generator that encourages users of its NFT marketplace to turn their imaginations and visions into creative NFT. 

Changpeng Zhao, the CEO of Binance, announced the launch and encouraged users to be as creative as possible and share their artwork with him on the internet. The CEO also mentioned that the Beta version is currently online and limited to 10,000 mints.

Since its launch, Bicasso has been competing head-to-head with Midjourney and DALL-E. However, the only difference Bicasso carries is that Binance NFT Marketplace customers can use the tool to generate NFT and then mint their NFTs on the platform’s native BNB Chain.

Who Can Use Bicasso?

This tool is quite simple to understand and use for any Binance user. Users can develop their artwork before minting it into NFTs. Simply enter the magic word or upload an image with a clear background to achieve the best results. Bicasso accepts jpg and png images up to 50 MB in size so that you can quickly acquire ready-to-use NFT art.

You can also check your own or other people’s uploaded artwork on the site to see what works best. Binance has currently set a limit of 10,000 NFT coins with no fees. It remains to be seen whether Binance would raise the amount of NFT mints or switch to the complete version of the platform.

According to data, 9,909 people have already created an NFT since the release of the Bicasso beta version. Additionally, the community has jumped on board, all praising and contributing to the hype of the tool. 

This rapid adoption and encouragement of creativity by thousands of users demonstrate that there is more to NFT art creativity that we still need to explore – but we will very soon.

More About Binance:

Despite only being founded in 2017, Binance has already shown how committed it is to improve its offerings. Around a hundred other tokens are supported on the network, but the native coin, BNB, is the backbone of the internal economy. This cryptocurrency trading platform is highly regarded as one of the most prominent in its industry, with a reputation for providing its users with high-quality products and services.

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